A N N U A L
R E P O R T
2022
WISDOM. PERFORMANCE. BRIGHT FUTURE. TRUST.
Merger Arbitrage
Percent Return (%)
Gross Return
4.47
Net Return
2.75
90 Day T-Bill
1.50
Year
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
10.81
9.45
8.55
4.35
4.69
9.13
5.33
3.89
5.33
4.32
4.89
9.07
12.40
0.06
6.39
12.39
9.40
5.49
8.90
4.56
7.11
18.10
16.61
10.10
12.69
12.14
14.06
7.90
12.29
7.05
12.00
9.43
23.00
45.84
-13.67
33.40
30.47
7.78
6.70
5.98
2.65
2.92
6.44
3.43
2.29
3.43
2.63
3.07
6.35
9.15
-0.94
4.26
8.96
6.63
3.69
6.26
2.45
4.56
13.57
12.31
7.21
9.21
8.84
10.27
5.53
8.91
4.78
8.76
6.67
17.55
35.66
-14.54
26.14
22.64
7.24
0.05
0.58
2.25
1.86
0.84
0.27
0.03
0.03
0.05
0.07
0.08
0.13
0.16
1.80
4.74
4.76
3.00
1.24
1.07
1.70
4.09
5.96
4.74
5.06
5.25
5.25
5.75
4.24
3.09
3.62
5.75
7.92
8.63
6.76
5.90
6.24
7.82
Compounded Net Annual Return
The performance above refers to our longest continuously offered fund in the merger aribtrage strategy (net and gross returns). Net returns are net of
management and incentive fees. Individual investment returns may differ due to timing of investment and other factors. Past performance is not indicative
of future results.
Dear Partners/Shareholders:
To quote Henry Wadsworth Longfellow, “Though the mills of God grind slowly, yet they grind exceeding small.” I am going to
repeat what I said in 2020: We started off on a very sound footing in January/February of 2020 and then we were hobbled by
the dynamics from Wuhan and Covid-19. A year ago in 2022 it was the ground war in Europe as Russia invaded the Ukraine. Now
the challenges from another crisis are centered on banks. The monetary and fiscal stimulus following the economic challenges
related to Covid, added to the national debt as the United States pumped historic amounts of liquidity into the system, and the
Federal Reserve ballooned its balance sheet from roughly $5 to $9 trillion, as the U.S. debt rose sharply.
Looking back at 2022 –
2022 was a challenging year. The Federal Reserve raised interest rates by 425 basis points in its attempt to choke off inflation;
Russia invaded Ukraine and the ongoing supply chain issues combined to weigh heavily on the market for the much of the year. It
was only when inflation expectations moderated in September, and a “pause” seemed imminent, did the market recover a portion
of the year-to-date losses only to retrace earlier losses in November and December. Independent of the market’s volatility, the
Merger Arbitrage team delivered positive results.
We are privileged to share Associated Capital’s (“AC”) results for 2022. As always, we value your trust and support.
• COMMITMENT TO COMMUNITY - (Y)our “S” in ESG - in November, (y)our Board approved the continuation of the
shareholder designated charitable contribution program with a $0.15 per share designation for registered shareholders.
This translated into approximately $3.0 million in donations, which brought our total contributions to $34 million since our
spin-off from GAMCO in November 2015. Since the inception of this program, which we initiated following Warren Buffett’s
Berkshire Hathaway program, there have been over one hundred ninety 501(c)(3) organizations which received designations
from our shareholders.
• Our MERGER ARBITRAGE strategy returned 4.5% gross (2.8% net) for 2022. Since inception in February 1985, we have
compounded net annual returns of 7.2%. As a result, a $10 million investment by a tax free vehicle in this fund at its inception
would be worth approximately $140 million as of December 31, 2022.
• Assets under Management at December 31, 2022 reached $1.8 billion, up $61 million from year-end 2021 due to annual net
inflows of $100 million and market appreciation of $34 million, partially offset by the impact of currency fluctuations of $73
million from non-US dollar classes of investment funds.
Merger Arbitrage
Event-Driven Value
Other
Total AUM
December 31, 2022
1,588
222
32
1,842
$
$
December 31, 2021
1,542
195
44
1,781
$
$
• We are activating our program of buying privately owned, family started businesses, controlled and operated by the
founding family.
