The Grace And Mercy Foundation Inc.

Grace and Mercy Foundation operates as a strictly invitation-only private foundation with no public grant application process. Founded in 2007 by Sung Kook 'Bill' Hwang in Manhattan, the foundation has distributed over $180 million to 200+ organizations globally, guided by an explicitly Christian philanthropic worldview. Its five stated priority areas — Mercy, Education, Family, Work, and Church — translate in practice to a portfolio almost entirely composed of faith-rooted organizations. The top grantees include Knights of Columbus Charitable Fund ($24.6M cumulative across 3 grants), Christian Community Foundation ($13.1M combined), Fuller Foundation ($10.6M), Fuller Theological Seminary ($2.5M), International Justice Mission ($1.9M), and Lausanne Committee for World Evangelization ($1.9M).

The typical relationship follows a multi-year arc. Of the top 50 grantees, the vast majority appear in two or three grant cycles, confirming that the foundation builds and sustains long-term partnerships rather than making one-time awards. First-time grantees often enter at the $100,000–$300,000 level before scaling to larger commitments. Organizations that earn sustained trust receive multi-cycle support, sometimes growing to multi-million-dollar tranches.

The foundation is headquartered at 888 Seventh Avenue, 22nd Floor, Manhattan, and is staffed by 54 professionals. Co-Presidents Sumi Kim and Christopher McPadden have led grantmaking operations since the 2021 Archegos collapse, with COO Diana Pae managing day-to-day operations (compensation exceeding $1M annually). This professionalized management team signals rigorous due diligence expectations.

For first-time organizations: (1) direct unsolicited outreach rarely leads to funding — introductions through existing grantee leaders carry far greater weight; (2) faith alignment is a non-negotiable filter — no secular organization appears in 265 tracked grants; (3) geographic proximity to New York City provides an operational advantage, with 70 of 265 grants going to NY-area organizations; (4) following founder Hwang's 2024 conviction on fraud and racketeering charges, the current leadership team places exceptional weight on organizational stability, programmatic track records, and long-standing community credibility.

Grace and Mercy's grantmaking reveals a distinctive top-heavy concentration pattern. Of $85M in tracked grants across 265 awards, just three grantee relationships account for more than half the total dollar volume: Knights of Columbus Charitable Fund ($24.6M, 3 grants), combined Christian Community Foundation awards ($13.1M, 3 grants), and Fuller Foundation ($10.6M, 2 grants). These anchor relationships reflect the founder-level commitments that characterize the foundation's most significant giving.

Median grant size: $100,000. Average: $378,000 — pulled significantly higher by a handful of mega-grants. The range runs from $7,500 (small ministry support grants) to $11.9M (WaterStone in FY2024). Standard multi-cycle grants to established mid-tier grantees cluster in the $200,000–$750,000 range per cycle.

Annual grants_paid has remained relatively stable across available years: $22.7M (2019), $21.9M (2020), $24.9M (2021), $31.7M (2022), $21.6M (2023). The 2022 peak corresponds to elevated total giving of $64.4M (vs. a $56.9M total giving figure for 2023). Note that 'total giving' in 990 filings substantially exceeds 'grants_paid,' reflecting the foundation's two operating programs — Just Show Up Book Club ($3.6M in program expenses) and Public Reading of Scripture ($6.6M in program expenses) — which are counted within total giving but not as external grants.

By purpose category, Community grants dominate by volume, followed by Religious, Humanitarian, and Education. Medical grants are a minor share (primarily Holy Name Medical Center, $1M cumulative). Entrepreneurship grants ($300,000–$600,000 to Rising Tide Capital, Mango Fund, Nuru International) represent an emerging economic-mobility thread.

Geographically, New York accounts for 70 of 265 tracked grants. The next-largest clusters are California (26), Colorado (22), Michigan (17), New Jersey (16), Wisconsin (12), Pennsylvania (11), and Illinois (9). The Colorado concentration may reflect ministry network relationships centered there (YoungLife is headquartered in Colorado Springs). The foundation's total assets declined from $805M (2020) to a stable $495M (2023–2024) following Archegos losses, but grantmaking volumes have remained consistent, indicating a deliberate commitment to sustaining grantee relationships.

