1ST Source Foundation Inc XXX-XX-XXXX

Foundation · Grantmaker South Bend, IN EIN: 35-6034211

1st Source Foundation is a private foundation based in South Bend, Indiana, operating as a corporation. The foundation is affiliated with 1st Source Bank and serves as a philanthropic vehicle for supporting nonprofit organizations in the communities where the bank operates.

Key facts about 1ST Source Foundation Inc XXX-XX-XXXX

EIN: 35-6034211
Latest 990 filing: Form 990-PF, 2024
Annual giving (2024): $2,004,878
Grants made (2024): 93
Average grant: $21,558
Median grant: $10,000
New grantees (estimate): 44% first-time grantees (41 of 93, 2024)
Total assets: $35,235,229
Primary geography: Indiana (95% of itemized 2024 grant dollars)

Data from IRS Form 990-PF, 2024; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).

Who 1ST Source Foundation Inc XXX-XX-XXXX funds

By grant dollars, the top recipient states for 1ST Source Foundation Inc XXX-XX-XXXX's 93 itemized 2024 grants were Indiana (95%). The most frequent recipient cities were South Bend, IN (29 grants), Fort Wayne, IN (13 grants), Valparaiso, IN (8 grants) and Plymouth, IN (7 grants). 1% of grants with a stated purpose were for general or operating support. Recurring purposes include "Support" (76 grants).

Is 1ST Source Foundation Inc XXX-XX-XXXX open to new grantees?

44%

first-time grantees, 2024

In 2024, 41 of 93 grantees (44%) were first-time recipients. First grants averaged $25K; repeat grants $19K. How we count

Medians: $12K first-time, $5K repeat.

44% of 2024 grantees were also funded in 2023. Method
Giving held roughly steady from 2021 to 2024 (+1%). Method
In 2024 it paid out 91% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method

Estimate from itemized IRS Form 990-PF grant lists (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.

Next steps with 1ST Source Foundation Inc XXX-XX-XXXX

How to evaluate 1ST Source Foundation Inc XXX-XX-XXXX as a funder
Our grant prospecting guide: read the 990-PF, check fit, and decide whether to apply.
Draft an LOI to 1ST Source Foundation Inc XXX-XX-XXXX with AI
AI grant writing that drafts from your organization’s own materials, in your voice.
Track this opportunity in a free grant tracker
A free Google Sheets or Excel template for deadlines, award terms, and reports due.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$35.2M

+4.9% YoY

Annual Giving

$2.0M

-1.9% YoY

Grant Count

+8.1% YoY

Avg Grant Size

$22K

-9.3% YoY

Under IRS private-foundation payout rules, 1ST Source Foundation Inc XXX-XX-XXXX reported a distributable amount of $2.2M for 2024 — the minimum it must pay out in qualifying distributions.

Research compiled by Grantable AI from public sources. Last updated April 2026.

Mission & Focus Areas

1st Source Foundation supports nonprofit organizations in the communities served by 1st Source Bank in northern Indiana and southwestern Michigan. The foundation's areas of interest include:

Social welfare and human services
Education
Culture and the arts
Community and economic development

The foundation demonstrates a preference for partnering with organizations that have proven themselves successful in achieving their mission.

Grantmaking

The foundation makes contributions to preselected charitable organizations. Based on recent activity:

Grant Range

** $10,000

Average Grant

** $24,000

Your AI grants department

Ready to take the next step with 1ST Source Foundation Inc XXX-XX-XXXX?

Assess fit for your org Draft an LOI Find open RFPs

Fully replaces Grant database subscriptions Instrumentl · Foundation Directory · GrantStation & similar

Geographic Focus

Where this funder awards grants

The foundation primarily funds organizations in Indiana and Michigan, with particular emphasis on northern Indiana and southwestern Michigan communities served by 1st Source Bank.

Grant Distribution by State

Indiana $1.9M (95%)

Michigan $78K (4%)

Florida $17K (1%)

Share of all 93 itemized 2024 grant dollars.

States

District of Columbia Florida Idaho Illinois Indiana Michigan

Cities

South BendFort WaynePlymouthElkhartValparaisoMichigan CityKalamazooLafayetteGoshenHuntingtonMishawakaSt JosephNotre DameRochesterWarsawAuburnIndianapolisBlufftonNilesBenton Harbor

Financial History

Multi-year comparison from IRS filings

Total assets: $35.2 million (2024)
Annual income: $11.4 million
Asset growth: Increased from $9 million in 2011 to $35.2 million in 2024
Tax status: Contributions are tax deductible
IRS ruling year: 1954