• We paid semi-annual dividends of $0.10 per share, paying out $4.4 million to shareholders.
• Book value ended the year at $40.48 per share versus $42.48 at December 31, 2021.
As previously discussed, Gabelli Private Equity Partners was created to launch a private equity business, somewhat akin to
the success our predecessor firm had in the 1980s. We will continue our outreach initiatives with business owners, corporate
management, and various financial sponsors.
In 2023 and beyond, we will continue to explore new avenues, including L.P.’s in our investments, to put our capital to work by
pursuing deals, new distribution channels and new products.
Along these lines, we echo the Acquisition Criteria list from Warren Buffett’s Berkshire Hathaway. We cannot improve upon it:
We are eager to hear from principals or their representatives about businesses that meet all of the following criteria
BERKSHIRE HATHAWAY INC ACQUISITION CRITERIA
- Demonstrated consistent earning power (future projections are of no interest to us, nor are “turnaround” situations),
- Businesses earning good returns on equity while employing little or no debt,
- Management in place (we can’t supply it),
- Simple businesses (if there’s lots of technology, we won’t understand it),
- An offering price (we don’t want to waste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown).
Sincerely,
Mario J. Gabelli
Executive Chairman
1
Douglas R. Jamieson Chief Executive Officer and President
In 2022, our Arb team, led by Ralph Rocco, delivered another year of exceptional returns. In July,
Ian McAdams and Patrick Huvane were named interim Co-Chief Financial Officers. PMV Consumer
Acquisition Corp returned capital to its investors in the fourth quarter and the company is now a
public shell that trades on the OTC Pink.
At Gabelli & Partners, the marketing and business development team has done an excellent job
maintaining and expanding relationships across the globe. We have extended marketing activities
from the Hellenic sphere to Scandinavia. We held our 23rd Annual Arbitrage Dinner on December
6th. New inflows in our M&A strategy, which finished 2022 up 4.5% gross; 2.8% net, were $100
million. As for distribution, we continue to explore strategic relationships to better position our firm
and funds across various new markets.
A S SE TS U N DER MANAG E M E NT
Assets under management (dollars in millions) ended 2022 at $1,842. The increase was largely the result of net inflows as well as
market appreciation. We continue to see interest in products from new investor groups, especially outside of the United States.
Non-Market Correlated
2
ENGLISH
ITALIAN
CHINESE
JAPANESE
SPANISH
Deals...Deals...and More Deals - Now in five languages.
Originally published in 1999 by Gabelli University Press
“There are many advantages to investing in risk arbitrage. Let’s focus on three: risk arbitrage
returns are not closely correlated with those of the stock market; they are less volatile than
returns on the S&P 500; and longer term they are higher than those returns afforded by
traditional investing. While these three factors provide for excellent results in the world of
arbitrage, the real beauty of risk arb investing is that there is rarely a down year. Because risk
arb returns are consistently positive year in and year out, they fulfill the concept of a compound
return. We proclaim this source of compounded earnings as the eighth wonder of the world.
Compounding is the secret to wealth creation over a period of decades.”
(Deals...Deals...and More Deals, 1999)
Regina M. Pitaro
Regina M. Pitaro
Columbia University,
Graduate School of Business M.B.A., Finance
Loyola University of Chicago M.A., Anthropology
Fordham University B.S., Anthropology
“Give a man a fish and you feed him
for a day. Teach a man to arbitrage,
and you feed him forever.”
- Warren Buffett
In 1999, we published one of the few books
on merger arbitrage, Deals…Deals…
and More Deals. Our newest publication,
Merger Masters: Tales of Arbitrage,
profiles leading investors who share our
enthusiasm
for merger arbitrage and
have utilized the investment discipline in
various forms over the last half-century. It
also includes the perspective of iconic CEOs
who have used M&A to build value and,
in the process, tangled with the arbitrage
community. Merger Masters is available on
Amazon.com.
M E RG E R AR B ITR AG E
Gabelli & Partners is a specialized division that provides clients with
products and customized solutions within the “Private Market Value
with a Catalyst™” method of investing, while utilizing the full resources
of the organization. The strategies employed within our portfolios
strive to achieve superior returns while managing risk and maintaining
low volatility. Strategies focus on fundamental, active, event-driven
special situations and merger arbitrage.
