Tides Advocacy reports big bumps in revenue and grants paid

Tides Advocacy, the 501(c)(4) activist group associated with (though legally separate from) the family of Tides nonprofits which collectively comprise one of the largest left-of-center funding and fiscal sponsorship networks in the country, recently released its 2024 Form 990 detailing its financials from that year.

Tides Advocacy’s total revenues jumped from $65.8 million in 2023 to $92.5 million in 2024. Its total expenses similarly increased from $74.1 million to $93.2 million, including a rise in grants paid from $13.1 million to $29.7 million. At the end of 2024 it reported net assets of $28.1 million, down from $34 million in 2023.

Subject to applicable IRS restrictions, 501(c)(4) nonprofits such as Tides Advocacy are allowed to be openly political and to engage in partisan electoral activities. It is therefore unsurprising to see such groups receive a financial boost during election years, particularly presidential ones. In 2020, Tides Advocacy’s total revenues exploded to $153.8 million from just $53 million in 2019, while from 2021 to 2022 they increased (much more modestly) from $78.5 million to $89.2 million. In 2024, Tides Advocacy reported making $16.8 million in political campaign activity expenditures, compared to $5.3 million in 2023.

Tides Advocacy’s ideological orientation angles decidedly to the left. It describes itself as “a fearless partner for people fighting for social justice, helping them mobilize communities, build political power and change policy.” It does this through both grantmaking and fiscal sponsorship. Some notable 501(c)(4) projects that are fiscally sponsored by Tides Advocacy include the AAPI Victory Alliance, Dream Defenders, Flip the Vote, the Movement for Black Lives Action Fund, Smart Justice California, and Voices for Progress.

Tides Advocacy’s political/ideological priorities are broadly reflected in its largest 2024 grantees, most of which have InfluenceWatch profiles available. Groups to which Tides Advocacy reported making grants of at least $300,000 in 2024 include:

• Local Jobs and Economic Development Fund: $3,445,100
• Conservatives for a Clean Energy Future: $1,525,000
• League of Conservation Voters: $1,075,000
• Working Families Organization (also known as Working Families Power): $925,000
• Sixteen Thirty Fund: $750,000
• Black Voters Matter Fund: $617,000
• Alacrity Institute: $500,000
• DemocracyFIRST: $500,000
• Center for Empowered Politics: $415,000
• Alliance for Youth Action: $396,000
• NDN Action Network: $375,000
• Make the Road Action: $350,000
• Native Peoples Action: $350,000
• Texas Future Action Fund: $350,000
• People’s Action: $346,000
• Living United for Change in Arizona (LUCHA): $330,000
• Ohio Women’s Alliance Action Fund: $309,000
• Mijente: $300,000

The 2024 Form 990s for the associated Tides 501(c)(3) nonprofits—most notably the Tides Foundation and the Tides Center—should be available soon, and will be interesting to compare.