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The Peter & Mary Russo Family Foundation Inc

Annual Giving
$0.6M
Grant Range
$5K - $0.1M

The Peter & Mary Russo Family Foundation Inc

Quick Stats

  • Annual Giving: $595,000 (2023)
  • Success Rate: Not applicable (invitation only)
  • Decision Time: Not publicly disclosed
  • Grant Range: $5,000 - $100,000
  • Median Grant: $20,000
  • Geographic Focus: National
  • Total Assets: $16 million (2023)

Contact Details

Address: Surf City, NJ 08008

Note: The foundation does not have a public website and does not accept unsolicited applications.

Overview

The Peter & Mary Russo Family Foundation Inc, established by World War II Coast Guard veteran Peter J. Russo and his wife Mary Bacsik Russo, is a private family foundation that has been tax-exempt since July 2002. With approximately $16 million in assets as of 2023, the foundation distributed $595,000 across 26 grants that year. The foundation is now administered by Peter and Mary's son, Peter J. Russo Jr. (who serves as President), and daughters Marianne Nahin and Nancy McDevitt. The foundation operates on a highly selective, invitation-only basis, making contributions exclusively to preselected charitable organizations. Drawing inspiration from Peter J. Russo's personal philosophy—"The gift of giving has been perhaps the greatest inheritance I received from my parents"—the foundation focuses on supporting medical research, education, healthcare institutions, and organizations aligned with the family's values and the founder's legacy of service.

Funding Priorities

Grant Programs

The foundation does not operate formal grant programs but makes strategic contributions to preselected organizations across several focus areas:

  • Medical Research and Treatment: Grants ranging from $5,000 to $100,000 supporting cancer research, ALS research, and children's medical care
  • Education and Scholarships: Support for university endowments and scholarship programs, particularly those benefiting Coast Guard families
  • Healthcare Institutions: Funding for hospital foundations and medical facilities
  • Environmental and Conservation: Support for environmental protection and conservation organizations
  • Food Security: Grants addressing hunger relief and food insecurity

Grant amounts in 2023 ranged from $5,000 to $100,000, with a median grant size of $20,000. Over a 10-year period, the foundation has made 267 grants.

Priority Areas

Analysis of recent grantmaking reveals the foundation prioritizes:

  • Children's medical care and research (particularly cancer and life-threatening diseases)
  • Higher education institutions with which the family has connections
  • Veterans and military family support (especially Coast Guard-related causes)
  • Major medical research institutions conducting breakthrough research
  • Presidential foundations and civic institutions
  • Healthcare facilities providing direct patient care
  • Environmental conservation efforts

Recent Major Recipients (2023)

  • St. Jude Children's Research Hospital: $100,000 (the foundation has also provided $1 million+ support for the Kay Research and Care Center)
  • The Barack Obama Foundation: $60,000+
  • Hoag Hospital Foundation: $50,000+
  • Georgetown University: $30,000
  • Coast Guard Foundation: Multiple scholarship awards

What They Don't Fund

While the foundation's specific exclusions are not publicly documented, their giving pattern suggests they do not typically fund:

  • First-time applicants without pre-existing relationships
  • Organizations outside their established network
  • General operating support for smaller local organizations
  • Individual requests for assistance
  • Arts and cultural programs (no evidence of funding in this area)
  • International development organizations

Governance and Leadership

Key Personnel

Peter J. Russo Jr., President

  • Compensation: $73,000 annually
  • Time commitment: 30 hours per week
  • Role: Primary decision-maker for grant distributions

Co-Administrators:

  • Marianne Nahin (daughter of founders)
  • Nancy McDevitt (daughter of founders)

Founder's Legacy

Peter J. Russo (1925-2009) left school in 9th grade during the Great Depression to work multiple jobs supporting his three younger brothers. He served in the U.S. Coast Guard during World War II aboard the USS Cavalier (APA-37) in the Pacific Fleet, then achieved financial success over a 40-year career in the restaurant business. His wife, Mary Bacsik Russo, partnered with him in establishing the foundation.

Peter J. Russo's own words capture his philanthropic philosophy: "The gift of giving has been perhaps the greatest inheritance I received from my parents." He also encouraged others: "I encourage people with an affinity for the Coast Guard to provide their support to these young people who are in need."

Application Process & Timeline

How to Apply

This foundation does not have a public application process.

The foundation explicitly states that it "only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds." This is an invitation-only grantmaker that identifies and selects recipients through the family's established relationships, personal connections, and the board's discretion.

Organizations cannot apply for funding through any formal process—all grants are initiated by the foundation's leadership.

Decision Timeline

Not applicable, as the foundation does not accept applications. Grant decisions are made at the discretion of the President and board throughout the year.

Success Rates

Not applicable for external applicants. The foundation operates on an invitation-only basis.

Reapplication Policy

Not applicable, as there is no public application process.

Understanding This Funder

The Foundation's Approach

The Peter & Mary Russo Family Foundation represents a traditional family foundation model where grantmaking reflects the personal values, relationships, and interests of the founding family. With Peter J. Russo Jr. dedicating 30 hours weekly to foundation management, the grantmaking is highly personal and relationship-driven.

Connection to Coast Guard Legacy

A significant aspect of the foundation's identity is its connection to the U.S. Coast Guard, stemming from Peter J. Russo's WWII service. Through their partnership with the Coast Guard Foundation, the Russo family has established four named scholarships (including the Seaman First Class Peter J. Russo and Signalman Third Class Walter E. Lafferty Scholarships) that support Coast Guard children attending college.

Giving Patterns

The foundation's 2023 grants demonstrate a clear pattern:

  • Large institutional grants: Major gifts to nationally recognized institutions like St. Jude Children's Research Hospital ($100,000) suggest the foundation values organizations with proven track records and significant impact
  • Educational institutions: Support for universities like Georgetown indicates possible family alumni connections
  • Civic and presidential institutions: Grants to the Barack Obama Foundation reflect interest in civic leadership and national institutions
  • Healthcare focus: Multiple grants to hospital foundations and medical research organizations
  • Long-term relationships: The sustained partnership with the Coast Guard Foundation shows the value placed on ongoing relationships

Grant Size Strategy

With grants ranging from $5,000 to $100,000 and total annual giving of approximately $595,000, the foundation balances several large grants to major institutions with smaller contributions to a broader range of organizations. The median grant of $20,000 suggests most recipients receive modest support.

Key Takeaways for Grant Writers

  • No public application process: This foundation cannot be approached through traditional grant-seeking methods. They identify and select all grant recipients internally.

  • Relationship-driven: All grantmaking appears to flow from personal connections, family relationships, board member networks, and the family's values and interests.

  • Coast Guard connection is significant: Organizations serving Coast Guard families, veterans, or military personnel may align with the foundation's core identity.

  • Medical research priorities: The foundation has demonstrated strong commitment to children's medical research and cancer treatment, particularly through substantial support of St. Jude Children's Research Hospital.

  • Institutional credibility matters: Recent grants favor well-established, nationally recognized organizations with proven impact and professional operations.

  • Education focus on scholarships: Rather than general educational support, the foundation specifically funds scholarship programs that directly benefit students.

  • Not for first-time relationships: Without existing connections to the Russo family or their network, it is unlikely an organization would be considered for funding.

References

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