How to read Form 990-PF

Updated Nov 4, 2026

Form 990-PF is the annual tax return of a private foundation. It runs to a dozen pages or more, but a grant seeker needs only a few parts of it.

Where to get it

Foundations must make their returns available to the public. The IRS publishes electronically filed returns as data files, and the IRS Tax Exempt Organization Search shows filing information by EIN. Grantvello reads the IRS e-file data and summarizes it on each funder profile, with the filing ID so you can trace every number to its source.

The header: who and when

The first page gives the foundation's legal name, EIN, address and the tax year the return covers. Note the tax year: a return filed in 2026 often covers 2024 or 2025. Everything on it describes that year.

Part I: the money flow

Part I summarizes revenue and expenses. The line for contributions, gifts, grants paid shows how much the foundation gave out that year. Compare it with prior years to see whether giving is growing or shrinking.

Part II: assets

The balance sheet shows total assets at fair market value. Private foundations must pay out roughly 5% of their investment assets each year, so assets give a quick ceiling on how much a foundation can give.

Part VII and VIII: people

These parts list officers, directors and trustees, and sometimes paid staff. Board names are useful for relationship building: someone on your board may know someone on theirs.

Part XV: the part that matters most

Part XV (numbered differently on some older forms) is the supplementary information section. It has two parts a grant seeker should read carefully.

Application information

A checkbox stating that the foundation only makes contributions to preselected organizations. If checked, the foundation does not accept unsolicited requests.
If not checked: the name, address, phone or email of the person to contact, the form applications should take, deadlines and restrictions such as geographic areas or types of organizations.

Grants and contributions paid

A list of every grant paid during the year: recipient name and address, any relationship to the foundation's managers, the recipient's foundation status (for example "PC" for public charity), the purpose of the grant and the amount. A second list shows grants approved for future payment.

This list is the single best source on what a foundation funds. Look at the recipients' locations, how big the grants are and what the purposes say.

What the 990-PF cannot tell you

Whether the foundation is accepting proposals now. The return describes a past year.
How many applications it received or declined. Approval rates are not reported.
The full story behind a grant. "General support" can mean many things.

Some returns list grants to individuals, such as scholarships. Grantvello counts them but does not publish the names.

Put it into practice

Search foundations by their real grants, or get a ranked list for your organization.

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