Starting in 1970, to fund its new research and education programs, special projects, and Library operations, the Newberry relied heavily on grants from national and state government agencies and private foundations. Funds were used to start research centers, as well as for seminars, publications, research institutes, fellowships, books, campaign matching funds, conservation projects, etc. Agencies granting monies include the NEH, NEA, NIH, NIMH, Illinois Humanities Council, Chicago Community Trust, Rockefeller Brothers Fund, Rockefeller Foundation, and others.

Notebooks, maintained for each grant by Business Office staff, contain grant proposals, award notices, amendments, correspondence, budgets, financial reports, memoranda, and other documentation relating particularly to the financial aspects of the grant.