Invest DSM
Invest DSM is a Des Moines, Iowa–based public charity that supports neighborhood revitalization through property improvements, housing rehabilitation and development, and business improvements in designated Special Investment Districts (SIDs). The organization says it was launched in 2019 and combines public and private funding.
Invest DSM at a glance
In short: Invest DSM gave $3.9M across 37 grants in 2025 (avg $105K), mostly in Iowa. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $3,890,657
- +68.7% vs 2024
- Grants made (2025)
- 37
- Average grant
- $105,153
- Median grant
- $30,525
- Total assets
- $27,145,602
- -6.5% vs 2024
- Primary geography
- Iowa (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated November 2026.
How to apply to Invest DSM
- Contact
Mailing address: 525 Sw 5Th Street F, Des Moines, IA 50309
Phone: (515) 221-8410
Website: https://investdsm.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Invest DSM funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was NFC Properties LLC ($1.0M). Together the top 10 received $3.1M.
Organizations only. It also paid 1 grant to individuals ($10,170), which are not listed by name.
Grant Size Distribution
67 grants across all recorded years
The most common grant size was under $50K: 41 grants of 67 (61%).
Geographic Focus
Where this funder awards grants
The website says properties must be within a Special Investment District to qualify for its programs. It describes these districts as targeted Des Moines neighborhoods selected by the City of Des Moines and Polk County, and states that district boundaries may include properties on either side of a boundary street. Its stated purpose also refers to SIDs established by the City of Des Moines or other governmental units within Polk County, Iowa.
Grant Distribution by State
Share of 2025 grant dollars across all 37 itemized grants.
Cities
How Invest DSM gives
- Giving grew 402% from 2022 to 2025. Method
From the foundation's IRS Form 990 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 $114K (2020) to $3.9M (2025). In 2025 it made 37 grants totaling $3.9M.
*2021: Covers 18 months (fiscal year-end changed).
Hatched bars: grants paid as reported on the IRS filing, which lists no individual grants for that year.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| NFC Properties LLC Des Moines, IA | Single Family Developer Grant | $1,043,841 |
| Q-Enterprises LLC Des Moines, IA | Single Family Developer Grant | $475,000 |
| Peter Cutler Waukee, IA | Single Family Developer Grant | $281,700 |
| Cutler Construction Waukee, IA | Single Family Developer Grant | $248,640 |
| Silent Rivers Astilbe Morning Des Moines, IA | GRANT | $210,000 |
| RM Madden Construction Inc Des Moines, IA | Single Family Developer Grant | $202,320 |
| Tim Bratvold - 36 on 6TH West Des Moines, IA | Commercial Development Grant | $200,000 |
| DRJ Investments Des Moines, IA | GRANT | $194,800 |
| Des Moines Renovation Company Des Moines, IA | Single Family Developer Grant | $167,400 |
| MM&S Development West Des Moines, IA | Single Family Developer Grant | $118,800 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $27,145,602 | $10,432,838 | $13,129,338 | $3,890,657 | 37 | $388,015 |
| 2024 | $29,036,420 | $10,898,293 | $7,854,647 | $2,305,715 | Total only | $451,557 |
| 2023 | $24,331,235 | $10,301,946 | $5,156,473 | $579,052 | 10 | $202,662 |
| 2022 | $19,287,532 | $10,543,054 | $4,723,480 | $775,179 | 12 | $60,221 |
| 2021* | $13,108,701 | $10,321,586 | $6,561,437 | $704,960 | 8 | $24,742 |
| 2020 | $4,819,375 | $5,055,674 | $300,240 | $113,894 | 4 | $55,674 |
*2021: Covers 18 months (fiscal year-end changed).
"Total only": grants paid as reported on the IRS filing, which lists no individual grants for that year.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
The organization’s stated mission is to provide holistic and innovative solutions that strengthen neighborhoods through strategic real estate investments and partnerships intended to improve quality of life. Its website describes work intended to promote housing stability, neighborhood identity, local business activity, and community connection.
Website-listed programs include matching funds for groups of neighbors’ exterior improvements; grants and support for homeowners’ renovations; assistance for single-family renovation or new construction; rental-property rehabilitation; and commercial property improvements. These programs are tied to eligible properties in SIDs, rather than to an applicant’s income.
Grantmaking
IRS filing data report grants totaling $775,179 across 12 grants in 2022 and $579,052 across 10 grants in 2023. The average grant was approximately $64,598 in 2022 and $57,905 in 2023, calculated from those totals and counts. The 2024 filing reports zero grants. No grantee names or grant-level amounts are provided here.
The website describes program support as generally cost-share based, with Invest DSM contributing 20–50% of project costs. For the Homeowner Renovation Program, it lists grants of up to $75,000, with the share depending on the project and neighborhood; all projects must include an exterior component. The website says these grants may be forgiven over five or seven years if the homeowner stays in the home, while smaller grants are reimbursed after work is complete without a forgiveness period.
The website’s general process asks applicants to check property eligibility, review program guidelines, consult with Invest DSM, and submit a formal application if the project is deemed eligible. For the Homeowner Renovation Program, the site estimates an application process of approximately 20–25 business days and says work done or paid for before completing the application process is not eligible for funding. Program guidelines vary by neighborhood.
