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Opportunity Finance Network at a glanceMostly funded, not a grantmaker: see who funds it →

· Public charity

Opportunity Finance Network

Ofn's mission is to lead cdfis and their partners to ensure that low-income, low-wealth, and other underserved people and communities have access to affordable, responsible financial products and services.

$2.9M
Granted FY2025still arriving
19
Grants FY2025still arriving
12
States reached
$215k
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 2025.

Community Improvement$56MHousing & Shelter$8.7MEnvironment$3.2MHuman Services$2.8MPhilanthropy$1.5MHealth$1.4MFood & Nutrition$1.2MEmployment$550kOther$0
02FY2025 · 19 grants

Where the money goes

Grants by size, and the largest recipients.

$150,000
Median grant
12
States reached
$2.7B
Total assets
Largest grants
RecipientAmount
HOME HEADQUARTERS$215,000
THE SUNLIGHT LOAN FUND LLC$150,000
NORTHWEST ACCESS FUND$150,000
ATLANTA NEIGHBORHOOD DEVELOPMENT PARTNERSHIP$150,000
FEED THE HUNGER FUND$150,000
COMMUNITY CAPITAL NEW YORK$150,000
SABRE FINANCE$150,000
TCHFH LENDING INC$150,000
GREAT FALLS DEVELOPMENT AUTHORITY INC$150,000
GROW SOUTH DAKOTA$150,000
REDBUD FINANCIAL ALTERNATIVES INC$150,000
FIRST CHILDREN'S FINANCE$150,000
COMMUNITY INVESTMENT COLLABORATIVE$150,000
AMPAC BUSINESS CAPITAL$150,000
DAKOTA RESOURCES$150,000
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:

Its human-services grants (FY20–25, $7.0M) land where the poverty rate runs at 14%, against an area that typically sits at 11%. 73% of those dollars go to grantees based in above-average-need neighborhoods. Most of its grants land in higher-need ZIPs.

area typical 11%FIRST CHILDREN'S FINANCE: $50k → 11%HAWAIIAN LENDING & INVESTMENTS: $50k → 9%ON THE ROAD LENDING: $100k → 14%CITY FIRST ENTERPRISES INC: $250k → 14%NORTHERN GREAT LAKES INITIATIVES: $500k → 11%LAKE SUPERIOR COMM DEV CORP: $100k → 14%OPPORTUNITY RESOURCE FUND: $125k → 16%COMMUNITY ENTERPRISE DEVELOPMENT SERVICES: $100k → 8%NORTHWEST ACCESS FUND: $150k → 9%NORTHWEST NATIVE DEVELOPMENT FUND: $500k → 17%NATURAL CAPITAL INVESTMENT FUND: $100k → 9%MARYLAND CAPITAL ENTERPRISES INC: $50k → 13%REDBUD FINANCIAL ALTERNATIVES INC: $150k → 27%FIRST CHILDREN'S FINANCE: $150k → 11%ON THE ROAD LENDING: $100k → 14%CITY FIRST ENTERPRISES INC: $200k → 14%OPPORTUNITY RESOURCE FUND: $50k → 16%NORTHWEST NATIVE DEVELOPMENT FUND: $100k → 17%PARTNER COMMUNITY CAPITAL: $500k → 9%REDBUD FINANCIAL ALTERNATIVES INC: $125k → 27%NORTHERN GREAT LAKES INITIATIVES: $150k → 11%NORTHWEST NATIVE DEVELOPMENT FUND: $100k → 17%REDBUD FINANCIAL ALTERNATIVES INC: $100k → 27%THE DISABILITY OPPORTUNITY FUND: $200k → 6%LEVITICUS FUND INC: $150k → 9%NORTHERN GREAT LAKES INITIATIVES: $50k → 11%REDBUD FINANCIAL ALTERNATIVES INC: $100k → 27%NORTHERN GREAT LAKES INITIATIVES: $50k → 11%CITY FIRST ENTERPRISES INC: $100k → 14%NEIGHBORHOOD DEVELOPMENT CENTER INC: $500k → 14%CITY FIRST ENTERPRISES INC: $100k → 14%AFRICAN DEV CENTER: $250k → 11%AFRICAN DEV CENTER: $200k → 11%AFRICAN DEV CENTER: $50k → 11%AFRICAN DEV CENTER: $50k → 11%NEIGHBORHOOD DEV CENTER INC: $50k → 14%WORKING SOLUTIONS CDFI: $350k → 10%TMC DEVELOPMENT WORKING SOLUTIONS: $125k → 10%TMC DEVELOPMENT WORKING SOLUTIONS: $100k → 10%TMC DEVELOPMENT WORKING SOLUTIONS: $50k → 10%ACCOMPANY CAPITAL: $250k → 17%CBA FUND: $190k → 14%ACCOMPANY CAPITAL: $125k → 17%ACCOMPANY CAPITAL: $100k → 17%CBA FUND: $100k → 14%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

