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Cfa Institute at a glanceAlso receives grants: funding profile →

· Public charity

Cfa Institute

CFA INSTITUTE is the global, non-profit professional membership association that administers the chartered financial analyst (cfa) certificate, the certificate in investment performance measurement (cipm), and the certificate in esg investing and also provides professional learning courses.

$15M
Granted FY2024still arriving
71
Grants FY2024still arriving
42
States reached
$458k
Largest
01What it fundsRead
02The needRead
03Its granteesRead
04Its fieldRead
01What it funds
01100% classified

What it funded, over time

Every grant placed by its stated purpose and the recipient’s mission, by year, FY2017 to 2024.

Social Science$24MCommunity Improvement$15MEmployment$4.0MEducation$490kHuman Services$444kYouth Development$436kPublic Benefit$339kMembership Benefit$332kOther$0
02FY2024 · 71 grants

Where the money goes

Grants by size, and the largest recipients.

How this is measured
The 71 grants below total $4,137,447, the rows itemized in this filing. The $15,459,313 headline is the total grant expense on the return; the other $11,321,866 is giving the schedule does not break out (grants under the $5,000 itemization floor, grants to individuals, grants on other schedules). Every figure below describes the itemized rows only.

By grant size · FY2024

  • $10k–50k52 grants · $1.6M
  • $50k–250k17 grants · $1.8M
  • $250k+2 grants · $733k
$39,258
Median grant
42
States reached
$913M
Total assets
Largest grants
RecipientAmount
CFA SOCIETY NEW YORK INC$458,061
CFA SOCIETY BOSTON INC$274,734
CFA SOCIETY CHICAGO$238,415
CFA SOCIETY OF LOS ANGELES INC$169,126
CFA SOCIETY SAN FRANCISCO$166,372
CFA INSTITUTE RESEARCH FOUNDATION$159,776
CFA SOCIETY PHILADELPHIA INC$134,822
CFA SOCIETY WASHINGTON DC$123,385
CFA SOCIETY OF MINNESOTA$102,815
CFA SOCIETY DALLASFORT WORTH$101,964
CFA SOCIETY OF COLORADO$100,416
NORTH CAROLINA SOCIETY OF FINANCIAL ANALYSTS INC$97,771
CFA SOCIETY OF SEATTLE$96,516
CFA SOCIETY OF ST LOUIS$56,723
CFA SOCIETY OF NASHVILLE$52,925
02The need
03

Does the money reach high-need areas?

Each grant placed by the hardship in its grantee’s ZIP, against the area’s typical level.

show:

Dollar for dollar, its grants (FY17–24) land where the poverty rate runs at 13%, against an area that typically sits at 10%. 73% of its dollars go to grantees based in above-average-need neighborhoods. Most of its grants land in higher-need ZIPs.

area typical 10%CFA Society Philadelphia: $190k → 22%THE SECURITY ANALYSTS OF SAN FRANCISCO: $332k → 10%The Aspen Institute: $500k → 14%CFA Society Atlanta: $462k → 8%CFA Society Colorado: $189k → 8%CFA SOCIETY OF CHICAGO: $317k → 14%CFA Institute Research Foundation: $855k → 8%CFA Society Boston: $313k → 16%CFA SOCIETY PHILADELPHIA: $177k → 22%CFA Society San Francisco: $279k → 10%CFA Society Washington DC: $184k → 14%CFA Society Los Angeles: $189k → 11%CFA Society Atlanta: $329k → 8%CFA SOCIETY CHICAGO: $283k → 14%CFA Institute-Research Foundation: $431k → 8%CFA SOCIETY BOSTON: $310k → 16%CFA Society San Francisco: $245k → 10%CFA Society Los Angeles: $266k → 14%CFA Society Washington DC: $183k → 14%CFA Society Chicago: $268k → 14%CFA INSTITUTE RESEARCH FOUNDATION: $230k → 8%CFA SOCIETY BOSTON: $307k → 16%CFA SOCIETY SAN FRANCISCO: $217k → 10%CFA SOCIETY LOS ANGELES: $185k → 14%CFA Society Chicago: $253k → 14%CFA Institute Research Foundation: $215k → 8%CFA Society Boston: $307k → 16%CFA SOCIETY OF LOS ANGELES: $185k → 14%CFA Society New York: $1.1M → 17%CFA SOCIETY CHICAGO: $244k → 14%CFA SOCIETY BOSTON INC: $275k → 16%CFA SOCIETY SAN FRANCISCO: $228k → 10%CFA SOCIETY LOS ANGELES: $184k → 14%CFA Society New York: $984k → 17%CFA SOCIETY CHICAGO: $238k → 14%BOSTON SECURITY ANALYSTS SOCIETY INC: $331k → 16%CFA SOCIETY SAN FRANCISCO: $191k → 10%CFA SOCIETY NEW YORK: $783k → 17%CFA SOCIETY CHICAGO: $233k → 14%CFA Society Boston: $221k → 16%NEW YORK SOCIETY OF SECURITY ANALYSTS: $744k → 17%THE ASPEN INSTITUTE: $750k → 14%CFA Society Chicago: $212k → 14%CFA Society New York: $634k → 17%CFA SOCIETY NEW YORK: $615k → 17%THE ASPEN INSTITUTE: $500k → 14%CFA SOCIETY NEW YORK: $527k → 17%CFA SOCIETY NEW YORK INC: $458k → 17%0%20%40%50%more need →
grant to an above-average-need area below average· circle size = grant amount
How this is measured
Matched: human-services grants are those whose grantee’s IRS cause code is Human Services. Placed by people below the poverty line in the grantee’s ZIP, averaged from the tracts in that ZIP.

