Foundations have famously been called “society’s passing gear,” but it doesn’t feel that way lately. While we’ve covered plenty of exciting and hopeful moves by funders in the past 12 months, our overall sense is that philanthropy has hit a wall on many of the toughest problems confronting America and the world.
Exit polls last month found that 70% of voters feel the country is on the wrong track, with 83% saying they favored “substantial change or complete and total upheaval” in how the country is run. Other polls show plummeting public trust in key institutions, along with deep pessimism that young people coming up will do better than their parents.
Right-wing populism is tapping into this discontent with pledges of sweeping disruption. But what’s philanthropy offering? If the sector does have a vision for transformative change to improve people’s lives, please let us know. In some areas, like climate change, ambitious plans abound and funders can point to cases of forward progress. But in many others — like healthcare, housing and K-12 education — bold agendas and optimism are in short supply. This lull comes at a moment of swelling foundation endowments and a steady influx of new megadonors. Clearly, just adding a few zeros to grants won’t be enough to get that passing gear working again.
Part of the problem is that modern philanthropy emerged in a bygone era. These days, a divided and cynical public no longer trusts elites to be driving the car, much less charting its direction. Americans can’t even agree on basic facts. And yet much of the foundation world operates as if nothing has changed, doubling down on the same strategies it’s employed for decades — imagining that data and evidence still matter most. Only funders on the ideological edges, mostly smaller in size, have internalized how much the game has changed. But bankrolling political and cultural combat, looking to drive narratives and catalyze activist energy, comes with its own downsides.
We can’t predict how philanthropy gets unstuck. What we do know is that the sector has vast reserves of money and talent, along with a unique leeway to take risks. We remain bullish on philanthropy’s power to drive change, and nearly every day, we run articles that show this potential in action. We also report on the sector’s flaws and missteps — but always with a hopeful eye toward how funders can do better.
This year, we’ve once again tried to capture the kaleidoscope of modern American philanthropy, with all of its highs and lows, in our annual IPPYs. We hope you enjoy.
The 2024 IPPYs
Philanthropist of the Year: Warren Buffett
It takes courage to walk back one of the largest philanthropic commitments ever. But that’s what Buffett did when he announced that most of his fortune, now totaling over $140 billion, wouldn’t be going to the Gates Foundation after all, but to the foundations run by his three children — a reversal we’ve long advocated.
Foundation Leader of the Year: Joe Goldman, Democracy Fund
Goldman used his perch atop the Omidyar-backed grantmaker over the past year to quarterback an ambitious effort — the All by April campaign — to advance democracy in the high-stakes 2024 election, helping move $155 million in funding.
Most Promising New Foundation Leader: Amber Miller, Hewlett Foundation
It’s not every day that you see an astrophysicist take the helm of one of America’s biggest foundations. But that’s just one of the things that makes Miller, a former top dean at USC, an intriguing pick to run Hewlett.
Hottest New Solo Act: Melinda French Gates
Giant checks, interesting grantees and a clear appetite for tackling entrenched inequities — French Gates has wasted no time since exiting the Gates Foundation in May in revealing herself as a forward-leaning megadonor.
Trend of the Year: Black Box Billionaires
Big philanthropy is becoming steadily less transparent as a growing number of billionaire donors move ever greater sums through LLCs and DAFs — even as they also seek to exercise more influence in public life.
Most Forward-Looking Funder: Omidyar Network
There’s never a dull moment at this Silicon Valley philanthropy, which seems ever-ready to evolve as the world changes — most recently revamping its work to contend with AI and other technologies creating “seismic change.”
Family Foundation of the Year: Blank Family Foundation
The philanthropy of Home Depot cofounder Arthur Blank offers a model of how to rapidly — but thoughtfully — ramp up a multigenerational grantmaking operation.
Loftiest Goal, Heaviest Lift: Reducing Polarization
We’ve long argued that growing polarization isn’t a problem that lends itself to philanthropic solutions. But a who’s who of mainstream funders keep at it — even as donors on the right stay laser-focused on acquiring power.
Worst Philanthropists of the Year: The 1s and 2s on the Forbes 400
What kind of person sits on billions of dollars and can’t be bothered to give almost any of it away? Alas, too many to name here. Most of the richest Americans earn Forbes’ lowest generosity scores for their nearly nonexistent philanthropy.
Quietest Philanthropic Giant: Lilly Endowment
The assets of the Indiana-based foundation hit $85 billion this year, rivaling Gates as the largest philanthropy in the world. That growth is fueling some giant grants even as Lilly remains a pretty low-profile grantmaker.
Biggest Talk, Smallest Check: Earthshot Prize
Prince William’s competition has more billionaire backers than any other major environmental prize, yet gives away significantly less money per donor. It claims to be a moonshot but does not even have a potshot’s chance.
Megadonor We’ll Miss the Most: Jim Simons
Before he died this year, the math whiz turned hedge fund pioneer and his wife Marilyn built America’s top foundation focused on basic science while also bankrolling the foundations of his three children.
