Grantmaking Foundations (U.S.) — Industry Primer

NAICS 2022 code 813211. NAICS = North American Industry Classification System, the standard code set U.S. statistical agencies use to group businesses.

1. Overview

Grantmaking foundations are tax-exempt organizations that hold a pool of capital — an endowment — and give money away, mostly as grants to charities, universities, hospitals, and research programs. This is the industry of the Lilly Endowment, the Gates Foundation, and roughly 120,000-plus smaller family, corporate, and community foundations [12][13]. Together they hold a record of about $1.5 trillion in assets and give away on the order of $110-117 billion a year [7][9][10].

For an investor, the first thing to understand is what this industry is not. Foundations are nonprofits — there is no stock, no dividend, and no acquirer. You cannot buy a share of the Gates Foundation, and no one can buy it either. So there is no "pure play" here for public-market investors, and this primer says so plainly.

What there is is a large flow of money that touches investors in three practical ways. First, foundations are enormous asset owners: that $1.5 trillion is invested in stocks, bonds, private equity, and hedge funds, and the firms that manage, advise, and custody it — asset managers, trust banks, and outsourced investment offices — are frequently public companies [23]. Second, foundations are major limited partners: private-market fund managers (private equity, venture capital, real assets) raise capital from them. Third, wealthy individuals interact with the industry directly by starting a foundation as a philanthropy and estate-planning vehicle, or by using a lighter-weight alternative such as a donor-advised fund. Those are the real "ways in," and they are covered in Sections 4 and 10.

Forward-looking judgment: the underlying need for philanthropic capital is durable, but the cleanest investable opportunities are in the infrastructure around foundations, not in foundations as legal entities.

2. What it is and how it's structured

Scope. NAICS 813211 covers establishments known as grantmaking foundations or charitable trusts — organizations that award grants from a fund, either competitively or at the discretion of the foundation's managers, or that bankroll a single ongoing philanthropic program [4]. In everyday terms this bucket contains four sub-types:

• Independent / family foundations — the largest group by number and assets, endowed by an individual or family (Gates, Ford, Hewlett, Walton).
• Corporate foundations — funded by and affiliated with a for-profit company; roughly 2,200 of them, holding about $68 billion [13].
• Community foundations — pooled, place-based endowments serving a city or region; roughly 700 nationwide [13].
• Operating foundations — run their own charitable programs (e.g., the J. Paul Getty Trust runs museums) rather than mainly writing grants.

Ownership — a tax term, not an equity term. For tax purposes a Section 501(c)(3) organization is classified as either a public charity (broad public or governmental support) or a private foundation (a small number of donors plus investment income) [6]. "Private" here means privately funded, not privately owned: a foundation has no equity owners and no shareholders. Control runs through a board of trustees or directors, bound by the founding donor's intent and a legally mandated charitable purpose. Its "profits" cannot be distributed to anyone — they must be reinvested or granted out.

What it excludes (adjacent NAICS codes). The classification draws several lines worth knowing [4]:

• 813212 Voluntary Health Organizations — disease-focused charities that fundraise and fund research (e.g., the American Cancer Society).
• 813219 Other Grantmaking and Giving Services — federated fundraisers and "community chest" organizations such as United Way that raise money broadly and pass it through, rather than granting from an endowment.
• 561499 contract fundraising, Industry Group 5239 trust management/administration for others, 81331 social advocacy organizations, and 54171 physical/life-science research organizations.
• Operating charities that deliver services directly (hospitals, universities, food banks) sit in health, education, and social-assistance codes, not here.
• Donor-advised fund (DAF) sponsors — a fast-growing alternative giving vehicle in which donors recommend later grants — are generally organized as public charities and are usually classified outside 813211, even though they compete with foundations for donor dollars (see Section 6).

3. How big it is

The most reliable hard counts come from the U.S. federal statistical agencies, and they carry an important caveat for this industry.

SBA = U.S. Small Business Administration; its size standard is a procurement/eligibility threshold, not a measure of industry size. HHI is a standard concentration measure where under 1,500 counts as "unconcentrated."

