Donors Capital Fund

Donors Capital Fund (DCF) & DonorsTrust


Donors Capital Fund (DCF) and its partner organization DonorsTrust allow donors to fund organizations anonymously. They appear to be a spinoff of the Philanthropy Roundtable, a group run by Whitney Ball, who also launched DonorsTrust. DonorsTrust refers clients to Donors Capital Fund if they expect to open donor-advised funds of over $1,000,000.

According to DCF's website (emphasis added), “Donors Capital Fund is an IRS-approved, 501(c)(3), 509(a)(3) supporting organization that is associated with DonorsTrust, a public charity and donor-advised fund formed to safeguard the charitable intent of donors who are dedicated to the ideals of limited government, personal responsibility, and free enterprise.” [1]

DCF has given large donations to many organizations promoting climate change skepticism including  the Heartland Institute, which has received a combined total of at least $11,951,544 from DCF  (see p. 58 of the 2012 Mashey Report [PDF] for more details). Other beneficiaries include the Federalist Society for Law and Public Policy, the Americans for Prosperity Foundation and the Cascade Policy Institute. [2]

Stance on Climate Change

While DCF does not list a stance on climate change, the group has distributed donations to many organizations skeptical of climate change including The Heartland Institute, Africa Fighting Malaria, Accuracy in Media, Beacon Hill Institute, Cato Institute, FreedomWorks, Grassroot Institute of Hawaii, Hudson Institute, John Locke Foundation, Mercatus Center, National Center for Policy Analysis, National Center for Public Policy Research, Reason Foundation, State Policy Network, The Heritage Foundation, Statistical Assessment Service, State Policy Network, Pacific Research Institute, and many others.


Computer Scientist John Mashey released a report that examined much of the funding that was funneled through DonorsTrust and Donors Capital Fund to organizations skeptical of climate change in February, 2012 (PDF). A major revision to the report in November 25, 2012 takes a closer look at the $311 given through DonorsTrust and Donors Capital Fund from 2002-2010. According to Mashey, the “anonymous donor” that funds much of the Heartland Institute's climate change activity is most likely Chicago businessman Barre Seid as “The combination of IRS Form 990s, February documents, and other information proves his identity, as the numbers simply do not work otherwise.”

Donors Capital Fund ensures that all donors remain anonymous. The following are some of the notable organizations that have received funds distributed by DCF according to Conservative Transparency: [3]

The following are some notable recipients of funds distributed by DonorsTrust: [4]

Key People

The following is according to the Donors Capital Fund website as of October, 2012: [5]

Board of Directors





DCF has provided funding to a number of organizations that contribute to anti-Muslim sentiment in America. Over $20,768,600 in donations were funneled through DCF to go to the Investigative Project on Terrorism (IPT), the Middle East Forum (MEF), the Clarion Fund, and the David Horowitz Freedom Center. [6], [7]

They have also been a major funder of organization skeptical of climate change including the Heartland Institute which, between donations from DCF and DonorsTrust, received over $12 million in recent years.

Related Organizations


  1. What is Donors Capital Fund,” Accessed October 21, 2012.

  2. John R. Mashey. “Fake Science, fakesperts, funny finances, free of tax: SEPP, Heartland, CSCDGC, allies & DONORS” (PDF), February 14, 2012.

  3. Funder: Donors Capital Fund,” Conservative Transparency. Accessed October 21, 2012.

  4. Funder: DonorsTrust,” Conservative Transparency. Accessed October 21, 2012.

  5. “Board of Directors,” Accessed October 24, 2012.

  6. Faiz Shakir. “REPORT: $42 Million From Seven Foundations Helped Fuel The Rise Of Islamophobia In America,” Thinkprogress, August 26, 2011.

  7. Why is the Donors Capital Fund funding Islamophobia?”, Daily KoS, August 26, 2011.

  8. ExxonSecrets Factsheet: Donors Capital Fund.

  9. ExxonSecrets Factsheet: Donors Trust.