Skip to content
President and Fellows of Harvard College at a glanceMostly funded, not a grantmaker: see who funds it →

· Public charity

President and Fellows of Harvard College

Undergraduate, graduate, and professional education and research across a broad array of academic domains.

$1.1B
Granted FY2025still arriving
352
Grants FY2025still arriving
40
States reached
$27M
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.

Health$685MScience & Tech$556MEducation$124MSocial Science$28MPhilanthropy$17MInternational$15MCommunity Improvement$14MArts & Culture$14MOther$0
02FY2025 · 352 grants

Where the money goes

Grants by size, and the largest recipients.

How this is measured
The 352 grants below total $273,340,760, the rows itemized in this filing. The $1,089,639,465 headline is the total grant expense on the return; the other $816,298,705 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 · FY2025

  • Under $10k29 grants · $205k
  • $10k–50k100 grants · $2.5M
  • $50k–250k93 grants · $12M
  • $250k+130 grants · $259M
$123,564
Median grant
40
States reached
$79.9B
Total assets
Largest grants
RecipientAmount
MASSACHUSETTS GENERAL HOSPITAL$27,369,309
BRIGHAM AND WOMEN'S HOSPITAL INC$24,690,047
FRONTIER SCI TECH FDN$18,744,422
DANA FARBER CANCER INST$18,560,703
CHILDREN'S HOSPITAL CORPORATION$12,177,708
CHILDRENS HOSPITAL PEDIATRIC ASSOC$7,466,068
ASSOC PHYS HARV MED PHYS AT BIDMC$6,846,179
BIFROST BIOSYSTEMS INC$6,470,731
GREATER KANSAS CITY COMMUNITY FDN$6,151,618
BETH ISRAEL DEACONESS MEDICAL CENTER$5,375,245
MASSACHUSETTS EYE AND EAR INFIRMARY$5,179,529
ALLEN INSTITUTE$5,168,359
MASSACHUSETTS INSTITUTE OF TECHNOLOGY$4,945,529
PRINCETON UNIVERSITY$4,816,975
THE BROAD INSTITUTE$4,461,420
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 (FY17–25, $11.3M) land where the poverty rate runs at 9%, against an area that typically sits at 10%. 14% of those dollars go to grantees based in above-average-need neighborhoods. Its grants skew toward lower-need ZIPs.

area typical 10%CAST INC: $92k → 10%THE CHILDREN'S AID SOCIETY: $177k → 9%CHILDREN'S HOME SOCIETY OF WASHINGTON: $142k → 9%THERAPEUTIC JUSTICE FOUNDATION: $227k → 16%TIDES CENTER: $416k → 10%THERAPEUTIC JUSTICE FOUNDATION: $214k → 16%TIDES CENTER: $249k → 10%THERAPEUTIC JUSTICE FOUNDATION: $114k → 16%THE CHILDREN'S AID SOCIETY: $260k → 17%CHILD CARE CENTER: $9.3M → 8%ACTION FOR BOSTON COMMUNITY DEVELOPMENT INC: $120k → 16%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
MT
MN
IL
WI
MI
NY
MA
OR
SD
IA
IN
OH
PA
NJ
CT
RI
CA
UT
CO
NE
MO
KY
WV
VA
MD
DE
AZ
NM
KS
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.

93%of every dollar goes to organizations it has funded before.
$1.2B · 510 repeat orgs$88M to everyone else

Grantees it renews have grown median revenue +33% since the first grant, against +21% for those funded once.

510 repeat relationships: 239 still active in FY2025, 271 since wound down; 95 grantees were first funded in FY2025 (too recent to call).