Foundation Leader We’ll Miss the Most: Dr. Robert Ross, the California Endowment
During his 24-year run atop the SoCal foundation, Ross helped lead the way in tackling the social determinants of poor health, engaged aggressively with public policy issues, invested deeply in community organizing, and went all-in with impact investing.
Philanthropy Whisperer We’ll Miss the Most: Joel Fleishman
From his perch at Duke University, Fleishman wielded quiet influence in philanthropy through his myriad connections with sector leaders, his convenings and his books.
Biggest Funding Crash: Criminal Justice
There’s a cliché about hot funding trends that says what goes up must come down. But we’ve never seen a boom-and-bust cycle quite so head spinning as the case of post-2020 donor pullback from criminal justice reform.
Funders Most Lost at Sea: Education Grantmakers
We’ve long called K-12 the graveyard of ambitious philanthropists. It’s just brutally hard to move the needle across a $900 billion system with 12,500 school districts. No wonder so many ed funders seem to have hit a wall.
Place-Based Givers of the Year: Dan and Jennifer Gilbert
Real estate mogul Dan Gilbert has played a key role in Detroit’s rebirth. Now, the family foundation he runs with his wife is ramping up efforts to serve residents at risk of displacement, and this year, rolled out a new arts and culture grantmaking initiative.
Most Notable New Regional Megadonor: Tom Golisano
The upstate New York billionaire turned on the spigot this year in a big way, showering nonprofits in his long-distressed home region with $360 million in grants — with more surely to come.
Hottest New Philanthropy Scene: South Florida
When billionaires migrate, their giving often moves, too. Which is why the philanthropy scene is heating up fast in South Florida — now home to the likes of top hedge funders like Ken Griffin and David Tepper.
Climate Funder of the Year: Sequoia
It is a sign of our top-heavy times that a new climate funder can emerge suddenly and soon be giving over $250 million a year. The spigot of cash appears to come from C. Frederick Taylor, a little-known hedge fund investor who is also the donor behind Wellspring Philanthropic Fund.
Climate Philanthropy Victory of the Year: Green Banks
The myriad philanthropic pushes that resulted in billions in funding for green banks and a nationwide network of organizations to receive those dollars showcase the sector’s strength as a leveraging force for federal action.
Most Intriguing Heir: Lukas Walton
As next-gen members of America’s richest family shoot off in different philanthropic directions, Lukas is the one we’re tracking most closely, with this year bringing more details on his growing environmental giving.
Highest Return on Investment: Donating to the Heritage Foundation
We’ve long argued that public policy grantmaking offers the greatest leverage for funders. Exhibit A is Heritage’s long record of outsized influence, which is set to hit a new peak in a second Trump administration with Project 2025 or its equivalent.
Grant Competition of the Year: MacKenzie Scott’s Yield Giving Open Call
Scott’s competition leaned heavily on the expertise of external thought leaders and leaders at applicant organizations. Now, the big question is whether there will be a round two.
Funding Intermediary of the Year: Lever for Change
It’s no surprise that Scott’s open call ran through Lever for Change, which has emerged as a go-to leader in facilitating big philanthropic bets since MacArthur created it in 2019 under the leadership of Cecilia Conrad.
Green Giving Head-Scratcher of the Year: Leonardo DiCaprio and Laurene Powell Jobs’ Earth Alliance
We called it a potential “environmental powerhouse” when it launched in 2019, but by the start of this year, Earth Alliance was gone, leaving few answers as to why it closed down and offering another reminder that some big philanthropic initiatives don’t work out.
Rural Philanthropy Guru Award: Allen Smart
No one has beat the drum more energetically for greater philanthropic attention to rural communities than Smart, who’s been IP’s go-to expert on this overlooked funding space for years.
Harshest Reality Check for Progressive Funders: Demography is Not Destiny
For decades, it’s been assumed in left grantmaking circles that a more multiracial electorate would back liberal candidates and policies. Trump’s victory in November is the latest sign that things aren’t so simple.
Most Striking Disconnect: The Politics of Immigration
Just how well do the left’s top immigration groups, heavily supported by foundations, understand the communities they purport to speak for? Maybe not so well, given how many immigrant-heavy precincts swung toward Trump.
Pot That Finally Boiled Over: Male Grievance
We’ve been cheering on new funding to address the growing challenges facing men and boys, including unexpected commitments by Melinda French Gates. The huge gender gap in this year’s electorate underscores this issue’s importance.
Philanthropy Consultancy We’ll Miss the Most: Open Impact
We’ve learned a lot over the years from Alexa Culwell and her team at the Silicon Valley philanthropy advisory group, which closed this year as Culwell took the helm at Sobrato Philanthropies.
Speaking Truth to Power Award: Crappy Funding Practices
The new LinkedIn group that is naming and shaming funders with abusive grantmaking practices is growing fast, offering a window into the anger and frustration simmering among nonprofits.