Which US states its grants reach

ME
VT
WA
ID
MN
IL
WI
MI
NY
MA
OR
NV
IA
IN
OH
PA
NJ
CT
RI
CA
UT
CO
NE
MO
KY
VA
MD
AZ
NM
KS
AR
TN
NC
SC
DC
HI
OK
LA
MS
AL
GA
TX
FL

Grants abroad, by region: $11M on the FY2024 return

Schedule F, as filed: 9 regions. The IRS asks for region and purpose, not the recipient, so no country or grantee can be named here.

Europe (including Iceland and Greenland)$4.0M · 36% · 35 grants

Stated purpose: GEN SUPPORT

East Asia and the Pacific$2.6M · 23% · 18 grants

Stated purpose: GEN SUPPORT

North America (Canada and Mexico)$1.9M · 16% · 15 grants

Stated purpose: GEN SUPPORT

South Asia$955k · 8% · 4 grants

Stated purpose: GEN SUPPORT

Middle East and North Africa$631k · 6% · 11 grants

Stated purpose: GEN SUPPORT

Sub-Saharan Africa$512k · 5% · 5 grants

Stated purpose: GEN SUPPORT

South America$459k · 4% · 6 grants

Stated purpose: GEN SUPPORT

Central America and the Caribbean$173k · 2% · 6 grants

Stated purpose: GEN SUPPORT

Russia and Neighboring States$34k · 0% · 1 grant

Stated purpose: GEN SUPPORT

How this is measured
US grants placed by each grantee’s ZIP, which can differ from where services are delivered. Need from public data (U.S. Census/ACS, CDC PLACES, Eviction Lab, USDA), shown as context about the area, never attributed to the funder’s giving. Grants abroad on Schedule F are filed by region, purpose and amount with no recipient name, so they are shown by region and cannot be placed on the country map or matched to a grantee.
03Its grantees
repeat funding

Who it funds again

Organizations funded in more than one year, against those funded once.

99%of every dollar goes to organizations it has funded before.
$45M · 80 repeat orgs$406k to everyone else

80 repeat relationships: 69 still active in FY2024, 11 since wound down; 2 grantees were first funded in FY2024 (too recent to call).

How the two cohorts compare

Re-uppedFunded once

Organizations

80
13

Total granted

$45M
$376k

Median revenue growth · since first grant

+24%
+33%

Still filing today

78%
77%

New vs renewed · share of each year

In FY2024, 99% of grant dollars renewed an existing relationship; $30k went to new ones.

50%100%’17’18’19’20’21’22’23’24
RenewedFirst-time

Where new relationships form · theme of each grantee’s first grant

’17’18’19’20’21’22’23’24
Community ImprovementEducationSocial ScienceEmploymentPhilanthropyPublic BenefitOther
How this is measured
First-time means a grantee’s first year in the filing window; renewed means funded in an earlier year too. The renewed share climbs naturally as a portfolio matures, so the signal is a year that bucks it (a wave of new grantees). The earliest year is left-censored: relationships that predate the data read as new. Theme is the grantee’s IRS cause.

