A company must demonstrate that their product, service, or technology addresses our charitable goals, which were recently updated as part of the Foundation’s 2021-2030 strategic plan. The plan’s framework includes four key pillars: economic development, economic mobility, health and well-being, and conservation. If your business addresses any of the problem statements within these categories, and […]
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The Foundation currently accepting applications for its Fourth Social-Impact Investment Pitch Competition. Applications must be completed by December 30th at 11:59pm. Click here to begin an application. […]
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Any questions about the application may be submitted via email to [email protected]. We will be responsive to all thoughtful inquiries. […]
There must be at least one authorized signature on the executive certification document […]
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The Foundation’s SII application is the starting point for a rigorous due diligence process which will be pursued as expeditiously as possible. Applications may be submitted at any time. Your company may incur legal fees during this process, for which the Richard King Mellon Foundation cannot provide reimbursement. Also, your leadership team and other staff will need to dedicate time to meeting […]
Yes. You may submit an application if your company is based anywhere in the United States. Unfortunately, we are not able to entertain applications from companies not incorporated in the United States. For ideas focused on Economic Mobility, Economic Development, or Health & Well-Being, if your company is located outside the Pittsburgh region, please be sure […]
The primary goal of a PRI is to achieve charitable benefit. The U.S. Internal Revenue Service allows a foundation to provide a PRI if the investment fulfills all three of the following criteria: The IRS provides additional guidance that further clarifies each of these criterion. We encourage you to consult with your legal counsel and […]
A convertible note refers to a short-term debt instrument (security) that can be converted into equity (ownership portion in a company). They are structured as loans to convert it to an equity stake of the company in the future. We are also able to structure investments as Safes where appropriate. […]
A PRI is a financing tool that allows foundations to provide funding to for-profit businesses to create solutions to social problems in furtherance of that foundation’s charitable purposes. PRIs can take many forms, including loans, equity investments or financial guaranties. Foundations do expect a PRI to be repaid according to the terms of the investment. […]
Yes, we consider applications from organizations that are not based in Allegheny or Westmoreland counties. In your application, you should be clear about why and in what ways the project will serve economic development in these counties. […]