The Searle Freedom Trust was a 501(c)(3) private foundation established in 1998 by business executive Daniel C. Searle. Based in Madison, Wisconsin, with offices in Washington, D.C., the foundation operated as a grantmaking organization focused on public policy research and education. The foundation closed in 2025 after distributing over $200 million to conservative non-profits throughout its operational history.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
—
Annual Giving
$18.9M
-5.7% YoY
Grant Count
80
-21.6% YoY
Avg Grant Size
$236K
+20.3% YoY
Mission & Focus Areas
The Searle Freedom Trust's stated mission was "to support work that will lead to a more just, free, and prosperous society." More specifically, the foundation aimed to foster research and encourage public policies that promote individual freedom and economic liberty while advancing a commitment to personal responsibility and respect for traditional American values.
The foundation's chief objective was to help develop policies that advance liberty without encouraging license, and that demand personal responsibility without compromising freedom.
Primary funding areas included:
- Tax and budget issues
- Cost-benefit analysis of regulatory practices
- Welfare policy
- K-12 education reform
- Environmental policy
- Legal reform
Grantmaking
The Searle Freedom Trust made grants through an invitation-only process and did not accept unsolicited applications.
Grant Range
$125,000
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Geographic Focus
Where this funder awards grants
The foundation's grantmaking focused primarily on District of Columbia, Virginia, and California.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Assets and Giving (2023):
- Total assets: $54.5 million
- Total giving: $20.0 million
- Giving rate: 36.7% of assets
- Number of employees: 5
Assets and Giving (2022):
- Total assets: $76.9 million
- Total giving: $24.4 million
Revenue Composition (2023):
- Investment income and dividends: $2,061,938
- Net gain from sale of non-inventory assets: -$2,331,173
- Miscellaneous revenues: $49,078
- Total revenues: -$220,157
Most Recent Filing (2024):
- Total assets: $22.4 million
- Total expenses: $21.5 million
- Total liabilities: $595,000
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | — | — | — |
| Revenue | — | — | — |
| Expenses | — | — | — |
| Qualifying Distributions | — | — | — |
| Net Investment Income | — | — | — |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Kimberly O. Dennis served as President of the Searle Freedom Trust. Prior to this role, she was executive director of the D & D Foundation, the trust's predecessor organization. Dennis also held positions as head of the board of Donors Trust, trustee of the Earhart Foundation, board member of the Property and Environment Research Center, and was the first executive director of the Philanthropy Roundtable.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| D GIDEON SEARLE | TRUSTEE | 1 | — |
| MICHAEL D SEARLE | FAMILY ADVISOR | — | — |
| STEVEN F HAYWARD | GRANT ADVISOR | 1 | $11,000 |
| KIMBERLY O DENNIS | EXECUTIVE DIRECTOR | 40 | $598,139 |
| STEPHEN MOORE | GRANT ADVISOR | 1 | $11,000 |
| JAMES PIERESON | GRANT ADVISOR | 1 | $11,000 |
| KINSHIP TRUST COMPANY LLC | TRUSTEE | 10 | $325,000 |
| ETHAN O MEERS | FAMILY ADVISOR | 1 | — |
Recent News & Activity
Recent developments and announcements
The Searle Freedom Trust closed in 2025, concluding its operations after more than 25 years of grantmaking. The foundation's final years reflected a significant reduction in assets from the $76.9 million held in 2022 to $22.4 million by 2024, indicating an accelerated distribution of remaining funds prior to closure.
Searle Freedom Trust - Form 990PF - Nonprofit Explorer - ProPublicaSubject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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