How to read a 990-PF to find funders
Every private foundation in the United States files a Form 990-PF with the IRS every year, and those filings are public. They list every grant the foundation made, to whom, and for how much. This is the most reliable free source of funder information that exists, and most small nonprofits never open one.
The process
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Find the filings
Search by foundation name or by geography on any of the free public repositories of IRS filings. You can also request them directly from the foundation, which is legally required to make recent returns available. Filings usually lag by a year or two, so treat the grant list as a picture of the recent past rather than a current announcement.
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Go straight to the grants list
The section listing grants paid during the year, near the back of the return, is why you are here. It names each recipient, their location, the purpose, and the amount. This is where you learn what the foundation actually funds, which is frequently different from what its mission statement says.
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Read the amounts, not just the names
Sort the grants by size and find the median rather than the largest. The median is your realistic ask. A foundation whose grants cluster between $5,000 and $15,000 with one $250,000 outlier to a hospital is a $10,000 prospect for you, not a $250,000 one.
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Check whether they fund organizations like yours
Look for recipients of comparable size, geography, and focus. A foundation that funds only large institutions is not a prospect for a two person organization no matter how well the subject matter matches. Repeat recipients across years tell you the foundation builds long relationships, which makes a first grant harder to win and more valuable to hold.
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Find the application rules
The return states whether the foundation accepts unsolicited requests and, if so, where to send them and by when. A substantial number state plainly that they do not accept unsolicited applications, which saves you the entire effort of applying.
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Check total assets and required payout
Private foundations must distribute approximately five percent of asset value each year. Knowing total assets tells you roughly how much a foundation must give away annually, which tells you whether your request is a rounding error or a significant share of their budget. Both situations are workable, but they call for different approaches.
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Note the trustees
The return lists officers, directors, and trustees. Read the names against your board and major donors. A personal connection to a trustee is worth more than any improvement you could make to the proposal itself, and small family foundations are where these connections most often exist.
Building a prospect list from filings
Work outward from proximity. Start with foundations based in your county, then your state, and read their grant lists rather than their mission statements. For each one, record the median grant size, whether they accept unsolicited requests, whether they have funded anything resembling your work, and any trustee name you recognize.
A second, faster route is to work backward from peers. Find a nonprofit in your area doing similar work at a similar size, read the funder list in their annual report, then pull the 990-PF of each foundation named. A foundation already funding comparable work nearby is a far stronger prospect than anything a keyword search produces.
Expect this to take a few hours and to produce somewhere between ten and thirty real prospects, which is more than a small organization can pursue in a year anyway.
What the filings will not tell you
The lag is the main limitation. A filing describes giving from one or two years ago, so a foundation that has since changed focus or spent down will not show it. Confirm current priorities on the foundation's website or by asking before you invest twenty hours in an application.
The returns also say little about how decisions are made, what a program officer is looking for, or whether the foundation is actively seeking new grantees. Those answers come from a conversation, which is why a filing is best treated as the thing that tells you whom to call rather than as the whole of your research.
Common questions
What is a Form 990-PF?
The annual return every private foundation in the United States files with the IRS. It is public, and it lists every grant the foundation made during the year including recipient, purpose, and amount.
Where can I read a foundation's 990-PF for free?
Several public repositories of IRS filings publish them at no cost. Foundations are also legally required to make their recent returns available on request.
Which part of the 990-PF lists the grants?
The schedule of grants and contributions paid during the year, near the back of the return. It names each recipient, their location, the stated purpose, and the amount.
How do I know how much to ask a foundation for?
Sort their grants by size and take the median, not the largest. A foundation whose awards cluster between $5,000 and $15,000 is a $10,000 prospect regardless of one large outlier to a major institution.
How current is the information in a 990-PF?
Filings typically lag by a year or two, so treat the grant list as recent history rather than current priorities. Confirm on the foundation's website or by asking before investing in a full application.
How much must a private foundation give away each year?
Approximately five percent of asset value annually. Total assets on the return therefore tell you roughly the size of the pool your request is competing for.
Why do trustee names matter?
A personal connection to a trustee is worth more than any improvement to the proposal itself, particularly at small family foundations. Read the officer and trustee list against your own board and major donors.
What if the 990-PF says the foundation does not accept unsolicited requests?
Believe it and move on, unless you have a trustee or existing grantee connection who can make an introduction. Applying anyway wastes effort that a different prospect would reward.