AK
ME
VT
NH
WA
ID
MT
MN
IL
WI
MI
NY
MA
OR
WY
SD
IN
OH
PA
NJ
CT
RI
CA
CO
NE
MO
KY
WV
VA
MD
DE
AZ
NM
AR
TN
NC
SC
DC
HI
OK
LA
MS
AL
GA
TX
FL
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.
03Its grantees
repeat funding

Who it funds again

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

74%of every dollar goes to organizations it has funded before.
$57M · 122 repeat orgs$20M to everyone else

Grantees it renews have grown median revenue +65% since the first grant, against +34% for those funded once.

122 repeat relationships: 8 still active in FY2025, 114 since wound down; 11 grantees were first funded in FY2025 (too recent to call).

How the two cohorts compare

Re-uppedFunded once

Organizations

122
120

Total granted

$57M
$19M

Median revenue growth · since first grant

+65%
+34%

Still filing today

93%
92%

New vs renewed · share of each year

In FY2025, 40% of grant dollars renewed an existing relationship; $1.7M went to new ones.

50%100%’17’18’19’20’21’22’23’24’25
RenewedFirst-time

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

’17’18’19’20’21’22’23’24’25
Community ImprovementHousing & ShelterHuman ServicesPhilanthropyPublic BenefitEducationOther
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

  • OC
    OWEESTA CORPORATION
    4× · 2017–2022 · $1.8M · revenue +803%
  • SR
    SPRUCE ROOT INC
    4× · 2021–2024 · $1.1M · revenue +248%
  • SE
    SOLAR & ENERGY LOAN FUND OF ST LUCIE COUNTY INC
    3× · 2020–2023 · $1.1M · revenue +69%

Funded once

  • CR
    COMMUNITY REINVESTMENT FUND INC
    one grant, 2022 · $750k · revenue +22%
  • CI
    CAPITAL IMPACT PARTNERS
    one grant, 2022 · $500k · revenue +21%
  • GR
    GREAT RIVERS COMMUNITY TRUSTgraduated
    one grant, 2022 · $500k · revenue +26%
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
Community Capital of Vermont

To help small businesses and lower income entrepreneurs prosper through the provision of flexible business financing.

Community Improvement
2
Enterprise Community Loan Fund Inc

To deliver innovative financial products and technical assistance to organizations to acquire, develop, and preserve quality affordable housing and to revitalize communities.

Housing & Shelter
3
Impact Capital

Impact capital is a community development financial institution that makes strategic loans in organizations, tribal entities, and housing authorities to spur community development, including affordable housing, art and cultural centers,…

Public Benefit
4
National Community Investment Fund

NCIF invests capital and lends with institutions, that increase access to responsible financial products and services, catalyze projects that provide economic opportunities, and improve the quality of life in underserved communities…

Community Improvement
5
Cdc Small Business Finance Corporation

We help build inclusive and equitable communities by providing people access to the capital and opportunities they deserve.

Community Improvement
6
Washington Area Community Investment Fund Inc

The washington area community investment fund (wacif) is a nonprofit community loan fund focused on increasing equity and economic opportunity in the washington, dc area's underserved communities. wacif's mission is driven by three…

—
7
Vermont Community Loan Fund

Investing in people and communities to create a just and thriving vermont

Housing & Shelter
8
First Community Capital Inc

First Community Capital, Inc. (FCCI) is a certified Community Development Financial Institution (CDFI) dedicated to expanding access to affordable capital and technical assistance for small businesses and individuals, with a focus on low-…

Employment
9
Edc Loan Corporation

Provide loans to qualified businesses in the corporation's targeted area.

