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Prudential Foundation Inc

Annual Giving
$47.6M
Grant Range
$3K - $1.0M
Decision Time
3mo

Prudential Foundation Inc

Quick Stats

  • Annual Giving: $47.6 million (2023)
  • Success Rate: Not publicly disclosed for main grants; Community Grants Program awarded 85 out of pool of applicants (2024)
  • Decision Time: Varies by program; Community Grants: ~3 months from application deadline to announcement
  • Grant Range: $2,500 - $1,000,000+ (varies significantly by program and partnership)
  • Geographic Focus: National with strong emphasis on Newark, NJ headquarters city

Contact Details

Address: 751 Broad Street, Floor 3, Newark, NJ 07102-3754

EIN: 22-2175290

Foundation Leadership: Lata N. Reddy, Chair and President of The Prudential Foundation; Senior Vice President, Inclusive Solutions at Prudential Financial

Note: The foundation does not accept unsolicited proposals for its main grant programs. For the Newark Community Grants Program, applications are submitted through the Community Foundation of New Jersey.

Overview

Established in 1977, The Prudential Foundation is the philanthropic arm of Prudential Financial, one of the largest financial services institutions in the United States. With approximately $47.6 million in annual giving (2023), the foundation has distributed more than $1 billion in grants and corporate contributions to nonprofit organizations to date. The foundation's mission centers on expanding financial security and creating pathways to economic opportunity, supporting programs designed to meet basic needs, connect people to quality jobs, build assets, and transform communities.

Under the leadership of Lata N. Reddy, who oversees a $40 million yearly grant-making budget and a $20 million corporate contributions budget, the foundation has developed a distinctive approach that combines traditional philanthropy with impact investing. Prudential has committed to building a $1 billion impact investment portfolio and has deployed more than $2 billion in impact investments since 1976, including nearly $360 million in Newark alone over the past decade. The foundation is particularly known as one of the largest corporate supporters of YouthBuild and opportunity youth programs, having committed more than $180 million through 2025 to support young people aged 15-29 worldwide.

Funding Priorities

Grant Programs

Prudential Community Grants Program (Newark-Specific)

  • Amount: Up to $2,500 for individuals; up to $5,000 for 501(c)(3) organizations or organizations with a fiscal sponsor
  • Application Method: Annual application cycle through Community Foundation of New Jersey
  • Total Program Funding: $500,000 grant to Community Foundation of New Jersey to administer microgrants
  • Recent Scale: 85 projects funded in 2024, with 23 repeat recipients

Strategic Partnership Grants (Invitation Only)

  • Amount: Average $75,000; ongoing partnership grants range up to $1 million
  • Application Method: No public application process; preselected organizations only
  • Annual Distribution: Approximately 141 awards made in 2023

Homeownership & Housing Solutions

  • Recent Commitment: $3.3 million (2024) to organizations supporting first-generation buyers and low-to-moderate income households

Opportunity Youth & Workforce Development

  • YouthBuild Partnership: $1 million three-year grant; over $50 million committed over two decades
  • Total Commitment: $180+ million through 2025 for global opportunity youth programs

Education Programs

  • K-12 Support: $150,000 grant for Newark Saves College Savings Program (3,000 kindergarteners)
  • Aspen Institute Partnership: $11 million five-year commitment for financial security reforms

Newark Arts & Civic Infrastructure

  • Major 2018 Initiative: $30 million for nonprofit capital campaigns and endowments across Newark's five wards
  • Historical Support: Over $5.6 million to Newark Arts since 1988

Priority Areas

  1. Financial Security & Asset Building

    • Homeownership and real estate access for first-generation and low-to-moderate income buyers
    • Financial literacy and capability building
    • Retirement security initiatives
    • Support for community banks, microfinance institutions, and nonprofit financial intermediaries

  2. Workforce Development & Economic Opportunity

    • Opportunity youth (ages 16-24 not in school or employed) programs
    • Construction skills training through YouthBuild
    • Job placement pathways and employment readiness
    • Career development and professional training

  3. Education

    • K-12 education reform and elementary/secondary education
    • College savings and access programs
    • Higher education pathways for opportunity youth
    • Education-to-employment pipelines