The undercount is large and central to understanding this industry. County Business Patterns (CBP) counts only establishments that have paid employees [5]. But most foundations have no staff at all — a typical family foundation is run by its trustees, a family member, or an outside advisor, with zero payroll. Industry sources put the number of private foundations at well over 120,000, and some counts run toward 150,000 once operating and dormant entities are included [13]; Candid reports that about 43% of foundations (roughly 52,000) hold less than $250,000 in assets, while only about 166 hold more than $1 billion [12]. So the ~12,600 employer establishments in the federal data represent only the staffed minority — perhaps one foundation in ten. The federal payroll and employment figures are accurate for what they measure; they simply do not capture the tens of thousands of tiny, unstaffed foundations that make up the bulk of the industry by count. The federal extract also does not report foundation assets, grants, investment returns, or donor counts, so those come from private-sector sources below.

By the measures that matter most for this sector — assets and grants — the industry is far larger than the payroll data suggest. Total U.S. foundation assets reached a record of roughly $1.5 trillion, rising toward $1.6 trillion in mid-2024 on strong markets [7][8]. Foundation giving was about $109.8 billion in 2024 — 19% of the $592.5 billion Americans gave to charity that year, making foundations the second-largest source of U.S. giving after individuals — and an estimated $117.15 billion in 2025 (of $617.2 billion total) [9][10]. (These are broad philanthropy figures, not NAICS 813211 measurements.)

4. The investable universe

There is no public "Grantmaking Foundations" stock. Every entity in NAICS 813211 is a tax-exempt nonprofit. You cannot buy equity in the Gates Foundation or the Lilly Endowment, they pay no dividends, and they cannot be acquired. Anyone selling you a "foundation investment" is selling something else.

What public-market investors can own is the ecosystem that serves foundations — the asset managers, trust/custodian banks, and platforms that earn fees on foundation and endowment money. Foundation assets are a modest slice of these firms' revenue, so the exposure is real but indirect.

OCIO = outsourced chief investment officer, a firm that manages an endowment's whole portfolio under delegated authority. AUM = assets under management. The relevant public-market metrics for these firms are institutional AUM, net flows, fee rates, custody revenue, client retention, and operating margins — not anything foundation-specific.

Corporate foundation sponsors (a different kind of exposure). Many public companies fund a corporate foundation and/or provide trust and grant-administration services — Walmart (WMT), Ford Motor (F), Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC). Two cautions: (1) foundation activity is almost always immaterial to the parent's earnings — you are buying the operating business, not the foundation; and (2) do not confuse a corporate foundation with a same-named family foundation. Ford Philanthropy is the automaker's arm and is entirely separate from the independent Ford Foundation [26]; the Lilly Endowment was seeded with Eli Lilly & Co. stock but is legally separate from the drugmaker [27].

Two large specialists — Commonfund and Cambridge Associates — were built specifically around endowments and foundations, but both are privately held, so they are not directly investable [23]. Fidelity and Vanguard, which run the two largest DAF charities, are likewise private.

Major "owners" of the industry itself are the founding donors and families behind the biggest endowments. The concentration at the top is extreme:

The 50 largest private foundations control a combined ~$535.9 billion; Lilly plus the two Gates entities alone hold about $236 billion, roughly 44% of that top-50 total [14].

5. How the money works

A foundation's economics are not those of an operating business. There are no customers, no revenue growth, and no margins in the usual sense. The right lens is an endowment: a permanent (or deliberately shrinking) pool of capital whose job is to fund grants — ideally forever — while keeping its purchasing power intact.

The engine has four terms:

1. Investment return — the endowment is invested, and total return is the primary source of new money. In calendar 2024, private foundations earned an average of 10.3% net of fees, and community foundations 11.0%, the second straight year of double-digit returns [11]. Private foundations tend to run equity-heavy, alternatives-rich portfolios (public and private stocks, hedge funds, private equity, real assets) with relatively little in bonds — which lifts long-run returns and volatility alike [11].
2. Payout — by law a private foundation must distribute at least 5% of the fair value of its non-charitable-use (investment) assets each year for charitable purposes (grants plus certain qualifying costs), measured off a lagged average asset base [17]. This is the industry's structural spending floor.
3. Excise tax — most domestic private foundations pay a flat 1.39% federal excise tax on net investment income (interest, dividends, rents, royalties, and capital gains, net of related expenses) under Internal Revenue Code (IRC) Section 4940 — a single rate since 2020, replacing an older two-tier 1%/2% system [16].
4. Costs and inflation — investment-management fees, administration, grant diligence, and the erosion of inflation.