Backed again, and grew

  • CS
    CFA SOCIETY BOSTON INC
    8× · 2017–2024 · $2.2M · revenue +42%
  • CI
    CFA INSTITUTE RESEARCH FOUNDATION
    7× · 2017–2024 · $2.1M · revenue +165% · 76% of their budget
  • CS
    CFA SOCIETY CHICAGO
    8× · 2017–2024 · $2.0M · revenue +2%

Funded once

  • CS
    CFA Society Salt Lake
    one grant, 2018 · $163k
  • GC
    GREATER CHARLOTTESVILLE HABITAT FOR HUMANITY INCgraduated
    one grant, 2017 · $80k · revenue +133%
  • GR
    GREENWICH ROUNDTABLE INC
    one grant, 2017 · $15k · revenue -91%
How this is measured

Repeat means funded in two or more distinct years. Growth and survival are read from each grantee’s own subsequent IRS filings.

04Its field

Closest unfunded matches

The nonprofits that most resemble its grantees but are not funded by it, scored along the direction from the rest of the field toward the portfolio. A resemblance in what they say they do, not a recommendation.

1
Cfa Institute

Cfa institute is the global, non-profit professional membership association that administers the chartered financial analyst (cfa) certificate, the certificate in investment performance measurement (cipm), and the certificate in esg…

—
2
Cfa Institute Research Foundation

See schedule ocfa institute research foundation's mission is to provide independent, high-quality research that helps investment professionals effectively fulfill their duties with prudence, loyalty, and care. the foundation emphasizes…

Education
3
Chinese Finance Association

Scientific, education and charitable purpose

Arts & Culture
4
San Antonio Association for Financial Professionals

The san antonio association for financial professionals [saafp] is a regional educational forum for individuals involved in all aspects of the finance profession. saafp hosts educational luncheons and networking events to facilitate the…

—
5
Asian Financial Society

The Asian Financial Society (AFS) is a 501(c)(3) non-profit organization that aims to help young professionals achieve lifelong goals in entering the US-Asian finance industry through free or low-cost career enhancement opportunities,…

Community Improvement
6
Cpa Society Executives Association

Members to achieve excellence in the leadership and management of their organizations, provide resources, a forum for networking and communication.

Membership Benefit
7
Finman Corp

Serve the finance community by broadening common interests between academics & practitioners; offer opportunities for professional interaction; promote research & education.

—
8
The Mid-Atlantic Securities Traders Foun
Education
9
The Society for Analytical Chemists of Pittsburgh
—
10
California Faculty Association (Seiu Local 1983)

California Faculty Association (the "CFA") was established to strengthen the cause of higher education for the public good; to promote and maintain the standards and ideals of the profession; to provide a democratic voice for academic…

—
11
Institute of International Finance

To support financial industry in prudently managing risks and to foster global financial stability.

—
12
Strategic Management Society Inc

The strategic management society, inc. (society) is a not-for-profit membership organization representing over 3,000 academics, business practitioners, and consultants from more than 80 different countries who are dedicated to the…

Education
How this is measured
The grantee most central to the portfolio’s shape is Cfa Society of Cincinnati Inc; the most unlike its peers is Greater Charlottesville Habitat for Humanity Inc. Resemblance is measured on each organization’s own IRS 990 mission text; it reflects how work is described, not its quality or impact.
04the grantee network

79 grantees tracked through their own filings, 2017–2026.

Each grant beside the grantee’s revenue from every source, year by year.

How this is measured

Counted here: distinct organizations funded across 2017 to 2026, not grant rows in a single year, so this will not match the grant count on the cover. 79 of the 97 grantees resolved in that span have returns of their own we could reconcile.

Each grantee is resolved to its own IRS returns. Association, dated; never a causal claim.

