How to Use 990s to Research Foundation Priorities

Every grant writer knows the frustration: you spend hours crafting a proposal, only to learn the foundation hasn’t funded programs like yours in years. The good news? That outcome is almost entirely avoidable — if you know how to read a 990.

The Form 990-PF is the annual tax return that private foundations are required to file with the IRS. It’s public record, it’s packed with information, and most grant writers barely scratch the surface of what it can tell them. If you’re not using 990s as a core part of your prospect research, you’re leaving your proposals to chance.

Here’s how to use them effectively.

What Is a 990-PF and Where Do You Find One?

Private foundations file the 990-PF (the “PF” stands for private foundation). Public charities file a regular 990 or 990-EZ. For grant research purposes, you’re almost always looking for the 990-PF.

The easiest place to find them is ProPublica’s Nonprofit Explorer 

(https://projects.propublica.org/nonprofits/), which is free and searchable by foundation name or EIN. You can also access them through the IRS Tax Exempt Organization Search tool or paid databases like Candid (Foundation Directory). For most everyday research, ProPublica is more than sufficient.

Pull the most recent two or three years of filings for any foundation you’re researching. Priorities shift. A foundation that funded after-school literacy in 2019 may have pivoted to early childhood by 2023. Looking at multiple years tells you whether a trend is emerging or fading.

What to Look for in a 990-PF

Part I: Revenue and Assets

This section tells you how big the foundation is and whether it’s growing or shrinking. A foundation with $50 million in assets operates very differently from one with $2 million, and their grant sizes will reflect that. Don’t waste time pursuing a $100,000 grant from a foundation that’s never given more than $10,000.

Part XV: Grants Paid

This is the most important section for prospect research. It lists every grant the foundation made during the filing year — recipient name, location, and amount. Read through it carefully and ask:

• Who are they funding? Are the grantees organizations similar to yours in size, structure, and mission?

• What programs are they funding? Grant descriptions are often brief, but they reveal a lot about thematic focus.

• Where are they funding? Many foundations have strict geographic restrictions that aren’t always spelled out on their websites.

• How much are they giving? Look at the range, not just the total. A foundation may give $500,000 in grants but distribute it as fifty gifts of $10,000.

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Part VII-A: Officer and Director Compensation

This section lists the foundation’s leadership. Knowing who runs the foundation helps you understand its culture and priorities—and occasionally reveals personal connections to your mission or community.

Part XV, Line 2: Application Information

This is often overlooked. Some foundations include a brief statement here about their grantmaking focus and whether they accept unsolicited proposals. It’s a small but useful data point.

Reading Between the Lines

The grants list doesn’t just tell you what a foundation funds, it also tells you how they think. Look for patterns:

• Do they tend to fund the same organizations year after year, or do they spread their giving around? Repeat grantees suggest loyalty to established partners. First-time grantees suggest openness to new relationships.

• Do they fund operating support or project-specific grants? This matters for how you frame your ask.

• Are there gaps in their funding? If a foundation focuses on children’s health but hasn’t funded mental health programs, that could be an opportunity — or a signal they’ve consciously avoided it.

Turn Your Research into a Stronger Proposal

Once you’ve done your 990 homework, use what you’ve learned to sharpen your alignment with the funder. Reference their stated priorities. Match your ask to their typical grant range. If you see they’ve funded an organization similar to yours, mention the shared work—it signals you understand their community.

A 990 won’t write your proposal for you. But it will make sure you’re pitching the right story, to the right funder, at the right scale.

That alone is worth an hour of research.

Want a step-by-step 990 research checklist you can use before every proposal? Contact me at john@johngrabowskiwrites.com and I’ll send it your way.