This study examines whether the National Science Foundation's ADVANCE-IT grant program identifies and funds institutions that improve faculty gender equity. By using matching procedures and a two-way fixed-effect event study, we find that when universities received ADVANCE-IT grants, their proportion and headcount of women faculty as full-time new-hire, overall faculty, and tenured and tenure-track faculty are not different from multiple comparison groups of universities--including universities that received other types of ADVANCE grants. Drawing on the concept of intersectionality, we further disaggregate women faculty into subracial/ethnic groups. We did not find consistent evidence supporting that ADVANCE-IT universities increase the proportion or headcount of women faculty in subracial/ethnic groups. We discuss implications for federal grantmaking and diversifying higher education faculty.