54
Load-bearing (≥25% of a budget)
18
Early backer (in before they grew)
76/79
Grantees still filing
56/79
Grew since first funded

Where the money sits, by cause and then by grantee

CFA SOCIETY BOSTON INC: $2,217,544 · OtherCFA SOCIETY BOSTON INCCFA SOCIETY CHICAGO: $2,047,517 · OtherCFA SOCIETY CHICAGOCFA SOCIETY SAN FRANCISCO: $1,832,866 · OtherCFA SOCIETY SAN FRANCISCOCFA SOCIETY OF LOS ANGELES INC: $1,418,677 · OtherCFA SOCIETY OF LOS ANGELES INCCFA SOCIETY PHILADELPHIA INC: $1,278,552 · OtherCFA SOCIETY ATLANTA INC: $1,210,086 · OtherCFA Society Washington DC: $1,130,978 · Other+51 more: $14,373,851 · Other+51 moreGRAHAM CENTER INC: $4,827,001 · Community ImprovementGRAHAM CENTER INCCFA SOCIETY OF NC: $1,037,285 · Community ImprovementCFA SOCIETY OF NCCFA SOCIETY NEW YORK INC: $985,540 · Community ImprovementCFA SOCIETY NEW YORK INCCFA Society of Minnesota: $810,130 · Community ImprovementCFA Society of MinnesotaCFA SOCIETY OF PITTSBURGH: $475,135 · Community Improvement+19 more: $6,022,232 · Community Improvement+19 moreCFA INSTITUTE RESEARCH FOUNDATION: $2,135,290 · Education+7 more: $182,500 · EducationTHE ASPEN INSTITUTE INC: $1,750,000 · Social Science+1 more: $10,000 · Social ScienceTHE CFA SOCIETY OF ORLANDO INC: $375,110 · EmploymentCFA Society South Carolina: $321,846 · EmploymentCENTER FOR NONPROFIT EXCELLENCE: $356,770 · PhilanthropyC F A SOCIETY OF MADISON: $301,514 · PhilanthropyCFA Society Oklahoma: $436,030 · Youth Development
Other$25,510,071Community Improvement$14,157,323Education$2,317,790Social Science$1,760,000Employment$696,956Philanthropy$658,284Youth Development$436,030

Each grantee by its size and the funder’s share of it; top left is load-bearing

25%50%75%100%$100k$1.0M$10M$100Mgrantee revenue →↑ funder's share of their budgetGRAHAM CENTER INC: $4,827,001 over 6y, 19% of budgetCFA SOCIETY BOSTON INC: $2,217,544 over 8y, 18% of budgetCFA INSTITUTE RESEARCH FOUNDATION: $2,135,290 over 7y, 76% of budgetCFA SOCIETY CHICAGO: $2,047,517 over 8y, 20% of budgetCFA SOCIETY SAN FRANCISCO: $1,832,866 over 8y, 27% of budgetTHE ASPEN INSTITUTE INC: $1,750,000 over 3y, 0.6% of budgetCFA SOCIETY OF LOS ANGELES INC: $1,418,677 over 8y, 24% of budgetCFA SOCIETY PHILADELPHIA INC: $1,278,552 over 8y, 35% of budgetCFA SOCIETY ATLANTA INC: $1,210,086 over 8y, 57% of budgetCFA Society Washington DC: $1,130,978 over 8y, 27% of budgetCFA SOCIETY OF NC: $1,037,285 over 8y, 38% of budgetCFA SOCIETY NEW YORK INC: $985,540 over 2y, 11% of budgetCFA Society of Minnesota: $810,130 over 8y, 26% of budgetCFA SOCIETY OF COLORADO: $805,273 over 8y, 39% of budgetCFA SOCIETY OF SEATTLE: $794,250 over 8y, 51% of budgetCFA SOCIETY OF DALLASFORT WORTH: $749,608 over 8y, 29% of budgetCFA SOCIETY OF HOUSTON: $635,150 over 8y, 51% of budgetCFA SOCIETY OF ST LOUIS: $583,183 over 8y, 49% of budgetCFA SOCIETY BALTIMORE INC: $518,752 over 8y, 49% of budgetCFA SOCIETY SAN DIEGO INC: $494,179 over 8y, 40% of budgetCFA Society Orange County: $476,754 over 8y, 68% of budgetCFA SOCIETY OF PITTSBURGH: $475,135 over 8y, 64% of budgetCFA Tampa Bay Inc co Ideas Inc: $456,205 over 8y, 64% of budgetCFA SOCIETY OF IOWA INC DBA CFA SOCIETY IOWA: $454,323 over 8y, 39% of budgetCFA SOCIETY OF STAMFORD INC: $450,285 over 8y, 53% of budgetCFA SOCIETY OF MILWAUKEE INC: $441,561 over 8y, 47% of budgetCFA Society Oklahoma: $436,030 over 8y, 69% of budgetCFA SOCIETY PHOENIX: $434,169 over 8y, 42% of budgetCFA SOCIETY OF AUSTIN: $431,666 over 8y, 44% of budgetCFA SOCIETY CLEVELAND: $421,020 over 8y, 33% of budgetCFA VIRGINIA: $402,819 over 8y, 80% of budgetCFA SOCIETY OF PORTLAND INC: $400,199 over 8y, 56% of budgetCFA SOCIETIES OF TEXAS: $394,301 over 8y, 77% of budgetTHE CFA SOCIETY OF DETROIT INC: $391,559 over 8y, 37% of budgetCFA SOCIETY KANSAS CITY: $385,339 over 8y, 58% of budgetCFA MIAMI INC: $378,231 over 8y, 56% of budgetTHE CFA SOCIETY OF ORLANDO INC: $375,110 over 8y, 49% of budgetCFA SOCIETY OF NASHVILLE: $358,319 over 8y, 64% of budgetCENTER FOR NONPROFIT EXCELLENCE: $356,770 over 3y, 13% of budgetCFA SOCIETY OF SOUTH FLORIDA INC: $352,799 over 8y, 66% of budgetCFA SOCIETY OF NEBRASKA INC: $346,513 over 8y, 45% of budgetCFA SOCIETY OF CINCINNATI INC: $341,725 over 8y, 53% of budgetINDIANAPOLIS SOCIETY OF FINANCIAL ANALYSTS INC: $340,584 over 8y, 52% of budgetCFA SOCIETY OF ROCHESTER: $332,109 over 8y, 67% of budgetCFA Society South Carolina: $321,846 over 8y, 68% of budgetCFA SOCIETY MEMPHIS: $311,118 over 8y, 71% of budgetCFA SOCIETY OF SALT LAKE: $304,219 over 7y, 66% of budgetC F A SOCIETY OF MADISON: $301,514 over 8y, 50% of budget
Grantee by grantee: a decade per organization, before and after funding

