Jennifer Siebel Newsom’s nonprofit is showing signs of growing financial strain, according to recent IRS filings, as questions continue to swirl following reports that federal investigators are examining tax matters involving California Gov. Gavin Newsom and his wife.
Federal authorities have not publicly confirmed the existence, scope, or purpose of any investigation. However, The California Post recently reported, citing a source familiar with the matter, that investigators have been examining Jennifer Siebel Newsom’s taxes. No charges have been announced, and neither the governor nor his wife has been accused publicly of wrongdoing.
Against that backdrop, a review of the last five years of IRS Form 990 filings for The Representation Project paints the picture of a nonprofit that has struggled to balance its books while continuing to invest heavily in distributing Siebel Newsom’s documentary films and related educational programs.
The Representation Project, founded by Siebel Newsom, promotes gender equity through films, educational materials, and advocacy campaigns. Yet its most recent filing shows a difficult financial year. For the fiscal year ending in March 2025, the organization reported approximately $1.24 million in revenue compared with roughly $1.75 million in expenses, resulting in a deficit of more than $500,000.
The nonprofit’s net assets also fell sharply, dropping from more than $553,000 at the beginning of the fiscal year to just under $45,000 by year’s end.
The latest shortfall continues a pattern of uneven financial performance. IRS filings show losses of roughly $221,000 during the 2020-2021 fiscal year, followed by another deficit of approximately $445,000 the following year. While the organization came close to breaking even in subsequent years, the most recent filing reflects its largest reported annual loss during the five-year period.
Siebel Newsom also received a salary increase during that time. According to the nonprofit’s filings, she was paid $161,250 as founder and chief creative officer during the latest fiscal year, up from $150,000 in previous years. The filings indicate those payments were directed to Girls Club Entertainment LLC, Siebel Newsom’s film production company.
Officials representing Gov. Newsom, Jennifer Siebel Newsom, and The Representation Project declined requests for comment from The California Post.
Gary Krausz, an audit partner at Gursey Schneider LLP who reviewed the filings for the publication, said the available records make it difficult to evaluate how efficiently the nonprofit’s money is being spent.
“It’s very difficult to know how effectively the money is being spent,” Krausz told the outlet, noting that nonprofit filings often provide only broad expense categories rather than detailed descriptions of day-to-day activities.
The organization’s filings show that more than $2 million has been spent on its film program over the past five tax years, including nearly $897,000 during the most recent reporting period. According to the nonprofit, those expenditures cover both film distribution and educational materials developed around the documentaries.
Siebel Newsom’s film catalog includes Miss Representation, The Mask You Live In, The Great American Lie, Fair Play, and the newly released Miss Representation: Rise Up. The latest documentary examines the effects of social media on girls and young women and features appearances by Hillary Clinton and former House Speaker Nancy Pelosi.
Some of the nonprofit’s financial support has come from prominent California donors, including philanthropists Lisa Stone Pritzker and Susie Tompkins Buell, both of whom have also supported political causes associated with Gov. Newsom.
Paul Dergarabedian, senior media analyst and head of marketplace trends at Comscore, told The California Post that film distribution expenses can be difficult to evaluate because licensing agreements vary widely from project to project.
“Theatrical releases are very easy,” Dergarabedian said. “Licensing deals are more nebulous and have to be judged on a case-by-case basis.”
Critics of Siebel Newsom’s work have argued that her documentaries advance a progressive political message. California Assemblyman David Tangipa (R-Fresno), for example, has described the films as “a very clear attempt to indoctrinate the next generation of Californians.”
Despite the nonprofit’s financial challenges, Siebel Newsom recently told The Guardian that she views herself primarily as an entrepreneur, filmmaker, and advocate rather than simply California’s first partner.
“I’ve always had a career. I’ve always been a breadwinner,” she said. “We don’t pay our first ladies.”