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$35,235,229	$33,597,071	$32,901,547
Revenue	$3,921,568	$2,976,578	$2,334,993
Expenses	$2,277,199	$2,291,798	$2,406,487
Qualifying Distributions	$2,004,878	$2,043,188	$2,203,696
Net Investment Income	$2,815,610	$2,938,263	$2,332,893
Distributable Amount	$2,204,261	$2,009,447	$2,026,424

Data update history

When this profile's IRS filing data changed on Grantable

March 2, 2026 IRS filings on file for fiscal years 2020–2024

Giving Over Time

Total grant dollars and number of grants per year

Grant Insights

How this funder distributes its grants

Top Recipients

Top 10 recipients in 2024

Grant Size Distribution

436 grants across all recorded years

Open Grants

1 open opportunity from 1ST Source Foundation Inc XXX-XX-XXXX

Foundation

1st Source Foundation Grant

1ST Source Foundation Inc XXX-XX-XXXX

Amount

Varies

Deadline

Rolling / Open

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest recipients include Holy Cross College ($150,000), Habitat for Humanity ($150,000), Marshall Co LLN Inc ($125,000).

Recipient	Purpose	Amount
Holy Cross College Notre Dame, IN	SUPPORT	$150,000
Habitat for Humanity South Bend, IN	SUPPORT	$150,000
MARSHALL CO LLN INC Plymouth, IN	SUPPORT	$125,000
South Bend Youth Hockey South Bend, IN	YOUTH SPORTS	$100,000
Goodwill Ind of Michiana Inc South Bend, IN	SUPPORT	$100,000
Michiana Public Broadcasting Corp South Bend, IN	SUPPORT	$100,000
Duneland Family YMCA Chesterton, IN	HEALTHY LIVING CAMPUS	$100,000
Logan Resource Center South Bend, IN	SUPPORT	$85,833
Premier Arts Elkhart, IN	SUPPORT	$50,000
South Bend-Elkhart Regional FDN Inc South Bend, IN	SUPPORT	$50,000

Leadership & Key People

Leadership team and compensation from IRS filings

The foundation is governed by 9 officers and trustees, with 1st Source Bank serving as the principal officer.

Compensation Overview

From 2024 IRS filing

Name	Title	Hours	Compensation
Christopher J Murphy III	President	—	—
Andrea Short	Vice President	—	—
Kevin Murphy	Treasurer	—	—
Ann Rathburn-Lacopo	Secretary	—	—
John Affleck-Graves	Board Member	—	$5,000
Isaac Torres	Board Member	—	—
Todd Schurz	Board Member	—	$5,000
Ron Zeltwanger	Board Member	—	—
1st Source Bank	Agent/Trustee	—	$162,956

Recent News & Activity

Recent developments and announcements

The foundation has been actively awarding grants to support community initiatives, including funding for health and wellness programs, homelessness prevention, affordable housing, youth development, and human services across its service region.

1st Source Foundation awards $100,000 grant to support Duneland YMCA\u2019\

Frequently Asked Questions

What does 1ST Source Foundation Inc XXX-XX-XXXX fund?

1st Source Foundation supports nonprofit organizations in the communities served by 1st Source Bank in northern Indiana and southwestern Michigan. The foundation's areas of interest include: • Social welfare and human services • Education • Culture and the arts • Community and economic development The foundation demonstrates a preference for partnering with organizations that have proven themselves successful in achieving their mission.

How do I apply for a grant from 1ST Source Foundation Inc XXX-XX-XXXX?

The foundation makes contributions to preselected charitable organizations. Based on recent activity: • **Total grants awarded:** 174 grants totaling $4.2 million • **Median grant size:** $10,000 • **Average grant size:** $24,000 • **Grant range:** $135 to $250,000 • **Annual distribution:** Between $2 million and $2.2 million annually (2021-2022) • **Organizations supported:** 138 unique organizations Recent grants have supported initiatives including a $100,000 grant to Duneland YMCA for a He…

Where does 1ST Source Foundation Inc XXX-XX-XXXX make grants?

The foundation primarily funds organizations in Indiana and Michigan, with particular emphasis on northern Indiana and southwestern Michigan communities served by 1st Source Bank.

What size grants does 1ST Source Foundation Inc XXX-XX-XXXX award?

In 2024, 1ST Source Foundation Inc XXX-XX-XXXX awarded 93 grants totaling $2.0M — an average of about $22K per grant, based on its IRS Form 990 filings.

How much is 1ST Source Foundation Inc XXX-XX-XXXX required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, 1ST Source Foundation Inc XXX-XX-XXXX reported a distributable amount of $2.2M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.

What is 1ST Source Foundation Inc XXX-XX-XXXX's EIN?

1ST Source Foundation Inc XXX-XX-XXXX's EIN (Employer Identification Number) is 35-6034211. IRS Form 990 filing data is available on this page for 2020–2024.