—
10
Racine County Economic Development Corporation

To provide economic development services including business recruitment, expansion, business financing, community and workforce development.

Human Services
11
Community Credit Lab

To support equitable access to economic opportunities for immigrants, refugees, low-income, marginalized, and underserved communities in king county and the united states.

Human Services
12
Small Business Empowerment Fund Cdfi

A community development financial institution or community development finance institution - abbreviated in both cases to CDFI - is a financial institution that provides credit and financial services to underserved markets and populations,…

Community Improvement
How this is measured
The grantee most central to the portfolio’s shape is Business Impact Nw; the most unlike its peers is Georgia Cities Foundation 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

239 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. 239 of the 256 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.

14
Load-bearing (≥25% of a budget)
73
Early backer (in before they grew)
237/239
Grantees still filing
166/239
Grew since first funded

Where the money sits, by cause and then by grantee

OWEESTA CORPORATION: $1,780,000 · Community ImprovementOWEESTA CORPORATIONSPRUCE ROOT INC: $1,125,000 · Community Improvement+84 more: $29,781,750 · Community Improvement+84 moreNORTHEAST ENTREPRENEUR FUND INC: $875,000 · OtherHarlem Entrepreneurial Fund: $750,000 · OtherSOLAR & ENERGY LOAN FUND OF ST LUCIE COUNTY INC: $1,050,000 · OtherSOLAR & ENERGY LOAN FUND OF…Triple Bottom Line Foundation: $750,000 · OtherCOMMUNITY HEALTH CENTER CAPITAL FUND INC: $990,500 · OtherCOMMUNITY HEALTH CENTER CAP…+43 more: $13,770,213 · Other+43 moreCOASTAL ENTERPRISES INC: $800,000 · Housing & ShelterCOASTAL ENTERPR…Justine Petersen Housing And Reinvestment Corporation: $675,000 · Housing & ShelterJustine Peterse…COMMUNITY CAPITAL NEW YORK INC: $650,000 · Housing & ShelterCOMMUNITY CAPIT…HOUSING ASSISTANCE COUNCIL: $500,000 · Housing & ShelterWISCONSIN NATIVE LOAN FUND INC: $500,000 · Housing & ShelterSouth Carolina Community Loan Fund: $475,000 · Housing & ShelterOPA-LOCKA COMMUNITY DEVELOPMENT CORPORATION INC: $450,000 · Housing & ShelterBLUEHUB CAPITAL INC: $375,000 · Housing & ShelterONE ROOF COMMUNITY HOUSING: $350,000 · Housing & Shelter+24 more: $5,250,000 · Housing & Shelter+24 moreNORTHWEST NATIVE DEVELOPMENT FUND: $750,000 · Human ServicesNORTHWEST …NORTHERN GREAT LAKES INITIATIVES: $750,000 · Human ServicesNORTHERN G…CITY FIRST ENTERPRISES INC: $650,000 · Human ServicesCITY FIRST…WORKING SOLUTIONS CDFI: $625,000 · Human ServicesWORKING SO…PARTNER COMMUNITY CAPITAL INC: $600,000 · Human ServicesPARTNER CO…NEIGHBORHOOD DEVELOPMENT CENTER INC: $550,000 · Human ServicesNEIGHBORHO…AFRICAN DEVELOPMENT CENTER: $550,000 · Human ServicesAFRICAN DE…REDBUD FINANCIAL ALTERNATIVES INC: $475,000 · Human ServicesREDBUD FIN…ACCOMPANY CAPITAL INC: $475,000 · Human ServicesACCOMPANY …CBA FUND: $290,000 · Human Services+6 more: $1,075,000 · Human Services+6 moreSOUTHWEST GEORGIA UNITED EMPOWERMENT ZONE: $443,500 · PhilanthropyPROPEL NONPROFITS: $425,000 · PhilanthropyFINANCE FUND CAPITAL CORPORATION: $425,000 · PhilanthropyCOOPERATIVE FUND OF THE NORTHEAST INC: $400,000 · PhilanthropyNEBRASKA ENTERPRISE FUND: $325,000 · PhilanthropyMIDWEST HOUSING DEVELOPMENT FUND INC: $250,000 · PhilanthropyAPPALACHIAN COMMUNITY CAPITAL DEVELOPMENT FOUNDATION: $150,000 · PhilanthropyCHILDREN'S INVESTMENT FUND INC: $100,000 · PhilanthropyAKIPTAN INC: $750,000 · Public BenefitTRUE ACCESS CAPITAL CORPORATION: $575,000 · Public BenefitCAPITAL IMPACT PARTNERS: $500,000 · Public BenefitCarolina Small Business Development Fund: $250,000 · Public BenefitFresno Community Development Financial Institution dba Access Plus Capital: $175,000 · Public BenefitCALIFORNIA FARMLINK: $575,000 · EducationAFRICAN ECONOMIC DEVELOPMENT SOLUTIONS: $550,000 · EducationGREAT RIVERS COMMUNITY TRUST: $500,000 · EducationCOUNCIL FOR NATIVE HAWAIIAN ADVANCEMENT: $400,000 · Education
Community Improvement$32,686,750Other$18,185,713Housing & Shelter$10,025,000Human Services$6,790,000Philanthropy$2,518,500Public Benefit$2,250,000Education$2,025,000

