This study analyzes the giving of the nation’s largest foundations to determine how equitably foundation dollars are allocated across the sector. Greenlining’s findings show that the top fifty independent foundations and the top twenty-five community foundations awarded only 3 percent of total grant dollars to minority-led nonprofits in 2002. These levels are markedly inadequate and illustrate a vast disparity in philanthropic dollars being targeted to organizations that both lead and serve communities of color.