Major charity raises legal questions by funding pro-Harris dark money operation
Who benefits from this decision?
The Fidelity Investments Charitable Gift Fund, the nonprofit arm of the financial giant bearing the same name, transferred $37.5 million to a dark money group that assisted then-Vice President Kamala Harris during the 2024 presidential election, despite pledging not to give money to political causes, tax records show.
Bright Future Fund, the pro-Harris dark money group, received $37.5 million from the Fidelity Investments Charitable Gift Fund in 2024, according to tax filings first reported on by the Free Press. Unlike traditional 501(c)(3) charities, which are barred from participating in electoral politics, the Bright Future Fund is registered with the IRS as a 501(c)(4), a type of nonprofit organization with a broad license to engage in political spending.
Notably, the Fidelity Investments Charitable Gift Fund claimed on its tax forms to have only transferred funds to 501(c)(3) organizations, a statement that critics say appears to be inaccurate given its transfer to the 501(c)(4) Bright Future Fund.
Patrick Sternal, a tax lawyer and former adviser at the IRS’s office of chief counsel, told the Free Press that the Fidelity Investments Charitable Gift Fund’s tax forms were “technically inaccurate” and that “it raises questions about whether Fidelity was trying to disguise or downplay their grant to a highly partisan group that worked to benefit the Harris campaign.”
Brian Mittendorf, a professor at the Ohio State University specializing in nonprofit accounting, shared Sternal’s view, stating that it appears the charity “filled out its tax forms incorrectly by saying there were no non-501(c)(3) recipients.”
Former Vice President Kamala Harris takes the stage during a campaign event on Proposition 50, Saturday, Nov. 1, 2025, in Los Angeles. (AP Photo/Ethan Swope)
The Fidelity Investments Charitable Gift Fund is donor-advised. This means that Fidelity itself is not directly choosing where the funds held by its charity are sent. In a donor-advised fund, individual philanthropists or philanthropic organizations maintain accounts holding assets. The fund itself manages these funds, allowing them to grow tax-free. At the time of the donor’s choosing, they can request that the donor-advised fund donate assets from their account to another nonprofit organization.
Donor-advised funds typically reserve the right to deny a transfer to an organization, raising questions as to why Fidelity made a payment to a 501(c)(4).
The donation to a 501(c)(4) through …
Who benefits from this decision?
The Fidelity Investments Charitable Gift Fund, the nonprofit arm of the financial giant bearing the same name, transferred $37.5 million to a dark money group that assisted then-Vice President Kamala Harris during the 2024 presidential election, despite pledging not to give money to political causes, tax records show.
Bright Future Fund, the pro-Harris dark money group, received $37.5 million from the Fidelity Investments Charitable Gift Fund in 2024, according to tax filings first reported on by the Free Press. Unlike traditional 501(c)(3) charities, which are barred from participating in electoral politics, the Bright Future Fund is registered with the IRS as a 501(c)(4), a type of nonprofit organization with a broad license to engage in political spending.
Notably, the Fidelity Investments Charitable Gift Fund claimed on its tax forms to have only transferred funds to 501(c)(3) organizations, a statement that critics say appears to be inaccurate given its transfer to the 501(c)(4) Bright Future Fund.
Patrick Sternal, a tax lawyer and former adviser at the IRS’s office of chief counsel, told the Free Press that the Fidelity Investments Charitable Gift Fund’s tax forms were “technically inaccurate” and that “it raises questions about whether Fidelity was trying to disguise or downplay their grant to a highly partisan group that worked to benefit the Harris campaign.”
Brian Mittendorf, a professor at the Ohio State University specializing in nonprofit accounting, shared Sternal’s view, stating that it appears the charity “filled out its tax forms incorrectly by saying there were no non-501(c)(3) recipients.”
Former Vice President Kamala Harris takes the stage during a campaign event on Proposition 50, Saturday, Nov. 1, 2025, in Los Angeles. (AP Photo/Ethan Swope)
The Fidelity Investments Charitable Gift Fund is donor-advised. This means that Fidelity itself is not directly choosing where the funds held by its charity are sent. In a donor-advised fund, individual philanthropists or philanthropic organizations maintain accounts holding assets. The fund itself manages these funds, allowing them to grow tax-free. At the time of the donor’s choosing, they can request that the donor-advised fund donate assets from their account to another nonprofit organization.
Donor-advised funds typically reserve the right to deny a transfer to an organization, raising questions as to why Fidelity made a payment to a 501(c)(4).
The donation to a 501(c)(4) through …
Major charity raises legal questions by funding pro-Harris dark money operation
Who benefits from this decision?
The Fidelity Investments Charitable Gift Fund, the nonprofit arm of the financial giant bearing the same name, transferred $37.5 million to a dark money group that assisted then-Vice President Kamala Harris during the 2024 presidential election, despite pledging not to give money to political causes, tax records show.
Bright Future Fund, the pro-Harris dark money group, received $37.5 million from the Fidelity Investments Charitable Gift Fund in 2024, according to tax filings first reported on by the Free Press. Unlike traditional 501(c)(3) charities, which are barred from participating in electoral politics, the Bright Future Fund is registered with the IRS as a 501(c)(4), a type of nonprofit organization with a broad license to engage in political spending.
Notably, the Fidelity Investments Charitable Gift Fund claimed on its tax forms to have only transferred funds to 501(c)(3) organizations, a statement that critics say appears to be inaccurate given its transfer to the 501(c)(4) Bright Future Fund.
Patrick Sternal, a tax lawyer and former adviser at the IRS’s office of chief counsel, told the Free Press that the Fidelity Investments Charitable Gift Fund’s tax forms were “technically inaccurate” and that “it raises questions about whether Fidelity was trying to disguise or downplay their grant to a highly partisan group that worked to benefit the Harris campaign.”
Brian Mittendorf, a professor at the Ohio State University specializing in nonprofit accounting, shared Sternal’s view, stating that it appears the charity “filled out its tax forms incorrectly by saying there were no non-501(c)(3) recipients.”
Former Vice President Kamala Harris takes the stage during a campaign event on Proposition 50, Saturday, Nov. 1, 2025, in Los Angeles. (AP Photo/Ethan Swope)
The Fidelity Investments Charitable Gift Fund is donor-advised. This means that Fidelity itself is not directly choosing where the funds held by its charity are sent. In a donor-advised fund, individual philanthropists or philanthropic organizations maintain accounts holding assets. The fund itself manages these funds, allowing them to grow tax-free. At the time of the donor’s choosing, they can request that the donor-advised fund donate assets from their account to another nonprofit organization.
Donor-advised funds typically reserve the right to deny a transfer to an organization, raising questions as to why Fidelity made a payment to a 501(c)(4).
The donation to a 501(c)(4) through …
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