The organization’s 2024 filing says it has board-approved written policies for grant eligibility and selection. Recipients must provide supporting documentation for eligible expenses before grant awards are distributed, and staff review property improvements before authorizing distributions.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Tom Hockensmith as chair; Connie Boesen as vice chair; Jennifer Cooper as treasurer; Angela Connolly as secretary; Scott Sanders, John Cacciatore, Matt McCoy, Angie Pfannkuch, and Carl Voss as directors; and Amber Lynch as executive director.
The filing states that the board can appoint its own members, with three members appointed from the City of Des Moines, three from Polk County, and three from the local community.
Invest DSM is led by Theresa Greenfield, Executive Director on the 2025 filing; 6 of 17 officers listed in 2025 are compensated.
Officers on the 2025 filing
Theresa Greenfield
Executive Director
New on the 2025 filing
40 hrs/week
$54K (2025)
Connie Boesen
Chair
Treasurer → Vice Chair, 2024
Vice Chair → Chair, 2025
On filings since 2020
1 hr/week
No compensation reported
Angie Pfannkuch
Director
On filings since 2020
1 hr/week
No compensation reported
Carl Voss
Director
On filings since 2020
1 hr/week
No compensation reported
John Cacciatore
Director
On filings since 2020
1 hr/week
No compensation reported
Matt McCoy
Director
On filings since 2020
1 hr/week
No compensation reported
Damon Miller
Director
New on the 2025 filing
1 hr/week
No compensation reported
Jenna Kimberly
Director
New on the 2025 filing
1 hr/week
No compensation reported
Mike Simonson
Director
New on the 2025 filing
1 hr/week
No compensation reported
Amber Lynch
Former Executive Director
Executive Director → Former Executive Director, 2025
On filings since 2020
40 hrs/week
$150K (2021) → $80K (2025)
Chris Civitate
Neighborhood Development M
Neighborhood Development Manager → Neighborhood Development M, 2025
On filings since 2024
40 hrs/week
$106K (2024) → $129K (2025)
Sierra Rose
Operations Manager
On filings since 2024
40 hrs/week
$104K (2024) → $127K (2025)
Jake Ross
Construction Specialist
New on the 2025 filing
40 hrs/week
$104K (2025)
Matthew Brandt
Construction Specialist
New on the 2025 filing
40 hrs/week
$101K (2025)
Angela Connolly
Secretary
On filings since 2020
1 hr/week
No compensation reported
Jennifer Cooper
Treasurer
Director → Treasurer, 2024
On filings since 2020
1 hr/week
No compensation reported
Tom Hockensmith
Vice Chair
Co-Chair → Chair, 2024
Chair → Vice Chair, 2025
On filings since 2020
1 hr/week
No compensation reported
Former officers (2)
- Former: Scott Sanders (2024) — Director
- Former: Frank Cownie (2020–2023) — Co-Chair
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 $129K, to Chris Civitate (Neighborhood Development M). 6 officers or directors reported compensation on that filing.
Frequently asked questions about Invest DSM
How much does Invest DSM give each year?
Invest DSM gave $3.9M across 37 grants in 2025, according to its 2025 IRS Form 990. In 2024 it reported $2.3M in grants paid.
What is Invest DSM's typical grant size?
Invest DSM's median grant in 2025 was $30,525, and its average grant was $105,153, across 37 grants on its 2025 IRS Form 990.
Where does Invest DSM give grants?
Invest DSM gives mostly in Iowa: 100% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The most frequent recipient cities were Des Moines, IA (25 grants), Waukee, IA (3 grants), West Des Moines, IA (3 grants) and Nowalk, IA (2 grants).
Does Invest DSM give general operating support?
Not in 2025: none of the 37 grants with a stated purpose on Invest DSM's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Commercial Development Grant" (19 grants), "Single Family Developer Grant" (11 grants) and "Rental Rehab Grant" (4 grants).
Who are Invest DSM's largest grantees?
Invest DSM's largest 2025 grantees include NFC Properties LLC ($1,043,841), Q-Enterprises LLC ($475,000) and Peter Cutler ($281,700), according to its 2025 IRS Form 990. It also paid 1 grant to individuals ($10,170), which are not listed by name. Together they received 46% of its itemized 2025 grant dollars.
How large is Invest DSM?
Invest DSM reported $27.1M in total assets on its 2025 IRS Form 990. Its revenue that year was $10.4M.
What does Invest DSM fund?
The organization’s stated mission is to provide holistic and innovative solutions that strengthen neighborhoods through strategic real estate investments and partnerships intended to improve quality of life. See mission & focus areas ↑
How do I apply for a grant from Invest DSM?
Invest DSM has no public application process in the sources Grantable reviewed. Check investdsm.org for current guidelines, or contact the foundation directly before submitting a request.
What is Invest DSM's EIN?
Invest DSM's EIN (Employer Identification Number) is 84-2607571. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated November 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Added Form 990 for fiscal year 2025 (received by the IRS September 3, 2026)
- Updated Form 990 for fiscal year 2021 (received by the IRS April 28, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS October 2, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS July 19, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS October 10, 2025)
- IRS filings on file for fiscal years 2020–2024
Live grants for the work Invest DSM funds
Housing & Shelter Open opportunities, soonest deadline first.
Explore Open Grants
Browse active grant opportunities in Invest DSM's focus areas in our free grants database
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Figures come from Invest DSM's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Invest DSM down — hundreds of funders to go?