The arithmetic that decides a foundation's fate is simple: if long-run return exceeds payout + costs + inflation (roughly 5% + ~1% + inflation, so a hurdle in the high single digits), the corpus grows in real terms and the foundation can give in perpetuity. If it earns less, the endowment shrinks in real terms. A minority of large donors now deliberately choose to spend down — exhaust the endowment within a set number of years — betting that concentrated giving now beats a smaller stream forever. Foundations must also manage liquidity: matching grant commitments and capital calls from private-market funds against assets that may not be quickly sellable.

On the revenue side, the federal "receipts" figure of ~$130.8 billion [2] is mostly investment income plus fresh contributions from living donors and bequests — not earned revenue. The "product" the industry ships is grants: the ~$110-117 billion that flows out annually [9][10].

For investors, the fee ecosystem is where the money is made. Every dollar of that $1.5 trillion generates fees for someone — the OCIO, the fund managers, the custodian, the auditors, the lawyers. Those fees scale with foundation AUM, which in turn tracks the equity markets. That is the real transmission line between this nonprofit industry and public and private investors. Useful diligence metrics on the service-provider side are recurring fee revenue, client retention, and how concentrated (and how disclosed) any single provider's foundation book is.

6. What drives demand

"Demand" here means two things: the flow of new money into foundations, and the flow of grants out.

• Wealth creation and equity markets. Foundation assets are largely stock-linked, so bull markets swell endowments and bear markets shrink them. New foundations are typically born from liquidity events — an initial public offering (IPO), a company sale, or large stock appreciation. The waves of tech and finance wealth over the past two decades are the single biggest driver of the sector's growth [7].
• The great wealth transfer. Tens of trillions of dollars are expected to change hands as older generations pass wealth down and give it away, a durable tailwind for foundation, DAF, and charitable-trust formation.
• Tax policy. The charitable deduction and the estate tax are powerful incentives to move appreciated assets into a foundation, and they shape the timing of gifts. The 2025 reconciliation law (P.L. 119-21) added a 0.5%-of-adjusted-gross-income floor on itemized individual charitable deductions beginning after December 31, 2025, and a 1% floor on corporate charitable deductions beginning after December 31, 2027 — changes that raise the bar for smaller donors and could nudge giving toward larger, more deliberate vehicles [21].
• The 5% mandate. Because payout is legally required, grant volume has a floor — roughly $70-80 billion a year from private foundations — regardless of the mood of donors. That defensive, non-cyclical feature is unusual among industries.
• Persistent public needs. Health, education, scientific research, disaster relief, environmental protection, housing, and community development continually generate demand for grant capital; disasters, pandemics, and social movements produce spikes (foundations pushed out extra money during COVID-19).
• Competition from newer vehicles. Donor-advised funds and philanthropic LLCs (limited liability companies) increasingly capture dollars that once would have founded a private foundation. DAF assets hit $326.45 billion in fiscal 2024, with $89.6 billion of contributions in and $64.89 billion of grants out across 3.56 million accounts — a payout rate above 25%, well above the foundation minimum [25]. High-profile donors such as the founders of Meta chose an LLC (the Chan Zuckerberg Initiative) rather than a foundation, trading the tax benefits for freedom from the payout and disclosure rules. This is both a competitor to and a pressure on the classic foundation model.

7. Regulation

Private foundations are among the most tightly regulated tax-exempt entities in the U.S. tax code, governed by a cluster of IRC excise-tax rules and enforced by the Internal Revenue Service (IRS) and state attorneys general (AGs):

• §4940 — tax on net investment income: the flat 1.39% excise tax described above [16].
• §4942 — minimum distribution: the 5% annual payout requirement; falling short triggers penalty taxes [17].
• §4941 — self-dealing: near-total prohibition on financial transactions between the foundation and its insiders (donors, trustees, their businesses).
• §4943 — excess business holdings: limits on how much of a private business a foundation may own [20].
• §4944 — jeopardizing investments: penalties for reckless investing that risks the charitable assets [20].
• §4945 — taxable expenditures: rules on grants (e.g., "expenditure responsibility" for grants to non-charities), limits on lobbying, and an absolute bar on political-campaign intervention that applies to all 501(c)(3) organizations [19].