  4. Community Development (Newark Focus)

    • Neighborhood beautification and quality of life enhancements
    • Resident access to opportunity
    • Ward-based community projects
    • Small business support (under $500,000 operating budget)

  5. Arts & Civic Infrastructure

    • Arts and cultural institutions (particularly in Newark)
    • Performing arts centers and museums
    • Libraries and educational arts programs
    • Civic engagement initiatives

  6. Meeting Basic Needs

    • Programs addressing fundamental community needs
    • Social services and emergency assistance
    • Affordable housing preservation

What They Don't Fund

  • Discriminatory organizations
  • Veterans', labor, religious, fraternal, or athletic organizations (as primary focus)
  • Grants to individuals (except through Newark Community Grants Program)
  • Advertising or fundraising activities
  • Disease-specific general operating support
  • Capital campaigns, annual fund drives, or endowments (except through strategic initiatives)
  • Organizations outside their strategic focus areas

Governance and Leadership

Lata N. Reddy - Chair and President, The Prudential Foundation; Senior Vice President, Inclusive Solutions

Lata Reddy originally joined Prudential in 1997 to manage the foundation's education grants and became vice president in 2002. After launching a consulting practice from 2008-2012, she returned to her current role leading the foundation's philanthropic and impact investing strategy. She holds a B.A. in economics from the University of Michigan and a law degree from Emory University School of Law.

Reddy serves on the boards of the Alvin Ailey Dance Foundation, UNICEF USA, and the Newark Alliance, and is on the advisory board for the My Brother's Keeper Alliance (Obama Foundation). She is also a fellow of the Aspen Global Leaders Network.

In discussing the foundation's approach, Reddy has emphasized leveraging "impact investments, philanthropy, corporate contributions and employee engagement, and leveraging Prudential's full business capabilities" to create systemic change. The foundation's strategy under her leadership focuses on addressing wealth inequality and promoting equitable economic growth through both grant-making and impact investments totaling more than $2 billion since 1976.

Application Process & Timeline

How to Apply

For Main Foundation Grants (Strategic Partnerships):

This funder does not have a public application process. The Prudential Foundation only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds. Grants are made through invitation only, based on strategic priorities determined by foundation leadership and alignment with Prudential's corporate social responsibility objectives.

For Newark Community Grants Program:

Newark residents, Newark-based organizations, and Newark-based small businesses with an operating budget under $500,000 can apply annually through the Community Foundation of New Jersey.

  • Application Portal: https://cfnj.org/prudential/
  • Application Period: Typically opens in early January; for 2025 program, deadline is February 21, 2025
  • Administered By: Community Foundation of New Jersey in partnership with representatives from each of Newark's five wards
  • Application Support: Intermediary organizations in each ward provide application assistance and marketing support to applicants

Getting on Their Radar

For Organizations Outside Newark Community Grants Program:

While the foundation does not accept unsolicited proposals, prospective grantees may explore funding opportunities by reaching out to management at local Prudential operations. The foundation's approach centers on:

  1. Strategic Alignment: Organizations working in the foundation's core focus areas (financial security, workforce development, education, Newark community development, and arts/civic infrastructure) are more likely to be considered for partnership.

  2. Local Prudential Connections: The foundation suggests prospective grantees contact management at local Prudential operations to discuss potential alignment and funding opportunities.

  3. Newark Presence: Organizations with a presence in Newark, NJ (Prudential's headquarters city) or operating in communities where Prudential has significant operations may have enhanced visibility.

  4. Existing Partnership Track: The foundation maintains long-term relationships with key partners (e.g., YouthBuild, Aspen Institute, Year Up), suggesting they value sustained multi-year commitments over one-time grants.

  5. Impact Investment Alignment: Organizations that could benefit from both philanthropic grants and impact investments (community development financial institutions, affordable housing developers, etc.) may have multiple entry points for engagement.

