Donors Trust INC

Tax-deductible

Alexandria, VA501(c)(3)Since 1999Foundations & GrantmakersEIN 52-2166327Revenue $294.4M in FY2024

On file with the IRSdonorstrust.org1800 Diagonal Rd Ste 280, 22314-2840 · Alexandria, VATax-exempt since Sep 1999Publicly supported charity — 170(b)(1)(A)(vi)

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Support charities & sponsor programs that promote liberty- See Part III

501(c)(3) charity; gifts are tax-deductible.
98¢ of each $1 spent went to programs.
$1.9M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $191.1M a year · 43% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.9M
to officers and key staff · 0.7% of spending
Top officer’s pay lower than 64% of similar orgs
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
8 mo
of spending, in cash
Looks good: 8.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $450K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.8M
0.1% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 5 voting members
Looks good: 4 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$294.4M
+86% vs prior year
Spent
$291.5M
To programs
98%
Net assets
$1.4B
By yearFY2020–FY2024
Revenue
$294.4M
FY2024▲ +86%
Tap a bar for its year
Revenue by fiscal year
FY2020$360.2M
FY2021$1.1B
FY2022$323.1M
FY2023$158.3M
FY2024$294.4M
Expenses
$291.5M
FY2024▼ -19%
Tap a bar for its year
Expenses by fiscal year
FY2020$185.8M
FY2021$191.9M
FY2022$248.1M
FY2023$357.9M
FY2024$291.5M
Net assets
$1.4B
FY2024▲ +6%
Tap a bar for its year
Net assets by fiscal year
FY2020$607.3M
FY2021$1.5B
FY2022$1.4B
FY2023$1.3B
FY2024$1.4B

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1999.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $286.1M Management & general 1% · $3.7M Fundraising 1% · $1.7M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

12 people listed on the 990; $1.9M paid to officers and key staff.

Part VII, Section A · reportable compensation
President and CEO
$399,997Pt VII · Sec A
CFO, COO and Treasurer
$312,413Pt VII · Sec A
Vice President
$240,536Pt VII · Sec A
Vice President of Programs
$236,087Pt VII · Sec A
$188,141Pt VII · Sec A
Philanthropic Advisor
$186,290Pt VII · Sec A
Philanthropic Advisor
$170,558Pt VII · Sec A
$163,134Pt VII · Sec A

Lawson R Bader’s $400K as President and CEO is at the 36th percentile of top reported officer pay among 129 $100M+ philanthropy & grantmaking nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Lawson R Bader$399,997$393,490$387,750$365,000$390,000
Jeffrey C Zysik$312,413$305,587$295,150$290,000$278,300
Peter a Lipsett$240,536$227,897$228,500$225,100$215,000
Gregory P Conko$236,087$225,392$203,500——
Stephen M Johnson$188,141$181,250$108,000——
Lukas C Dwelly$186,290$179,667$105,625——
Stephanie L Giovanetti$170,558$156,175$148,000——
Christopher D Renner$163,134$161,704$154,150——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Administers donor-advised funds to support charities and foreign organizations that promote constitutional liberty, limited government, and free-market principles.

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Provided by the organization

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3 programs · $286.1M · in their own filed words · FY2024
01

A Donor Advised Fund (DAF) program allowing DAF contributors to advise grants that support charities which alleviate, through education, research and private initiatives, society's most pervasive and radical needs, including those relating to social welfare, health, environment, economics, governance, foreign relations and arts and…

$285.2Mprogram expense
02

Donors Trust serves as an incubator for organizations with missions that align with that of Donors Trust and that are in the process of applying for tax-exempt status, thereby allowing these start-up organizations a chance to begin operations while waiting for formal recognition of their non-profit status.

$630Kprogram expense
03

Donors Trust initiated a program to make grants to foreign NGOs for which Donors Trust receives an equivalency determination that finds had the foreign organization been (1) a U.S. based organization and (2) applied for tax-exempt status the NGO would have received recognition as a 501(c)(3) publicly supported charity.

