When people picture a private foundation, they tend to think of Gates, Ford or MacArthur: big endowments, large program staffs, published strategies. Those foundations exist, and they move a lot of money. But they are a tiny fraction of the field.
We looked at all 130,804 private foundations in the IRS Business Master File (as of October 2026) and the most recent Form 990-PF filed by each of them since 2022. The picture that emerges is a long tail of small foundations, a concentrated top and a large middle that rarely gets attention.
Most foundations are small
The vast majority (121,231) are non-operating foundations, the classic grantmakers that fund other organizations. Another 9,573 are operating foundations that mainly run their own programs.
| Assets (IRS master file) | Foundations | Share |
|---|---|---|
| None reported | 10,543 | 8.1% |
| Under $100K | 37,733 | 28.8% |
| $100K – $1M | 36,450 | 27.9% |
| $1M – $10M | 34,143 | 26.1% |
| $10M – $50M | 8,656 | 6.6% |
| $50M – $100M | 1,552 | 1.2% |
| $100M – $1B | 1,577 | 1.2% |
| $1B and over | 150 | 0.1% |
Only about 3,300 foundations, 2.5% of the total, hold $50 million or more. Yet the largest 1% hold 71% of all foundation assets, and the largest 10% hold 93%. Wealth is concentrated at the top; the foundations themselves are mostly small.
The 5% floor has become the target
Non-operating private foundations must generally make “qualifying distributions” of about 5% of their investment assets each year. The rule is a minimum. In practice, it works like a target.
| Non-operating foundations, by assets (fair market value) | Foundations | Median grants paid | Median distributions ÷ assets |
|---|---|---|---|
| Under $1M | 49,375 | $11,100 | 6.7% |
| $1M – $10M | 34,094 | $126,000 | 4.7% |
| $10M – $50M | 9,899 | $836,000 | 4.7% |
| $50M – $1B | 3,477 | $4.5M | 4.7% |
| $1B and over | 157 | $89M | 4.7% |
Above $1 million in assets, the median foundation distributes about 4.7% of its year-end assets, and that figure barely moves from a $2 million family foundation to a $2 billion institution. Foundations of every size cluster around the legal minimum.
And about one in four non-operating foundations paid no grants at all in its most recent filed year. Some are new, winding down or saving for a large commitment. But it’s a reminder that a foundation existing isn’t the same as a foundation giving.
Don’t overlook the middle
Foundations with $1 million to $50 million in assets get far less attention than the giants. Our data suggests they deserve more:
- Together they hold about 19% of non-operating foundation assets, but pay about 23% of grants, roughly $24 billion a year in their most recent filings.
- Collectively, their grants equal about 7% of their assets, compared with about 5% for billion-dollar foundations.
- Their median grants budget, $126,000 a year for a $1–10M foundation, is too small to support much paid staff. Many are run by family members, a trustee or a part-time administrator.
That combination (meaningful money, little staff) explains a lot about how the middle behaves. These foundations often fund the same organizations year after year, accept few or no unsolicited proposals, and rely on personal networks and trusted signals to find new grantees. They don’t lack generosity. What they lack is capacity for research and diligence.
What it means
For grantmakers
Most of your peers are small and lean. Tools, standards and benchmarks built for staffed institutions don’t fit them. The opportunity is giving mid-sized foundations the kind of research, diligence and monitoring a large foundation’s staff provides, without the staff.
For nonprofits
The middle is where much of the realistic opportunity sits. These foundations are numerous, spread across the country (California, New York, Texas, Florida, Pennsylvania and Illinois each have more than 5,900), and less crowded with applicants than the household names. But they’re reached through relationships and credibility, not cold applications. Your public record, starting with your Form 990, does a lot of the introducing.
Explore the data: Givalgo Discover profiles every U.S. private foundation, including assets, grants paid, who it funds and its peer funders. Search by cause, place and size.
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Counts and asset bands come from the IRS Exempt Organizations Business Master File (October 2026), foundation codes 02 and 03 (operating) and 04 (non-operating), using the asset amount reported to the IRS. Grant and distribution figures use each foundation’s most recent Form 990-PF filed for tax year 2022 or later (119,496 foundations): grants are “contributions, gifts, grants paid” and distributions are “qualifying distributions,” divided by year-end fair market value of assets. Medians exclude foundations reporting zero assets. Figures are rounded.