The Prudential Foundation is a private grantmaking foundation based in Newark, New Jersey. Established in 1977, it operates as a 501(c)(3) organization dedicated to philanthropic work across multiple sectors including education, health, public safety, community development, and human services.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$71.4M
-6.3% YoY
Annual Giving
$40.8M
-5.9% YoY
Grant Count
178
+27.1% YoY
Avg Grant Size
$229K
-26.0% YoY
Under IRS private-foundation payout rules, The Prudential Foundation reported a distributable amount of $3.4M for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation supports programs designed to meet basic needs, connect people to quality jobs, build assets, and transform communities.
Primary funding areas include:
- Arts and culture
- Education (including higher education)
- Health (public health, physical fitness, nutrition)
- Public safety and disaster management
- Community and economic development
- Employment and job creation
- Human services (basic and emergency aid, food assistance, youth development)
- Leadership development
- Entrepreneurship
Grantmaking
Since 1993, the foundation has made low-interest loans in conjunction with the Prudential Insurance Company of America's Social Investment Program. Investments focus on affordable housing, economic development, minority entrepreneurship, community services, and education. PRIs are made to both nonprofit and for-profit organizations and can total up to $10 million per year.
Grant Range
s:**
Average Grant
amount varies by program
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in:
- New Jersey
- District of Columbia
- New York
Grantmaking reaches organizations across 21 states, with significant support in major urban centers including Los Angeles and Chicago.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total assets: $71.4 million
- Total revenue: $35.3 million
- Total expenses: $30.8 million
- Total liabilities: $13.7 million
Historical context: Total assets have decreased from $100.2 million in 2011 to current levels.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $71,396,350 | $76,187,343 | $81,677,052 |
| Revenue | $35,270,556 | $32,401,528 | $646,652 |
| Expenses | $30,786,124 | $52,090,210 | $28,690,686 |
| Qualifying Distributions | $41,712,072 | $44,224,308 | $46,150,715 |
| Net Investment Income | $3,627,525 | $3,316,320 | $1,519,518 |
| Distributable Amount | $3,439,637 | $3,517,336 | $4,390,323 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include American Online Giving Foundation Inc ($3,965,859), Atlanta Wealth Building Initiative Inc ($580,000), Center for Community Self-help ($500,000).
| Recipient | Purpose | Amount |
|---|---|---|
| ADULT EDUCATION SCHOOL | ADULT EDUCATION, COLLEGE AND CAREER PREPAREDNESS | $25,000 |
| ADVOCATES FOR CHILDREN OF NEW JERSEY NEWARK, NJ | NEWARK KIDS COUNT 2025 AND COMMUNITY ENGAGEMENT | $50,000 |
| ALVIN AILEY DANCE FOUNDATION INC NEW YORK, NY | ALVIN AILEY DANCE FOUNDATION, INC. | $200,000 |
| AMERICAN NATIONAL RED CROSS WASHINGTON, DC | MIDDLE EAST CRISIS | $300 |
| AMERICAN NATIONAL RED CROSS WASHINGTON, DC | DISASTER RESPONDER PARTNERSHIP | $250,000 |
| AMERICAN NATIONAL RED CROSS WASHINGTON, DC | DISASTER RELIEF: HURRICANES HELENE & MILTON | $350,000 |
| AMERICAN NATIONAL RED CROSS WASHINGTON, DC | MATCHING GIFT IN SUPPORT OF RELIEF EFFORTS IN FLORIDA FOR HURRICANE MILTON THROUGH THE AMERICAN NATIONAL RED CROSS FUND. | $5,623 |
| AMERICAN ONLINE GIVING FOUNDATION INC NEWARK, DE | BENEVITY INVOICE MATCHING GIFTS & VOLUNTEER REWARDS PROGRAM (DECEMBER 2023- NOVEMBER 2024) | $3,965,859 |
| AMERICAS GROW A ROW INC PITTSTOWN, NJ | PRUDENTIAL EMPLOYEES HARVEST FRESH PRODUCE FOR HUNGER RELIEF | $20,000 |