A decade per grantee: revenue shaded, grants as bars, all rows on one timeline.

  • Who funds GRAHAM CENTER INC ↗
  • Who funds CFA SOCIETY BOSTON INC ↗
  • Who funds CFA INSTITUTE RESEARCH FOUNDATION ↗
  • Who funds CFA SOCIETY CHICAGO ↗
  • Who funds CFA SOCIETY SAN FRANCISCO ↗
  • Who funds THE ASPEN INSTITUTE INC ↗
  • Who funds CFA SOCIETY OF LOS ANGELES INC ↗
  • Who funds CFA SOCIETY PHILADELPHIA INC ↗
  • Who funds CFA SOCIETY ATLANTA INC ↗
  • Who funds CFA Society Washington DC ↗
  • Who funds CFA SOCIETY OF NC ↗
  • Who funds CFA SOCIETY NEW YORK INC ↗
  • Who funds CFA Society of Minnesota ↗
  • Who funds CFA SOCIETY OF COLORADO ↗
  • Who funds CFA SOCIETY OF SEATTLE ↗
  • Who funds CFA SOCIETY OF DALLASFORT WORTH ↗
  • Who funds CFA SOCIETY OF HOUSTON ↗
  • Who funds CFA SOCIETY OF ST LOUIS ↗
  • Who funds CFA SOCIETY BALTIMORE INC ↗
  • Who funds CFA SOCIETY SAN DIEGO INC ↗
  • Who funds CFA Society Orange County ↗
  • Who funds CFA SOCIETY OF PITTSBURGH ↗
  • Who funds CFA Tampa Bay Inc co Ideas Inc ↗
  • Who funds CFA SOCIETY OF IOWA INC DBA CFA SOCIETY IOWA ↗
  • Who funds CFA SOCIETY OF STAMFORD INC ↗
  • Who funds CFA SOCIETY OF MILWAUKEE INC ↗
  • Who funds CFA Society Oklahoma ↗
  • Who funds CFA SOCIETY PHOENIX ↗
  • Who funds CFA SOCIETY OF AUSTIN ↗
  • Who funds CFA SOCIETY CLEVELAND ↗
  • Who funds CFA VIRGINIA ↗
  • Who funds CFA SOCIETY OF PORTLAND INC ↗
  • Who funds CFA SOCIETIES OF TEXAS ↗
  • Who funds THE CFA SOCIETY OF DETROIT INC ↗
  • Who funds CFA SOCIETY KANSAS CITY ↗
  • Who funds CFA MIAMI INC ↗
  • Who funds THE CFA SOCIETY OF ORLANDO INC ↗
  • Who funds CFA SOCIETY OF NASHVILLE ↗
  • Who funds CENTER FOR NONPROFIT EXCELLENCE ↗
  • Who funds CFA SOCIETY OF SOUTH FLORIDA INC ↗

