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The Dunn Foundation

Annual Giving
$10.0M
000

Quick Stats

  • Annual Giving: Approximately $10 million
  • Assets: $94 million (approximate)
  • Average Grant Size: $157,453
  • Decision Time: Rolling basis (invitation only)
  • Grant Range: Varies widely - six-figure grants common for major recipients
  • Geographic Focus: National (United States)

Contact Details

Address: The Dunn Foundation, c/o Foundation Source, 55 Walls Drive, 3rd Floor, Fairfield, CT 06824

Phone: (800) 839-1821

Website: www.dunnfoundation.org

Note: The foundation only accepts applications by invitation. Organizations will be contacted directly if the foundation is interested.

Overview

The Dunn Foundation (formerly Dunn's Foundation for the Advancement of Right Thinking) was founded in 1994 by William A. "Bill" Dunn, a physicist turned pioneering futures trader and founder of DUNN Capital Management. With approximately $94 million in assets and annual grantmaking of around $10 million, the foundation exclusively supports organizations advancing libertarian principles including free enterprise, smaller government, deregulation, property rights, and individual liberty. Following Bill Dunn's death in April 2025, the foundation continues under the leadership of his wife Rebecca Walter Dunn and trustees Thomas E. Beach and David E. Dreyer. The foundation maintains a deliberately low profile, operating without social media presence and accepting grants only by invitation. Between 2002 and 2013, it distributed over $61.5 million to free-market policy organizations.

Funding Priorities

Priority Areas

The foundation funds organizations that advance:

  • Classical liberalism and market capitalism: Support for think tanks and policy organizations promoting free-market economics
  • Individual political and economic liberty: Organizations defending personal freedoms and limiting government overreach
  • Property rights protection: Legal defense and advocacy organizations fighting government interference with private property
  • Educational freedom: Initiatives improving educational outcomes and expanding school choice
  • Entrepreneurship and free enterprise: Programs supporting business innovation free from government interference
  • Civil liberties: Defense of constitutional rights and individual freedoms

Major Grant Recipients (Historical)

Between 2002 and 2013, significant multi-year grants included:

  • Reason Foundation: $8,268,000
  • Competitive Enterprise Institute: $5,917,000
  • Institute for Justice: $5,910,000
  • Cato Institute: $5,055,000
  • Property and Environment Research Center: $3,806,500
  • Pacific Legal Foundation: $3,713,000
  • Landmark Legal Foundation: $2,340,000

Other supported organizations include Students for Liberty, Manhattan Institute for Policy Research, Atlas Economic Research Foundation, Foundation for Government Accountability, Foundation for Equal Rights in Education, Institute for Humane Studies, Liberty magazine, and Law Enforcement Against Prohibition.

What They Don't Fund

Organizations must qualify as 501(c)(3) public charities or equivalent organizations per IRS guidelines. Based on their focused ideological mission, the foundation does not fund:

  • Organizations not aligned with libertarian/classical liberal principles
  • Direct service provision (focus is on policy, advocacy, and education)
  • Organizations promoting expanded government intervention
  • Non-501(c)(3) organizations

Governance and Leadership

Current Trustees

Rebecca Walter Dunn (Trustee, compensated $40,000 annually)

  • Community volunteer for over 40 years with two decades focused on public policy
  • Former board member of James Madison Institute (state-level Florida think tank) for 18 years
  • Former board member of Foundation for Individual Rights in Education (now FIRE)
  • Appointed to Florida Judicial Nominating Commission in 2001
  • Graduated from Florida State University
  • Married Bill Dunn in 2002; now leads the foundation following his death in 2025

Thomas E. Beach (Trustee, compensated)

  • Founder and Managing Director of Beach Investment Counsel
  • Chairman of Reason Foundation
  • Board member of Commonwealth Foundation and DonorsTrust
  • BA in Economics from University of Michigan
  • MBA from Harvard Business School

David E. Dreyer (Trustee, uncompensated)

  • General Counsel at DUNN Capital Management

William A. "Bill" Dunn (Trustee Emeritus, deceased April 2025)