Every private foundation files Form 990-PF annually, and that return is a public document — foundation finances, investments, trustee pay, and every grant are open to inspection [18]. Community foundations, organized as public charities, file the standard Form 990 and face somewhat lighter rules. State attorneys general separately oversee charitable assets, fiduciary conduct, registration, and solicitation; New York, for example, regulates any organization holding charitable property or operating in the state [22].

Policy is an active risk surface. Recurring proposals would raise the mandated payout above 5%, tighten the interaction between foundations and DAFs (as in prior "ACE Act" proposals), or extend investment-income taxes. The endowment excise tax Congress imposed on wealthy private universities is a live precedent that some worry could be broadened to large foundations, and the new charitable-deduction floors [21] show the tax treatment of giving is genuinely in play. None of these is settled against foundations, but they shape long-range planning.

8. Competitive dynamics and consolidation

Foundations do not compete for customers, but they do compete for donor capital, qualified staff, credible grantees, investment performance, and public trust — and the industry has a clear structure with two seemingly contradictory facts about concentration.

By count, the industry is highly fragmented. Among the ~12,600 employer firms, the federal HHI is just 202, and the top four firms account for only 23.8% of receipts [2]. Tens of thousands of small foundations give the sector a very long tail — though the top 50 firms still take 51.2% of measured receipts, so there is a meaningful group of large funders sitting above that base.

By assets, the industry is extraordinarily concentrated. A handful of mega-endowments dominate: the top 50 hold ~$536 billion, and Lilly plus Gates alone are ~$236 billion [14]. The federal receipts-based figures understate this because the largest foundations' assets dwarf their annual receipts, and because the count includes only staffed entities. In practice, the fortunes of the sector's assets and grantmaking are tied to a small number of donors.

Where consolidation actually happens is in adjacent layers, not in mergers of foundations (which rarely "merge" the way companies do):

• Community foundations absorb small donor funds and compete head-on with commercial DAF sponsors for the same money; tiny foundations sometimes wind down and transfer assets to them.
• The servicing layer is consolidating fast. OCIO adoption has surged — foundation assets run by OCIOs rose an estimated 211% over five years — and Mercer's 2024 purchase of Vanguard's nonprofit OCIO business is a marquee example of scale-building among the firms that manage this money [23].
• DAFs and LLCs are steadily pulling would-be foundation dollars into competing vehicles [25].

The federal file contains no merger, closure, or transfer statistics, so the precise scale of this reshuffling cannot be stated from official data.

9. Risks

• Market risk. Assets are largely equity-linked, so a sustained bear market shrinks both the corpus and — with a lag — the 5% grant floor. The double-digit gains of 2023-24 can reverse [11].
• Liquidity risk. Alternatives-heavy portfolios can generate capital calls or delayed distributions exactly when returns are weak, straining grant commitments that are hard to cut quickly.
• Policy and tax risk. A higher mandated payout, a higher or broadened excise tax, DAF reform, or any weakening of the charitable deduction would reduce the appeal of the foundation vehicle or the money available to grant [16][17][21].
• Vehicle competition. DAFs and philanthropic LLCs offer more flexibility and less regulation, and are winning share of new philanthropic capital [25].
• Concentration / donor risk. With so much of the sector's assets in a few hands, the death, priorities, or missteps of a small number of mega-donors move the whole industry; any single foundation dependent on one family or corporation faces abrupt funding changes.
• Governance risk. Weak trustee oversight, conflicts, self-dealing, or poor investment controls can create tax penalties and reputational damage.
• Reputational and political scrutiny. Large foundations face growing criticism over wealth concentration, accountability, donor influence, and whether "perpetual" endowments hoard money that should be spent — pressure that feeds directly into the policy risks above. Public-company sponsors can also inherit controversy over a grantee or grant priority.
• Structural investability risk. The foundation itself is not an equity security and cannot be valued through earnings, dividends, or conventional multiples; service-provider exposure is real but often small and poorly disclosed as a share of any one firm's revenue.

