Wallace Global Fund Announces Full Endowment Spend-Out in Support of Social Movements
The Wallace Global Fund (WGF) has announced it will spend its entire endowment down to zero, allocating all resources toward supporting movements focused on democracy, human rights, economic justice, and environmental protection. The decision reflects the growing urgency around threats such as authoritarianism, democratic erosion, climate instability, and corporate influence. In recent 15 months alone, WGF has allocated nearly $24 million in U.S.-based grants to bolster a diverse pro-democracy movement. WGF's approach is rooted in the legacy of its founder, former Vice President Henry A. Wallace, who warned about economic interests undermining democracy. The fund sees today as another pivotal moment requiring institutions to prioritize action over preservation. WGF leaders argue that philanthropy must increase payouts and align investments with mission-driven goals. The move challenges other foundations to adopt a more activist approach by funding movements directly rather than preserving capital for the future, urging them to 'spend until it hurts' in response to urgent global crises.