Most nonprofit leaders chase grants like shooting stars—bright, distant, and often out of reach.
But here’s the secret few talk about: the answers you’re looking for are already hidden in plain sight.
Every private foundation in the U.S. is required to file IRS Form 990-PF, a document that reveals exactly who they fund, how much they give, and what they actually care about.
If you’ve ever wasted weeks on a proposal only to get a polite rejection, chances are you misunderstood the foundation’s priorities.
That’s not your fault. Foundations rarely advertise their true funding strategies on their websites. But their IRS 990s?
They tell the unfiltered story.
And in 2025, when funders are tightening their criteria and leaning into impact-driven, equity-focused giving, knowing how to read these forms is no longer optional—it’s survival.
What is IRS Form 990-PF and Why It Matters
It’s the annual return private foundations must file with the IRS.
Unlike the 990s filed by nonprofits, the “PF” version discloses assets, investments, trustees, and—most importantly—grants paid.
It’s the most transparent window into foundation behavior, cutting through the marketing fluff.
According to the IRS, over 80,000 private foundations file annually, meaning a free treasure chest of grant intelligence is sitting on public record.