Showing the 200 largest grantees by grant value.

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

25%50%75%100%$1.0M$10M$100Mgrantee revenue →↑ funder's share of their budgetOWEESTA CORPORATION: $1,780,000 over 4y, 8.8% of budgetSPRUCE ROOT INC: $1,125,000 over 4y, 5.6% of budgetSOLAR & ENERGY LOAN FUND OF ST LUCIE COUNTY INC: $1,050,000 over 3y, 16% of budgetCOMMUNITY HEALTH CENTER CAPITAL FUND INC: $990,500 over 6y, 4.4% of budgetCRAFT3: $925,000 over 4y, 1.6% of budgetLIFTFUND INC: $904,750 over 4y, 0.9% of budgetALLIES FOR COMMUNITY BUSINESS INC: $900,000 over 3y, 5.6% of budgetPACIFIC COMMUNITY VENTURES INC: $875,000 over 3y, 7.1% of budgetNORTHEAST ENTREPRENEUR FUND INC: $875,000 over 2y, 5.8% of budgetCOASTAL ENTERPRISES INC: $800,000 over 4y, 2.2% of budgetCOMMUNITY REINVESTMENT FUND INC: $750,000 over 1y, 1.9% of budgetNORTHWEST NATIVE DEVELOPMENT FUND: $750,000 over 3y, 21% of budgetAKIPTAN INC: $750,000 over 3y, 9.2% of budgetNORTHERN GREAT LAKES INITIATIVES: $750,000 over 4y, 6.2% of budgetTriple Bottom Line Foundation: $750,000 over 3y, 49% of budgetLATINO ECONOMIC DEVELOPMENT CORPORATION: $700,000 over 4y, 1.8% of budgetJustine Petersen Housing And Reinvestment Corporation: $675,000 over 3y, 3.3% of budgetCOOK INLET LENDING CENTER: $675,000 over 3y, 5.9% of budgetTHE WORKING WORLD INC: $650,000 over 4y, 2.5% of budgetCITY FIRST ENTERPRISES INC: $650,000 over 2y, 1.0% of budgetNACDC Financial Services Inc: $650,000 over 2y, 15% of budgetCOMMUNITY CAPITAL NEW YORK INC: $650,000 over 3y, 11% of budgetWORKING SOLUTIONS CDFI: $625,000 over 4y, 6.8% of budgetLa Fuerza Unida Community Development Corporation: $625,000 over 3y, 63% of budgetPARTNER COMMUNITY CAPITAL INC: $600,000 over 2y, 2.8% of budgetPACIFIC NORTHWEST TRIBAL LENDING FINANCIAL INSTITUTION: $575,000 over 3y, 22% of budgetMOUNTAIN ASSOCIATION FOR COMMUNITY ECONOMIC DEVELOPMENT INC: $575,000 over 4y, 5.0% of budgetTMC COMMUNITY CAPITAL: $575,000 over 3y, 23% of budgetACCESSITY: $575,000 over 2y, 5.9% of budgetCALIFORNIA FARMLINK: $575,000 over 3y, 3.6% of budgetTRUE ACCESS CAPITAL CORPORATION: $575,000 over 3y, 7.9% of budgetACT Albany Community Together Inc: $568,500 over 3y, 19% of budgetKENTUCKY HIGHLANDS INVESTMENT CORP: $550,000 over 4y, 2.1% of budgetNEIGHBORHOOD DEVELOPMENT CENTER INC: $550,000 over 2y, 3.5% of budgetAFRICAN ECONOMIC DEVELOPMENT SOLUTIONS: $550,000 over 3y, 6.5% of budgetNEIGHBORHOOD COMMUNITY DEVELOPMENT FUND: $550,000 over 3y, 7.7% of budgetAFRICAN DEVELOPMENT CENTER: $550,000 over 2y, 11% of budgetLOCAL ENTERPRISE ASSISTANCE FUND: $550,000 over 2y, 6.0% of budgetThe Genesis Fund: $550,000 over 2y, 5.8% of budgetWASHINGTON AREA COMMUNITY INVESTMENT FUND INC: $525,000 over 2y, 4.3% of budgetTRUFUND FINANCIAL SERVICES INC: $500,000 over 3y, 1.5% of budgetCAPITAL IMPACT PARTNERS: $500,000 over 1y, 0.8% of budgetJUST COMMUNITY INC: $500,000 over 3y, 14% of budgetGREAT RIVERS COMMUNITY TRUST: $500,000 over 1y, 10% of budgetHOUSING ASSISTANCE COUNCIL: $500,000 over 3y, 1.2% of budgetWHITE EARTH INVESTMENT INITIATIVE: $500,000 over 1y, 15% of budgetWISCONSIN NATIVE LOAN FUND INC: $500,000 over 2y, 8.7% of budgetCIVIC COMMUNITY PARTNERS INC: $500,000 over 3y, 5.5% 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.

