DonorsTrust Inc

DonorsTrust is a $1.29B dark money donor-advised fund that distributed $284.1M in 2024. Gave AFL $21.3M in 2024 (up from $3.2M in 2023), and AFPI $4.4M in 2024. DonorsTrust's revenue history: $360M(2020)->1.09B(2021)->323M(2022)->158M(2023). President: Lawson Bader.

DonorsTrust Inc (EIN 52-2166327, 501(c)(3)), Alexandria VA. The dark money ATM of the conservative movement. Donors get immediate tax deductions while retaining anonymous recommendation rights over grants. 2024 AFL grants included: general ops $20.7M, election integrity matching $100K, election interference prevention $100K, election monitoring $101K, legal defense $250K. Also gave to Heritage, Federalist Society, AEI, VDARE, Teneo Network, RealClearFoundation, Daily Caller News Foundation.

DonorsTrust gave 1.3M to CPI in 2021, including earmarked funds for American Moment (200K) and Election Integrity (10K)

DonorsTrust donated 1.3M total to CPI in 2021: 200K earmarked for American Moment, 10K for Election Integrity Project, remainder general support. DonorsTrust revenue surged to 1.094B in 2021 (from 360M in 2020) following receipt of Marble Freedom Trust funds. DonorsTrust distributed 16.5M to Project 2025 advisory board orgs in 2022, and 15M to same groups in 2021.

DonorsTrust 2024 grants: AFL got 21.3M (up from 3.2M in 2023), AFPI got 4.4M, Teneo Network 4.4M

DonorsTrust 2024 Schedule I grants to election enforcement apparatus: America First Legal Foundation=21.3M (breakdown: 20.7M general ops, 100K election interference, 100K matching, 101K election monitoring, 250K legal defense) | America First Policy Institute=4.4M (2M+ general, 1M+ Election Integrity Project, 1.4M Veterans Initiative) | Teneo Network=4.4M | RealClearFoundation=4.4M. Total DonorsTrust grants 2024 = 284.1M across 4,500 awards. 2023 was 351.2M (record). 8 unnamed donors gave 162.4M in 2024.

DonorsTrust revenue surged from 360M(2020) to 1.094B(2021) after Marble Freedom Trust 59.1M + 85 Fund 92M transfers

DonorsTrust (EIN 522166327) revenue: 2018=202M | 2019=323M | 2020=360M | 2021=1,094,663,581 | 2022=323M | 2023=158M. The 2021 billion-dollar spike correlates with Marble Freedom Trust funds flowing through Leonard Leo network. 85 Fund transferred 92M to DonorsTrust in 2022. DonorsTrust received 181M from Leo-backed groups 2019-2022. DonorsTrust assets: 1.5B(2021)->1.4B(2022)->1.3B(2023). Grant distributions: 191M(2021)->248M(2022)->358M(2023)->284M(2024).

DonorsTrust funding pipeline to Teneo Network: DonorsTrust (EIN 52-2166327) gave $3M+ to Teneo in 2021, ~$3M in 2022, and $4.4M in 2024 (finding #6701 confirmed). DonorsTrust is Teneo's primary identified funder. The pipeline: Marble Freedom Trust ($1.6B Seid) -> 85 Fund/Concord Fund -> DonorsTrust -> Teneo Network. In 2021, Leo's Marble Freedom Trust gave $41M to DonorsTrust. DonorsTrust also gave $92M TO the 85 Fund in 2022 (reverse flow). This creates a circular money laundering structure where Leo-controlled entities fund DonorsTrust, which then funds Leo-controlled entities like Teneo, obscuring the ultimate donor identity. Additional shared DonorsTrust recipients in the Rockbridge-adjacent ecosystem: AFL ($21.3M), CPI ($1.3M), and 36 Project 2025 advisory organizations ($20M total in 2021).