(Y)our M&A Portfolio Team
We have invested in this way since 1977 and introduced our first
dedicated alternative portfolio in 1985, Gabelli Associates, which
focuses on absolute returns by investing in announced mergers and acquisitions. Beyond merger investing, we offer several
additional portfolios that build on the firm’s strengths in global event-driven value investing.
Paolo Vicinelli
Willis Brucker
Ralph Rocco
We are committed to providing our clients with a high level of services. Our client service and investor relations teams are
continually seeking new ways to array and deliver information more effectively, and are regularly customizing the needs
of our clients and partners, to focus on enhancing relationships for the long-term. Gabelli & Partners provides investment
solutions through various vehicles and investment structures such as: sub-advised portfolios, custom share classes, new
investment vehicles both domestic and foreign, as well as specialized structures, all coupled with the corresponding
operational needs of the overall mandate.
3
M&A Strategy & Virtues:
• Investing in announced mergers and acquisitions or “merger
arbitrage”, involves purchasing securities that are the subject of an
acquisition, exchange offer, cash tender offer or similar transaction.
• We use different arbitrage techniques to derive a profit by realizing
the price differential (or “spread”) between the market price of
securities and the value ultimately realized from their sale.
• The objective of our risk arbitrage portfolios is to provide positive,
“absolute returns” in declining as well as rising equity market
environments. To that end, 2022 capped off our 37th of 38 positive
years on a gross basis, and 36 positive years on a net basis.
• Long-term returns are dependent on the closure of an M&A deal,
and not the overall stock market’s movement. This coupled with our
rigorous research approach, active portfolio management and risk parameters have provided our partners with consistent,
non-market correlated returns inception.
• Our M&A investment approach is absolute return focused; produces consistent, repeatable, and proven results; with low
volatility; while seeking the preservation and growth of capital.
We primarily invest in global announced merger and acquisition transactions in the public equity markets and maintain
a diversified portfolio of transactions. Every deal has its own unique set of elements, and our team works on all aspects,
from fundamental and legal research, to trading. We analyze and continuously monitor a pending transaction for all of the
elements of potential risk, including: regulatory, terms, financing, and shareholder approval.
Our teams are experts at analyzing deal risks. The inherent risk in merger investing is a broken deal, not the standard deviation
or price variance. Our merger team has led our clients successfully through various challenging market environments,
including the late 1980s, the early 1990s, 1998 and 2001, and more recently, 2008, 2020 and 2022. We have a time proven
and consistent approach to merger investing.
The strategy is offered domestically through partnerships and separately managed accounts, including sub-advised and
fund-of-funds. Internationally, the strategy is offered through corporations and EU-regulated UCITS structures and the
London Stock Exchange listed investment company, Gabelli Merger Plus+ Trust (GMP-LN).
Event Driven Value Offerings:
Within our Event Driven Value and Other Alternative offerings, we offer specific sector focused portfolios, traditional long
short event driven portfolios, as well as intermediate corporate credit portfolios. Each of these offerings leverages the full
resources of our global research organization.
We are research-driven fundamental investors focusing on the “PMV with a Catalyst™” (“PMV”) method of investing. This
method of analysis involves looking at businesses as a function of their assets and earnings power. We examine businesses
as if we were the owners of those businesses, and we believe that we can do that in a rational way by looking at industries
on a global basis. Our investment professionals visit with hundreds of companies each year. Our work is proprietary, bottom
up, and involves the full utilization of public resources.
In this process, we do sector-by-sector analysis, assessing the PMV of a business, and identifying the catalyst in place to
realize returns. A company’s PMV is not constant, and changes as a function of many variables. The objective is to identify
large differences between our estimate of PMV and the stock market price. We then identify the catalyst to realize a return
with minimal influence from the overall direction of the stock market. It is our belief that we can earn superior risk adjusted
returns following this event-driven approach.
2022 Review and 2023 Preview:
• While the broader equity and fixed income markets were down double digits, our Merger Arbitrage strategy finished 2022
with positive 2.8% performance for our clients.
