Nonprofit categories

Form D industry groups and fund types

Each line: code or name, issuers with it (as filed / inferred). Open a line with its triangle; the name links to the list of issuers.

319,923 issuers have filed a Form D since 2014; 319,923 carry an inferred category so far.

Fund types

• Venture capital fund 53,991 / 54,744
• Private equity fund 43,840 / 38,139
• Hedge fund 28,058 / 28,724
• Real estate fund 0 / 59,453
• Operating company 0 / 81,329
• Other pooled vehicle 41,524 / 57,534

As filed: the industry group and fund type the issuer put on its latest Form D (one count per issuer). Inferred: a small language model's reading of the filing, from loader/categorize.py; for a pooled investment fund it names the sector the fund invests in, so the two columns differ most under Banking & Financial Services / Pooled Investment Fund. Operating company is an inferred fund type only.

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About these categories

Each nonprofit gets an NTEE code (National Taxonomy of Exempt Entities): the one the IRS publishes in its Business Master File, or, where the IRS lists none, one inferred from the organization's name and Form 990 text by a small language model. Published and inferred codes are counted separately everywhere.

3,368,263 organizations have a code: 1,399,557 published, 1,968,706 inferred; 213 of 3,368,476 have none yet. 157,059 carry a FURP topic.

Across datasets: of the 3,368,263 nonprofits with an NTEE code, 229,021 also appear in at least one other dataset by EIN: 178,568 federal award recipients, 86,802 Form 5500 plan sponsors, 7,538 lobbying clients or registrants, 932 with a PAC or committee, 967 in Open Payments, 39 FARA, and 188 categorized Form D issuers (111 by the issuer's EIN, 96 through a state registration, 83 through a Form 5500 sponsor). 319,923 Form D issuers carry an inferred category.

A caveat on the stated codes

The “published” code is whatever the IRS lists for the organization. The IRS assigns it once, when it rules on the exemption application, and rarely revisits it, so it is often stale or simply wrong. Examples from the IRS file, as published: Kingdom Gates Ministries is coded D20 (Animal Protection and Welfare); Joy of the Gospel Ministries is coded K35 (Soup Kitchens); Aspiring Hope Ministries is coded F60 (Counseling, Support Groups). All three are churches by name, which a model reading the same record calls X20 (Christianity). In a test of 500 organizations whose codes the IRS publishes, a small model reading the name and 990 text agreed with the IRS on the major group 56% of the time and on the exact code 21%; the disagreements are often the IRS code's fault, but not always. Treat every stated code, published or inferred, as a hint, not a finding. The FURP topics below come from a different source: what each organization’s own 990 text says it does.

NTEE codes: the IRS Exempt Organizations Business Master File (published) and, for organizations the IRS lists without one, a code inferred by a small language model from the name and Form 990 text (inferred, with the model's confidence). Taxonomy: NCCS at the Urban Institute. Codes in the IRS file that are not in the current NCCS list are kept as published. Why the stated codes are only a hint.