Frank JB & Emma S Varallo Foundation
The Frank JB & Emma S Varallo Foundation is a private foundation based in Chattanooga, Tennessee. In 2024, it reported one grant, of $900,000, to The Generosity Trust for operating funds.
Frank JB & Emma S Varallo Foundation at a glance
In short: Frank JB & Emma S Varallo Foundation gave $900K across 1 grant in 2024 (avg $900K), mostly in Tennessee. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $900,000
- +12.4% vs 2023
- Grants made (2024)
- 1
- -66.7% vs 2023
- Average grant
- $900,000
- +237.1% vs 2023
- Median grant
- $900,000
- Total assets
- $24,076,711
- -2.4% vs 2023
- Primary geography
- Tennessee (100% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026.
How to apply to Frank JB & Emma S Varallo Foundation
- How to Apply
-
The foundation does not restrict giving to preselected organizations. Those wishing to bring a project to its attention should send a written summary of no more than two pages, in triplicate, before December 1. The filing lists no restrictions on awards.
- Review Cycle
- December 1.
- Deadline
- December 1.
- Contact
Application contact: The Varallo Foundation Co R Frederi
Mailing address: 629 Market Street Suite 120, Chattanooga, TN 37402
Phone: (423) 265-9510
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Frank JB & Emma S Varallo Foundation funds
How this funder distributes its grants
Top Recipients
Top recipient in 2024
The largest 2024 recipient was The Generosity Trust ($900K).
Grant Size Distribution
97 grants across all recorded years
The most common grant size was under $50K: 87 grants of 97 (90%).
Geographic Focus
Where this funder awards grants
All grant dollars reported for 2024 went to a recipient in Tennessee.
Grant Distribution by State
Share of the 2024 grant dollars on its one itemized grant.
Cities
How Frank JB & Emma S Varallo Foundation gives
- Giving grew 99% from 2021 to 2024. Method
- In 2024 it paid out 75% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $179K (2020) to $900K (2024). In 2024 it made 1 grant totaling $900K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| The Generosity Trust Chattanooga, TN | Operating Funds | $900,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $24,076,711 | $795,947 | $1,387,584 | $900,000 | 1 | $940,360 | $559,227 | $1,250,236 |
| 2023 | $24,668,348 | $265,580 | $1,048,392 | $801,000 | 3 | $842,560 | $15,104 | $978,256 |
| 2022 | $25,501,160 | $921,726 | $1,705,922 | $633,500 | 28 | $672,575 | — | $806,105 |
| 2021 | $26,285,356 | $3,638,235 | $659,216 | $452,000 | 32 | $532,440 | $807,406 | $686,494 |
| 2020 | $23,306,337 | $940,159 | $390,495 | $179,450 | 33 | — | — | $782,758 |
Under IRS private-foundation payout rules, Frank JB & Emma S Varallo Foundation reported a distributable amount of $1.3M for 2024 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
No mission statement is provided. The 2024 filing identifies operating funds as the purpose of the grant to The Generosity Trust.
Grantmaking
In 2024, the foundation reported one grant totaling $900,000. In 2023, it reported three grants totaling $801,000; in 2022, it reported 28 grants totaling $633,500. The 2024 grant went to The Generosity Trust for operating funds.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Joseph F Decosimo as chairman, Robert F Decosimo as secretary, and Joseph D Decosimo and John T Decosimo as trustees.
Frank JB & Emma S Varallo Foundation is led by Joseph D. Decosimo, Chairman & Trustee on every filing since 2020; none of the 3 officers listed in 2024 report compensation.
Officers on the 2024 filing
Joseph D. Decosimo
Chairman & Trustee
On filings since 2020
0.3 hrs/week
No compensation reported
John T. Decosimo
Trustee
On filings since 2021
0.3 hrs/week
No compensation reported
Robert F. Decosimo
Secretary
On filings since 2020
23 hrs/week
No compensation reported
Former officers (1)
- Former: Robert W. Mason (2020) — Trustee
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Frank JB & Emma S Varallo Foundation
How much does Frank JB & Emma S Varallo Foundation give each year?
Frank JB & Emma S Varallo Foundation gave $900K across 1 grant in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $801K across 3 grants.
How large is Frank JB & Emma S Varallo Foundation?
Frank JB & Emma S Varallo Foundation reported $24.1M in total assets on its 2024 IRS Form 990-PF. It paid out $940K in qualifying distributions that year, against a required minimum of $1.3M (roughly 5% of its investment assets). Falling short in one year is not a violation: foundations have until the end of the next year to meet the minimum.
What does Frank JB & Emma S Varallo Foundation fund?
No mission statement is provided. The 2024 filing identifies operating funds as the purpose of the grant to The Generosity Trust. See mission & focus areas ↑
How do I apply for a grant from Frank JB & Emma S Varallo Foundation?
The foundation does not restrict giving to preselected organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
Where does Frank JB & Emma S Varallo Foundation make grants?
All grant dollars reported for 2024 went to a recipient in Tennessee.
What is Frank JB & Emma S Varallo Foundation's EIN?
Frank JB & Emma S Varallo Foundation's EIN (Employer Identification Number) is 62-6225565. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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