Einhorn Family Foundation

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The Einhorn Family Foundation (EFF) is a Milwaukee-based private family foundation founded by Stephen and Nancy Einhorn that provides grants to non-profits and "public governmental units" focused on "the areas of arts, education, and promoting liberty." [1] The foundation has a self-professed commitment to conservative ideology. Nancy Einhorn has explained that one of the key goals of the foundation is "promoting conservative ideas and liberty." [2]

News and Controversies

Controversial Billboards

On Monday, October 29th, 2012 the progressive organization One Wisconsin Now and news source 'theGrio' exposed the Einhorn Family Foundation as being behind a series of controversial political billboard advertisements. The billboards featured threatening messages about voter fraud stating that "Voter Fraud is a Felony! 3 1/2 years & 10,000 dollar fine." [3] The billboards where placed in largely Black and Hispanic neighborhoods throughout the cities of Milwaukee, Cleveland, and Columbus, Ohio. The billboards first appeared in the 2010 election, and resurfaced in September of 2012. During the time period in between, Wisconsin attempted to pass a strict ALEC-inspired voter ID law in May 2011 that threatened to disenfranchise thousands of African Americans, Hispanics, the elderly and students. Civil Rights Groups, fearing that confusion over the status of the law would deter minority voters from the polls, criticized the ads and placed pressure on Bain Capital owned Clear Channel to take the advertisements down. [4] Clear Channel took down the advertisements, officials from Clear Channel explained that the billboards violated the company's policy of displaying anonymous political ads.[5]

Donations to Scott Walker

The Einhorn Family Foundation has a history of making contributions to Wisconsin Governor Scott Walker. In 2011 the foundation donated $15,000 to Scott Walker's campaign for his impending recall election. [6]

Connections Conservative Causes and Organizations

In 2010, the foundation gaveThe Fund for American Studies(TFAS), a nonprofit that seeks to educate young people about "the ideas of freedom and a free-market economy," a $5,000 grant. Nancy Einhorn is listed as a "featured supporter" on the website for the Fund for American Studies. She is noted for her idea to donate her Social Security checks to the group's scholarship for its "Capital Semester" program. Einhorn described the reasoning for her decision, explaining that "I have found a way to use this money that really belongs to the taxpayers in a way that may in the long run actually benefit the taxpayers by helping young people to understand what they need to do to preserve the values that I hold dear."[2]

The foundation has also given grants to the conservative Heritage Foundation. From 2016-2018, the Heritage Foundation received $3,000 from the Einhorn Family Foundation.[7][8][9]

The fund of the neoconservative Commentary Magazine received $2,500 from the EFF in 2010.

In 2016, the Einhorn Foundation contributed $5,000 to the Convention of States Foundation, an ALEC-promoted nonprofit that aims to call a new constitutional convention to amend the Constitution to limit the powers of the federal government.[10]

The Foundation also has ties to Turning Point USA, a right-wing youth and student group, with a "mission is to identify, educate, train, and organize students to promote the principles of freedom, free markets, and limited government. Turning Point USA believes that every young person can be enlightened to true free market values."[11] Stephen Einhorn is on the TPUSA Advisory Council,[12] and from 2015-2018, the Einhorn Foundation donated $20,000 to Turning Point USA.[13][14][15]

Ties to Bradley Foundation

The conservative Bradley Foundation awarded the EFF a $10,000 grant to "support a public education project." [16]

Stephen Einhorn is on the Board of Directors of the Bradley Impact Fund, a collaboration with the Bradley Foundation, that states its "areas of impact" include: constitutional order, free markets, civil society and informed citizens.[17] Its website states it uses "philanthropy to restore, strengthen, and protect the principles of American exceptionalism and the heartland values that make our country great. Together, we support Constitutional order and efforts to advance economic growth, foster strong families and communities, and inform and educate citizens." [18] From 2016-2018, The Einhorn Foundation donated $320,000 to the Bradley Impact Fund.

Bradley Files

In 2017, the Center for Media and Democracy (CMD), publishers of SourceWatch, launched a series of articles on the Milwaukee-based Lynde and Harry Bradley Foundation, exposing the inner-workings of one of America's largest right-wing foundations. 56,000 previously undisclosed documents laid bare the Bradley Foundation's highly politicized agenda. CMD detailed Bradley's efforts to map and measure right wing infrastructure nationwide, including by dismantling and defunding unions to impact state elections; bankrolling discredited spin doctor Richard Berman and his many front groups; and more.

Find the series here at ExposedbyCMD.org.

Political Activity

Nancy and Stephen Einhorn have also made significant political contributions outside of the foundation. The couple donated $20,000 to Walker's campaign for governor in 2010, which made the Einhorns one of the top contributors to his campaign.[19] And in 2011 Steve Einhorn donated $12,500 to Walker's campaign to defeat recall efforts. [20]

In 2018, Stephen and Nancy Einhorn made multiple individual contributions to GOP causes and candidates, including $10,240 to the Republican Party of Wisconsin, $8,250 to Scott Walker's reelection campaign, and $7,600 to Rebecca Kleefisch's campaign. [21]

Stephen Einhorn contributed $2,500 to Wisconsin supreme court candidate Brian Hagedorn's campaign in 2019.[22] Hagedorn previously served as chief legal counsel to former Governor Scott Walker and was law clerk for conservative Wisconsin Supreme Court Justice Michael Gableman.[23]

