William A. Dunn

William A. Dunn


  • Doctor of Philosophy, theoretical physics, Northwestern University (1966). [1]
  • Bachelor of Science in engi­neering physics, University of Kansas (1960). [1]


William A. Dunn is the founder of DUNN Capital Management, Inc., based in Stuart, Florida, which according to the company manages over $1 billion in investments. [2]

Before founding DUNN Capital Management in 1974, Dunn conducted research and system analysis studies for the Navy, Marine Corps, Coast Guard and the Department of Defense. He also held research and faculty positions at the University of California and Pomona College in 1965 and 1966 according to his profile at the Competitive Enterprise Institute (CEI). His company was one of the first to apply “strictly data-driven” computer analysis to investment, a technique “eliminating all subjectivity and emotion,” according to the fund’s website. [1][2]

William Dunn and his wife, Rebecca, support a wide range of primarily libertarian organizations. Dunn has distributed millions of dollars to a range of free market think tanks and conservative organizations such as the Reason Foundation, Cato Institute, Competitive Enterprise Institute (CEI), Heartland Institute, American Enterprise Institute, Mackinac Center, and many others through Dunn’s Foundation for the Advancement of Right Thinking. Dunn has also served on the boards of many of those same organizations including the Reason Foundation, CEI, and the Cato Institute, often alongside representatives from Koch Industries or the Koch brothers themselves. [3]

In 2007, Dunn was listed as the single largest shareholder of Steven J. Milloy’s Free Enterprise Action Fund (FEAFund),” a mutual fund the New York Times wrote was set up to “lobby the companies in the portfolio whenever they think shareholders’ money is being wasted on social causes.” For example, in 2006 FEAFund pushed for General Electric to stop advocating for global warming regulations. The fund has since dissolved. [4], [5]

According to his profile at The Dunn Foundation,As a classical liberal, Bill has dedicated his life to advancing his core belief in the principles of individual liberty, free enterprise, and limited government. ‘The need to limit government growth has never been more urgent,’ said Bill. ‘Until the government abides by the Constitution, our liberty will be at the mercy of politicians and government officials who have proven themselves unable or unwilling to restrain themselves.’” [6]

Stance on Climate Change

While Dunn himself does not appear to have an official statement on climate change, his foundation has consistently funded groups who denied the existence of man-made climate change. For example, The Heartland Institute, one of the most notorious deniers of climate change, has received at least $1,330,000 from the Dunn Foundation. Many other notable groups have received Dunn dollars, including the Reason FoundationCato InstituteProperty and Environment Research Center and the National Center for Policy Analysis (see full funding list below). [7]

Key Quotes

June 12, 2004

Dunn described himself as a “classical liberal or libertarian” at the Free State Project: [8]

“Over 40 years ago I became interested in learning about liberty, freedom, limited government and advancing a more civil (vs. political) society. About 20 years ago I figured out that I was pretty much a classical liberal or libertarian and began supporting and working with various organizations that shared my views and objectives.”[8]

Political Contributions

In addition to his contributions through the Dunn Foundation, William A. Dunn has also contributed at least $234,600 of his own money to political groups according to data retrieved from the Federal Election Commission (FEC): [9]

Committee Name19941995199619971998199920002003200420062008200920102011201220132014Grand Total
CLUB FOR GROWTH ACTION              $50,000  $50,000
LIBERTARIAN NATIONAL COMMITTEE INC $3,000$13,000$1,000 $20,000           $37,000
LNCNONFEDERAL  $25,000              $25,000
TERM LIMITS AMERICA   $5,000$5,000 $5,000          $15,000
NATIONAL RIFLE ASSOCIATION OF AMERICA POLITICAL VICTORY FUND           $1,000$1,000$2,500$3,200$500 $8,200
RON PAUL 2012 PRESIDENTIAL CAMPAIGN COMMITTEE INC.             $6,000   $6,000
FRIENDS OF SHARRON ANGLE            $5,800    $5,800
CITIZENS CLUB FOR GROWTH INC        $5,000        $5,000
CLUB FOR GROWTH INC PAC        $5,000        $5,000
HOOSIERS FOR RICHARD MOURDOCK INC              $5,000  $5,000
LIBERTY POLITICAL ACTION COMMITTEE    $5,000            $5,000
COBURN FOR SENATE COMMITTEE        $4,000        $4,000
ALLEN WEST FOR CONGRESS              $4,000  $4,000
DEMINT FOR SENATE COMMITTEE INC        $4,000        $4,000
DEVINE FOR CONGRESS INC$3,000                $3,000
HARRY BROWNE FOR PRESIDENT INC $1,000$1,000$1,000             $3,000
RUBIO VICTORY COMMITTEE               $2,700 $2,700
GARY JOHNSON 2012 INC             $2,500   $2,500
CAMPBELL FOR US SENATE            $2,400    $2,400
CHUCK KOZAK FOR U. S. SENATE           $2,400     $2,400
WOHLGEMUTH FOR CONGRESS        $2,000        $2,000
RICO OLLER FOR CONGRESS        $2,000        $2,000
GREG RUEHLE FOR CONGRESS        $2,000        $2,000
FRIENDS OF CLAY SHAW         $2,000       $2,000
ALLEN WEST GUARDIAN FUND               $1,000$800$1,800
RECLAIM AMERICA PAC               $1,620 $1,620
NRA POLITICAL VICTORY FUND   $500    $1,000        $1,500
TED CRUZ FOR SENATE              $1,250  $1,250
FREEDOM‘S DEFENSE FUND               $800$400$1,200
LAWSON FOR CONGRESS          $1,000      $1,000
SAM BROWNBACK FOR U S SENATE  $1,000              $1,000
THE CONSERVATIVE STRIKEFORCE               $1,000 $1,000
D’AMBOISE FOR SENATE             $1,000   $1,000
GRAF FOR CONGRESS         $1,000       $1,000
SABRIN FOR US SENATE      $1,000          $1,000
RAND PAUL FOR US SENATE             $1,000    $1,000
SCHIFF FOR SENATE           $1,000     $1,000
RANDY HOFFMAN FOR CONGRESS COMMITTEE    $1,000            $1,000
BENTON FOR CONGRESS    $1,000            $1,000
MARTINEZ FOR SENATE        $1,000        $1,000
CAMPBELL FOR SENATE      $1,000          $1,000
LIBERTY PAC             $1,000   $1,000
NATIONAL REPUBLICAN VICTORY FUND PAC               $1,000 $1,000
WILSON FOR SENATE              $750  $750
ROMNEY FOR PRESIDENT INC.              $500  $500
REPUBLICAN PARTY OF FLORIDA              $500  $500
SENATE CONSERVATIVES FUND              $500  $500
LARRY GROOMS FOR CONGRESS               $300 $300
MARCO RUBIO FOR US SENATE               $80$100$180
Grand Total$3,000$4,000$40,000$7,500$12,000$20,000$7,000$5,500$26,000$3,000$1,000$4,400$10,200$13,000$67,700$9,000$1,300$234,600