How the two cohorts compare

Re-uppedFunded once

Organizations

510
222

Total granted

$1.2B
$43M

Median revenue growth · since first grant

+33%
+21%

Still filing today

63%
64%

New vs renewed · share of each year

In FY2025, 82% of grant dollars renewed an existing relationship; $45M 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
HealthEducationHuman ServicesArts & CultureInternationalScience & TechOther
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

  • FS
    Frontier Science & Technology Research Foundation Inc
    9× · 2017–2025 · $129M · revenue +33% · 62% of their budget
  • CH
    Children's Hospital Corporation
    9× · 2017–2025 · $70M · revenue +91%
  • Dana-Farber Cancer Institute Inc
    9× · 2017–2025 · $60M · revenue +162%

Funded once

  • CC
    CAMPUS CHILD CARE INCgraduated
    one grant, 2020 · $9.3M · revenue +109% · 83% of their budget
  • TY
    THE YOUNG MEN'S AND YOUNG WOMEN'S HEBREW ASSOCIATION
    one grant, 2024 · $7.8M · revenue -23%
  • CF
    CTR FOR ADV BIOLOGICAL INNOV & MANUF
    one grant, 2021 · $6.0M
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
Boston Architectural College

The bac is committed to provide excellence in design education grounded in practice and accessible to diverse communities.

—
2
President and Fellows of Harvard College

Undergraduate, graduate, and professional education and research across a broad array of academic domains.

Education
3
University of New Haven

The University of New Haven is a student-centered comprehensive university with an emphasis on excellence in liberal arts and professional education. Our mission is to prepare our students to lead purposeful and fulfilling lives in a…

Education
4
Stony Brook Internists University Faculty Practice Corporation

Provide clinical instruction to and supervision of medical school students, interns and residents and, incident thereto, rendering professional services.

Health
5
Northeast College of Health Sciences

Northeast college of health sciences (the college) is committed to academic excellence, leadership, and professional best practices in the health sciences.

Education
6
Stony Brook Surgical Associates University Faculty Practice Corporation

Provide clinical instruction to and supervision of medical school students, interns and residents and, incident thereto, rendering professional services.

Health
7
Neurology Associates of Stony Brook University Faculty Practice Corp

Provide clinical instruction to and supervision of medical school students, interns and residents and, incident thereto, rendering professional services.

Health
8
University Associates in Obstetrics and Gynecology University Faculty Pract ice Corporation

Provide clinical instruction to and supervision of medical school students, interns and residents and, incident thereto, rendering professional services.

Health
9
Stony Brook Urology University Faculty Practice Corporation

Provide clinical instruction to and supervision of medical school students, interns and residents and, incident thereto, rendering professional services.

Health
10
Stony Brook Ophthalmology University Faculty Practice Corporation

Provide clinical instruction to and supervision of medical school students, interns and residents and, incident thereto, rendering professional services.

Health
11
University of Maryland Anesthesiology Associates Pa

Under the medical service plan of the university of maryland school of medicine, medical services are rendered by the members of the faculty on behalf of the school of medicine in connection with their duties to provide clinical…

—
12
Lehigh University

The university's goal in the coming decade is to advance learning through the integration of teaching, research and service to others. the core of this goal is to prepare graduates to engage with the world and lead lives of meaning. to do…

Education
How this is measured
The grantee most central to the portfolio’s shape is Make-a-Wish Foundation of America; the most unlike its peers is Be Alright. 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

559 grantees tracked through their own filings, 2017–2025.

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 2025, not grant rows in a single year, so this will not match the grant count on the cover. 559 of the 850 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.

22
Load-bearing (≥25% of a budget)
64
Early backer (in before they grew)
543/559
Grantees still filing
394/559
Grew since first funded

