Hastings Fund

Hastings Fund. The Hastings Fund is a private philanthropic foundation established in 2016 by entrepreneur and activist Joe Sanberg. Headquartered in San Francisco, the organization focuses its resources on addressing systemic inequities in the United States, with a primary mission centered on advancing economic justice, combating climate change, and strengthening democracy. It operates through a combination of strategic grantmaking, impact investing, and support for policy advocacy initiatives aimed at creating broad, structural change.

History

The foundation was launched by Joe Sanberg, a co-founder of the financial technology company Aspiration and an advocate for progressive economic policies. Its creation was motivated by Sanberg's direct experiences with poverty and his belief in the power of philanthropy to catalyze social change. The fund's name honors Hastings College of the Law, part of the University of California, where Sanberg's mother worked, symbolizing a commitment to justice. In its early years, the organization quickly established partnerships with established groups like the Economic Security Project and the Center for American Progress, focusing initial efforts on advocating for state-level earned income tax credit expansions. The fund's strategic direction has been influenced by broader movements for economic democracy and the urgent challenges posed by global climate crisis.

Purpose and activities

The core purpose is to build a more equitable and sustainable future by funding efforts that tackle root causes of inequality. Its activities are organized around three interconnected pillars: economic dignity, a livable planet, and a robust democracy. For economic dignity, it supports campaigns for worker cooperatives, universal basic income pilots, and strengthening the social safety net, including programs like the Child Tax Credit. Its climate work funds renewable energy advocacy, environmental justice organizations in communities like Los Angeles and the Central Valley, and initiatives promoting a Green New Deal. To bolster civic engagement, the fund invests in voter mobilization efforts, electoral reform advocacy, and organizations combating disinformation, often collaborating with entities such as the Movement Voter Project and Fair Fight Action.

Governance and structure

The fund operates under the governance of a board of directors, with Joe Sanberg serving as the founding chair and principal decision-maker. Day-to-day operations are managed by a small executive team based in San Francisco, which includes experts in philanthropy, public policy, and nonprofit management. Strategic guidance is often sought from an advisory council comprising leaders from the nonprofit sector, academia, and social movements, including figures affiliated with Harvard University and the Roosevelt Institute. The structure is designed to be agile, allowing for rapid-response grants to emergent opportunities, such as supporting mutual aid networks during the COVID-19 pandemic or grassroots organizing following events like the January 6 United States Capitol attack.

Financials and impact

As a private foundation, its financial resources are derived from the personal contributions of Joe Sanberg and returns from its related impact investing portfolio. While it does not publicly disclose detailed annual financial statements, it has reported distributing several million dollars in grants annually since its inception. Its impact is measured through both quantitative outcomes, such as the number of low-income families benefiting from expanded tax credits in states like New Jersey and New Mexico, and qualitative shifts in policy discourse. The fund has played a catalytic role in elevating national conversations around guaranteed income and has supported litigation efforts led by groups like the Natural Resources Defense Council to advance climate justice.

Notable grants and projects

The fund has provided significant support to a range of innovative projects. A major grant helped launch the Magnolia Mother’s Trust in Jackson, Mississippi, a pioneering guaranteed income program for Black mothers. It has been a sustained funder of the Working Families Party and its efforts to elect progressive candidates to offices from the United States Senate to local city councils. In the climate arena, it supported the Sunrise Movement's early organizing and has funded the Climate Justice Alliance's work in frontline communities. Other notable grants have gone to the Economic Hardship Reporting Project for journalism on poverty and to Color Of Change for campaigns addressing racial economic inequality.

Category:Philanthropic organizations based in California Category:Organizations established in 2016