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The Covalent Foundation at a glance

· Private foundation

The Covalent Foundation

Its FY2025 filing reports that it funds preselected organizations and did not take unsolicited requests; check the foundation's own site before ruling it out.

$913k
Granted FY2025still arriving
6
Grants FY2025still arriving
3
States reached
$506k
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$8.7MCrime & Legal$1.1MCivil Rights$610kPhilanthropy$309kHuman Services$210kEducation$160kYouth Development$132kInternational$60kOther$0
02FY2025 · 6 grants

Where the money goes

Grants by size, and the largest recipients.

By grant size · FY2025

  • $10k–50k1 grant · $10k
  • $50k–250k4 grants · $398k
  • $250k+1 grant · $506k
$100,000
Median grant
3
States reached
$3.9M
Total assets

Anchored by a single position: about 96% of reported assets are held in Sei.

Largest grants
RecipientAmount
ASCENSION SETON FOUNDATION$505,516
DELL CHILDREN'S MEDICAL CENTER FOUNDATION$152,570
TEXAS ADVOCACY PROJECT$100,000
CASA OF TRAVIS COUNTY$95,000
BREAKTHROUGH T1D$50,000
RANGERACE CONSTRUCTION CAMP FOUNDATION$10,000
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:

Dollar for dollar, its grants (FY17–25) land where the poverty rate runs at 10%, against an area that typically sits at 8%. 97% of its dollars go to grantees based in above-average-need neighborhoods. Most of its grants land in higher-need ZIPs.

area typical 8%HEALTH LEADS: $50k → 16%BROTHER'S BROTHER FOUNDATION: $60k → 11%CASA OF TRAVIS COUNTY: $95k → 10%RANGERACE CONSTRUCTION CAMP FOUNDATION: $56k → 6%THE SETON FUND: $10k → 10%RANGERACE CONSTRUCTION CAMP FOUNDATION: $54k → 6%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $1.0M → 10%RANGERACE CONSTRUCTION CAMP FOUNDATION: $49k → 6%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $905k → 10%RANGERACE CONSTRUCTION CAMP FOUNDATION: $36k → 6%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $707k → 10%THE MELIORA FOUNDATION: $21k → 6%ASCENSION SETON FOUNDATION: $700k → 10%RANGERACE CONSTRUCTION CAMP FOUNDATION: $17k → 6%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $668k → 10%THE MELIORA FOUNDATION: $13k → 6%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $618k → 10%RANGERACE CONSTRUCTION CAMP FOUNDATION: $11k → 6%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $617k → 10%THE MELIORA FOUNDATION: $10k → 6%THE SETON FUND: $526k → 10%RANGERACE CONSTRUCTION CAMP FOUNDATION: $10k → 6%ASCENSION SETON FOUNDATION: $506k → 10%THE MELIORA FOUNDATION: $10k → 6%SETON MEDICAL: $403k → 10%THE MELIORA FOUNDATION: $10k → 6%THE SETON FUND: $397k → 10%THE MELIORA FOUNDATION: $5k → 6%ASCENSION SETON SETON MEDICAL CENTER AUSTIN: $393k → 10%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $295k → 10%SETON MEDICAL: $257k → 10%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $153k → 10%DELL CHILDREN'S MEDICAL CENTER FOUNDATION: $147k → 10%SETON MEDICAL: $118k → 10%BOYS AND GIRLS CLUBS OF THE AUSTIN AREA: $80k → 10%BOYS AND GIRLS CLUB OF AUSTIN AREA: $53k → 10%SETTLEMENT CLUB: $10k → 10%TEXAS ADVOCACY PROJECT (TAP): $100k → 10%TEXAS ADVOCACY PROJECT: $100k → 10%TEXAS ADVOCACY PROJECT (TAP): $100k → 10%TEXAS ADVOCACY PROJECT (TAP): $100k → 10%AUSTIN EDUCATION FUND (AISD): $100k → 10%JDRF INTERNATIONAL: $25k → 10%COURT APPOINTED SPECIAL ADVOCATES (CASA) OF TRAVIS COUNTY: $375k → 10%COURT APPOINTED SPECIAL ADVOCATES (CASA) OF TRAVIS COUNTY: $150k → 10%CASA OF TRAVIS COUNTY: $50k → 10%COURT APPOINTED SPECIAL ADVOCATES (CASA) OF TRAVIS COUNTY: $50k → 10%COURT APPOINTED SPECIAL ADVOCATES (CASA) OF TRAVIS COUNTY: $10k → 10%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.
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.
$10M · 11 repeat orgs$840k to everyone else

Grantees it renews have grown median revenue +93% since the first grant, against +43% for those funded once.