Where the money sits, by cause and then by grantee

MASS GENERAL BRIGHAM INCORPORATED: $137,023,028 · OtherMASS GENERAL BRIGHAM INCORPORATEDMASS GENERAL BRIGHAM INCORPORATED: $132,221,900 · OtherMASS GENERAL BRIGHAM INCORPORATED+105 more: $343,481,246 · Other+105 moreFrontier Science & Technology Research Foundation Inc: $128,525,099 · HealthFrontier Science & Technology Resea…Children's Hospital Corporation: $70,455,062 · HealthChildren's Hospital CorporationDana-Farber Cancer Institute Inc: $60,158,580 · HealthDana-Farber Cancer Institute IncBETH ISRAEL DEACONESS MEDICAL CENTER INC: $34,755,079 · HealthBETH ISRAEL DEACONESS MEDICAL CENTE…The Broad Institute Inc: $33,899,703 · HealthThe Broad Institute Inc+31 more: $107,929,168 · Health+31 moreMassachusetts Institute of Technology: $57,408,924 · EducationMassachusetts Institute …THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY: $36,858,828 · EducationTHE BOARD OF TRUSTEES OF…Cornell University: $19,350,864 · EducationCornell UniversityUNIVERSITY OF SOUTHERN CALIFORNIA: $15,645,209 · EducationAxim Collaborative Inc: $15,000,000 · EducationUNIVERSITY OF PITTSBURGH: $13,099,261 · EducationBaylor College of Medicine: $12,246,146 · Education+37 more: $135,137,565 · Education+37 moreSMITHSONIAN INSTITUTION: $10,181,091 · Arts & CultureAMERICAN REPERTORY THEATRE CO INC: $8,468,912 · Arts & CultureMUSEUM OF SCIENCE: $1,702,862 · Arts & CultureBUFFALO FINE ARTS ACADEMY: $1,279,000 · Arts & CultureGreater Kansas City Community Foundation: $6,151,618 · PhilanthropyGS DONOR ADVISED PHILANTHROPY FUND FOR WEALTH MANAGEMENT INC: $3,905,283 · PhilanthropyCOMMUNITY FOUNDATION FOR GREATER BUFFALO INC: $1,308,901 · PhilanthropyRED TOP FOUNDATION: $1,171,940 · PhilanthropyADA Forsyth Institute Inc: $829,617 · PhilanthropyCAMPUS CHILD CARE INC: $9,300,000 · Human ServicesTIDES CENTER: $727,391 · Human ServicesTHE YOUNG MEN'S AND YOUNG WOMEN'S HEBREW ASSOCIATION: $7,750,000 · ReligionHILLEL FOUNDATION OF CAMBRIDGE INC: $1,508,915 · Religion
Other$612,726,174Health$435,722,691Education$304,746,797Arts & Culture$21,631,865Philanthropy$13,367,359Human Services$10,027,391Religion$9,258,915

