This ratio is a shorthand way to refer to the “leanness” of a community foundation’s operating model but is highly informed by several factors such as the local cost of living and the depth of the foundation’s investment in various forms of community leadership. Larger community foundations will achieve an economy of scale that keeps their expense to asset ratios low relative to smaller peers. Across all asset size cohorts, the median ratio increased slightly over FY24 levels as operating budgets increased across much of the field. (n=232)