How to Read a Foundation's 990-PF in 10 Minutes

You've found a foundation that might be a fit. Before you spend hours on an application, spend 10 minutes with its tax return. A private foundation's Form 990-PF can tell you quickly whether it's worth pursuing, and it's free to read.

This is a quick-read checklist. If you're new to 990-PFs or still building your prospect list, start with our longer guide on finding foundations with free IRS 990 data.

Before you start: get the right filing (1 minute)

Search the foundation's name on ProPublica Nonprofit Explorer, which includes private foundations that file Form 990-PF and links to copies of their returns where available. You can also look up filings with the IRS Tax Exempt Organization Search.

Quick checks:

Keep the blank current form open in another tab if it helps you find your place.

Minute 1–2: How big is it? (Page 1)

Look at the top of the first page for the fair market value of all assets at the end of the year. Then find the line in Part I for contributions, gifts, grants paid. On the current form, that's Part I, line 25.

Jot down both numbers. Together they tell you roughly how big the foundation is and how much it actually gives in a year. If total grants paid are modest, expect modest grants.

Optional: Part II, the balance sheet, shows total assets (line 16 on the current form) at the beginning and end of the year, if you want a second view of size.

Minute 3–4: Does it accept applications? (Supplementary Information, line 2)

Jump to the Supplementary Information section. On recent versions of the form it's Part XIV; on older returns, such as the 2019 form, it's Part XV. If the part numbers don't match, look for the title.

Line 2 is about grant programs. Check:

Write these down word for word. They can be brief or out of date, so confirm on the foundation's website if it has one.

Minute 5–8: Who does it actually fund? (Supplementary Information, line 3)

This is the heart of the return. Line 3 is Grants and Contributions Paid During the Year or Approved for Future Payment. It lists each recipient's name and address, the purpose of the grant, and the amount. Line 3a covers grants paid during the year, and 3b covers grants approved for future payment.

If the line just says "see attached" or "see statement," scroll to the end of the filing for the full list.

Spend most of your time here. Scan for:

Minute 9: Who makes decisions? (Part VII)

Part VII lists officers, directors, trustees, and foundation managers. At small family foundations, these are often the people who decide.

A connection can help you learn more, but still follow the foundation's stated process.

Minute 10: Make the call

Score the foundation on five questions:

QuestionYes / No
Accepts unsolicited applications (line 2 box not checked)?
Funds your cause?
Funds your area?
Typical grant size fits your request?
Funds organizations your size?

Four or five yeses: strong prospect. Check the website and plan your approach. Two or three: possible. Dig a little deeper or look for a connection. Zero or one: probably not a fit right now. Note why and move on.

Common pitfalls

Your 10-minute checklist

  1. Right foundation, right form, most recent year (1 min)
  2. Assets and total grants paid (2 min)
  3. Line 2: open to applications? Contact, format, deadlines, restrictions (2 min)
  4. Line 3: who, where, how much, repeat grantees (4 min)
  5. Part VII: decision makers (1 min)
  6. Score it and decide

Want a second opinion?

Ten minutes gets you a first read. If a funder looks promising and you want the full picture before you invest in an application, CivicVane's Single-Foundation Brief ($99) covers several years of 990-PF giving history and grant sizes, stated priorities, past grantees, how to apply, and a plain go / no-go read on fit. Weighing a few funders? The 3-pack is $249. Briefs are delivered by email as a PDF within 2 business days of payment and a complete order form.

Sources

All links checked on October 25, 2026.

Last checked 2026-10-25.