Philanthropy thrives when it listens, learns, and evolves to meet the needs of the communities it serves. In recent years, lean funders have increasingly recognized that racial equity is not an optional add-on but central to their mission, regardless of focus area. Yet, as this report shows, progress is neither uniform nor assured, and there is still much work to be done to advance racial equity in lean foundations.

While some funders have made meaningful strides in integrating racial equity into their grantmaking, governance, and operations, others remain hesitant and uncertain about how to proceed. Wherever funders find themselves in their equity journey in 2025, they will face external pressures that threaten to slow or even reverse their progress.

Exponent Philanthropy’s Commitment

At Exponent Philanthropy, our vision—transformed communities through informed giving—guides everything we do. To us, equity means ensuring that funders and donors act with fairness and intention so their giving benefits everyone in the communities they serve. Our commitment is to help members listen deeply, keep learning, and make sure resources reach all people, so every community can thrive. When we center equity in our work, we create lasting, positive change together.

Key Insights on Racial Equity in Lean Foundations

This year’s Racial Equity in Lean Foundations report builds on data from Exponent Philanthropy’s 2025 Foundation Operations and Management Report (FOMR) and continues our look at how leanly staffed foundations are engaging with racial equity. The findings show both progress and ongoing gaps in representation and leadership.

Lean Foundation Board and Staff Demographics

Who serves on a foundation’s board and staff shapes how it makes decisions and carries out its mission. The data paint a nuanced picture of continuing disparities and emerging progress.

Although non-White individuals make up about 42% of the U.S. population, they represent only 15% of foundation board members.¹

Still, there are signs of progress: the share of foundations with no BIPOC board members has declined from 72% in 2019 to 58% in 2023, while those with two or more BIPOC board members have more than doubled—from 13% to 27% over the same period.²

Read the full article about the 2025 Racial Equity in Lean Foundations publication at Exponent Philanthropy.