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.

Wells Fargo FoundationCiti FoundationNeighborhood Reinvest…Northwest Area Founda…Oweesta CorporationNational Association …Capital One Foundatio…Mufg Union Bank Found…The Goldman Sachs Fou…Cba FundNational Community Re…Community Reinvestmen…
Wells Fargo FoundationMN97.1× affinity86 shared granteesties to 11 of 11Hover any node to trace its alignments.Compare side by side →

Open a dossier: Wells Fargo Foundation · Citi Foundation · Neighborhood Reinvestment Corporation · Northwest Area Foundation · Oweesta Corporation · National Association for Latino Community Asset Builders · Capital One Foundation Inc · Mufg Union Bank Foundation Ag · The Goldman Sachs Foundation · Cba Fund · National Community Reinvestment Coalition Inc · Community Reinvestment Fund Inc

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 Opportunity Finance Network funds: left to right is the share of its income from government, bottom to top the share from Opportunity Finance Network. Bigger dots raise more.

2024
’20’21’22’23’24’25
no gov · 10%6%25%56%100%funder's share of their income ↑0%25%50%75%100%share of the org’s income from government →median 22%
  • Local Enterprise Assistance Fund: 100% of income from government
  • Solar & Energy Loan Fund of St Lucie County Inc: 100% of income from government
  • True Access Capital Corporation: 48% of income from government
  • Neighborgood Partners Inc: 35% of income from government
  • Bluehub Capital Inc: 32% of income from government
  • Florida Community Loan Fund Inc: 31% of income from government
  • Cooperative Business Assistance Corporation: 30% of income from government
  • Baltimore Community Lending Inc: 28% of income from government
  • Tulsa Economic Development Corporation: 23% of income from government
  • The Housing Partnership Fund Inc: 22% of income from government
  • Community Health Center Capital Fund Inc: 21% of income from government
  • Capital for Change Inc: 19% of income from government
  • Nectar Community Investments Inc: 12% of income from government
  • Black Business Investment Fund Inc: 9% of income from government
  • Neighborworks Capital Corporation: 6% of income from government
  • Community Loan Fund of New Jersey Inc: 3% of income from government
  • Solitas House Inc: 1% of income from government
  • CRAFT3: 1% of income from government
  • Opa-Locka Community Development Corporation Inc: 0% of income from government
no gov moneyreceives it· size = income
1get no government money at all
38report government grants on their 990 we could not trace to a source (not plotted)
2rely 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 256 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 2025, released 2025. Filings run roughly 12 to 24 months behind; figures are dated accordingly.

Source object · view filing

Play a game based on Opportunity Finance Network’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