FoundationMark models indicate that U.S. foundations’ assets increased by over $100 billion, or 6.9%, in the second quarter of 2025 bringing the total to $1.678 trillion, a new record.
Foundation asset levels are a function of three variables: incoming contributions, outgoing grants and expenses, and investment performance. The Grantmaker Investment Value (“GIV”) Index rose 7.7% in the second quarter, correspondingly investment performance accounted for most of the increase with the balance of the difference comprised of outflows for grants and expenses somewhat offset by new contributions.
- Incoming Contributions: FoundationMark models forecast incoming contributions of about $70 billion, slightly lower than immediate prior years, but still higher than the 10 year trend. (link)
- Outgoing Grants and Expenses: Total disbursements are expected to be about $132 billion in 2025, comprised of about $111 billion in grants and charitable expenses and $21 billion in noncharitable expenses, of which investment expenses (over $10 billion) represents the lion’s share.
*The data in the chart above combines historic information drawn from foundations’ reported asset levels and disbursements obtained from their annual tax filings, along with projected values based on the FoundationMark Grantmaker Investment Value (“GIV”) Index which estimates monthly returns for the foundation universe based on reported asset allocations and market returns. Gifts, grants, and operating expenses projections are based on historic disbursement ranges.