11 repeat relationships: 6 still active in FY2025, 5 since wound down.

How the two cohorts compare

Re-uppedFunded once

Organizations

11
10

Total granted

$10M
$840k

Median revenue growth · since first grant

+93%
+43%

Still filing today

55%
60%

New vs renewed · share of each year

In FY2025, 100% of grant dollars renewed an existing relationship; $0 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
HealthArts & CultureYouth DevelopmentInternationalRecreation & SportsOther
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

  • DC
    DELL CHILDREN'S FOUNDATION
    9× · 2017–2025 · $5.1M · revenue +111%
  • AS
    ASCENSION SETON FOUNDATION
    2× · 2024–2025 · $1.2M · revenue +93%
  • CA
    COURT APPOINTED SPECIAL ADVOCATES OF TRAVIS COUNTY
    6× · 2019–2025 · $730k · revenue +22%

Funded once

  • AS
    ASCENSION SETONgraduated
    one grant, 2021 · $393k · revenue +40%
  • AE
    AUSTIN EDUCATION FUND
    one grant, 2019 · $100k
  • BA
    BOYS AND GIRLS CLUBS OF AUSTIN AND TRAVIS COUNTY INCgraduated
    one grant, 2017 · $80k · revenue +38%
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
Texas Association of Business

As the state chamber of commerce, tab is the most influential and dominant voice for public policy issues affecting business in texas. through proven results-oriented advocacy and member services, tab develops a climate in texas which…

—
2
Banner -University Medical Group

Assist banner health complete its mission to make health care easier so life can be better by providing integrated & coordinated care & population health management.

Health
3
Ascension Texas

Rooted in the loving ministry of Jesus as healer, we commit ourselves to serving all persons with special attention to those who are poor and vulnerable. Our Catholic health ministry is dedicated to spiritually-centered, holistic care…

Health
4
Children's Advocacy Centers of Texas Inc

Children's advocacy centers of texas, inc. (cactx) is the statewide organization for its 70 children's advocacy centers (cac's) across texas. cactx leads efforts, in partnership with investigatory and prosecution agencies, to pursue…

Crime & Legal
5
Ascension Seton Hays Foundation

Rooted in the loving ministry of jesus as healer, we commit ourselves to serving all persons with special attention to those who are poor and vulnerable. our catholic health ministry is dedicated to spiritually-centered, holistic care…

—
6
Cook Children's Medical Center

Knowing that every child's life is sacred, our promise is to improve the health of every child in our region through the prevention and treatment of illness, disease and injury.

Health
7
Cook Children's Health Plan

Knowing that every child's life is sacred, our promise is to improve the health of every child in our region through the prevention and treatment of illness, disease, and injury.

Health
8
Texas Children's Health Plan

To create a healthier future for children and women throughout our global community by leading in patient care, education, and research.

Health
9
Texas Children's Urgent Care

To create a healthier future for children and women throughout our global community by leading in patient care, education and research.

Health
10
Banner Alzheimer's Foundation

Established in 2006, the banner alzheimer's foundation (baf) secures and stewards charitable gifts to advance the mission of banner alzheimer's institute (bai), including groundbreaking research initiatives and pioneering prevention…

Health
11
Ascension Seton Williamson Foundation

Rooted in the loving ministry of jesus as healer, we commit ourselves to serving all persons with special attention to those who are poor and vulnerable. our catholic health ministry is dedicated to spiritually-centered, holistic care…

—
12
Texas Medical Association

The texas medical association (tma), the nation's largest and one of the oldest state medical societies, represents over 59,000 physicians and medical students dedicated to enhancing the health of all texans. in collaboration with 110…

—
How this is measured
The grantee most central to the portfolio’s shape is Dell Children's Foundation; the most unlike its peers is Breakthrough T1D. 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

12 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. 12 of the 21 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.

