PRE’s 2021 report Mismatched documented the gap between the rhetoric of 2020 and the insufficient resources that followed. Derailed draws on Candid’s data for 2019–2023 to assess how institutional philanthropy has responded since.

The landscape has shifted dramatically. The Supreme Court’s rollback of affirmative action, the lawsuit targeting the Fearless Fund, and sweeping efforts by the Trump administration to eliminate race-explicit strategies across universities, federal contractors, nonprofits, and foundations have deepened fear and confusion in the philanthropic sector. These developments have contributed to a chilling effect and accelerated a retreat from racial justice commitments.