Philanthropy Critic of the Year: Vu Le
We’re not surprised that Le is among the catalysts of Crappy Funding Practices. Through his blog Nonprofit AF, he’s long advanced a critique of funders that is irreverent, hard hitting and often cuttingly funny.
Runner-Up: Scott Ellis
While there’s no shortage of philanthropic insiders critical of the sector, the Excessive Wealth Disorder Institute founding board member makes trenchant, common-sense arguments for greater foundation giving and Congressional action on issues like mandatory DAF payouts.
Critic to Watch: J.D. Vance
With their inherent elitism and progressive bent, foundations offer a ripe target for a right-wing populism that wants to torch liberal America. The next vice president has already made the case for a frontal attack.
“Philanthropy Abolitionist” of the Year: Farhad Ebrahimi
Since putting his Chorus Foundation out of business last year after spending down $60 million, Ebrahimi has turned to spreading the gospel of time-limited foundations that shed their assets in the most democratic possible ways.
Most Inconvenient Truth for Philanthropy Trade Groups: Public Opinion Isn’t on Their Side
By resisting even minor reforms, like mandatory DAF payouts, the philanthropy lobby is betting that most Americans will remain tuned out on these issues. It’s a risky bet, given that the public strongly favors sweeping changes to the status quo.
Mental Health Catalyst of the Year: Mindful Philanthropy
This effort to galvanize a more forceful philanthropic response to America’s mental health crisis has gained increasing visibility since it opened its doors — urging funders to step up and offering research, regular convenings and support to help them do so.
Most Encouraging Arts Funding Trend of the Year: Social Prescribing
Prescription drugs are one thing, but what about prescription art? This silo-busting intervention is generating interest among arts funders and even among non-arts grantmakers like those focused on the mental health crisis.
Widow to Watch: Julia Koch
David Koch passed in 2019, and since then, his wife Julia has been sitting atop a pile that’s now ballooned past $70 billion. Her Julia Koch Foundation quietly debuted in 2023, and this year, the mega gifts began to flow.
Most Intriguing Sunset Announcement: Wellspring Philanthropic Fund
Backed by a hedge fund fortune, Wellspring has been a quiet progressive mainstay for years. But now, it’s targeting a 2028 wind-down. Sure, grantees have ample notice, but as the super-rich tack to the right, who or what will take its place?
Toughest Act to Follow: Nancy Roob at Blue Meridian Partners
The founder of the phenomenally successful antipoverty funding intermediary is stepping aside after corralling $4.5 billion from a mix of deep-pocketed backers, turning day-to-day leadership over to Jim Shelton.
Up-and-Coming Celebrity Giver: Taylor Swift
The pop megastar’s skyrocketing fortune is fueling a wide-ranging, eclectic mix of giving. Though she’s yet to stand up a more formal operation, the 35-year-old’s love story with philanthropy is only just beginning.
Glitziest Fiscal Sponsor: Social Impact Fund
For Hollywood celebrities eager to start a nonprofit without having to, you know, start a nonprofit, SIF offers a solution. It’s part of a larger story of how celebrity philanthropy is evolving, mostly in positive ways.
Punching Above Their Weight Award: Indigenous Peoples
Here and abroad, Indigenous peoples have to make do with pennies from philanthropy. But they overperform when it comes to urgent priorities like climate change mitigation and preserving biodiversity.
Most Toothless IRS Rule: 5% Payout
Elon Musk’s foundation leads the pack when it comes to failing to hit the payout requirement, but it’s not alone. According to one number-crunch, lots of big-name grantmakers sit at or just below that line, even taking five-year payout averages into account.
No Kidding Award: The Generosity Commission
Debuted with much fanfare in 2021, the blue-ribbon commission set out to study the decline in “everyday” donors and found that, well, yes, small-donor giving is down. There’s more in the commission’s hefty report, but was it worth all the rigamarole?
Mega-Gift Magnet of the Year: Debt-Free Medical School
From Ruth Gottesman’s $1 billion gift to Albert Einstein College of Medicine to Bloomberg’s $600 million HBCU donation, lowering career barriers in medicine was top of mind for many of the nation’s most deep-pocketed funders.
AI Winner to Watch: Jensen Huang
Huang’s Nvidia makes the chips that are powering widespread AI adoption, and this year, the tech mogul joined the centibillionaire club. If it wants to keep up with the payout minimum, his foundation will have to seriously ramp things up.
Most Heat, Least Fire: Impact Investing
For all the hoopla of recent years, impact investing has yet to sweep the foundation world. Despite well-publicized moves by some marquee grantmakers, the vast majority of the sector’s $1.5 trillion in assets remain invested in conventional ways.
End of an Era Award: MacArthur’s Big Bets
MacArthur is still teeing up big bets, rolling out a new 100&Change initiative this year, but it’s been winding down a string of major investments. We’re excited to see what’s next as John Palfrey ably steers this top grantmaker into its next phase.
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