Philanthropic foundations are critical actors in the nonprofit sector—funding the programs of social and human service charities, fostering innovation, and serving as patrons of the arts. However, the dramatic growth of foundations and their endowments in recent decades has intensified charges of plutocracy—the claim that foundations are more interested in protecting their power and privilege than in contributing to the public good. The COVID-19 crisis has brought this critique into sharp focus, leading to the question, “How are large foundations acting to stem COVID-19’s impact and help in the process of recovery?” Our descriptive study leverages data from a nationwide survey of the 500 largest philanthropic foundations (by total assets) in the United States to characterize foundations’ (a) changes to internal strategy or giving, (b) shifts in relationships with grantee organizations, (c) prioritization of communities most affected by the COVID-19 crisis, and (d) collaboration across organizations and sectors.