0
Load-bearing (≥25% of a budget)
2
Early backer (in before they grew)
12/12
Grantees still filing
12/12
Grew since first funded

Where the money sits, by cause and then by grantee

DELL CHILDREN'S FOUNDATION: $5,137,308 · OtherDELL CHILDREN'S FOUNDATIONASCENSION SETON FOUNDATION: $1,205,423 · OtherASCENSION SETON FOUNDATIONTHE SETON FUND: $932,426 · OtherTHE SETON FUNDIndividual grant recipient: $778,533 · OtherIndividual grant recipientTEXAS ADVOCACY PROJECT (TAP): $750,000 · OtherTEXAS ADVOCACY PROJECT (TAP)COURT APPOINTED SPECIAL ADVOCATES OF TRAVIS COUNTY: $730,000 · OtherCOURT APPOINTED SPECIAL ADVOCATES OF TRAVIS COUNTYASCENSION SETON: $392,978 · Other+7 more: $737,100 · Other+7 moreBREAKTHROUGH T1D: $150,000 · HealthHEALTH LEADS INC: $50,000 · HealthTHE SETTLEMENT CLUB: $10,000 · HealthTexas Advocacy Project: $200,000 · Arts & CultureBOYS AND GIRLS CLUBS OF AUSTIN AND TRAVIS COUNTY INC: $79,800 · Youth DevelopmentBROTHER'S BROTHER FOUNDATION: $60,000 · InternationalAUSTIN YMBL SUNSHINE CAMP: $10,000 · Recreation & Sports
Other$10,663,768Health$210,000Arts & Culture$200,000Youth Development$79,800International$60,000Recreation & Sports$10,000

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

25%50%75%100%$10M$100Mgrantee revenue →↑ funder's share of their budgetDELL CHILDREN'S FOUNDATION: $5,137,308 over 9y, 8.3% of budgetASCENSION SETON FOUNDATION: $1,205,423 over 2y, 7.9% of budgetCOURT APPOINTED SPECIAL ADVOCATES OF TRAVIS COUNTY: $730,000 over 6y, 5.2% of budgetASCENSION SETON: $392,978 over 1y, 0.0% of budgetTHE SAFE ALLIANCE: $200,000 over 3y, 0.3% of budgetTexas Advocacy Project: $200,000 over 2y, 5.5% of budgetBREAKTHROUGH T1D: $150,000 over 3y, 0.0% of budgetBOYS AND GIRLS CLUBS OF AUSTIN AND TRAVIS COUNTY INC: $79,800 over 1y, 1.0% of budgetBROTHER'S BROTHER FOUNDATION: $60,000 over 1y, 0.1% of budgetHEALTH LEADS INC: $50,000 over 1y, 1.3% of budgetTHE SETTLEMENT CLUB: $10,000 over 1y, 0.2% of budgetAUSTIN YMBL SUNSHINE CAMP: $10,000 over 1y, 1.0% 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 DELL CHILDREN'S FOUNDATION ↗
  • Who funds ASCENSION SETON FOUNDATION ↗
  • Who funds COURT APPOINTED SPECIAL ADVOCATES OF TRAVIS COUNTY ↗
  • Who funds ASCENSION SETON ↗
  • Who funds THE SAFE ALLIANCE ↗
  • Who funds Texas Advocacy Project ↗
  • Who funds BREAKTHROUGH T1D ↗
  • Who funds BOYS AND GIRLS CLUBS OF AUSTIN AND TRAVIS COUNTY INC ↗
  • Who funds BROTHER'S BROTHER FOUNDATION ↗
  • Who funds HEALTH LEADS INC ↗
  • Who funds THE SETTLEMENT CLUB ↗
  • Who funds AUSTIN YMBL SUNSHINE CAMP ↗

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.

Austin Community Foun…Topfer Family Foundat…The Moody FoundationUnited Way WorldwideThe Blackbaud Giving …Raymond James Charita…Natl Christian Charit…Morgan Stanley Global…American Online Givin…The Bank of America C…Donor Advised Charita…Fidelity Investments …
Austin Community Foundation IncTX17.4× affinity6 shared granteesties to 11 of 11Hover any node to trace its alignments.Compare side by side →

Open a dossier: Austin Community Foundation Inc · Topfer Family Foundation · The Moody Foundation · United Way Worldwide · The Blackbaud Giving Fund · Raymond James Charitable Endowment Fund · Natl Christian Charitable Fdn Inc · Morgan Stanley Global Impact Funding Trust Inc · American Online Giving Foundation Inc · The Bank of America Charitable Foundation Inc · Donor Advised Charitable Giving Inc · Fidelity Investments Charitable Gift Fund

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 The Covalent Foundation funds: left to right is the share of its income from government, bottom to top the share from The Covalent Foundation. Bigger dots raise more.

2024
’20’21’22’23’24’25
no gov · 00%1%3%6%10%funder's share of their income ↑0%8%15%22%30%share of the org’s income from government →
    no gov moneyreceives it· size = income
    0get no government money at all
    7report government grants on their 990 we could not trace to a source (not plotted)
    0rely on government for over half their income
    ⤢ axis zoomed · 0–30%
    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 21 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-PF 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 Covalent’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