• Several drivers remain in place for deal activity in 2023 and beyond despite lower levels overall of deal activity. We note
post 2008, we generated returns in excess of 10% gross with a backdrop of the S&P 500 down -37.0%.
• Within merger arbitrage, we continue to maintain a diversified portfolio and utilize position size limits to minimize the
impact of any potential broken deal, as we have done since inception in 1985.
• We remain focused on investing in highly strategic, well-financed deals with an added focus on near-term catalysts, and are
upbeat about our prospect to generate absolute returns in 2023 as “Mr. Market” provides attractive entry points in deals
which benefits an actively managed portfolio like ours.
4
Q UA R T E R LY FI N A N CIA L I N FO R M ATI O N
Quarterly financial information for 2022 and 2021 is presented below.
(In thousands, except per share data)
2022
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating (loss)/income before management fee. . . . . . . . . . . . . . . . . . . . .
Other income/(expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management fee expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Income)/loss allocated to noncontrolling interests. . . . . . . . . . . . . . . . . . . .
Net income to AC shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Earnings per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating (loss)/income before management fee. . . . . . . . . . . . . . . . . . . . .
Other income/(expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management fee expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Income)/loss allocated to noncontrolling interests. . . . . . . . . . . . . . . . . . . .
Net income to AC shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Earnings per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1st
2,582
5,888
(3,306)
(15,047)
-
4,848
2,681
(16,186)
(0.73)
(0.73)
1st
2,325
6,027
(3,702)
30,682
(2,663)
(5,590)
(172)
18,555
0.83
0.83
$
$
$
$
$
$
$
$
2nd
2,546
4,757
(2,211)
(35,917)
-
8,036
(205)
(29,887)
(1.36)
(1.36)
2nd
2,489
8,580
(6,091)
48,615
(4,320)
(9,020)
532
29,716
1.34
1.34
$
$
$
$
$
$
$
$
3rd
2,562
5,691
(3,129)
(17,789)
-
4,914
494
(16,498)
(0.75)
(0.75)
2021
3rd
2,112
2,055
57
6,157
(226)
(484)
(4,001)
1,503
0.07
0.07
$
$
$
$
$
$
$
$
4th
7,538
10,154
(2,616)
19,550
-
(2,855)
415
13,664
Total
$ 15,228
26,490
(11,262)
(49,203)
-
14,943
3,385
$ (48,907)
0.62
0.62
$
$
(2.22)
(2.22)
4th
13,998
14,912
(914)
14,961
(1,217)
(2,611)
(790)
9,429
Total
$ 20,924
31,574
(10,650)
100,415
(8,426)
(17,705)
(4,431)
$ 59,203
0.43
0.43
$
$
2.68
2.68
$
$
$
$
$
$
$
$
CO N D E N S E D CO N SO LI DATI N G BAL AN CE S H E E T
The Company consolidates certain investment partnerships and other entities for which it has a controlling financial interest. The following table reflects
the net impact of the consolidated investment partnerships and other entities (“Consolidated Entities”) on the consolidated statements of financial
condition (in thousands):
Assets
Cash and cash equivalents
Investments
Other
Total assets
Liabilities and equity
Total liabilities
Redeemable noncontrolling interests
Total Associated Capital Group, Inc. equity
Total liabilities and equity
Assets
Cash and cash equivalents
Investments
Other
Total assets
Liabilities and equity
Total liabilities
Redeemable noncontrolling interests
Total Associated Capital Group, Inc. equity (2)
Noncontrolling interests (2)
Total liabilities and equity
Prior to
Consolidation
December 31, 2022
Consolidated
Entities(1)
209,941
660,445
42,861
913,247
23,051
-
890,196
913,247
$
$
$
$
8,521
(2,151)
8,073
14,443
4,250
10,193
-
14,443
Prior to
Consolidation
December 31, 2021
Consolidated
Entities
315,009
606,382
69,713
991,104
45,024
-
946,080
-
991,104
$
$
$
$
4,039
16,709
191,484
212,232
20,510
202,456
(8,978)
(1,756)
212,232
$
$
$
$
$
$
$
$
As Reported
$
$
$
$
218,462
658,294
50,934
927,690
27,301
10,193
890,196
927,690
As Reported
$
$
$
$
319,048
623,091
261,197
1,203,336
65,534
202,456
937,102
(1,756)
1,203,336
(1) Reflects the deconsolidation of PMV
Sponsor and SPAC during 2022.
