This report examines the extent to which private foundations have—or have not—supported Black-led nonprofits over time and explores the nature of funder-grantee relationships through three lenses: financial support, social support, and human-centered support. The study provides new and nuanced evidence that affirms a well-established trend: Black-led nonprofits experience challenges establishing and sustaining relationships with foundations, which in turn perpetuates a racial funding gap. Analyzing grants awarded by private foundations, survey data, interviews with Black nonprofit leaders, and a focus group of foundation representatives, the research demonstrates that, although grant dollars are essential, they are insufficient for funders to build authentic partnerships built on trust with Black-led organizations.