How to Read a Foundation's 990 (Without Being an Accountant)
Every private foundation in the country files a tax return called the 990-PF, and every one of those returns is public. That makes the 990-PF one of the most valuable and underused tools in fundraising, a free, direct window into how a funder actually gives, not how they describe themselves on a polished website.
The catch is that it looks intimidating. It is long, it is full of tax language, and most nonprofit staff take one glance and close the tab. The good news is that you do not need to be an accountant to get what you need from a 990. You only need to know which few sections to look at and what they are telling you.
Why the 990 Is Worth Your Time
A foundation's guidelines tell you what it says it funds. Its 990 shows you what it did fund, in dollars, to real organizations, in a specific year. That difference is everything.
A funder might describe itself as supporting education broadly, but its 990 reveals that every grant last year went to early-childhood programs within thirty miles of its office. Guidelines are aspirational, while the 990 is the receipt. For smaller foundations especially, many of which have no website at all, the 990 may be the only reliable information that exists.
Learning to read one lets you qualify a prospect in minutes and approach it with a level of specificity most applicants never bother to reach.
Where to Find It
You do not need special access. Foundation 990s are freely available through sites like Candid's Foundation Directory, ProPublica's Nonprofit Explorer, and the IRS itself. Search the foundation's name, open the most recent filing available, and remember that there is often a lag, so the newest return may be a year or two old. That is normal and still useful, since giving patterns rarely change overnight.
What to Look At on the 990
Ignore most of the document. You are hunting for a handful of things, and once you know where they live, a 990 takes ten minutes to mine. Here is what to look for:
The grants list. Usually near the end, this is the gold. It shows exactly who the foundation funded, how much each organization received, and often the purpose of the grant. This one section tells you their real priorities, their typical grant size, and whether organizations like yours are already in the mix.
Grant amounts and range. Scan the dollar figures. If grants cluster between $5,000 and $15,000, asking for $100,000 marks you as someone who did not do their homework. The range tells you what to request.
Total giving. Near the top, you will see how much the foundation gave in total. This tells you the scale you are dealing with and whether there is real room for new grantees.
Geographic patterns. Read the addresses of past grantees. A funder's actual giving footprint is often far narrower than its stated one, and geography is one of the most common reasons applications get screened out.
Trustees and officers. The 990 lists the people who run the foundation. A familiar name, a shared connection, or a board member tied to your community can turn a cold application into a warm one.
The "contributions to preselected organizations" box. Many small foundations check a box stating they do not accept unsolicited requests. Do not let it stop you cold, but do let it tell you the funder needs a relationship first rather than a proposal out of the blue.
Turning What You Find Into Action
Reading the 990 is only step one. The value comes from what you do with it. If the grants list shows a funder consistently supports organizations like yours at a certain level, you have found a real prospect and you know what to ask for. If every grantee sits in one county and you are outside it, you have saved yourself the wasted effort of applying. And if you spot a trustee you have a genuine connection to, you have found your way in. The 990 does not just tell you whether to apply, it tells you how.
None of this requires a finance background, only the willingness to open the document and look in the right places. The nonprofits that treat the 990 as a research tool rather than a tax form consistently show up better prepared, ask for the right amount, and waste less time on funders that were never a fit.
If you want help turning funder research into a fundraising strategy, we would love to talk. Access Philanthropy advisors offer free 30-minute conversations, no forms and no pressure. Reach out at hello@accessphilanthropy.com or complete the form.