(2) Debit adjustments to Associated
Capital Group, Inc. equity and
noncontrolling
interests reflects
the amortization of the discount
related to the issuance of PMV
SPAC’s redeemable noncontrolling
interest.
The discount was
amortized through an adjustment
to additional paid-in capital
interest
and
(proportionate
to ownership
interest in PMV Sponsor).
noncontrolling
(cid:2)
5
Board of Directors
Mario J. Gabelli, CFA
Executive Chair
Associated Capital Group, Inc.
Douglas R. Jamieson
Chief Executive Officer and President
Associated Capital Group, Inc.
Marc Gabelli
President
GGCP, Inc.
Daniel R. Lee
Chief Executive Officer and Director
Full House Resorts, Inc.
Bruce M. Lisman
Former Chairman
JP Morgan’s Global Equity Division
Officers
Douglas R. Jamieson
Chief Executive Officer and President
Patrick B. Huvane
Interim Co-Chief Financial Officer
Corporate and Shareholder Information
Investor Relations
For our 10-K and other shareholder information, as well as
information on our products and services, visit our website at
www.associated-capital-group.com or write to:
191 Mason Street
Greenwich, CT 06830
203-629-9595
email: investor@associated-capital-group.com
Transfer Agent
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
(781) 575-2000
Trading Information
New York Stock Exchange
Class A Common Stock
Symbol - AC
Website
www.associated-capital-group.com
6
Richard T. Prins
Retired Partner
Skadden, Arps, Slate, Meagher & Flom LLP
Frederic V. Salerno
Former Vice Chairman
Verizon Communications Inc.
Salvatore F. Sodano
Former Vice Chairman
Broadridge Financial Solutions, Inc.
Elisa M. Wilson
President
Gabelli Foundation, Inc.
Peter D. Goldstein
Senior Vice President, Chief Legal Officer
and Secretary
Ian J. McAdams
Interim Co-Chief Financial Officer
Investment Services Information
Alternative Investments
Contact: Michael M. Gabelli
Managing Director and President
914-921-5135
email: alternatives@gabelli.com
Gabelli & Partners
Contact: Jeffrey M. Illustrato
C.O.O.
914-921-7711
Email: jillustrato@gabelli.com
Annual Meeting
Our 2023 Annual Meeting of Shareholders will be
held at 9:00 a.m. on June 2, 2023.
“The more you give, the more you receive”
Our shareholders designated contributions to the following
501(c)(3) organizations
The Board of Directors of Associated Capital Group, Inc. established an inaugural Shareholder Designated Charitable Contribution program
in 2016. The company continued this initiative through 2022. To date, AC has donated approximately $34 million on behalf of its shareholders.
Under the program, each registered shareholder could designate one charitable organization (two charitable organizations for holders with
8,000 shares or more) to which AC contributed on the shareholder’s behalf.
AC’s program tracks the shareholder program launched by GAMCO Investors, Inc. in April 2013 which was based, in part, on the program
established by Berkshire Hathaway in 1981. The Berkshire Hathaway program continued for over 20 years, until 2003. Warren Buffett’s letter to
shareholders at the inception of Berkshire’s program explained that charitable giving in this manner provides significant benefits to shareholders.
Each eligible shareholder is able to choose whether a contribution of corporate funds based on his/her ownership interest is to be made, and if
so, to specify the recipient of that contribution. The shareholder’s judgment – not the judgment of the company’s directors or management –
controls the contribution process.
(cid:391)(cid:3)(cid:3)(cid:3)(cid:3)(cid:391)(cid:3)(cid:3)(cid:3)(cid:3)(cid:391)
We are fortunate to live in the
wealthiest nation in the world and
to have the ability to share our
good
fortune. SINCE 2016, WE
WERE ABLE TO SUPPORT MANY
WORTHY ENDEAVORS, INCLUDING
THESE DESIGNATED BY OUR
SHAREHOLDERS. In addition, our
teammates have donated countless
hours of service
to scores of
charitable organizations.