The following table compares Grace and Mercy Foundation against four peer foundations of similar asset scale, all classified under NTEE T20 (Philanthropy & Grantmaking):

Among peers in the $488–500M asset range, Grace and Mercy stands out for its unusual operational transparency: a public-facing website articulating five named priority areas, two active operating programs (JSU Book Club and Public Reading of Scripture), and detailed Form 990 filings accessible via ProPublica. Most peer foundations at this scale operate with minimal public communication and limited grantee disclosure. Grace and Mercy's 54-person professional staff also makes it an unusually large operational team for a private foundation of this type, suggesting it functions more as a staffed grantmaking institution than a family office. All five peers share the defining characteristic of invitation-only grantmaking with no public solicitation — standard practice for foundations derived from concentrated investment wealth.

The defining recent development for Grace and Mercy Foundation is the July 2024 federal conviction of founder Sung Kook 'Bill' Hwang on 10 of 11 counts of wire fraud, securities fraud, and racketeering related to the March 2021 collapse of Archegos Capital Management. The collapse — which triggered $160 billion in forced stock sales across global banks — had previously caused the foundation's assets to decline from $805M (2020) to approximately $495M (2023). Hwang has remained listed as Co-Chairman in 990 filings, but the foundation's operational leadership has rested with Co-Presidents Sumi Kim (compensation: $699,615 in the most recent available year) and Christopher McPadden ($635,213), along with COO Diana Pae ($1.03M).

In FY2024, the foundation made 66 grants. The three largest reported awards were WaterStone ($11,932,315 — a donor-advised fund vehicle), Prison Fellowship International ($700,000), and Youth for Christ USA ($450,000). The foundation's FY2024 Form 990 was submitted to the IRS in November 2025, confirming continued operations. A net gain of $43M from asset sales in 2024 indicates active portfolio rebalancing.

No public announcements of new programs, leadership additions, or strategic pivots were found for 2025–2026 through web research. The foundation's website continues to present its established five-area framework (Mercy, Education, Family, Work, Church) without changes. The foundation's contact details — (212) 984-8877, 888 Seventh Ave 22nd Floor, Manhattan — remain current.

Grace and Mercy Foundation does not accept unsolicited applications and makes grants exclusively to preselected organizations. This is not a bureaucratic policy but reflects how the foundation has operated since inception: through direct relationships cultivated by trustees and program staff rather than competitive solicitation.

Warm introductions are the only realistic pathway. Identify leaders at organizations in Grace and Mercy's active grantee network — International Justice Mission, Prison Fellowship International, Young Life, Hope for New York, The Bowery Mission, Restore NYC, and Open Hands Legal Services are among the most consistent multi-cycle grantees. A personal introduction from a trusted grantee leader carries exponentially more weight than cold contact.

Faith alignment is a hard, non-negotiable filter. Every tracked grantee has an explicit Christian mission, faith-rooted organizational culture, or operates within the Christian community infrastructure. There are no secular human services organizations in the portfolio. If your organization does not have articulated faith commitments, this is not the right funder — do not attempt to obscure this fact.

Lead with impact metrics, not process. With 54 staff and a COO earning over $1M annually, Grace and Mercy runs a professionalized grant operation. Expect them to probe measurable outcomes: beneficiary counts, cost-per-outcome data, longitudinal program results, and organizational financial health. Program narratives alone are insufficient.

Use geographic proximity strategically. New York City-based organizations have a structural advantage (70 of 265 tracked grants to NY organizations). For organizations based elsewhere, emphasize programmatic connections to the New York region or demonstrate national-scale impact.

Respect the consolidation moment. Following the Hwang conviction, the current team emphasizes proven organizational stability. Pitch established programs with multi-year track records — not start-up ministries, pilot programs, or capital campaigns without an operating history. Alignment language that resonates: 'supporting the poor and oppressed,' 'helping people learn, grow, and serve,' 'faith-rooted community transformation.'

Contact thoughtfully. The website offers a general contact form and press@graceandmercy.org. There is no grants inquiry email. Frame any initial contact as mission-alignment outreach — not a funding request. Describe your work in terms of Grace and Mercy's five priority areas and your existing community relationships.