The Donald and Paula Smith Foundation concentrates very large, targeted gifts rather than broad small-dollar philanthropy. Grants are dominated by a major donor-advised vehicle and a prominent free‑market policy network, indicating the foundation channels funds both through DAF infrastructure and directly to libertarian/public‑policy advocacy. The pattern suggests an emphasis on enabling policy influence and flexible grantmaking rather than direct service delivery.
Highly concentrated giving: very few, very large grants; repeat grants to a donor-advised fund and a single policy network, indicating passthrough and targeted support for policy advocacy rather than many small or frontline service grants.
The Donald and Paula Smith Foundation’s recent giving is defined by very large grants to a small set of policy-oriented recipients, including $8.6 million to Vanguard Charitable in 2023 and $6 million to the same vehicle in 2025. That pattern points to a foundation that uses substantial checks rather than broad, fragmented support. Its grants also reach a free-market policy network: Atlas Network received $3.1 million in 2025, while Cato Institute received $550,000 in 2025 and $450,000 in 2023. The recurring presence of these organizations shows a consistent channel for supporting tax-exempt entities tied to market-oriented public policy. A smaller 2023 grant to Young Voices adds another example of the foundation’s interest in advocacy and policy capacity. Across the recent list, the grants are structured as support “to further donee’s exempt purpose,” indicating flexible funding aligned with each recipient’s mission. The foundation’s profile is therefore one of concentrated, high-dollar grantmaking aimed at policy infrastructure and charitable giving vehicles rather than a wide spread of operational grants.
One clear area of support is donor-advised giving infrastructure. Vanguard Charitable received $8.6 million in 2023 and another $6 million in 2025, both described as support to further the donee’s exempt purpose. Another area is free-market policy networks. Atlas Network was awarded $3.1 million in 2025 for the same general purpose, placing it among the largest named beneficiaries in the recent record. The foundation also supports policy research and advocacy organizations directly. Cato Institute received $550,000 in 2025 and $450,000 in 2023, showing repeated support across years. Young Voices received $150,000 in 2023, extending the pattern to another Washington, DC-based policy group.
Typical grants are large: the 25th percentile is $475,000, the median is $1,825,000, and the 75th percentile is $5,275,000. The recent record also shows repeat giving to the same recipients across years, including Vanguard Charitable and Cato Institute, which suggests an ongoing relationship rather than one-off support. The foundation gives to tax-exempt organizations and uses flexible grant language tied to the donee’s exempt purpose, consistent with unrestricted or general operating support. It does not make grants to individuals and does not make program-related investments.
$12.4M
$93.2M
$13.4M
$13.8M
Most grants fall between $475K and $5.3M, with a median of $1.8M.
25th Percentile
$475K
Median
$1.8M
75th Percentile
$5.3M
About 0% of grants go to recipients in DC.
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Notable grantees: Vanguard Charitable, Atlas Network
Grant recipients are all in the United States. Washington, DC appears repeatedly in the recent list, including Cato Institute and Young Voices, making it a visible center of the foundation’s giving. Warwick, Rhode Island appears through Vanguard Charitable, and Arlington, Virginia appears through Atlas Network. The foundation’s recipient footprint is regional rather than national in scope, with no grants in the HQ state of New York in the recent record.
The recent grants go to tax-exempt organizations tied to policy and charitable-giving infrastructure. Named recipients include Vanguard Charitable, Atlas Network, Cato Institute, and Young Voices, all funded with language that supports the donee’s exempt purpose.
Recent grants are generally large. The 25th percentile is $475,000, the median is $1,825,000, and the 75th percentile is $5,275,000, which places most awards in the mid-to-high six- and seven-figure range.
Yes. Vanguard Charitable appears in both 2023 and 2025, and Cato Institute also appears in both years. That repeated pattern suggests ongoing support rather than isolated grants.
Washington, DC shows up most often in the recent grants list, with Cato Institute and Young Voices both based there. Other named recipient locations include Warwick, Rhode Island, and Arlington, Virginia.
No. The foundation does not fund individuals and does not make program-related investments, so its giving is directed to organizations rather than personal or PRI-style investments.
2026
Source: IRS Form 990-PF, fiscal year 2026.
Most recent grants reported to the IRS.
| Recipient | Location | Amount | Year | Purpose |
|---|---|---|---|---|
| VANGUARD CHARITABLE | WARWICK, RI | $8,500,000 | 2026 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| ATLAS NETWORK | ARLINGTON, VA | $3,200,000 | 2026 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| CATO INSTITUTE | WASHINGTON, DC | $650,000 | 2026 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| VANGUARD CHARITABLE | WARWICK, RI | $6,000,000 | 2025 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| ATLAS NETWORK | ARLINGTON, VA | $3,100,000 | 2025 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| CATO INSTITUTE | WASHINGTON, DC | $550,000 | 2025 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| VANGUARD CHARITABLE | WARWICK, RI | $8,600,000 | 2023 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| VANGUARD CHARITABLE | WARWICK, RI | $7,000,000 | 2023 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| ATLAS NETWORK | ARLINGTON, VA | $3,100,000 | 2023 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| CATO INSTITUTE | WASHINGTON, DC | $450,000 | 2023 | TO FURTHER DONEE'S EXEMPT PURPOSE |
| YOUNG VOICES | WASHINGTON, DC | $150,000 | 2023 | TO FURTHER DONEE'S EXEMPT PURPOSE |
VANGUARD CHARITABLE
$8,500,000TO FURTHER DONEE'S EXEMPT PURPOSE
VANGUARD CHARITABLE
$6,000,000TO FURTHER DONEE'S EXEMPT PURPOSE
TO FURTHER DONEE'S EXEMPT PURPOSE