2023 Philanthropy Report

For more information, contact: Wendy Connors, Chief Development Officer, at wconnors@hertzfoundation.org.

Inside this Edition

For over 60 years, Hertz Fellows have been advancing groundbreaking science and technology in benefit to the country and humanity. Through the prestigious Hertz Fellowship, the Fannie and John Hertz Foundation invests early in the careers of the most promising science and technology problem-solvers, unlocking a fellow’s potential to transform our world in ways that few others can. 

Looking to our future, the Hertz Foundation’s Board of Directors recently published a bold strategic plan—the first in our organization’s history—that aspires to build on our 60–year legacy of impact and leadership in science and technology. We committed to increasing the number of fellows we support—up to 25 annually; deepening the lifelong experience of Hertz Fellows through enhanced mentorship, networking and professional development opportunities; enhancing diverse pipelines to fuel innovation; and developing mutually beneficial partnerships with like-minded organizations in science, technology, national security and philanthropy, building upon inspiring work we have done with the Bill & Melinda Gates Foundation and other valued partners.

This work will require extraordinary leadership and investment. As John and Fannie Hertz demonstrated, philanthropic investment in science and technology can lead to the kind of enduring impact that we have witnessed during the past 60 years. The Hertz Foundation’s role in shaping science and technology in our country, by growing the pool of highly educated science and technology leaders, accelerating their opportunities, and building an essential ecosystem of the top scientific minds, has never been more important—and your support never more consequential. 

We are delighted to have you join us on this important journey.

Despite of increased inflation and continued volatility in the financial markets, the Hertz Foundation experienced a very strong fundraising year, raising $5.94 million from 362 fellows, organizations and other friends, 33 of whom were new donors. Our generous community provided fellowship support for 15 new Hertz Fellows, while ensuring that the fellowship experience is unparalleled in comparison to other graduate student funding programs, and that the Hertz Community continues to thrive.

The Hertz Foundation’s assets are increasing, putting us on a path to raise more funds and have an even greater outsized impact. As of June 30, 2023, our assets totaled $35.7 million—an 11.9% increase from 2021—and included $395K in cash and equivalents, $4.4 million in pledges receivable and $30.95 million in the investment portfolio. Net assets increased 10.4% in 2023. For the sixth year in a row, our endowment withdrawal rate is below 5%, maintaining the goal set by the Board of Directors in 2016 and achieved just two years later.