10. How to invest and the outlook

Public-market routes (indirect only). There is no foundation to buy, so exposure runs through the servicing and asset-management ecosystem in Section 4: publicly traded asset managers and trust banks (BlackRock, Morgan Stanley, SEI, Northern Trust, BNY, State Street, Marsh McLennan/Mercer, Charles Schwab) that earn fees on foundation, endowment, and DAF assets [23]. The investment case is that this fee pool scales with a ~$1.5 trillion asset base that grows with markets and with the great wealth transfer. Treat it as an exposure screen, not a sector: check whether the foundation-related business is material, recurring, profitable, and diversified across clients. Corporate-sponsor stocks (Walmart, Ford, Goldman, JPMorgan, Bank of America, Wells Fargo) offer reputational and strategic angles, but their foundation activity does not drive standalone equity value.

Private-market routes (the more direct ones). Foundations matter more to private investors than to public ones:

• As a source of capital: private equity, venture, hedge, and real-asset fund managers can raise money from foundations, which are sophisticated, long-horizon limited partners (LPs).
• As a client: OCIO firms, registered investment advisors, custodians, administrators, and specialized software vendors (grant management, compliance, international-grant diligence, impact measurement) can win foundation mandates — a large, sticky, fee-generating book of business.
• As a counterparty for impact capital: social enterprises and impact startups can access foundation money as program-related investments (PRIs) — below-market loans, equity, or guarantees that count toward the 5% payout and can be recycled as they are repaid — and mission-related investments (MRIs), market-rate endowment investments aligned with the mission [24].
• As a vehicle to create: a high-net-worth individual or family can establish a private foundation for multi-generational giving and estate planning, or choose a donor-advised fund as a simpler, cheaper alternative that avoids the 5% payout and the public 990-PF disclosure [25].

For any of these, due diligence should cover legal classification, Form 990/990-PF filings, donor concentration, grant commitments, investment allocation and liquidity, external-manager fees, related-party transactions, and reputational exposure.

Outlook (forward-looking judgment). The industry enters the second half of the 2020s from a position of record strength — roughly $1.5-1.6 trillion in assets and giving pushing past $110 billion a year [7][8][9][10]. The structural tailwinds are strong: the great wealth transfer should keep minting new foundations, the 5% mandate keeps grant volume relatively defensive through downturns, and the fee ecosystem keeps growing with the asset base. The genuine headwinds are policy scrutiny of large endowments, new limits on the charitable deduction, and steady share loss to DAFs and LLCs. The near-term swing factors to watch are the direction of equity markets (which set both asset values and the lagged payout floor), any change to the excise tax or mandated payout, and the pace at which new mega-donors choose the foundation form over its lighter-weight rivals. On balance, the money in this industry looks set to keep growing; the open question is how much of it continues to flow through the traditional private foundation rather than its competitors — and the most investable winners are likely to be diversified service providers with durable institutional relationships.