Stephen Einhorn has also donated to many Republican congressional candidates. According to campaign contribution records, since 2013, he has donated $8,700 to Rep.Sean Duffy, $14,000 to Sen. Ron Johnson, $8,100 to Rep. Glenn Grothman, $1,000 to Rep. James Sensenbrenner and $2,500 to former Rep. Paul Ryan.[24]

Role of Einhorns in Wisconsin's Venture Capital Industry

Stephen Einhorn and his son Daniel are Principals at a Milwaukee-based venture capital firm called Capital Midwest Fund that specializes in investing in "life science and information technology" companies. In June 2011, the company worked together with Republican Senators Alberta Darling and Randy Hopper on a bill that would have established a Wisconsin Venture Capital Authority. The agency "would issue $200 million of bonds to raise money for venture capital funds that invest in young, high-potential companies." The bill included a provision that favored "Wisconsin-based funds." [25] Republicans have thus far failed to pass the legislation due to concerns about the bills effectiveness in creating Wisconsin jobs and its impact on the budget. [26]

Stephen Einhorn is also the founder of Einhorn Associates, inc., a Milwaukee-based firm that provides investment banking services to chemical companies. [27]

Grants Distributed


The Einhorn Family Foundation gave at least $143,000 to conservative causes and organizations in 2018.These groups, as well as other entities that received grants in 2018, are broken down as follows:[28]


The Einhorn Family Foundation gave at least $141,000 to conservative causes and organizations in 2017.These groups, as well as other entities that received grants in 2017, are broken down as follows:[29]


The Einhorn Family Foundation gave at least $271,000 to conservative causes and organizations in 2016.These groups, as well as other entities that received grants in 2016, are broken down as follows:[30]

Core Financials


  • Total Revenue: $200,000
  • Total Expenses: $243,907
  • Net Assets: $1,106,275


  • Total Revenue: $195,664
  • Total Expenses: $255,556
  • Net Assets: $1,150,182


  • Total Revenue: $450,000
  • Total Expenses: $526,750
  • Net Assets: $1,210,074


As of December 2018:[31]


  • Nancy Einhorn, president
  • Stephen Einhorn, vice president

Board of Directors


Contact Information

Einhorn Family Foundation
8205 N River Road
Milwaukee, WI 53217
Phone: 414-351-3169

Articles and Resources

IRS Form 990 Filings





  1. Einhorn Family Foundation Application Guidelines, accessed March 9, 2012
  2. 2.0 2.1 Featured Supporter: Nancy Einhorn, The Fund for American Studies, accessed March 9, 2012
  3. Reid, Joy-Ann.Little known Wisconsin foundation behind ‘voter fraud’ billboards Accessed October 31, 2012.
  4. Rowan, Harriet.Einhorn Family Foundation Behind Voter Suppression Billboards Accessed 10/31/2012
  5. Pierce, Charles. Wisconsin and the Case of the Disappearing Billboards, Esquire, October 31, 2012, Accessed August 28, 2020
  6. Contributions over $1,000 to Governor Walker, Wisconsin Democracy Campaign, December 16, 2012, accessed March 9, 2012
  7. 2018 990, 2018 IRS Form
  8. 2017 990, 2017 IRS Form
  9. 2016 990, 2016 IRS Form
  10. Armiak, David.Radical Resolution Calling for a Constitutional Rewrite Passes Wisconsin Assembly, PR Watch Form, Accessed August 28, 2020
  11. About, Turning Point USA, Accessed August 28, 2020
  12. Governance Turning Point USA, Accessed August 28, 2020
  13. Kotch, Alex.Who Funds Conservative Campus Group Turning Point USA? Donors Revealed, IB Times, Accessed August 28, 2020
  14. 2016 990, 2016 IRS Form
  15. 2018 990, 2018 IRS Form
  16. Bradley Foundation 2010 Grant Awards: Bradley Legacy, accessed March 9, 2012
  17. Our Board of Directors, Officers, and Staff, Bradley Impact Fund, accessed August 28,2020
  18. Bradley Impact Fund, Bradley Impact Fund, accessed August 28, 2020
  19. Pritsch, Mark, Balance of Power: Walker's union proposal could be major setback for state's Democratic Party, Wisconsin State Journal, March 7, 2011, accessed March 9, 2012
  20. Contributions over $1,000 to Governor Walker, Wisconsin Democracy Campaign, December 16, 2012, accessed March 9, 2012
  21. Contributions to the 2018 Candidates for Governor, Milwaukee Journal Sentinel, October 29, 2018, accessed August 28, 2020
  22. Brian Hagedorn Snags Support of Racist Voter Suppression Billboard Backer, One Wisconsin Now, February 12, 2019, accessed August 28, 2020
  23. Supreme Court, WisCourts, accessed August 28, 2020
  24. [1], OpenSecrets.org, accessed August 28, 2020
  25. Kathleen Gallagher and Mark Johnson, Venture capital bill coming back with revisions, Milwaukee Journal Sentinel, June 19, 2011, accessed March 9, 2012
  26. Jason Stein, Lee Bergquist, and Kathleen Gallagher, Legislature winding down with major work undone, Milwaukee Journal Sentinel, March 8, 2012
  27. Executive Profile: Stephen Einhorn, Bloomberg Businessweek, accessed March 9, 2012
  28. 2018 990, 2018 IRS Form
  29. 2017 990, 2017 IRS Form
  30. 2016 990, 2016 IRS Form
  31. 31.0 31.1 2018 990, 2018 IRS Form
  32. 2017 990, 2017 IRS Form
  33. 2016 990, 2016 IRS Form