$327Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$450K
Grants paid · 3,800 grants · $1.2B · 2020–2024
America First Legal FoundationDC · FY2024$20,734,450
State Policy NetworkVA · FY2024$7,000,128
Institute for JusticeVA · FY2024$6,999,880
Consumers Research INCVA · FY2024$5,053,100
Texas A&m FoundationTX · FY2024$5,000,000
The Reason FoundationCA · FY2024$4,987,225
Teneo Network INCTX · FY2024$4,433,000
Real Clear FoundationIL · FY2024$4,150,000
Lucy Burns Institute INCWI · FY2024$3,129,038
Mackinac CenterMI · FY2024$2,885,200
Informing America FoundationDC · FY2024$2,800,000
AcaniNY · FY2024$2,770,000
Pacific Legal FoundationCA · FY2024$2,769,731
Competitive Enterprise InstituteDC · FY2024$2,751,250
DO No HarmVA · FY2024$2,750,000
See all 3,800 grants →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$294.4M
Ln 12
Gifts and grantsLn 1h$232.1M
Investment incomeLn 3$62.3M
Money outPt IX
$291.5M
Ln 25
Programscol B$286.1M
Managementcol C$3.7M
Fundraisingcol D$1.7M
Owns and owesPt X
$1.4B
net assets · Ln 32
Cash and savingsLn 1–2$193.6M
Total assetsLn 16$1.4B
LiabilitiesLn 26$1.8M
PeoplePt VI, VII
12
listed · VII A
PaidVII A8
Voting boardVI 1a5
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$232.1M
Noncash giftsLn 1g$53.0M
Investment incomeLn 3$62.3M
Gains on assetsLn 7$30.5M
Total revenueLn 12$294.4M
Assets in detailPt X, end of year
SavingsLn 2$193.6M
Cash and savings togetherLn 1–2$193.6M
InvestmentsLn 11–13$1.17B
Land, buildings, equipmentLn 10c$131K
Other assetsLn 15$1.6M
Total assetsLn 16$1.4B
LiabilitiesLn 26$1.8M
Net assetsLn 32$1.4B
OperationsPt I, VI
EmployeesI 513
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$203.9M$193.6M
InvestmentsLn 11–13$1.09B$1.17B
Land, buildings, equipmentLn 10c$171K$131K
Total assetsLn 16$1.29B$1.36B
LiabilitiesLn 26$2.1M$1.8M
Net assetsLn 32$1.29B$1.36B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$283.8M$283.8M
Grants and assistance to foreign recipientsLn 3$327K$327K
Pay of current officers, directors and key staffLn 5$1.8M$868K$352K$543K
Other salaries and wagesLn 7$1.1M$541K$219K$339K
Pension plan contributionsLn 8$137K$68K$27K$42K
Other employee benefitsLn 9$26K$13K$5K$8K
Payroll taxesLn 10$157K$77K$31K$48K
Legal feesLn 11b$8K$8K
Accounting feesLn 11c$30K$30K
Investment management feesLn 11f$2.1M$2.1M
Other fees for servicesLn 11g$750K$23K$711K$16K
Advertising and promotionLn 12$312K$312K
Office expensesLn 13$134K$52K$46K$36K
Information technologyLn 14$67K$34K$34K
OccupancyLn 16$280K$138K$56K$86K
TravelLn 17$416K$143K$59K$214K
Depreciation, depletion and amortizationLn 22$44K$21K$9K$13K
InsuranceLn 23$10K$5K$2K$3K
Other expenses (24a–d)Ln 24$67K$8K$45K$14K
Total functional expensesLn 25$291.5M$286.1M$3.7M$1.7M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $294.4M$291.5M$2.9M$1.4B 990 PDF
FY2023 $158.3M$357.9M−$199.7M$1.3B 990 PDF
FY2022 $323.1M$248.1M$74.9M$1.4B 990 PDF
FY2021 $1.1B$191.9M$902.8M$1.5B 990 PDF
FY2020 $360.2M$185.8M$174.4M$607.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $294,438,756 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $226,046,613$232,107,427
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year −$67,793,665$62,331,329
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $158,252,948$294,438,756
I-13 Grants and similar amounts paidPrior year $351,237,082$284,123,648
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,998,902$3,181,748
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,705,940$4,243,685
I-18 Total expensesPrior year $357,941,924$291,549,081
I-19 Revenue less expensesPrior year −$199,688,976$2,889,675
Part VI · Governance 4 of 5 board members independent, no flags
VI-1a Voting members of the governing body5
