About NPI

Nonprofit Investor (NPI) publishes detailed evaluations of charities written by business leaders with due diligence expertise.

Each year, individuals contribute $230 billion to philanthropy (75% of all charitable donations). Our goal at Nonprofit Investor is to provide a resource to maximize the impact of those donations. Our research is also intended to highlight nonprofit industry best practices and encourage adoption.

With backgrounds such as investing, consulting and equity research, the team of NPI volunteers leverages its business and financial due diligence skills to provide unique insights into nonprofit organizations. Each NPI research report includes an overall rating based on our view of the organization's effectiveness and transparency and also includes detailed rationale for each recommendation.

NPI research is available free of charge to both individuals and institutions. By making all of our research public, we hope to improve access to resources for donors of all sizes and to continuously improve the quality of our work through feedback.


Improve philanthropic capital allocation and nonprofit effectiveness through research and analysis.


Informed nonprofit capital allocation decisions based on access to in-depth research and analysis will support the growth of high-impact organizations while reducing the funding of inefficient and fraudulent ones. Such research and analysis will also allow nonprofits to benchmark and improve.

Market Need

Capital allocation in philanthropy is inefficient. Just as the stock market will never be fully efficient, philanthropy never will be either; however, a more analytical approach to giving will allow donors to maximize their impact for causes they care about. Required public disclosures such as the IRS Form 990 are useful but limited. Detailed analysis of information is necessary to effectively evaluate an organization's legitimacy and relative impact. Providing open access to research will help philanthropists of any scale to optimize their giving decisions.

Coverage Universe

While there are 950,000 registered 501(c)(3) organizations in the U.S., there are approximately 6,500 with an annual budget of $5MM to $50MM. We currently focus on this "middle market" where we can most effectively channel growth equity to superior organizations.


The NPI research process ensures that each report provides an objective and thorough evaluation of each charity. Each NPI report is subject to peer review prior to publication. Learn more about our methodology.


NPI volunteers are business professionals with due diligence expertise developed in industries such as private equity, investment banking, management consulting and equity research. To appy as an NPI volunteer, please contact us.

NPI is a tax-exempt charity under section 501(c)(3) of the Internal Revenue Code (EIN: 45-3627609)