From Derek Nelson’s re:act newsletter (which you should subscribe to!):
The fund [in its 105th year] has typically assisted those in most need in New York, but this year has expanded its reach to help the 60 million people fleeing violence worldwide.
One of the organizations that the fund has been directing its money to recently is the International Rescue Committee, a leading organization that aims to help refugees and other displaced peoples. Many of the other organizations that the Fund directs its money to are NYC community organizations that assist heavily immigrant populations as well.
The New York Times Company pays all administrative costs associated with the donations out of their own pocket, so all donations to the fund go directly to the organizations benefitted.