Fund for Wisconsin Scholars Inc
Fund for Wisconsin Scholars Inc is a private foundation, based in Madison, WI. IRS filing data is available from 2020 through 2025. As of 2025, the organization holds $342.3M in total assets. In 2025, it awarded 3 grants totaling $19.6M. Net investment income was $49.0M.
Fund for Wisconsin Scholars Inc at a glance
In short: Fund for Wisconsin Scholars Inc gave $19.6M across 3 grants in 2025 (avg $6.5M), mostly in Wisconsin. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $19,648,200
- +27.7% vs 2024
- Grants made (2025)
- 3
- +0.0% vs 2024
- Average grant
- $6,549,400
- +27.7% vs 2024
- Median grant
- $120,000
- Total assets
- $342,343,302
- +12.7% vs 2024
- Primary geography
- Wisconsin (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated September 2026.
Who Fund for Wisconsin Scholars Inc funds
How this funder distributes its grants
Top Recipients
Top recipient in 2025
The largest 2025 recipient was University of Wisconsin System ($19.5M).
Organizations only. It also paid 2 grants to individuals ($133,950), which are not listed by name.
Grant Size Distribution
15 grants across all recorded years
The most common grant size was under $50K: 5 grants of 15 (33%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2025 grant dollars across all 3 itemized grants.
States
Cities
How Fund for Wisconsin Scholars Inc gives
- Giving grew 74% from 2022 to 2025. Method
- In 2025 it paid out 136% of its IRS minimum distribution (the 5% rule). 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 2025, annual grant giving ranged from $9.6M (2020) to $19.6M (2025). In 2025 it made 3 grants totaling $19.6M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| University of Wisconsin System Madison, WI | Stipends and Need-Based Grants for Higher Education | $19,514,250 |
| 2 grants to individuals Recipients not named | — | $133,950 |
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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 |
|---|---|---|---|---|---|---|---|---|
| 2025 | $342,343,302 | $70,520,420 | $23,758,660 | $19,648,200 | 3 | $20,844,465 | $49,027,463 | $15,377,332 |
| 2024 | $303,829,934 | $38,407,391 | $18,334,153 | $15,389,405 | 3 | $16,405,497 | $8,713,525 | $14,435,691 |
| 2023 | $271,955,838 | $11,885,477 | $15,447,001 | $12,977,802 | 3 | $13,890,530 | $5,793,289 | $13,098,577 |
| 2022 | $273,321,225 | $22,010,196 | $14,059,076 | $11,294,228 | 3 | $12,158,591 | $21,842,240 | $13,880,869 |
| 2021 | $304,011,407 | $34,000,261 | $12,246,534 | $9,677,482 | 3 | — | $29,855,688 | $13,107,813 |
| 2020 | $213,533,772 | $6,806,140 | $11,451,021 | $9,606,137 | 3 | — | $9,535,290 | $9,139,041 |
Under IRS private-foundation payout rules, Fund for Wisconsin Scholars Inc reported a distributable amount of $15.4M for 2025 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
Fund for Wisconsin Scholars Inc is led by Kelly Ruppel, Secretary, Executive Director & Trustee on every filing since 2023; 7 of 8 officers listed in 2025 are compensated.
Officers on the 2025 filing
Kelly Ruppel
Secretary, Executive Director & Trustee
On filings since 2023
40 hrs/week
$108K (2023) → $270K (2025)
Katharina Heyning
Chair & Trustee
Trustee → Vice Chair & Trustee, 2024
Vice Chair & Trustee → Chair & Trustee, 2025
On filings since 2023
5 hrs/week
$12K (2023) → $15K (2025)
John P. Morgridge
Trustee
Chairman & Trustee → Chair & Trustee, 2022
Chair, Trustee & Trustee → Trustee, 2025
On filings since 2020
2 hrs/week
$12K (2021) → $21K (2025)
Rebecca Splitt
Vice Chair & Trustee
Vice Chair & Trustee → Trustee, 2024
Trustee → Vice Chair & Trustee, 2025
On filings since 2020
5 hrs/week
$9K (2020) → $15K (2025)
Chris Bradford
Treasurer & Trustee
On filings since 2023
2 hrs/week
$18K (2023) → $19K (2025)
Cory Nettles
Trustee
On filings since 2024
2 hrs/week
$6K (2024) → $15K (2025)
Diana Hess
Trustee
New on the 2025 filing
2 hrs/week
$9K (2025)
Tashia F. Morgridge
Trustee
On filings since 2020
2 hrs/week
No compensation reported
Former officers (5)
- Former: John W. Daniels Jr. (2020–2024) — Vice Chair & Trustee
- Former: Michael Lovell (2020–2024) — Trustee
- Former: David Ward (2020–2023) — Trustee
- Former: Mary W. Gulbrandsen (2020–2023) — Secretary, Executive Director & Trustee
- Former: Ted Kellner (2020–2023) — Treasurer & Trustee
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $270K, to Kelly Ruppel (Secretary/Exec DIR/Trustee). 7 officers or directors reported compensation on that filing.
Frequently asked questions about Fund for Wisconsin Scholars Inc
How much does Fund for Wisconsin Scholars Inc give each year?
Fund for Wisconsin Scholars Inc gave $19.6M across 3 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $15.4M across 3 grants.
What is Fund for Wisconsin Scholars Inc's typical grant size?
Fund for Wisconsin Scholars Inc's median grant in 2025 was $120,000, and its average grant was $6,549,400, across 3 grants on its 2025 IRS Form 990-PF.
Where does Fund for Wisconsin Scholars Inc give grants?
Fund for Wisconsin Scholars Inc gives mostly in Wisconsin: 100% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there.
Does Fund for Wisconsin Scholars Inc give general operating support?
Not in 2025: none of the 3 grants with a stated purpose on Fund for Wisconsin Scholars Inc's 2025 IRS Form 990-PF were described as general or operating support.
How large is Fund for Wisconsin Scholars Inc?
Fund for Wisconsin Scholars Inc reported $342.3M in total assets on its 2025 IRS Form 990-PF. It paid out $20.8M in qualifying distributions that year, against a required minimum of $15.4M (roughly 5% of its investment assets).
What is Fund for Wisconsin Scholars Inc's EIN?
Fund for Wisconsin Scholars Inc's EIN (Employer Identification Number) is 26-1412296. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2020 (received by the IRS April 15, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS April 18, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS January 14, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS April 21, 2025)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS April 10, 2025)
- Added Form 990-PF for fiscal year 2025 (received by the IRS May 6, 2026)
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