Key Deeds

November 29, 2017

ThinkProgress reported that William Dunn’s foundation was the second-largest funder of Project Veritas, a group that has received criticism for its “sting” operations. In November 2017, The Washington Post alleged that a woman working with Project Veritas had come to their offices claiming to have been the victim of statutory rape, and giving her stories to the paper. [10], [11]

“The Post did not publish an article based on her unsubstantiated account. When Post reporters confronted her with inconsistencies in her story and an Internet posting that raised doubts about her motivations, she insisted that she was not working with any organization that targets journalists,” The Washington Post wrote, also noting that Post reporters had seen her walking into the offices of Project Veritas. [11]

Project Veritas founder James O’Keefe was convicted of a misdemeanor in 2010 for using a false identity to gain access to a federal building during another such operation. [11]

I am not doing an interview right now, so I’m not going to say a word,” O’Keefe said. [11]


1. Dunn’s foundation also gave over $4 million to PERC, according to data from publicly available 990 forms[20]
2. Received over $10 million from Dunn’s foundation. [20]
3. Received over $500,000 from Dunn’s foundation. [20]
5. Received at least $270,000 from Dunn’s foundation. [20]
5. Received at least $6,617,000 from Dunn’s foundation. [20]

Social Media


  1. William Dunn,” Competitive Enterprise Institute. Archived December 7, 2017. Archive.is URL: https://archive.is/PtLAU
  2. About Dunn,” Dunn Capital Management, LLC. Archived December 8, 2017. Archive.is URLhttps://archive.is/6x1HN
  3. Dunn’s Foundation for the Advancement of Right Thinking,” Conservative Transparency. Data retrieved December 7, 2017.
  4. Coventry Funds Trust, et al. – ‘485BPOS’ on 4/26/07,” SECinfo.com, May 1, 2007. Archived December 9, 2017. Archive.is URL: https://archive.is/XvRqY
  5. GE Loses Bid to Block Global Warming Shareholder Proposal; Free Enterprise Action Fund (Ticker: FEAOX) Calls On GE to Justify Lobbying for Global Warming Regulation,” Free Enterprise Action Fund, February 12, 2007. Archive.is URL: https://archive.is/UT18j
  6. Bill Dunn: A Life of Innovation, Entrepreneurship, and Service,” The Dunn Foundation. Archived December 13, 2017. Archive.is URL: https://archive.is/SHsrD
  7. Heartland Institute compares belief in global warming to mass murder,” The Guardian, May 4, 2012.
  8. William A. Dunn Is an FSP Signer and Encourages All Freedom-Lovers to Join,” Free State Project, June 12, 2004. Archived December 8, 2017. Archive.is URL: https://archive.is/tjRvc
  9. Individual Contributions,Federal Election Commission. Data retrieved December 12, 2017.
  10. Josh Israel and Joshua Eaton. “Meet the people bankrolling James O’Keefe’s group,” ThinkProgress, November 29, 2017. Archived December 13, 2017. Archive.is URL: https://archive.is/rvtI6
  11. Shawn Boburg, Aaron C. Davis, and Alice Crites. “A woman approached The Post with dramatic — and false — tale about Roy Moore. She appears to be part of undercover sting operation,” The Washington Post, November 27, 2017. Archive.is URL: https://archive.is/Fw3dc
  12. PERC Board,” Property and Environment Research Center. Archived November 4, 2013. Archive.is URLhttps://archive.is/uxAvB
  13. Reason Trustees and Officers,” Reason Foundation. Archived December 7, 2017. Archive.is URL: https://archive.is/hG9PP
  14. FEE Past Trustees,” Foundation for Economic Education. Archived December 7, 2017. Archive.is URL: https://archive.is/GRvT6
  15. “Dear Chancellor Thorp:” (PDF), FIRE, September 16, 2011.
  16. Cato Institute 2011 Annual Report (PDF). Retrieved from cato.org.
  17. Palm Beach,” James Madison Institute. Archived December 11, 2017. Archive.is URL: https://archive.is/rO89I
  18. Board of Directors,” The James Madison Institute. Archived March 20, 2013. Archive.is URL: https://archive.is/M9lIF
  19. Bill Dunn: A Life of Innovation, Entrepreneurship, and Service,” The Dunn Foundation. Archived December 13, 2017. Archive.is URL: https://archive.is/SHsrD
  20. Dunn’s Foundation for the Advancement of Right Thinking,” Conservative Transparency. Data retrieved December 7, 2017.

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