The Basics: What Are 990 Forms?

The IRS requires tax-exempt organizations to file annual information returns. There are several versions, each for a different type of organization:

Form 990 - Filed by public charities and larger nonprofits (revenue over $200,000 or assets over $500,000). Shows revenue, expenses, programs, leadership compensation, and more.
Form 990-EZ - A shorter version for smaller nonprofits (revenue under $200,000 and assets under $500,000).
Form 990-PF - Filed by private foundations. This is the most valuable form for fundraisers because it lists every grant the foundation made.
Form 990-N (e-Postcard) - For very small organizations with revenue under $50,000. Contains minimal information.

Why the 990-PF Is a Fundraiser's Best Friend

If you're looking for grants, the 990-PF is the form you care about most. Private foundations are required to distribute at least 5% of their assets each year, and they must report every grant they make on their 990-PF filing. This includes:

The name of every organization that received a grant
The amount of each grant
The purpose of each grant
The recipient's EIN (tax ID number)
The recipient's city and state

This is real, verified data - not self-reported survey responses or outdated directory listings. It's what the foundation actually told the IRS they gave away.

What You Can Learn From a Foundation's 990-PF

A single 990-PF filing tells you a remarkable amount about a foundation's giving:

Giving Patterns

Look at the grant list and you'll see patterns. Does the foundation mostly fund education? Healthcare? Arts? Do they give locally or nationally? Are their grants $5,000 or $500,000? This tells you whether your organization is a realistic fit.

Total Assets and Giving Capacity

The 990-PF reports the foundation's total assets and total grants paid. A foundation with $10 million in assets and $500,000 in annual grants gives differently than one with $100 million. Understanding scale helps you right-size your ask.

Application Information

Some foundations note their application process directly on the 990-PF. Others indicate they only give to pre-selected organizations. This saves you from applying to foundations that don't accept unsolicited proposals.

Geographic Focus

By looking at where grant recipients are located, you can quickly see if a foundation funds in your area. A foundation based in New York might only give in Tennessee - the 990-PF reveals this.

How to Access 990 Filings

Direct From the IRS

The IRS publishes machine-readable 990 data through their bulk data downloads. These are XML files - technically useful but not easy to read as a human.

ProPublica Nonprofit Explorer

ProPublica's Nonprofit Explorer lets you search and view individual 990 filings in a readable format. Great for looking up a specific organization, but not designed for strategic grant research across many foundations.

GrantFound

GrantFound takes 990-PF data and makes it useful for fundraisers. Instead of reading individual filings, you can search by mission, find foundations that funded organizations like yours, and see grant amounts and patterns - all from actual IRS data.

How to Read a 990 Filing: Key Sections

If you're reading a raw 990 or 990-PF, here are the sections that matter most:

For Public Charities (Form 990)

Part I - Summary of revenue, expenses, and net assets. Quick health check of the organization.
Part III - Program service accomplishments. What the organization actually does with its money.
Part VII - Compensation of officers and key employees. Tells you about leadership and scale.
Part VIII - Revenue breakdown. Shows whether funding comes from grants, services, donations, or investments.
Schedule I - Grants made to other organizations. If the nonprofit re-grants money, the recipients are listed here.

For Private Foundations (Form 990-PF)

Part I - Revenue and expenses, including investment income and grant payouts.
Part II - Balance sheet. Shows total assets, which indicates giving capacity.
Part XV - The grant list. This is the section fundraisers care about most. Every grant made during the year is listed with recipient name, EIN, amount, and purpose.

Putting 990 Data to Work

Here's a practical workflow for using 990 data in your fundraising:

Find similar organizations - Identify 5-10 nonprofits that do similar work in your area.
Look up their funders - Use GrantFound or 990 data to see which foundations funded them.
Review foundation 990-PFs - For each promising foundation, check their total giving, typical grant size, and geographic focus.
Qualify the opportunity - Does the foundation accept applications? Is the grant size right? Do they fund in your area?
Apply strategically - Focus your limited time on the 3-5 strongest matches.

For more on this process, see our guide on how to research foundation donors.

What Is a 990 Filing and How to Use It for Fundraising