Prompted by the Black Lives Matter movement, as well as COVID-19’s deepening of societal disparities, philanthropic foundations in North America have increasingly claimed racial justice as a core part of their mission and grantmaking strategy. This study draws on the concept of racial capitalism to examine racial justice organizations” [RJOs] accountability relations towards their philanthropic funders. Drawing on interviews with leaders of 30 Canadian RJOs, we show how accountability relations towards white wealthy philanthropies tightly entangle RJOs in the political economy of racial capitalism, structurally undermining—both epistemically and materially—their capacity to promote racial justice. This analysis departs from extant accounts of RJO-philanthropy accountability relations which have focused on processes of depoliticization caused by RJOs’ financial dependence on philanthropies. More specifically, we argue that accountability relations towards philanthropies place RJOs in a unique “bind of double dispossession”. To obtain material resources from philanthropies that are partially redistributing wealth expropriated from the racialized communities they represent, RJOs are expected to meet the epistemic demands of philanthropies. In doing so, they reproduce the partitioning that legitimizes and fuels the accumulation of philanthropic assets under racial capitalism. This study advances the critical philanthropy literature by showing how the political economy of philanthropy and donor-grantee relations are reciprocally connected in ways that re-entrench the material and epistemic foundations of the racial capitalist social order.