Co-funders

Grantmakers whose grantees overlap with this funder’s far more than size alone predicts. Closer means stronger alignment; arcs show where they also fund each other. Here they form a tightly interlocked group: most of these funders back each other's grantees too.

Charlottesville Area …The Genan FoundationVanguard Charitable E…National Philanthropi…Donor Advised Charita…American Online Givin…Fidelity Investments …Amazonsmile Foundation
Charlottesville Area Community FoundationVA17.5× affinity7 shared granteesties to 7 of 7Hover any node to trace its alignments.Compare side by side →

Open a dossier: Charlottesville Area Community Foundation · The Genan Foundation · Vanguard Charitable Endowment Program · National Philanthropic Trust · Donor Advised Charitable Giving Inc · American Online Giving Foundation Inc · Fidelity Investments Charitable Gift Fund · Amazonsmile Foundation

How this is measured
Affinity is a Gamma-Poisson posterior co-funding rate, re-centered on the typical rate, so thin evidence shrinks toward no signal. Overlap is association, not proof of shared intent.

How much its grantees rely on government

Each dot is one organization Cfa Institute funds: left to right is the share of its income from government, bottom to top the share from Cfa Institute. Bigger dots raise more.

2024
’20’21’22’23’24’25
no gov · 120%6%25%56%100%funder's share of their income ↑0%25%50%75%100%share of the org’s income from government →median 7%
  • Johns Hopkins University: 12% of income from government
  • President and Fellows of Harvard College: 7% of income from government
  • Quinnipiac University: 0% of income from government
no gov moneyreceives it· size = income
12get no government money at all
4report government grants on their 990 we could not trace to a source (not plotted)
0rely on government for over half their income
typical government reliance, FY20–25
How this is measured
Government income is each org’s traced federal awards (USASpending grants and contracts) plus state payments (open checkbooks) as a share of its total revenue (IRS Form 990); the self-reported government-grant line (990 line 1e) is carried for cross-check: a grantee that reports government grants we could not trace to a source is left off the chart rather than shown as receiving none. An association, not a claim that a grant caused the public funding. Coverage is precision-first, a floor rather than a census; state records exist for 9 states, so a grantee outside them shows no state figure (dimmed) rather than a false zero. Federal award amounts are obligations, which can span years, so a single-year share is indicative. 990 filings lag 12 to 24 months.

On method. Every financial figure here is read from IRS e-file XML, the funder’s own 990/990-PF, and from the multi-year returns of the 97 grantees we resolved, each linked to its source. Grantee outcomes are each organization’s own program-service reporting (Form 990, Part III), read as association with funding, never as caused by it. Low-confidence name matches are suppressed rather than guessed. How we build these →

How this is measured
Each figure carries one of six labels. Filed is what the funder reported on its return. Official is another government record about an organization, such as a federal award or a charity register, joined by name where no shared identifier exists. Resolved is an identity we worked out where the filing named a recipient without an EIN, kept only above a measured confidence threshold. Computed is arithmetic over those, like themes, portfolio clusters and co-funder strength. Context is a statistic about a place rather than about an organization, which is what the need overlay is: it describes the area a grantee’s address sits in, not where its work lands. Inferred is drawn by a model from text, like the partnerships read out of public news and organization websites. Each is labeled where it appears.

Generated from the IRS Form 990 e-file return for fiscal year 2024, released 2024. Filings run roughly 12 to 24 months behind; figures are dated accordingly.

Source object · view filing

Play a game based on Cfa Institute’s filings →

More from the funding graph

The unnamed billions
grants reported with no recipient in the public record
The regranting layer
51% of grant dollars land in the regranting layer
The DAF merry-go-round
$9.7B circulates between donor-advised funds
The endowment market
who holds foundation money, and what just moved
The camps
funders cluster by geography, not ideology
By state
where grant money is based, and what stays home