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 budgetFrontier Science & Technology Research Foundation Inc: $128,525,099 over 9y, 62% of budgetChildren's Hospital Corporation: $70,455,062 over 9y, 0.4% of budgetDana-Farber Cancer Institute Inc: $60,158,580 over 9y, 0.5% of budgetMassachusetts Institute of Technology: $57,408,924 over 9y, 0.2% of budgetTHE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY: $36,858,828 over 9y, 0.3% of budgetBETH ISRAEL DEACONESS MEDICAL CENTER INC: $34,755,079 over 9y, 0.3% of budgetThe Broad Institute Inc: $33,899,703 over 9y, 0.9% of budgetCornell University: $19,350,864 over 9y, 0.1% of budgetTRUSTEES OF BOSTON UNIVERSITY: $16,255,646 over 9y, 0.1% of budgetUNIVERSITY OF SOUTHERN CALIFORNIA: $15,645,209 over 9y, 0.0% of budgetAxim Collaborative Inc: $15,000,000 over 3y, 9.2% of budgetUNIVERSITY OF PITTSBURGH: $13,099,261 over 9y, 0.1% of budgetBaylor College of Medicine: $12,246,146 over 9y, 0.1% of budgetUMass Memorial Health Care Inc (Parent): $10,396,833 over 6y, 0.7% of budgetALLEN INSTITUTE: $10,230,668 over 2y, 1.9% of budgetSMITHSONIAN INSTITUTION: $10,181,091 over 9y, 0.1% of budgetAnn & Robert H Lurie Children's Hospital of Chicago: $10,144,968 over 9y, 0.1% of budgetTHE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK: $10,013,506 over 9y, 0.0% of budgetCAMPUS CHILD CARE INC: $9,300,000 over 1y, 83% of budgetTrustees of Dartmouth College: $9,103,239 over 9y, 0.1% of budgetThe Trustees of Princeton University: $8,533,867 over 9y, 0.1% of budgetAMERICAN REPERTORY THEATRE CO INC: $8,468,912 over 6y, 30% of budgetNORTHEASTERN UNIVERSITY: $8,358,405 over 9y, 0.1% of budgetJOHNS HOPKINS UNIVERSITY: $7,823,597 over 9y, 0.0% of budgetTHE YOUNG MEN'S AND YOUNG WOMEN'S HEBREW ASSOCIATION: $7,750,000 over 1y, 6.1% of budgetChildren's Hospital Pediatric Associates Inc: $7,466,068 over 1y, 1.6% of budgetNew York University: $7,413,879 over 9y, 0.0% of budgetST JUDE CHILDREN'S RESEARCH HOSPITAL INC: $7,295,488 over 9y, 0.1% of budgetASSOCIATED PHYSICIANS OF HARVARD MEDICAL FACULTY PHYSICIANS AT BIDMC INC: $6,846,179 over 1y, 2.4% of budgetBronxCare Health Systems: $6,655,686 over 9y, 0.1% of budgetThe Research Foundation for The State University of New York: $6,345,257 over 9y, 0.1% of budgetOlivann: $6,279,994 over 7y, 100% of budgetThe Rand Corporation: $6,014,951 over 9y, 0.3% of budgetUniversity of Miami: $5,481,459 over 9y, 0.0% of budgetUniversity of Chicago: $5,353,367 over 9y, 0.0% of budgetWASHINGTON UNIVERSITY: $5,075,254 over 9y, 0.0% of budgetEmory University: $4,711,160 over 9y, 0.0% of budgetTHE ADMINISTRATORS OF THE TULANE EDUCATIONAL FUND: $4,644,834 over 9y, 0.1% of budgetTRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA: $4,642,178 over 9y, 0.0% of budgetYale University - Subordinates: $4,333,829 over 7y, 27% of budgetTrustees of Tufts College: $4,293,708 over 9y, 0.1% of budgetCALIFORNIA INSTITUTE OF TECHNOLOGY: $3,990,617 over 9y, 0.0% of budgetGS DONOR ADVISED PHILANTHROPY FUND FOR WEALTH MANAGEMENT INC: $3,905,283 over 1y, 0.3% of budgetCASE WESTERN RESERVE UNIVERSITY: $3,862,774 over 7y, 0.1% of budgetJOSLIN DIABETES CENTER INC: $3,847,028 over 8y, 1.7% of budgetAbundance Foundation: $3,790,000 over 7y, 88% of budgetBRANDEIS UNIVERSITY: $3,734,240 over 9y, 0.2% of budgetBROWN UNIVERSITY: $3,653,030 over 9y, 0.1% 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 Frontier Science & Technology Research Foundation Inc ↗
  • Who funds Children's Hospital Corporation ↗
  • Who funds Dana-Farber Cancer Institute Inc ↗
  • Who funds Massachusetts Institute of Technology ↗
  • Who funds THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY ↗
  • Who funds BETH ISRAEL DEACONESS MEDICAL CENTER INC ↗
  • Who funds The Broad Institute Inc ↗
  • Who funds Cornell University ↗
  • Who funds TRUSTEES OF BOSTON UNIVERSITY ↗
  • Who funds UNIVERSITY OF SOUTHERN CALIFORNIA ↗
  • Who funds Axim Collaborative Inc ↗
  • Who funds UNIVERSITY OF PITTSBURGH ↗
  • Who funds Baylor College of Medicine ↗
  • Who funds UMass Memorial Health Care Inc (Parent) ↗
  • Who funds ALLEN INSTITUTE ↗
  • Who funds SMITHSONIAN INSTITUTION ↗
  • Who funds Ann & Robert H Lurie Children's Hospital of Chicago ↗
  • Who funds THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK ↗
  • Who funds CAMPUS CHILD CARE INC ↗
  • Who funds Trustees of Dartmouth College ↗
  • Who funds The Trustees of Princeton University ↗
  • Who funds AMERICAN REPERTORY THEATRE CO INC ↗
  • Who funds NORTHEASTERN UNIVERSITY ↗
  • Who funds JOHNS HOPKINS UNIVERSITY ↗
  • Who funds THE YOUNG MEN'S AND YOUNG WOMEN'S HEBREW ASSOCIATION ↗
  • Who funds Children's Hospital Pediatric Associates Inc ↗
  • Who funds New York University ↗
  • Who funds ST JUDE CHILDREN'S RESEARCH HOSPITAL 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.

