# Coleman Foundation

Coleman Foundation is an Endowment / Foundation based in Chicago, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 1951
- **Assets under management:** Undisclosed
- **Website:** colemanfoundation.org
- **LinkedIn:** linkedin.com/company/coleman-foundation

## Regulatory record

- **Reports private funds:** No

## About

The Coleman Foundation was established in 1951 by J.D. Stetson Coleman and his wife Dorothy, who built their wealth through Fannie May Candy Company, a Chicago-based confectionery chain founded in 1920. The foundation's grantmaking has been deeply tied to the city of Chicago and the broader state of Illinois, reflecting the Colemans' personal and business roots. Unlike many foundations that professionalize rapidly, the Coleman Foundation retained active family leadership for decades, with Dorothy Coleman serving as a trustee until her death in 2004 and subsequent family members, including nephew Michael Furlong as Board Chair, maintaining governance roles. The foundation's asset base, while undisclosed in total, is known to include a diversified mix of direct real estate investments, private credit vehicles, and traditional marketable securities. Real estate commitments include positions in Brickman Real Estate funds and the Goldman Sachs Broad Street Realty Fund, alongside a direct retail development project, Coleman's Corner, in Detroit. The foundation also invests in private credit through vehicles like the Hillcrest Credit and Income Fund II, targeting top U.S. metropolitan markets. Geographic exposure spans the Midwest and select national opportunities, with a primary concentration in Illinois. Total grantmaking since inception exceeds $200 million, focused on education, healthcare, and services for individuals with developmental disabilities. The foundation also operates the Coleman Foundation Image Renewal Center in Chicago, an unusual direct-service model for an endowed institution. In 2024, Shelley Davis concluded her term as President and CEO after four years, and Nora Garcia is set to become Executive Director in July 2025, signaling a leadership transition while family governance continues through the board under Michael Furlong's chairmanship. The foundation maintains affiliations with Grantmakers for Effective Organizations and Forefront, Illinois' statewide nonprofit association. Structurally, the foundation stands out for its blend of place-based, direct-service philanthropy and diversified institutional investing — a dual posture that emerged from the Colemans' hands-on business ethos rather than a formal asset-management schema. While many family foundations outsource both granting and investing entirely, the Coleman Foundation has historically retained direct real estate holdings and operated its own charitable programs, a legacy of its founders' preference for tangible, local impact over abstract allocation models.

## Sectors

- Education
- Healthcare Services
- Real Estate
- Private Credit

## People

- J.D. Stetson Coleman — Co-Founder
- Dorothy Coleman — Co-Founder
- Shelley Davis — President and CEO (2020-2024)
- Nora Garcia — Incoming Executive Director (effective July 2025)
- Michael Furlong — Board Chair

## Questions

### Who runs investment decisions at the Coleman Foundation?

The foundation's investment committee, operating under the board chaired by Michael Furlong, oversees asset allocation. The board includes family descendants of founders J.D. Stetson and Dorothy Coleman, maintaining direct family oversight of the endowment alongside professional staff. Specific CIO or investment officer names have not been publicly disclosed.

### How does the Coleman Foundation source its real estate investments?

The foundation invests through fund commitments to established managers — including Brickman Real Estate funds and the Goldman Sachs Broad Street Realty Fund — rather than directly sourcing individual properties in most cases. One known exception is the Coleman's Corner retail development in Detroit, a direct project. This mix of fund-of-fund real estate and occasional direct development reflects a pragmatic, deal-by-deal approach rather than a formalized direct-investment platform.

### Does the Coleman Foundation operate any programs directly, or is it purely a grantmaker?

The foundation operates at least one direct-service program: the Coleman Foundation Image Renewal Center in Chicago, which provides appearance-related support services. This direct operational footprint is unusual for a private foundation and traces back to the founders' hands-on approach to philanthropy. The bulk of its activity, however, remains grantmaking to Illinois nonprofits in education, healthcare, and developmental-disability services.

## Related profiles

- [Coldstream Capital Management](https://altss.com/profile/coldstream-capital-management)
- [Collaborative Wealth](https://altss.com/profile/collaborative-wealth-cw)

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Last updated: 2026-06-03T20:00:00.000Z

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