The funding disruptions that made headlines last year were real, and we have documented them carefully in this report. But the story I most want to tell is not the one that made the news.The loud disruptions – the cancelled federal grants, the agencies dismantled, the program closures that generated urgent email threads and emergency convenings – those were visible. What concerns me more is what has been happening quietly alongside them. The US$5,000 or US$10,000 institutional member