How to research funders using Form 990-PF and free tools

Every private foundation in the United States files an annual return with the IRS, Form 990-PF, and those returns are public. That makes them the single best free prospecting tool you have. A foundation's website tells you what it wants to be known for; its 990-PF tells you where the money actually went.

This guide shows you how to find a foundation's filings, which parts to read (and which to skip), and how to combine filings with other free sources into a clear yes-or-no on fit.

Why 990s beat marketing copy

Foundation websites and database profiles summarize priorities in broad strokes. The grant list on a 990-PF is specific: recipient by recipient, amount by amount, often with a purpose line. From it you can work out:

• Where the foundation really gives (by city, county, or state)
• What it really funds (by recipient type and purpose)
• How big a typical grant is
• How many grants go to the same organizations year after year
• Whether it accepts unsolicited applications at all
• Who sits on its board

A quick note on which form you're reading

Not every grantmaker files the same form.

This guide focuses on the 990-PF because most foundations you'll research are private foundations. If you're researching a community foundation or other public charity, look for Schedule I. See foundation types for how these funders differ.

Where to find 990-PF filings for free

ProPublica Nonprofit Explorer

ProPublica's Nonprofit Explorer is the friendliest place to start. It covers filings from more than 1.8 million tax-exempt organizations, drawing on IRS data, and links to PDF and digital versions of returns where available. Two features matter most for prospecting:

1. Organization search. Search the foundation's name, then open its filings by year.
2. Full-text search. For many electronically filed returns, you can search the text of filings. Search a peer organization's name and you may find foundations that list it as a grantee.

IRS Tax Exempt Organization Search (TEOS)

The IRS's own tool lets you check whether an organization is eligible to receive tax-deductible contributions, whether its exemption was automatically revoked, and whether it filed a 990-N e-Postcard. It also provides images of Forms 990, 990-EZ, 990-PF, and 990-T, and copies of favorable determination letters. TEOS is especially useful for confirming a funder is legitimate (see grant scams).

Candid

Candid's "Candid search," launched in 2026, combines data from the former Foundation Directory and GuideStar. Registration gives free access to basic profiles; detailed grants data and funder research features require a paid plan, or you can use it free at a Candid community partner location such as a participating public library. See our grant database comparison for details.

The foundation's own website

If a foundation has a website, it is your source of truth for current deadlines, guidelines, and contacts. Filings describe the past; websites describe the present.

Step-by-step: reading a 990-PF for prospecting

Pull up the two or three most recent filings for a foundation you're considering. Then work through them in this order. You don't need to read every line.

Step 1: Check the header

The first page identifies the foundation's legal name, EIN, address, and tax year. Note the tax year: it tells you how current the information is. Also note the foundation's fair market value of assets at the end of the year, reported near the top. It gives you a rough sense of the foundation's size.

Step 2: Skim Part I for total grants paid

Part I (Analysis of Revenue and Expenses) includes a line for contributions, gifts, and grants paid (line 25). Column (d) reports charitable disbursements on a cash basis. Compare this total to prior years. Is giving growing, stable, or shrinking?

Step 3: Go to Part XIV, line 2 — can you apply?

This is the most important line for deciding whether to spend more time. Part XIV (Supplementary Information), line 2, covers information about the foundation's grant programs.

• If the box is checked stating that the foundation "only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds," the foundation is invitation-only. Move it to your cultivation list.
• If the box is not checked, lines 2a through 2d should provide:
• 2a: the name, address, and contact information of the person to whom applications should be addressed
• 2b: the form in which applications should be submitted
• 2c: any submission deadlines
• 2d: any restrictions or limitations on awards, such as by geographic area, charitable field, or kind of institution

Step 4: Read the grant list in Part XIV, line 3

Line 3a lists grants and contributions paid during the year. Line 3b lists those approved for future payment, which are commitments the foundation has made but not yet paid, typically multi-year grants. For each grant, the IRS instructions call for:

• Recipient name and address
• Relationship of the recipient to any foundation manager or substantial contributor
• Foundation status of the recipient (for example, public charity)
• Purpose of the grant or contribution
• Amount

Larger foundations often attach the grant list as a separate statement at the end of the return. If line 3 says "see attached statement," scroll to the end of the PDF.

As you read, tally the following:

1. Geography: How many grants went to your city, county, or region?
2. Cause: How many went to organizations like yours?
3. Size: What is the most common grant amount? The median?
4. Recipient size: Are recipients small community groups or large institutions (universities, hospitals, national organizations)?
5. Purpose lines: Do they say "general support," "operating," "program," "capital," or are they blank?
6. Repeat grantees: Compare to last year's list. Are the same names there every year?

Line 3b is especially telling. A foundation with large future commitments may have less room for new grantees in the near term, or it may signal a willingness to make multi-year grants.

Step 5: Look at officers, directors, and trustees

The 990-PF lists the foundation's officers, directors, trustees, and foundation managers. Share this list with your board and ask, "Does anyone know any of these people?" A warm introduction can matter a great deal, especially for small, unstaffed foundations.

Step 6: Check for staff and administrative expenses

Part I also shows compensation and other expenses. A foundation that pays program staff likely has a formal review process. One that pays only a bank trustee fee may be run by a family or a corporate trustee, which changes how you approach it. Bank-managed trusts often have defined application procedures through the trust department.

Step 7: Compare at least two years

One year can mislead. A single large grant to your county might be a one-off. A pattern of grants over two or three years is a real signal.

A worked example

That's the whole value of the 990-PF: in about twenty minutes, you know where, how much, for what, and how to apply.

Researching public charities and community foundations

For grantmaking public charities, open the Form 990 and look for Schedule I. Part II lists grants to domestic organizations and governments over $5,000 to any single recipient, with each recipient's name, EIN, IRC section, amount, and purpose. Smaller grants won't appear individually.

Community foundations are trickier. Their grants include both competitive grants (decided by staff and committees) and grants recommended by donors from donor-advised funds. Schedule I usually doesn't tell you which is which. Use the community foundation's website and annual report to identify its competitive grant programs. See community foundations.

Using Candid and other profiles alongside filings

Candid profiles bring together information from filings, foundation-provided data, and Candid's own research, and its paid plans let you search grants data across many funders at once. Profiles are a great way to speed up research, but treat them as a starting point, then confirm key facts (deadlines, eligibility, contacts) on the foundation's own website or recent filings.

Candid also gives nonprofits a way to share their own information through a free profile and its Seals of Transparency. Funders researching you may look at your profile, so it's worth keeping it current.

A simple 990-PF research template

Copy this into your prospect notes for each foundation.

Feed your verdicts into the Funder Fit Scorecard and your active pipeline in the Grant Tracker.

Common mistakes when reading 990s

• Reading only one year. Look for patterns across two or three filings.
• Missing the attached grant list. Large foundations put it at the end of the PDF.
• Ignoring line 2. If the box is checked, an unsolicited proposal wastes your time and theirs.
• Using the 990-PF for deadlines. Filings lag; confirm current deadlines on the website.
• Overlooking grant size. Set your ask from the typical grant, not the biggest one.
• Treating the 5% figure as a grants budget. It's a minimum distribution calculation, and qualifying distributions can include certain administrative expenses.

Bottom line

You don't need an expensive subscription to research foundations well. With a free ProPublica search, the IRS's TEOS, and twenty focused minutes per funder in Part XIV of the 990-PF, you'll know more about a funder's real behavior than most applicants ever do. For the broader process of turning that research into a ranked list, see our grant prospecting guide.