Inside Giving: 2020-2024 Foundation Study

Q: What's a "normal" grant size from these larger foundations, and are they mostly giving huge checks?

It's a real mixed bag. While the average grant amount was $2.36 million (again, pulled up by some behemoth grants), the median grant amount was a much more modest $28.75K. This tells us that while mega-grants make headlines, a lot of foundations are still cutting many smaller, though still significant, checks to a variety of organizations.

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This study helps you understand and explore spending trends in Grants, Fundraising, and Advertising among top Foundations and Fundraising Organizations in the US. For more information and to see benchmark trends by organization or cohort, check out the full study dashboard below.

Interested in bringing more data to your foundation’s strategy, we’d love to talk.

Breakdown of Foundations in Study

Data from 1,611 Foundation or Fundraising Organizations with over $25M in Revenue, including:

373 Grant-Making Foundations (23%)
140 Health and Disease Research (9%)
117 Social Advocacy Orgs (7%)
93 Community Food Service Orgs (6%)
93 Credit Unions (6%)
88 Family Services Orgs (5%)
707 Other org categories, including Environment & Wildlife, Scientific Research, Labor Unions, Youth Services, & more (44%)

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This study was conducted using publicly available Form 990 data from 1,611 U.S. 501(c)(3) foundations with greater than $25 million in revenue from 2020-2024, courtesy of Cause IQ. This study represents a full population of Foundation and Research organizations that fit the study criteria. The study criteria removed organizations with no employees and health care service groups due to their different operating structures.

Quick findings from the 2024 Foundation Study

Top Foundations by Revenue

Organizations with the highest total Revenues spend nearly as much on expenses as the total revenue that they bring in each year. The 3 organizations with the highest total revenues include Battelle Memorial Institute ($12.5B), Thrivent Financial for Lutherans ($10.3B), and National Philanthropic Trust ($10B). Median Revenue across all organizations was $71.3M, with Median Expenses being $65.7M.

Which foundations spend the most on Advertising

The 5 organizations with the highest Advertising & Promotion expenses included on their 990 were: AARP ($386M), The Signatry ($220M), The ASPCA ($56M), American Cancer Society ($47M), and Kars4Kids ($40M). Of these, The ASPCA ($66M), American Cancer Society ($124M), and Kars4Kids ($37M) had comparably high Fundraising expenses.

What’s a “normal” grant size from these larger foundations, and are they mostly giving huge checks?

It’s a real mixed bag. While the average grant amount was $2.36 million (again, pulled up by some behemoth grants), the median grant amount was a much more modest $28.75K. This tells us that while mega-grants make headlines, a lot of foundations are still cutting many smaller, though still significant, checks to a variety of organizations.

Do foundations with more employees automatically give out more grant money?

Surprisingly, not really. We didn’t find a clear, direct link showing that more staff automatically equals more dollars out the door in grants. This suggests that some foundations with larger teams might be investing that human capital in other areas, like in-depth research, direct program support, or significant advocacy work, rather than just a higher volume or value of grants.

Where do these big foundations tend to focus their grantmaking – locally, nationally, or statewide?

It’s pretty spread out, but there’s a strong local flavor. Nearly half (48.4%) of the grantmaking we analyzed was metro-specific, meaning focused on a particular city or urban area. About a third (32.7%) went to national initiatives, and a smaller slice (16.7%) was state-focused.

Are most of these large foundations actively involved in lobbying or advocacy?

A significant chunk of them are, yes. We found that nearly two-thirds (61.8%) of the organizations in our study reported being involved in lobbying efforts. This highlights that many large foundations see policy and advocacy as key levers for achieving their mission, alongside direct grantmaking.

What’s a typical overall operational expense level for these large foundations, relative to their income?

For the 1,611 foundations we analyzed (all with over $25M in revenue), the median total revenue was $71.31 million, and the median total expenses were $65.72 million. This gives you a rough idea of the scale of operations and the general ratio of income to outgoings, though individual circumstances vary wildly, of course. It’s not a direct “overhead percentage” but shows that substantial resources are managed and expended annually by these organizations.

Foundation Study 2024 OFFICIAL VERSION.pdf by Whole Whale

Geeky Details about 990 Data used

Understanding 990 Advertising Expense Classification

The advertising and promotion expenses reported in this analysis are derived from Form 990, Part IX, Line 12, which specifically tracks direct marketing and promotional activities. This classification includes expenses for print and digital advertising, media purchases, promotional materials, and marketing agency services. However, it’s important to note that this figure represents only a portion of institutions’ total marketing investment. Many marketing-related expenses, such as student recruitment activities, staff salaries, and alumni communications, are typically categorized elsewhere in Form 990 under program services or other functional expenses.

Understanding Fundraising 990 Expense Classification

Fundraising expenses reported on Form 990, Part IX, Column D represent the total costs associated with soliciting contributions, gifts, and grants. This category encompasses a broad range of activities including development staff salaries, donor relations expenses, fundraising event costs, grant writing expenses, and capital campaign operations. It also includes the portion of executive time spent on fundraising activities, professional fundraising services, donor management software, and related travel expenses.