Decision Timeline

Newark Community Grants Program:

  • Application Deadline: Mid-to-late February
  • Review Process: March-April (ward-based review committees with community resident participation)
  • Announcement: Late April to May
  • Total Timeline: Approximately 3 months from application deadline to public announcement

Strategic Partnership Grants:

  • Timeline not publicly disclosed
  • Decisions made by foundation leadership and trustees on rolling basis
  • Long-term partnerships often span 3-5 years with multi-year commitments

Success Rates

Newark Community Grants Program:

  • 2024: 85 projects awarded from applicant pool (23 were repeat recipients)
  • Success rate not disclosed but appears moderately competitive
  • Program has grown annually since 2023 launch, increasing number of grantees each year

Main Foundation Grants:

  • 141 awards made in 2023 from preselected organizations
  • No public success rate data (invitation-only model)

Reapplication Policy

Newark Community Grants Program:

  • Repeat applications are welcomed and successful; 23 of 85 recipients in 2024 were repeat grantees
  • No waiting period between applications
  • Organizations can apply annually

Strategic Partnership Grants:

  • Not applicable (invitation-only model)
  • Many partnerships are multi-year by design

Application Success Factors

For Newark Community Grants Program (Public Application Process):

  1. Community-Centered Solutions: Projects were selected for "addressing local issues and fostering stability and growth across each of Newark's five wards." The foundation emphasizes neighborhood-based solutions that foster community vitality, ensuring solutions funded are effective and tailored to the community's needs.

  2. Ward-Based Selection: Each of Newark's five wards has a five-member review committee, with four members being ward residents. This means your project must resonate with local community members who understand neighborhood needs. The program leverages "collective wisdom and insights from the community by having residents serve on the selection committee."

  3. Diverse Project Types Welcomed: The 2024 program supported projects ranging from "financial literacy, health and wellness to education and sustainability, transforming Newark's neighborhoods." This suggests flexibility in the types of projects that can succeed.

  4. Small Organization Focus: The program specifically targets Newark-based organizations with operating budgets under $500,000 and individual Newark residents, reflecting a commitment to grassroots community development.

  5. Application Support Available: Intermediary organizations in each ward provide application assistance and marketing support. Take advantage of these resources to strengthen your application.

  6. Project Examples from 2024 Recipients:

    • Mentor U Connect: "seeks to empower students with both the academic and social-emotional skills necessary to succeed in college and beyond"
    • Youth Latino Family Council grant: "provides a platform for youth and families to express their ideas, promote civic engagement, develop a sustainable garden, and host workshops on mental wellness, education and well-being"

For Strategic Partnership Consideration (Invitation-Only):

  1. Alignment with Core Mission: The foundation supports programs designed to "meet basic needs; connect people to quality jobs; build assets; and transform communities." Your organization must clearly demonstrate how your work advances one or more of these objectives.

  2. Financial Security Focus: Programs that expand access to financial security, address wealth inequality, or promote equitable economic growth align with the foundation's strategic priority under Lata Reddy's leadership.

  3. Opportunity Youth Pipeline: Organizations working with young people aged 16-24 (or 15-29 for international programs) who are not in school or employed have clear alignment with the foundation's $180+ million commitment through 2025.

  4. Education-to-Employment Connection: Programs that bridge education and workforce development, particularly those creating pathways to "quality jobs," reflect the foundation's emphasis on economic mobility.

  5. Newark Impact: While the foundation makes grants nationally, demonstrating impact in Newark, NJ or alignment with Newark community development priorities may enhance consideration given Prudential's headquarters location and significant local investment.

  6. Scalable and Sustainable Approaches: Large multi-year partnerships (YouthBuild: $50+ million over 20 years; Aspen Institute: $11 million over 5 years) suggest the foundation values organizations with proven models that can deliver sustained impact at scale.

  7. Dual Grant-Investment Potential: Organizations that could benefit from both philanthropic support and impact investment (e.g., community development financial institutions, affordable housing developers, social enterprises) may have multiple pathways for engagement with Prudential.

  8. Measurable Outcomes: The foundation's emphasis on data (e.g., funding YouthBuild USA's upgrade of data collection systems) suggests they value organizations with strong evaluation frameworks and ability to demonstrate results.

Key Takeaways for Grant Writers

  • Newark organizations under $500,000 budget: The Community Grants Program offers the only public application pathway. Apply through the Community Foundation of New Jersey by mid-February and leverage ward-based application support services.

  • No unsolicited proposals accepted: For main foundation grants, do not submit unsolicited proposals. Instead, focus on building relationships through local Prudential operations or positioning your organization as a strategic partner in the foundation's priority areas.