  • Founded the foundation in 1994
  • Ph.D. in theoretical physics from Northwestern University (1966)
  • Founded DUNN Capital Management in 1974, pioneering computer-based trading models
  • Former chairman of Reason Foundation (2005-2013)
  • Served on boards of Cato Institute, Competitive Enterprise Institute, and other libertarian organizations
  • Inspired by Ayn Rand's writings and economist Ludwig von Mises

Notable Quote

Bill Dunn stated: "The need to limit government growth has never been more urgent. Until the government abides by the Constitution, our liberty will be at the mercy of politicians and government officials who have proven themselves unable or unwilling to restrain themselves."

Application Process & Timeline

How to Apply

The Dunn Foundation does not accept any unsolicited applications or letters of inquiry.

Organizations will be contacted directly and/or invited to submit a formal application for consideration if the foundation is interested in learning more about them. Invitations to apply do not guarantee funding.

Decision Timeline

Applications are reviewed "intermittently on a rolling basis" for organizations that have been invited to apply. No specific decision timeline is publicly available.

Getting on Their Radar

The foundation operates through a tightly networked approach within the libertarian movement. Based on their grantmaking patterns:

  • Board connections matter: The foundation's trustees serve on boards of major libertarian organizations (Reason Foundation, Cato Institute, DonorsTrust, Commonwealth Foundation, FIRE). Organizations connected to these networks are more likely to be considered.

  • Track record with similar funders: Organizations already funded by DonorsTrust, other libertarian foundations, and major free-market donors are more likely to be on the foundation's radar.

  • Movement involvement: Participation in libertarian conferences, Students for Liberty events, and free-market policy forums where foundation trustees are active may provide visibility.

  • Established credibility: The foundation supports established policy organizations rather than new or experimental ventures. A demonstrated track record in advancing classical liberal principles through education, policy research, litigation, or advocacy is essential.

Application Success Factors

Since this is an invitation-only funder, success depends on alignment and visibility within libertarian networks:

Ideological Alignment is Non-Negotiable The foundation exclusively supports organizations advancing "classical liberalism, market capitalism, free enterprise, individual political and economic liberty." Organizations must demonstrate clear commitment to limiting government power and expanding individual freedom.

Focus on Education and Persuasion The foundation's mission emphasizes advancing their principles "principally through education and persuasion." Organizations conducting policy research, litigation with educational impact, student programming, or public education campaigns align well with this approach.

Established Track Record Historical grantmaking shows preference for established organizations with proven impact. Major recipients like Cato Institute, Reason Foundation, and Institute for Justice are well-established leaders in the libertarian movement.

Board and Network Connections The foundation's trustees maintain deep connections within libertarian organizations. Organizations already supported by Reason Foundation, Cato Institute, DonorsTrust, or with leadership involved in these networks have natural pathways to the foundation's attention.

Multi-Year Support Patterns Historical data shows the foundation provides substantial, sustained support to aligned organizations rather than one-time grants. Organizations should be prepared for long-term partnership rather than one-off funding.

Key Takeaways for Grant Writers

  • You cannot apply directly - This is strictly invitation-only. Focus on building visibility within libertarian policy networks rather than submitting proposals.

  • Ideological fit is absolute - Only organizations genuinely advancing libertarian/classical liberal principles will be considered. The foundation does not fund across ideological lines.

  • Network connections are critical - Trustees serve on boards of Reason Foundation, Cato Institute, DonorsTrust, and Commonwealth Foundation. Connections to these organizations provide pathways to consideration.

  • Think long-term partnership - Major recipients received multi-million dollar support over years. The foundation seeks sustained relationships with proven organizations.

  • Focus on policy change, not direct services - Grants support think tanks, legal advocacy, and educational organizations that change policy and public opinion, not direct service delivery.

  • Foundation continues under Rebecca Dunn's leadership - Following Bill Dunn's death in April 2025, his wife Rebecca now leads the foundation with trustees Tom Beach and David Dreyer.

  • Average grant size is substantial - At $157,453 average, this foundation makes significant investments in aligned organizations rather than numerous small grants.

References

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