1st Source Foundation Inc Xxx-xx-xxxx
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.
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
93
+8.1% YoY
Avg Grant Size
$22K
-9.3% YoY
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
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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
Cities
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
| 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 |
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
250 grants across all recorded years
Open Grants
1 open opportunity from 1st Source Foundation Inc Xxx-xx-xxxx
Giving History
Grant recipients and amounts by year
No grants recorded for .
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
From 2024 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\Related Funders
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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