| APEX FOR YOUTH INC NEW YORK, NY | APA BRG: 2025 EMPLOYEE COMMUNITY ENGAGEMENT | $30,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
- Shane T. Harris – President (32 hrs/week)
- Sarah S. Keh – Secretary (32 hrs/week)
- Lata Reddy – Trustee & Chairman (8 hrs/week)
- Jonathan Francisco – Treasurer (started February 2024, 0.27 hrs/week)
- Charles Lowrey – Trustee (0.17 hrs/week)
- Lucien Alziari – Trustee (0.17 hrs/week)
- Gilbert F. Casellas – Trustee (0.17 hrs/week)
- Caroline Feeney – Trustee (0.17 hrs/week)
- Sandra Pianalto – Trustee (0.17 hrs/week)
The leadership team is non-compensated.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| SHANE T HARRIS | PRESIDENT | 32 | — |
| NANDINI MONGIA | TREASURER UNTIL FEB. 2024 | 0.27 | — |
| JONATHAN FRANCISCO | TREASURER STARTED IN FEB 2024 | 0.27 | — |
| SARAH S KEH | SECRETARY | 32 | — |
| CHARLES LOWREY | TRUSTEE | 0.17 | — |
| LUCIEN ALZIARI | TRUSTEE | 0.17 | — |
| GILBERT F CASELLAS | TRUSTEE | 0.17 | — |
| CAROLINE FEENEY | TRUSTEE | 0.17 | — |
| SANDRA PIANALTO | TRUSTEE | 0.17 | — |
| LATA REDDY | TRUSTEE & CHAIRMAN | 8 | — |
| TIMOTHY SCHMIDT | TRUSTEE | 0.17 | — |
| JOSEPH MCCARTHY | ASSISTANT TREASURER | — | — |
| THOMAS LAURITA | CONTROLLER UNTIL MAY 2024 | 0.38 | — |
| MICHAEL SIMONETTI | CONTROLLER STARTED IN JUNE 2024 | 0.38 | — |
| JASON HEATH | INVESTMENT OFFICER UNTIL JUNE 2024 | 8 | — |
| ROB STEKSON | INVESTMENT OFF. STARTED IN AUG. 2024 | 8 | — |
Contact Information
Address: 751 Broad Street, 3rd Floor Newark, NJ 07102
Phone: (973) 367-4565
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does The Prudential Foundation fund?
The foundation supports programs designed to meet basic needs, connect people to quality jobs, build assets, and transform communities. Primary funding areas include: • Arts and culture • Education (including higher education) • Health (public health, physical fitness, nutrition) • Public safety and disaster management • Community and economic development • Employment and job creation • Human services (basic and emergency aid, food assistance, youth development) • Leadership development • Entre…
How do I apply for a grant from The Prudential Foundation?
**Grant Activity:** • 135 grants awarded in the most recent fiscal year • Total giving: $41.7 million (2024) • Giving rate: 56.5% **Grant Sizes:** • Grant range: $300 to $1,302,999 • Median grant amount: $150,000 • Average grant amount varies by program **Grant Programs:** • **General Operating Support**: $222,500 average, 5 recipients (last awarded 2024) • **Realizing the Promise of the ABLE Act**: $350,000 average, 2 recipients (last awarded 2024), focused on disability services, special need…
Where does The Prudential Foundation make grants?
The foundation primarily funds organizations in: • New Jersey • District of Columbia • New York Grantmaking reaches organizations across 21 states, with significant support in major urban centers including Los Angeles and Chicago.
What size grants does The Prudential Foundation award?
In 2024, The Prudential Foundation awarded 178 grants totaling $40.8M — an average of about $229K per grant, based on its IRS Form 990 filings.
How much is The Prudential Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, The Prudential Foundation reported a distributable amount of $3.4M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is The Prudential Foundation's EIN?
The Prudential Foundation's EIN (Employer Identification Number) is 22-2175290. IRS Form 990 filing data is available on this page for 2020–2024.
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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