Flagstar Foundation Inc is a private 501(c)(3) grantmaking foundation established by Flagstar Bank in September 2017. Based in Troy, Michigan, the foundation formalizes the bank's charitable giving through structured grant programs aligned with the bank's community reinvestment activities, employee board memberships, and volunteer engagement.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$19.0M
-11.3% YoY
Annual Giving
$3.4M
+48.7% YoY
Grant Count
199
+93.2% YoY
Avg Grant Size
$17K
-23.0% YoY
Mission & Focus Areas
The foundation supports charitable work in four primary areas:
- Apprenticeship and Workforce Readiness — Addresses training to prepare people for job opportunities
- Arts and Culture — Supports collaborations with community organizations to maximize exposure to arts and culture
- Financial Well-Being — Seeks to build financial capabilities with a special focus on financial literacy and homebuyer education
- Community Reinvestment Activities — Supports nonprofits whose mission is affordable housing, community service, economic development or rehabilitation, and stabilization for low- to moderate-income individuals, families, and communities
Grantmaking
The foundation made 97 grants in 2024 with total giving of approximately $3.4 million. Grant sizes typically range from $20,000 to $100,000, with a median grant of $20,000 and average grant of approximately $22,900.
Grant Range
s typically range from $20,000 to $100,000, with a median grant of $20,000 and average grant of approximately $22,900.
Average Grant
of approximately $22,900.
Review Cycle
at quarter-end.
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Geographic Focus
Where this funder awards grants
The foundation prioritizes funding in Michigan, New York, and California—areas where Flagstar Bank conducts business.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total Assets: $19,000,000
- Total Giving: $3,377,000
- Total Revenue: $1,359,973
- Total Expenses: $3,848,823
- Total Liabilities: $908,000
Revenue Composition (2024):
- Grants and Contributions: $400,510
- Investment Income and Dividends: $959,463
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $18,995,161 | $21,416,011 | $23,520,747 |
| Revenue | $1,359,973 | $1,164,997 | $24,467,599 |
| Expenses | $3,848,823 | $2,751,751 | $2,537,574 |
| Qualifying Distributions | $3,377,000 | $2,316,000 | $2,222,681 |
| Net Investment Income | $959,463 | $704,299 | $18,360 |
| Distributable Amount | $922,175 | $1,075,591 | $225,125 |
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
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- Sonia Plata — President
- Elizabeth Correa — Managing Director
- Laura Coleman — Secretary
- Laurie McPeck — Treasurer
- Gary Wolf — Trustee
- Diane Menzo — Trustee
- Christopher Beck — Trustee
- Reggie Davis — Trustee
- Jennifer Charters — Trustee
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| ELIZABETH CORREA | MANAGING DIRECTOR | 3 | — |
| LAURA COLEMAN | SECRETARY | 3 | — |
| LAURIE MCPECK | TREASURER | 3 | — |
| GARY WOLF | TRUSTEE | 3 | — |
| DIANE MENZO | TRUSTEE | 3 | — |
| CHRISTOPHER BECK | TRUSTEE | 3 | — |
| SONIA PLATA | PRESIDENT | 40 | — |
| REGGIE DAVIS | TRUSTEE | 3 | — |
| JENNIFER CHARTERS | TRUSTEE | 3 | — |
Recent News & Activity
Recent developments and announcements
The foundation has supported various community initiatives including grants to arts organizations, homeless services providers, and workforce development programs. The foundation has also partnered with community organizations to deliver targeted grants, including COVID-relief funding distributed through community partners.
Tibbit's Young Audience Celebrates the Impact of Flagstar Foundation GrantSubject Areas
Focus areas based on grantmaking activity
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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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