Abilis (cid:391) Alzheimer’s Disease & Related Disorders Association (cid:391) Alzheimer’s Foundation of America (cid:391) America Needs You (cid:391) American Associates of Ben-
Gurion University of the Negev (cid:391) American Cancer Society (cid:391) American Heart Association (cid:391) American Macular Degeneration Foundation (cid:391) American
National Red Cross (cid:391) American Refugee Committee (cid:391) Amigos Del Museo Del Barrio (cid:391) Archbishop Wood High School (cid:391) Arizona State University
Foundation (cid:391) Arthritis Foundation (cid:391) Atlantis Educational Foundation (cid:391) Aurora Ice Association (cid:391) Ausable River Association (cid:391) Bay Area Discovery Museum
(cid:391) Bedford Audubon Society (cid:391) BlueCheck Charitable Foundation (cid:391) Blythedale Children’s Hospital (cid:391) Bob Woodruff Family Foundation (cid:391) Boston College
Trustees (cid:391) Boys and Girls Club of Truckee Meadows (cid:391) Bristol Riverside Theater Co. (cid:391) Brunswick School (cid:391) Cathedral of St. John the Baptist (cid:391) Catholic Big
Sisters & Big Brothers Catholic Charities of the Archdiocese of New York (cid:391) CCM of Westchester (cid:391) Center for All Abilities (cid:391) Central Scholarship Bureau
(cid:391) Chaminade High School (cid:391) Change for Kids (cid:391) Chicago Chesed Fund (cid:391) Christian Brothers Academy (cid:391) Church-in-the-Garden (cid:391) CityArts (cid:391) Citymeals-
on- Wheels (cid:391) Columbia University (cid:391) Columbus Citizens Foundation (cid:391) Cornell University (cid:391) Cow Hollow Preschool (cid:391) Cristo Rey Jesuit High School Direct
Relief International (cid:391) Disabled American Veterans (cid:391) Disabled Veterans National Foundation (cid:391) Doctors Without Borders USA (cid:391) Don Bosco Community
Center of Port Chester (cid:391) Downtown Community Television Center (cid:391) Eastchester Volunteer Ambulance Corps. (cid:391) Elevation Chapel (cid:391) Ellie Fund (cid:391) Eva’s
America (cid:391) Fidelity Investments Charitable
Village (cid:391) Fairfield University (cid:391) Feeding
State University of New York at Binghamton
Gift Fund Folds of Honor Foundation (cid:391) The
Friends of Animals (cid:391) Futures in Education
Fountain (cid:391) Valley School of Colorado (cid:391)
(cid:391) Give Me an Answer (cid:391) Greenwich Hospital
(cid:391) Gilchrist Hospice Care (cid:391) Girls with Impact
(cid:391) Groton School (cid:391) Haley House (cid:391) Hank’s
(cid:391) Greenwich
International Film Festival
Institute
International (cid:391) Hetrick-Martin
Yanks Baseball Foundation (cid:391) Heifer Project
Nevada (cid:391) Homeless Prenatal Program (cid:391)
(cid:391) Hilarity for Charity (cid:391) Hindu Society of
(cid:391) Hospital for Special Surgery Fund (cid:391)
Honeywell Humanitarian Relief Foundation
(cid:391) Injured Marine Semper Fi Fund (cid:391) Inner-
Immaculate Conception Church - Bronx, NY
Network (cid:391)
City Scholarship Fund (cid:391) Interfaith Nutrition
for
Teaching America’s Founding Principles (cid:391)
Tibet (cid:391) Iona College (cid:391) Jack Miller Center for
Jewish Communal Fund (cid:391) Jewish Federation
of Greater Pittsburgh (cid:391) Joel Barlow High
F. Kennedy Medical Center Foundation (cid:391)
School, Regional School District #9 (cid:391) John
(cid:391) K9s for Warriors (cid:391) Kids in Crisis (cid:391) Lee
Junior League of Greenwich Connecticut
Services of the Hudson Valley (cid:391) Leukemia
Memorial Health System Foundation (cid:391) Legal
Reserve (cid:391) Los Angeles Team Mentoring
and Lymphoma Society (cid:391) Long House
New York (cid:391) Manhattan College (cid:391) Marc
(cid:391) Make-A-Wish Foundation of Metro
Marin Country Day School (cid:391) Marine Corps
