The TPF Special Assets Fund exists to enable donors who wish to make charitable contributions in forms other than cash or publicly traded securities – such as real estate or privately held company stock – to create a charitable fund.
On Jan. 12, 2016, noted philanthropist H.F. “Gerry” Lenfest announced that he had established the Institute for Journalism in New Media under the auspices of the TPF Special Assets Fund.
The Institute, which operates under its own Board of Managers, is able to accept charitable contributions and to make grants.
The Philadelphia Foundation has no role in the editorial or management decisions of the newspapers or web site. Philadelphia Media Network has become a public benefit corporation, a profit-making company that also strives to provide a public good. As a result of that status, the PMN Board of Managers may reinvest some profits into the corporation rather than passing them on to shareholders.