T.D. Jakes Foundation Announces $9M in Grant Funding
Bishop T.D. Jakes tours the the Brooklyn STEAM Center. (Photo via T.D. Jakes Foundation Facebook)
Recently, the T.D. Jakes Foundation announced $9 million in grants to 16 community-based organizations in “historically underrepresented communities” across the country in collaboration with Wells Fargo.
The investment is the first installment of up to $1 billion in financing and some contributions from the Wells Fargo Foundation over a 10-year period that was announced in April 2023.
“This partnership allows both of our organizations to catalyze change in a myriad of sectors and to help craft better lives for those benefiting from the work of the T.D Jakes Foundation and other community organizations funded by the partnership,” said T.D. Jakes in a press statement.
All of the $9 million in grant funding comes from Wells Fargo, according to Wells Fargo philanthropy spokesperson Kim Ehrlichson.
“With our philanthropic investment, Wells Fargo is aiming to expand the reach of the T.D. Jakes Foundation across housing, small business, and financial health to help tackle the complexities of the wealth gap,” said Darlene Goins, head of Wells Fargo philanthropy and community impact.
The T.D. Jakes Foundation is one of four entities within the broader T.D. Jakes Group that also includes T.D. Jakes Enterprises, T.D. Jakes Real Estate Ventures, and T.D. Jakes Ministries.
Two are non-profit entities — the T.D. Jakes Foundation and T.D. Jakes Ministries, which includes The Potter’s House, a Dallas megachurch founded by Jakes. T.D. Jakes Enterprises and T.D. Jakes Real Estate Ventures appear to be for-profit entities.
Grant recipient
Sixteen entities received grants. One of the largest foundation grant recipients — at $1.5 million — was a T.D. Jakes real estate project, Fort McPherson.
Fort McPherson, an historic Army base near downtown Atlanta, was purchased by T.D. Jakes Real Estate Ventures in 2022 for redevelopment.
TDJREV was formed in Texas as a limited liability company in 2020.
Its plans for Fort McPherson include creating a mixed-income housing development with single-family homes, townhomes and apartments along with other amenities, such as health care and healthy food options.
Wells Fargo announced in its statement about the grant partnership with Jakes that the Fort McPherson redevelopment project would be high on its priority list for funding.
The $1.5 million grant will be used to “build T.D. Jakes Foundation office, located within the Fort McPherson development, to provide wraparound services to citizens within Metro Atlanta.”
According to the press release, the grants are funded through “a donor-advised fund managed at the Communities Foundation of Texas on behalf of T.D. Jakes Foundation and Wells Fargo.”
A board comprising members from T.D. Jakes Foundation and Wells Fargo directs Communities Foundation of Texas where to make grants. The board invites the grantees to apply for funding, Ehrlichson told MinistryWatch. It then “discusses ways to advance economic empowerment in communities through nonprofit organizations.”
Media presence
Through T.D. Jakes Enterprises, Jakes has made a foray into television and movies. Some of the most well-known and highest-grossing projects with which Jakes was involved was 2014’s “Heaven is For Real” and 2019’s “A Dog’s Way Home,” featuring Ashley Judd.
Jakes also has a presence on Amazon Prime with his program “A Moment with T.D. Jakes.” This is in addition to his other media presence on stations like Trinity Broadcasting Network, Inspiration TV, and Daystar.
In 2022, Jakes’ Dexterity Sound group signed an agreement with rapper Jay-Z’s Roc Nation for distribution of the album “Finally Loosed.” Jakes was enthusiastic about the agreement, noting that the album “hit the top of the charts, number three in all genres, number one in the Christian genre, in about four days.”
“It’s a win-win deal, and Roc Nation provided an opportunity to help and enhance our distribution; their methods are different, they’re contemporary, and they have a lot of experience in that regard,” Jakes added in a press statement.
Nonprofit entities
According to the most recent IRS Form 990 for fiscal year 2022, the T.D. Jakes Foundation had revenue of about $1.9 million and expenses of nearly $2.4 million. Foundation president and CEO Hattie Hill received $199,366 in compensation in 2022.
That year, the foundation made grants to Girl Scouts of Northeast Texas, Dallas Holocaust and Human Rights, Conscious Capitalism, Texas Women’s Foundation, and Dallas Momentum.
T.D. Jakes Ministries/The Potter’s House of Dallas does not file a Form 990 nor does it publicly post a financial audit, so the revenue and expenses are not available. In the MinistryWatch database, it gets an “F” transparency grade and a donor confidence score of 10, meaning donors should withhold giving.
It puts on the International Leadership Summit each year. This year, the event is in Dallas from March 21-23 with Wells Fargo as the title sponsor. Individual registration for the event is $350. According to the event website, The Potter’s House of Dallas owns all the intellectual property related to the event.
Jakes’ personal net worth is estimated by some media outlets to be around $20 million.
T.D. Jakes Foundation did not respond to an inquiry by MinistryWatch before the time of publication.
This piece is republished with permission from MinistryWatch.
Kim Roberts is a freelance writer who holds a Juris Doctor from Baylor University. She has homeschooled her three children and is happily married to her husband of 25 years. In her spare time, she enjoys reading, gardening and coaching high school extemporaneous speaking and debate.