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Foundation Source
Foundation Source was launched in 2000 to solve a specific problem: the operational burden of running a private foundation.
Foundation Source
Foundation Source was launched in 2000 to solve a specific problem: the operational burden of running a private foundation. Foundations face strict tax compliance, mandatory grantmaking distributions, and complex regulatory filings. Foundation Source acts as an outsourced administrative department, handling accounting, IRS compliance, state registrations, and grants management so that philanthropists can focus on their missions. Its clients range from single-family foundations with a few hundred thousand dollars to large institutional philanthropies managing hundreds of millions. Support services span the full lifecycle of philanthropic capital. For startup foundations, the firm handles entity formation and IRS recognition. For mature foundations, it manages annual 990-PF filings, grantee due diligence, and investment monitoring. Foundation Source also provides direct grantmaking technology through its platform, GrantSource, and strategic philanthropic advisory services. Its client grants flow to domestic and international charities, including DonorsChoose, Yale University, and the American Red Cross (per public record). The firm works alongside a foundation's existing legal and investment advisors without displacing those relationships. In September 2022, the firm acquired Vennfi, the financial technology company behind CharityVest, to add donor-advised fund (DAF) capabilities to its suite, signaling a push beyond pure private-foundation services (per the firm, September 2022). Foundation Source operates from its headquarters in Fairfield, Connecticut, and maintains a significant presence in the outsourced philanthropy sector, competing principally with small specialty firms and in-house general counsels rather than large financial institutions. Its structural differentiator is scale-driven specialization. By pooling over 2,000 foundations onto a single administrative platform, Foundation Source achieves a depth of tax and regulatory expertise that a small general practice law firm cannot replicate. This makes it the closest thing to a mutualized back-office for U.S. private philanthropy, sitting at the intersection of wealth management, tax law, and charitable technology without being a money manager itself.
General information
Firm type
Asset Manager
Year founded
2000
AUM
Over $20B in client assets under administration (Altss estimate)
Location
Region
North America
Country
United States
City
Fairfield
Corporate office
Fairfield, CT, United States
Principals
Joseph Mrak
Chief Executive Officer
Hannah Shaw Grove
Chief Marketing Officer
Robert Chartener
Chief Revenue Officer
Sector focus
Frequently asked questions
What specific services does Foundation Source provide to private foundations?
Foundation Source serves as a comprehensive outsourced administrative department, managing IRS Form 990-PF filings, state charitable registration, accounting and bookkeeping, grantee due diligence and compliance, and direct grant processing. The firm also provides strategic philanthropic advisory services and a technology platform called GrantSource for grant management. It does not manage investments or provide legal counsel, instead coordinating with a foundation's existing legal and financial advisors.
How is Foundation Source different from a community foundation or a commercial donor-advised fund sponsor?
Foundation Source is neither a charitable sponsor nor a grantmaker itself. It is a service provider to independent, single-family or closely held private foundations that the clients own and control. Foundation Source handles the non-discretionary administrative, tax, and compliance burdens, but all grantmaking and investment decisions remain entirely with the foundation's board or trustees. The 2022 acquisition of CharityVest added donor-advised fund administration to its capabilities, but its core business remains private-foundation back-office support.
Who runs day-to-day operations and strategic direction at Foundation Source?
Joseph Mrak is the CEO and leads the firm's overall direction. He is supported by senior executives including Hannah Shaw Grove as Chief Marketing Officer and Robert Chartener as Chief Revenue Officer. The firm was previously led for many years by Susan Friedlander Calzone, who served as CEO until Mrak's appointment (per public record).
What is the typical client profile for Foundation Source?
Clients are primarily high-net-worth individuals and families who have established or wish to establish a private, non-operating foundation. The firm supports both small foundations with under $1 million in assets and large institutions with hundreds of millions. Foundation Source's model is particularly attractive to philanthropists who want the control and legacy advantages of a private foundation without employing a dedicated in-house staff for tax, compliance, and grants administration.
How does Foundation Source charge for its services?
Foundation Source charges an annual fee based on the complexity and asset size of the client foundation. This typically covers all core administrative services — tax preparation, compliance monitoring, grants management technology, and philanthropic advisory support. The firm does not charge based on assets under management since it is not managing client investment portfolios (per the firm's publicly available materials).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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