This governance scan, developed by the International Funders for Indigenous Peoples (IFIP) and Indigenous Collaboration, explores how 23 Indigenous-Led Funds (ILFs) around the world are redefining philanthropy through governance models rooted in Indigenous values, community leadership, and self-determination. These funds blend formal and community-based decision-making structures, prioritizing accountability not only to donors but, most importantly, to their communities. ILFs evaluate impact through Indigenous knowledge systems and practices, centering trust, reciprocity, and collective care over rigid metrics. The scan highlights ILFs as system-changers who call for philanthropy to move from charitable giving to reparative action through wealth redistribution, shared power, and long-term relationships. Guided by the 5Rs—Respect, Relationships, Responsibility, Reciprocity and Redistribution—ILFs embody a transformational approach to governance that honors the land, ancestral knowledge, and future generations.