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Sources

1. U.S. Census Bureau, County Business Patterns, 2023 (NAICS 813211: establishments, paid employees, annual and Q1 payroll). https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau, Economic Census 2022 — Concentration of Largest Firms (NAICS 813211: firms, receipts, CR4/CR8/CR20/CR50, HHI). https://api.census.gov/data/2022/ecnsize/groups/EC2200SIZECONCEN.html
3. U.S. Small Business Administration, Table of Size Standards, effective March 2023 (NAICS 813211 = $40 million average annual receipts). https://www.sba.gov/document/support-table-size-standards
4. U.S. Census Bureau, 2022 NAICS Manual (definition of 813211 and adjacent codes 813212, 813219, 561499, 5239, 81331, 54171). https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf
5. U.S. Census Bureau, County Business Patterns Methodology (coverage: paid-employee establishments only; excludes nonemployers). https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html
6. Internal Revenue Service, Determine Your Foundation Classification (public charity vs. private foundation under §501(c)(3)). https://www.irs.gov/charities-non-profits/determine-your-foundation-classification
7. Inside Philanthropy, "Foundation Assets Reach a Record $1.5 Trillion, Propelled by Investment Gains and Big Donors," 2024. https://www.insidephilanthropy.com/home/2024-1-29-foundation-assets-reach-a-record
8. The NonProfit Times, "Foundation Assets Soared For First Half Of 2024," 2024. https://thenonprofittimes.com/npt_articles/foundation-assets-soared-for-first-half-of-2024/
9. Giving USA / Indiana University Lilly Family School of Philanthropy, Giving USA 2025 (2024: total giving $592.50B; foundation giving ~$109.8B, 19% of total). https://givingusa.org/giving-usa-2025-u-s-charitable-giving-grew-to-592-50-billion-in-2024-lifted-by-stock-market-gains/
10. Giving USA / Indiana University Lilly Family School of Philanthropy, Giving USA 2026 (2025 estimates: total giving ~$617.2B; foundation giving ~$117.15B). https://philanthropy.indianapolis.iu.edu/news-events/news/_news/2026/giving-usa-report-2026.html
11. Council on Foundations & Commonfund, "Foundations' Endowed Portfolios Produced Double-Digit Investment Returns in 2024" (CCSF Study; private foundations 10.3%, community foundations 11.0%, net of fees), 2025. https://cof.org/news/foundations-endowed-portfolios-produced-double-digit-investment-returns-2024
12. Candid, "Money in the U.S. social sector — foundation asset distribution" (43% of foundations under $250K in assets; ~166 over $1B), 2024. https://candid.org/impact-insights/us-social-sector/money/
13. Cause IQ, "Private foundations" and "Corporate foundations" directories (counts of private and corporate foundations; ~2,207 corporate foundations holding ~$68B; community foundations ~700), 2024. https://www.causeiq.com/directory/private-foundations-list/
14. RoundPaper / Chronicle of Philanthropy, "Largest Private Foundations" (Lilly ~$79.9B, Gates ~$77.2B; top 50 ~$535.9B), 2024. https://www.roundpaper.com/nonprofits/lists/largest-private-foundations
15. Wikipedia, "List of wealthiest charitable foundations," 2024 (Ford, Hewlett, Robert Wood Johnson, Getty asset figures). https://en.wikipedia.org/wiki/List_of_wealthiest_charitable_foundations
16. Internal Revenue Service, "Tax on Net Investment Income" (IRC §4940, flat 1.39% excise tax). https://www.irs.gov/charities-non-profits/private-foundations/tax-on-net-investment-income
17. Internal Revenue Service, "Private Foundation Excise Taxes" / minimum-distribution requirement (IRC §4942, 5% payout). https://www.irs.gov/charities-non-profits/private-foundations/private-foundation-excise-taxes
18. Internal Revenue Service, Instructions for Form 990-PF (annual public return for private foundations). https://www.irs.gov/instructions/i990pf
19. Internal Revenue Service, "Taxable Expenditures Defined" and "Political and Lobbying Activities — Private Foundations" (IRC §4945; campaign-intervention ban). https://www.irs.gov/charities-non-profits/private-foundations/private-foundation-taxable-expenditures-taxable-expenditures-defined
20. Internal Revenue Service, "Taxes on Excess Business Holdings" (IRC §4943) and "Jeopardizing Investments Defined" (IRC §4944). https://www.irs.gov/charities-non-profits/private-foundations/taxes-on-excess-business-holdings
21. Congressional Research Service, Tax Provisions in P.L. 119-21, the FY2025 Reconciliation Law (0.5% AGI floor on individual charitable deductions after 2025; 1% corporate floor after 2027). https://www.congress.gov/crs-product/R48611
22. New York State Attorney General, Charities, Nonprofits & Fundraisers (state AG oversight of charitable assets). https://ag.ny.gov/resources/government-organizations/charities-nonprofits-fundraisers
23. Commonfund / InvestmentNews / NEPC, coverage of the outsourced-CIO (OCIO) market for endowments and foundations (Mercer ~$670B; Morgan Stanley #1 U.S.; Commonfund and Cambridge Associates specialists; ~211% five-year growth in foundation OCIO assets), 2023-2024. https://www.commonfund.org/outsourced-cio
24. Mission Investors Exchange / Foundation Source, "MRIs and PRIs for Private Foundations" (program-related and mission-related investments). https://missioninvestors.org/sites/default/files/resources/MRIs%20and%20PRIs%20for%20Private%20Foundations.PDF
25. National Philanthropic Trust, The 2024 DAF Report (DAF assets $326.45B; contributions $89.6B; grants $64.89B; 3.56M accounts; 25.3% payout). https://www.nptrust.org/reports/the-2024-daf-report/
26. Ford Philanthropy, About (Ford Motor's philanthropic arm, separate from the Ford Foundation). https://www.fordphilanthropy.org/about
27. Lilly Endowment, About (private foundation seeded with Eli Lilly & Co. stock; legally separate from the company). https://lillyendowment.org/about/