Financials

Information about the Foundation’s endowment, social bond framework and financial reports

The Andrew W. Mellon Foundation was created in 1969 with $273 million in assets following the consolidation of the Avalon Foundation and the Old Dominion Foundation. The assets of the new organization were augmented with additional funds from the estate of Ailsa Mellon Bruce, and, by 1970, Mellon had assets of $700 million. By 1980, the last year Mellon received a payout from Ailsa Mellon Bruce’s estate, our assets had grown to $880 million.

Mellon’s endowment totaled approximately $7.9 billion at the end of 2023.

Quick Links

Financials

Social bond framework 2023 Audited Financial Statement 2023 Form 990-PF 

Growth of the Mellon Foundation’s endowment and its grantmaking

Grants awarded since our founding

From 1969 to 2023, we have awarded ~ $9.1 billion in grants.

Grants Awarded 1969-2023
Grants awarded by year 1969–2023 (USD millions)

Growth of the Foundation’s endowment over time

Mellon’s endowment totaled approximately $7.9 billion at the end of 2023.

3x2 chart Endowment Value 1969-2023
Endowment Growth by year 1969–2023 (USD billions)

Investment portfolio

The goal in managing the portfolio is to preserve and increase its purchasing power, enabling Mellon to provide grants in perpetuity. To achieve this goal, we maintain a portfolio that is well diversified across five asset classes with different risk and return characteristics to generate strong long-term returns.

The portfolio must maintain a certain minimum level of liquidity that is sufficient to fund our grantmaking activity and ongoing expenses, including capital calls, even during periods of market dislocation.

Long-term asset allocation chart
Mellon’s current long-term asset allocation plan

Social Bond Framework

The Mellon Foundation issued $300 million in social bonds in July 2020 under the Mellon Foundation Social Bond Framework. We intend to use the net proceeds of the social bond offering to fund grantmaking and to refinance previous borrowing used to pay grants in 2020.

In response to the COVID-19 global pandemic and its adverse effects on nonprofits, we have undertaken rapid and increased emergency grantmaking. We announced in June 2020 that it would issue an additional $200 million in grants in 2020—on top of the $300 million originally planned for the year—to help shore up arts, humanities, and educational nonprofits devastated by the ongoing public health crisis.

 Social bond framework

Most recent reports

Audited financial statements

Private foundation annual tax return (990-PF)