Liberty Fund Inc
Liberty Fund Inc is a private foundation, based in Carmel, IN. IRS filing data is available from 2021 through 2025. As of 2025, the organization holds $396.6M in total assets. In 2025, it made $16.7M in qualifying distributions. Net investment income was $25.3M.
Liberty Fund Inc at a glance
- Total assets
- $396,557,289
- +10.6% vs 2024
- Revenue (2025)
- $56,857,773
- +153.6% vs 2024
- Qualifying distributions (2025)
- $16,713,692
- -7.5% vs 2024
- Expenses (2025)
- $18,302,443
- -7.3% vs 2024
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated October 2026.
Who Liberty Fund Inc funds
How this funder distributes its grants
Grant Size Distribution
8 grants across all recorded years
The most common grant size was under $50K: 8 grants of 8 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Cities
How Liberty Fund Inc gives
- Giving grew 538% from 2021 to 2024. 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 2021 to 2024, annual grant giving ranged from $7K (2021) to $43K (2023). In 2024 it made 4 grants totaling $42K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| The Tikvah Fund New York, NY | Hebrew translation and publication of schumpeter's "capitalism, socialism, and democracy" | $14,000 |
| Economic Freedom Foundation | Polish Translation of "The Federalists" | $12,500 |
| Association of Private Enterprise Education Lubbock, TX | Sponsor Undergraduate Research Competition | $10,000 |
| Americas Future Foundation DBA Talent Market LLC Washington, DC | General | $5,000 |
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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 |
|---|---|---|---|---|---|---|---|
| 2025 | $396,557,289 | $56,857,773 | $18,302,443 | — | — | $16,713,692 | $25,306,821 |
| 2024 | $358,645,767 | $22,422,647 | $19,737,647 | $41,500 | 4 | $18,061,211 | $21,668,031 |
| 2023 | $356,589,428 | $12,931,336 | $18,608,137 | $42,500 | 3 | $17,024,010 | $12,288,468 |
| 2022 | $362,873,085 | $40,425,131 | $17,957,559 | — | — | $16,360,811 | $39,769,708 |
| 2021 | $341,044,366 | $28,050,617 | $15,040,692 | $6,500 | 1 | — | $27,329,701 |
Leadership & Key People
Officers and directors from IRS filings
Liberty Fund Inc is led by Sean R. Shelby, Director, President & CEO since 2023 (on filings since 2021); all 15 officers listed in 2025 are compensated.
Officers on the 2025 filing
Sean R. Shelby
Director, President & CEO
President & CEO → Director, President & CEO, 2023
On filings since 2021
40 hrs/week
$257K (2021) → $543K (2025)
Nathan J Feltman
Director & Chairman
On filings since 2021
10 hrs/week
$56K (2021) → $90K (2025)
Ben A. Rast
Director
On filings since 2021
3 hrs/week
$42K (2021) → $51K (2025)
Dane Starbuck
Director
On filings since 2021
3 hrs/week
$97K (2021) → $51K (2025)
Emilio J. Pacheco
Director, Senior Vice President & Pierre F Goodrich Resident Scholar
Director, Senior Vice President & Pfg Res Scholar → Director, Senior Vice President & Pierre F Goodrich Resident Scholar, 2024
On filings since 2021
40 hrs/week
$341K (2021) → $304K (2025)
Luis H Ball
Director
On filings since 2021
3 hrs/week
$42K (2021) → $51K (2025)
Mary A O'Grady
Director
On filings since 2021
3 hrs/week
$42K (2021) → $51K (2025)
Terry W. Anker
Director
On filings since 2021
3 hrs/week
$42K (2021) → $51K (2025)
G Marcus Cole
Director
On filings since 2024
3 hrs/week
$51K (2024) → $51K (2025)
Mitchell E Daniels Jr.
Director & Consultant
New on the 2025 filing
13.5 hrs/week
$193K (2025)
Sandra J. Schaller
Secretary-Treasurer
Vice President, Controller & Sec-Treasurer → Vice President, Controller & Secretary-Treasurer, 2024
Vice President, Controller & Secretary-Treasurer → Secretary-Treasurer, 2025
On filings since 2021
40 hrs/week
$224K (2021) → $242K (2025)
Stephanie L. Kaufman
Assistant Secretary, Special Projects & Office Manager
Assistant Secretary, Spec Proj & Office Manager → Assistant Secretary, Special Proj & Office Manager, 2024
Assistant Secretary, Special Proj & Office Manager → Assistant Secretary, Special Projects & Office Manager, 2025
On filings since 2021
40 hrs/week
$100K (2021) → $106K (2025)
Brian J. Pawlowski
Vice President & COO
On filings since 2023
40 hrs/week
$215K (2023) → $230K (2025)
George K. Stuart
Vice President & CTO
On filings since 2024
40 hrs/week
$243K (2024) → $323K (2025)
Julie K Shewmaker
Controller
New on the 2025 filing
40 hrs/week
$46K (2025)
Former officers (3)
- Former: T. Alan Russell (2021–2022) — Director Emeritus
- Former: Douglas J. Den Uyl (2021) — Vice President of Educational Programs
- Former: Richard W. Duesenberg (2021) — Director Emeritus · Filing note: Thru 092020
Data from IRS Form 990 filings, 2021–2025. "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 $543K, to Sean R Shelby (Director, President & CEO). 15 officers or directors reported compensation on that filing.
Frequently asked questions about Liberty Fund Inc
How large is Liberty Fund Inc?
Liberty Fund Inc reported $396.6M in total assets on its 2025 IRS Form 990-PF. Its revenue that year was $56.9M.
Where does Liberty Fund Inc operate?
Liberty Fund Inc has awarded grants in District of Columbia, Indiana, New York, Texas.
What is Liberty Fund Inc's EIN?
Liberty Fund Inc's EIN (Employer Identification Number) is 35-1320021. IRS Form 990 filing data is available on this page for 2021–2025.
Data last updated October 2026. Sourced from IRS Form 990-PF filings.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2021–2025
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Figures come from Liberty Fund Inc'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.
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