The Trustees of Colum…Trustees of Boston Un…Beth Israel Deaconess…The George Washington…Yale UniversityCornell UniversityVanderbilt University…Cambridge Community F…University of Pittsbu…Mass General Brigham …Cambridge Savings Cha…Children's Hospital C…
The Trustees of Columbia University in the City of New YorkNY63.9× affinity45 shared granteesties to 7 of 11Hover any node to trace its alignments.Compare side by side →

Open a dossier: The Trustees of Columbia University in the City of New York · Trustees of Boston University · Beth Israel Deaconess Medical Center Inc · The George Washington University · Yale University · Cornell University · Vanderbilt University Medical Center · Cambridge Community Foundation · University of Pittsburgh · Mass General Brigham Incorporated · Cambridge Savings Charitable Foundation Inc · Children's Hospital Corporation

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 President and Fellows of Harvard College funds: left to right is the share of its income from government, bottom to top the share from President and Fellows of Harvard College. Bigger dots raise more.

2024
’20’21’22’23’24’25
no gov · 160%6%25%56%100%funder's share of their income ↑0%25%50%75%100%share of the org’s income from government →median 12%
  • Henry M Jackson Foundation for the Advancement of Military Medicine: 100% of income from government
  • Fulbright University Vietnam Usa Inc: 100% of income from government
  • Jsi Research & Training Institute Inc: 69% of income from government
  • Woods Hole Oceanographic Institution: 63% of income from government
  • Ada Forsyth Institute Inc: 38% of income from government
  • Harvard Pilgrim Health Care Inc: 37% of income from government
  • Joslin Diabetes Center Inc: 35% of income from government
  • Massachusetts Institute of Technology: 35% of income from government
  • Fenway Community Health Center Inc: 27% of income from government
  • Boston Medical Center Corporation: 23% of income from government
  • Marine Biological Laboratory: 20% of income from government
  • The Broad Institute Inc: 19% of income from government
  • Veterans Education and Research Association of Northern New England Inc: 17% of income from government
  • Massachusetts League of Community Health Centers Inc: 15% of income from government
  • Trustees of Tufts College: 13% of income from government
  • Trustees of Boston University: 12% of income from government
  • Johns Hopkins University: 12% of income from government
  • Yale University: 12% of income from government
  • The Trustees of Princeton University: 11% of income from government
  • Children's Hospital Corporation: 10% of income from government
  • Brandeis University: 9% of income from government
  • Northeastern University: 7% of income from government
  • Whitehead Institute for Biomedical Research: 7% of income from government
  • Dana-Farber Cancer Institute Inc: 7% of income from government
  • Beth Israel Deaconess Medical Center Inc: 6% of income from government
  • University of Miami: 5% of income from government
  • Trustees of Boston College: 3% of income from government
  • Chmc Surgical Foundation Inc: 1% of income from government
  • Boston Children's Heart Foundation Inc: 1% of income from government
  • The Trustees of Mount Holyoke College: 1% of income from government
  • Museum of Science: 0% of income from government
  • American Repertory Theatre Co Inc: 0% of income from government
  • Hebrew Senior Life Inc: 0% of income from government
  • Americares Foundation Inc: 0% of income from government
  • Partners in Health a Nonprofit Corporation: 0% of income from government
no gov moneyreceives it· size = income
16get no government money at all
9report government grants on their 990 we could not trace to a source (not plotted)
4rely 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 850 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 President and Fellows of Harvard College’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