Key takeaways
- Lilly Endowment is the largest US private foundation, with about $105 billion in assets at the end of 2025.
- The Gates Foundation Trust's endowment was $89 billion on Dec. 31, 2025 (unaudited).
- After those two, the next-largest foundations hold roughly $9 billion to $16 billion each.
- Big assets don't mean open doors: many large foundations fund mainly by invitation or in set regions.
How we built this list: Figures come from each foundation's own reports and audited statements where available, checked Nov. 9, 2026. Dates differ because foundations publish on different schedules. This isn't a complete ranking: we left out foundations, such as Bloomberg Philanthropies and the Howard Hughes Medical Institute, whose current figures we couldn't confirm from their own reports.
Large US private foundations by assets
| # | Foundation | Based in | Assets | As of | Notes | Source |
|---|---|---|---|---|---|---|
| 1 | Lilly Endowment | Indianapolis | About $105 billion | End of 2025 | Assets are concentrated in Eli Lilly stock. About 59% of 2025 grant dollars went to Indiana groups. | News report on its 2025 tax filing |
| 2 | Gates Foundation (Gates Foundation Trust) | Seattle | $89 billion endowment (unaudited) | Dec. 31, 2025 | The trust holds the endowment; the foundation plans to spend it down by about 2045. | Gates Foundation fact sheet |
| 3 | Ford Foundation | New York | $16.1 billion in net assets | Dec. 31, 2025 | Says it distributes 5% of its endowment each year. | Ford 2025 audited financial statements |
| 4 | William and Flora Hewlett Foundation | Menlo Park, Calif. | About $13.9 billion | Dec. 31, 2024 | Most recent figure on its own site. | Hewlett, about us |
| 5 | Robert Wood Johnson Foundation | Princeton, N.J. | $13.4 billion | 2024 tax year | The largest US philanthropy focused only on health. | 2024 Form 990-PF data via Grantable |
| 6 | Gordon and Betty Moore Foundation | Palo Alto, Calif. | Nearly $13 billion | Dec. 31, 2025 | Paid $467 million in grants in 2025. | Moore 2025 annual report |
| 7 | John D. and Catherine T. MacArthur Foundation | Chicago | $9.2 billion | Dec. 31, 2024 | Paid $561.6 million in grants and impact investments in 2025. | MacArthur, investments |
| 8 | David and Lucile Packard Foundation | Los Altos, Calif. | $8.8 billion | 2025 | Awarded $322 million in grants in 2025. | Packard 2025 impact report |
| 9 | The Duke Endowment | Charlotte, N.C. | $5.4 billion | 2025 | Awarded $374 million in grants in 2025. | Duke Endowment 2025 annual report |
Some foundations report total assets and others report net assets or endowment value, so treat close figures as roughly equal.
What foundation size means for grant seekers
Federal tax rules generally require private foundations to pay out about 5% of their investment assets each year, so a foundation's size gives a rough sense of its giving. A $10 billion foundation might give around $500 million a year. Grant budgets still depend on each foundation's own priorities, and several on this list have chosen to pay out more.
- Check the program areas first. The largest foundations usually fund a few defined areas, and many publish what they won't fund.
- Look at geography. Lilly Endowment, for example, directs most of its grant dollars to Indiana.
- Expect invitations. Many large funders don't take unsolicited proposals. A relationship with program staff often comes before an application.
- Don't overlook smaller funders. Community, family and corporate foundations are often more open to first-time applicants.
Beyond foundation grants
Foundation grants work best alongside steady individual giving. Our guides to corporate matching gifts, donor retention and the fundraising calendar cover the rest of the year. If you're calling donors, check the fundraising call rules and state registration guides first.
Sources: News Tribune, report on Lilly Endowment's 2025 tax filing (July 2026); Gates Foundation fact sheet; Gates Foundation Trust; Ford Foundation 2025 audited financial statements; Ford Foundation, how our endowment works; Hewlett Foundation, about us; Robert Wood Johnson Foundation 2024 Form 990-PF data, via Grantable; Moore Foundation 2025 annual report; MacArthur Foundation, investments; MacArthur Foundation, financials; Packard Foundation 2025 impact report; The Duke Endowment 2025 annual report.