Lustgarten Pancreatic Cancer Foundation (cid:391)
Enforcement Foundation (cid:391) Maryland Food
Scholarship Foundation (cid:391) Marine Corps Law
Ontario (cid:391) Meals on Wheels Association
Bank (cid:391) Masters School (cid:391) McMaster University
of America (cid:391) Memorial Sloan-Kettering
Cancer Center (cid:391) Millbrook School (cid:391) Mount
Sinai Medical Center (cid:391) National Audubon Society (cid:391) National Brain Tumor Society (cid:391) Natural Resources Defense Council (cid:391) Nature Conservancy (cid:391) New
Israel Fund (cid:391) New Jersey Institute of Technology Foundation (cid:391) New York and Presbyterian Hospital (cid:391) New York City Relief (cid:391) Norbertine Monastery (cid:391)
Northeastern University (cid:391) Northern Nevada HIV Outpatient Program Education and Services (cid:391) Northwell Health Foundation (cid:391) Operation Smile (cid:391) Pacific
House (cid:391) Paper Mill Playhouse (cid:391) Peck Slip School Parent Teachers Association (cid:391) Pediatric Cancer Research Foundation (cid:391) Pennsylvania Troopers Helping
Troopers Foundation (cid:391) Perlman Music Program (cid:391) Planned Parenthood Federation of America (cid:391) Planned Parenthood of Southern New England (cid:391) Planned
Parenthood Shasta Diablo (cid:391) Prospects, Opportunity and Enrichment (cid:391) Putnam-Indian Field School (cid:391) Rainforest Action Network (cid:391) Rainforest Alliance
(cid:391) Randolph Foundation (cid:391) Rector Wardens Vestry Men of St. Bartholomew’s Church (cid:391) Rochester Institute of Technology (cid:391) Sacred Heart of Greenwich
(cid:391) Sacred Valley Project (cid:391) Saint Ignatius School (cid:391) Salvation Army National Corp. (cid:391) San Diego Opera Association (cid:391) San Miguel Academy of Newburgh
(cid:391) SATO Project (cid:391) Save the Children Federation (cid:391) Schurig Center for Brain Injury (cid:391) Science Buddies (cid:391) Seamen’s Church Institute of New York and New
Jersey (cid:391) Shriners Hospitals for Children (cid:391) Sierra Nevada Journeys (cid:391) South Bronx Educational Foundation (cid:391) Special Young Adults (cid:391) Stamford Hospital
(cid:391) St. Bartholomew Community Preschool (cid:391) St. Joseph’s Indian School (cid:391) St. Jude Children’s Research Hospital (cid:391) St. Lucy Parish (cid:391) St. Thomas’ Church
Whitemarsh Bethlehem Park & Camp Hill Road (cid:391) Step Up International (cid:391) Stonewall Library and Archives (cid:391) Student U (cid:391) Susan G. Komen Breast Cancer
Foundation (cid:391) The Allen-Stevenson School (cid:391) The Arc of Palm Beach County (cid:391) The Good People Fund (cid:391) The Littlest Lamb (cid:391) The Miller Center Foundation
(cid:391) The One Love Foundation (cid:391) The Roman Catholic Church of St. Robert Bellarmine Church (cid:391) The University of Pennsylvania (cid:391) The Windward School
(cid:391) Top of Michigan Mountain Bike Association (cid:391) Troy University Foundation (cid:391) Tuesday’s Children (cid:391) Tunnel to Towers Foundation (cid:391) Tuxedo Park School
University of Texas Foundation (cid:391) University of Wisconsin Foundation (cid:391) Variety Child Learning Center (cid:391) Villanova University (cid:391) Volunteers of America
(cid:391) Westchester ARC Foundation (cid:391) Westchester Philharmonic (cid:391) Wilton Education Foundation (cid:391) Wilton Library Association (cid:391) Woman’s Club of Rye (cid:391)
World Eye Cancer Hope (cid:391) World Vision (cid:391) Yale-New Haven Hospital (cid:391) Young Men’s Christian Association of Stamford (cid:391) Zacharias Sexual Abuse Center
International Campaign
7
191 Mason Street, Greenwich, CT 06830
www.associated-capital-group.com
203-629-9595 | info@associated-capital-group.com
©2023