  • Financial security and workforce development are core: Organizations addressing financial inclusion, asset building, opportunity youth, or education-to-employment pathways have strongest alignment with current foundation priorities.

  • Multi-year partnerships preferred: The foundation's major commitments span 3-5+ years, suggesting they value deep partnerships over one-time grants. If selected, be prepared to demonstrate capacity for sustained collaboration.

  • Community voice matters: For Newark Community Grants, your application will be reviewed by ward residents. Ensure your project reflects authentic community needs and has local support.

  • Think beyond traditional grants: Prudential's $1 billion impact investment portfolio means organizations with revenue-generating models or those that can leverage catalytic capital may find opportunities beyond traditional philanthropy.

  • Demonstrate both social and financial returns: The foundation's emphasis on impact investing suggests they value organizations that can articulate both social outcomes and financial sustainability or return metrics.

References

  1. Instrumentl - The Prudential Foundation 990 Report: https://www.instrumentl.com/990-report/prudential-foundation-inc (Accessed December 2024)

  2. Prudential Financial - Apply now for the 2025 Prudential Community Grants Program: https://news.prudential.com/latest-news/prudential-news/prudential-news-details/2025/Apply-now-for-the-2025-Prudential-Community-Grants-Program/default.aspx (Accessed December 2024)

  3. Community Foundation of New Jersey - Prudential Community Grants Program: https://cfnj.org/prudential/ (Accessed December 2024)

  4. Prudential Financial - The Prudential Foundation commits $3.3 million toward homeownership solutions: https://news.prudential.com/latest-news/feature-stories/feature-stories-details/2024/The-Prudential-Foundation-commits-3.3-million-toward-homeownership-solutions/default.aspx (Accessed December 2024)

  5. Prudential Financial - Meet the recipients of the 2024 Prudential Community Grants Program: https://news.prudential.com/latest-news/feature-stories/feature-stories-details/2024/Meet-the-recipients-of-the-2024-Prudential-Community-Grants-Program/default.aspx (Accessed December 2024)

  6. Prudential Newsroom - Lata N. Reddy Bio: https://news.prudential.com/lata-n-reddy.htm (Accessed December 2024)

  7. Prudential Financial - Lata Reddy elevated to chair of The Prudential Foundation: https://news.prudential.com/prudential-csr-moves-to-csuite.htm (Accessed December 2024)

  8. Prudential Financial - Impact Investing: https://www.prudential.com/links/about/corporate-social-responsibility/impact-investing (Accessed December 2024)

  9. Prudential Financial - Opportunity Youth: https://www.prudential.com/links/about/corporate-social-responsibility/opportunity-youth (Accessed December 2024)

  10. Prudential Financial - Prudential Financial announces $180 million global investment to solve complex challenges facing opportunity youth: https://news.prudential.com/prudential-financial-announces-180-million-global-investment-to-solve-complex-challenges-facing-opportunity-youth-promoting-financial-wellness-next-generation.htm (Accessed December 2024)

  11. Philanthropy News Digest - Prudential Foundation Awards $1 Million to YouthBuild USA: https://philanthropynewsdigest.org/news/prudential-foundation-awards-1-million-to-youthbuild-usa (Accessed December 2024)

  12. Prudential Financial - Newark arts vibrant city: https://www.prudential.com/links/about/corporate-social-responsibility/newark/newark-arts-vibrant-city (Accessed December 2024)

  13. Prudential Newsroom - Prudential boosts Newark nonprofits with $30 million for capital campaigns, endowments: https://news.prudential.com/prudential-boosts-newark-non-profits-with-30-million-for-capital-campaigns-and-endowments.htm (Accessed December 2024)

  14. Prudential Financial - The Prudential Foundation jump-starts college savings for kindergartners in Newark: https://news.prudential.com/us-en/latest-news/prudential-news/2025/q3/the-prudential-foundation-jump-starts-college-savings-for-kinder0 (Accessed December 2024)

  15. Inside Philanthropy - Prudential Foundation and Corporate Giving: https://www.insidephilanthropy.com/find-a-grant/grants-p/prudential-foundation-and-corporate-giving (Accessed December 2024)

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