Step 2: Identified all of the private foundation tax forms with reported PRIs

As our research team reviewed each available Form 990-PF for each private foundation in each year of the research period, we looked to see if there was anything reported in Part IX-B of the Form 990-PF, “Summary of Program-Related Investments.” If there was text besides “No,” “None,” “N/A,” or similar responses, then the team interpreted it as reporting PRI activity and marked that particular tax form as one to revisit for more detailed analysis.


Number and Percentage of MN Private Foundations
with Available Form 990-PF
Reporting PRI Activity By Fiscal Year


Step 3: Created an initial dataset of all reported PRIs

Next, our research team revisited every Form 990-PF that had first been flagged for having reported PRI activity in Part IX-B, and we made an initial dataset of every individual PRI that was reported in those forms. This initial dataset included 857 reported PRIs, each of which had a row, as well as a dozen columns of basic information about each PRI.