How Social Impact Fund Helps Changemakers Grow Their Big Ideas

Forbes

4 days ago

What if you had a brilliant idea to change the world—but no idea how to turn it into a legitimate nonprofit? What if the biggest hurdle wasn't inspiration, but infrastructure?
For the last decade, executive director Craig Cichy and the team at Social Impact Fund have been quietly helping changemakers solve that problem.
The Social Impact Fund has quietly become the nonprofit engine behind some of the most culturally resonant and purpose-driven projects of the last decade. Its impressive roster of partners includes boldface names like John Legend, Kerry Washington, Ryan Reynolds, Madonna, Bradley Cooper, Rosario Dawson, Shawn Mendes, Alex Cooper, Jonathan Bailey or Lilly Singh. By providing fiscal sponsorship and operational support, the Fund empowers creators, activists, and changemakers to focus on what they do best: telling stories and launching programs that spark meaningful social impact.
Since its inception in 2013, the organization has helped launch or support over 65 projects—ranging from grassroots initiatives to celebrity-led movements—collectively raising more than $110 million in charitable funding.
But Cichy's own journey didn't begin in philanthropy. It began on ice.
Cichy's career started in the unlikely world of figure skating, first with the Ice Skating Institute of America and later with Olympic champion and legendary broadcaster Dick Button. But a pivotal shift came in 2002, when he joined MAC Cosmetics to help manage the MAC AIDS Fund, the brand's philanthropic arm.
There, he helped oversee $100 million in grants—largely focused on HIV/AIDS housing and food initiatives—and was immersed in a high-impact world of employee giving, corporate responsibility, and community investment.
Later, as a program officer at the Entertainment Industry Foundation (EIF) in Los Angeles, Cichy supported a number of talent-driven initiatives. 'We didn't call the initiatives fiscal sponsorships then,' he recalls. 'But in a sense, in practice, they were.'
When EIF wound down its fiscal sponsorship work (and has since relaunched those efforts), Cichy was tapped by to help move John Legend's Show Me Campaign to a new home. That 'home' became the Social Impact Fund.
The model is deceptively simple: individuals, brands, or collectives with a compelling social vision apply to operate under Social Impact Fund's tax-exempt status rather than forming their own nonprofit. Once approved, the Fund provides administrative infrastructure, ensures robust compliance, and manages donations—all while allowing the project to lead its own programming and fundraising efforts.
This flexible approach is what sets Social Impact Fund apart. Rather than forcing every project into a one-size-fits-all mold, Cichy and his team meet projects where they are—whether that means helping with compliance and budgeting, managing grantmaking activities, or providing back-office support to get initiatives off the ground.
Some initiatives focus on direct programming. Others function as grantmaking entities. 'We're here to make sure that their work is done properly, that things are efficient, and that there's nothing on our end that slows their work down,' he says. 'And we've kept that standard really high.'
Over time, the organization's client base has expanded well beyond entertainment. 'We're now working with culture makers across many industries—athletes, brands, and more,' he says. 'And we also have a growing number of projects that don't touch Hollywood at all, but they're strong and important programs that fulfill a real need. Those needs are only increasing today.'
Social Impact Fund's brand expanded with the launch of the Social Impact Summit, a collaboration with The Hollywood Reporter that began in 2024. The event—featuring speakers like Charlize Theron, Uzo Aduba, and Sharon Stone—was such a success that it's now an annual fixture, with the most recent iteration honoring John Legend as Philanthropist of the Year, with Sean Penn and Ang Lee from CORE honored as Philanthropic Organization of the Year, and which also featured George Lopez, Elaine Welteroth, Kendall Toole, and Dolores Huerta. Next up? A New York fashion-and-beauty-focused edition planned for 2026 in partnership with the FIT Foundation.
And while celebrity-led efforts often grab headlines, Cichy is intentional about including lesser-known creators and grassroots innovators. 'One of the wonderful things Social Impact Fund does is champion philanthropic projects that come to us from beyond just Hollywood,' he says. 'The NY version of the Summit is positioned to bring together even more voices in impact, and this one for the intersection of philanthropy and fashion and beauty.'
For those thinking of launching their own nonprofit, Cichy has one simple message: 'Don't jump in too fast to get your own 501(c)(3).'
The process, he notes, is long, expensive, and often misunderstood. 'And once you get that coveted nonprofit status, it's even harder to keep it. One missed registration, one late filing—even minor mistakes can carry serious consequences.'
His advice: partner first. 'There are over 2 million nonprofits already doing great work. Especially if you have a unique platform, you can amplify someone else's impact instead of starting from scratch.'
And if you do want to start something new? Use fiscal sponsorship to prove the concept first. 'Stay for a few years. Build your donor base. Make sure you understand what it takes. Then, if it makes sense and you're ready, spin it out.'
Twelve years in, Cichy remains proud of the team and the foundation he helped build—and of the fact that most projects stay.