Dalberg Advisors, Philanthropy California, and the Council on Foundations surveyed more than 250 U.S. foundation leaders and conducted fourteen in-depth interviews to understand how the US philanthropic sector is responding the Covid-19 crises and public outcry against racism. The report assesses how the sector is changing through three lenses: Resourcing, priorities, and internal operations. Across all three areas, it finds significant shifts in practices yet few examples of truly sharing power.