VI-1b Independent voting members4
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $294,438,756 across 6 lines filed
VIII-1f All other contributions, gifts and grants$232,107,427
VIII-1g Noncash contributions (included above)$53,001,697
VIII-1h Total contributions, gifts and grants$232,107,427
VIII-3 Investment incomeExcluded from tax $31,840,634$31,840,634
VIII-7 Net gain or loss on sales of assetsExcluded from tax $30,490,695$30,490,695
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $62,331,329$294,438,756
Part IX · Statement of functional expenses $291,549,081 across 19 lines filed
IX-1 Grants to domestic organizationsPrograms $283,796,842$283,796,842
IX-3 Grants and assistance to foreign recipientsPrograms $326,806$326,806
IX-5 Pay of current officers, directors and key staffPrograms $867,933 · Management $351,654 · Fundraising $542,818$1,762,405
IX-7 Other salaries and wagesPrograms $541,378 · Management $219,348 · Fundraising $338,586$1,099,312
IX-8 Pension plan contributionsPrograms $67,574 · Management $27,378 · Fundraising $42,262$137,214
IX-9 Other employee benefitsPrograms $12,954 · Management $5,249 · Fundraising $8,102$26,305
IX-10 Payroll taxesPrograms $77,078 · Management $31,229 · Fundraising $48,205$156,512
IX-11b Legal feesPrograms $7,659$7,659
IX-11c Accounting feesManagement $29,727$29,727
IX-11f Investment management feesManagement $2,126,467$2,126,467
IX-11g Other fees for servicesPrograms $23,419 · Management $710,595 · Fundraising $16,084$750,098
IX-12 Advertising and promotionFundraising $312,123$312,123
IX-13 Office expensesPrograms $51,831 · Management $45,780 · Fundraising $36,460$134,071
IX-14 Information technologyPrograms $33,687 · Fundraising $33,687$67,374
IX-16 OccupancyPrograms $137,753 · Management $55,812 · Fundraising $86,153$279,718
IX-17 TravelPrograms $142,725 · Management $59,131 · Fundraising $214,203$416,059
IX-22 Depreciation, depletion and amortizationPrograms $21,466 · Management $8,697 · Fundraising $13,425$43,588
IX-23 InsurancePrograms $4,813 · Management $1,950 · Fundraising $3,010$9,773
IX-24 Other expenses (24a–d)Programs $8,101 · Management $44,692 · Fundraising $14,235$67,028
IX-25 Total functional expensesPrograms $286,122,019 · Management $3,717,709 · Fundraising $1,709,353$291,549,081
Part X · Balance sheet $1,364,601,090 assets, 13 lines filed
X-2 Savings and temporary cash investmentsStart of year $203,874,339$193,632,989
X-10c Land, buildings and equipment, netStart of year $170,672$130,616
X-11 Publicly traded securitiesStart of year $879,881,881$930,216,050
X-12 Other securitiesStart of year $205,645,787$239,005,032
X-15 Other assetsStart of year $1,593,419$1,616,403
X-16 Total assetsStart of year $1,291,166,098$1,364,601,090
X-17 Accounts payable and accrued expensesStart of year $65,021$23,644
X-25 Other liabilitiesStart of year $2,053,694$1,814,576
X-26 Total liabilitiesStart of year $2,118,715$1,838,220
X-27 Net assets without donor restrictionsStart of year $1,288,768,838$1,362,433,150
X-28 Net assets with donor restrictionsStart of year $278,545$329,720
X-32 Total net assets or fund balancesStart of year $1,289,047,383$1,362,762,870
X-33 Total liabilities and net assetsStart of year $1,291,166,098$1,364,601,090
Part XI · Reconciliation of net assets $1,362,762,870 net assets at year end
XI-1 Total revenue$294,438,756
XI-2 Total expenses$291,549,081
XI-3 Revenue less expenses$2,889,675
XI-4 Net assets at start of year$1,289,047,383
XI-5 Net unrealized gains (losses) on investments$70,825,812
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,362,762,870

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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