Wallace Global Fund to Spend Entire Endowment to Zero

The Washington-based foundation, rooted in the legacy of former U.S. Vice President Henry A. Wallace, intends to direct its remaining resources toward organizers resisting democratic erosion and corporate power. This move marks an acceleration of the fund's strategy to prioritize immediate, high-impact advocacy over long-term capital preservation. In the last 15 months alone, the organization has deployed nearly $24 million to bolster nonpartisan pro-democracy infrastructure, strategic litigation, and leadership development.

Executive Director Dr. Ellen Dorsey argues that the current climate of intersecting global crises renders the traditional philanthropic model of maintaining large endowments obsolete. According to data from the Institute for Policy Studies, 144 U.S. foundations with assets exceeding $1 billion maintained a median payout rate of just 5.1% in 2024. The Wallace Global Fund contends that if these institutions raised their payouts to 10%, an additional $23.4 billion could be funneled into urgent charitable causes. As part of its final phase, the fund is launching the Her Horizon Fund to combat female genital mutilation and a $10 million endowment for the Henry A. Wallace Legacy Initiative at the Institute for Policy Studies to mentor future grassroots leaders.