McClain Scholarship Trust Prospect Bank
MCCLAIN SCHOLARSHIP TRUST is a private foundation based in Paris, Illinois. In its 2025 filing, it reported administering 35 scholarships, with eligibility limited to residents of Edgar or Vermilion County studying specified fields.
McClain Scholarship Trust Prospect Bank at a glance
In short: McClain Scholarship Trust Prospect Bank gave $130K across 35 grants in 2025 (avg $4K), mostly in Illinois. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $129,845
- +20.5% vs 2024
- Grants made (2025)
- 35
- +9.4% vs 2024
- Average grant
- $3,710
- +10.2% vs 2024
- Median grant
- $4,000
- Total assets
- $2,407,126
- +0.4% vs 2024
- Primary geography
- Illinois (70% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated October 2026.
How to apply to McClain Scholarship Trust Prospect Bank
- Review Cycle
- April 17.
- Deadline
- April 17.
- Contact
Application contact: Tamra Inman
Mailing address: PO Box 400, Paris, IL 61944
Phone: (217) 465-4154
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who McClain Scholarship Trust Prospect Bank funds
How this funder distributes its grants
Grant Size Distribution
173 grants across all recorded years
The most common grant size was under $50K: 173 grants of 173 (100%).
Geographic Focus
Where this funder awards grants
The trust’s filing states that applicants must reside in Edgar or Vermilion County. In 2025, 70% of grant dollars went to recipients in Illinois, 25% to Indiana, 4% to Virginia, and 1% to Alabama.
Grant Distribution by State
Share of 2025 grant dollars across all 35 itemized grants.
Cities
How McClain Scholarship Trust Prospect Bank gives
- Giving held roughly steady from 2022 to 2025 (−12%). Method
- In 2025 it paid out 102% 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 $108K (2024) to $161K (2023). In 2025 it made 35 grants totaling $130K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| 35 individual scholarships Recipients not named | — | $129,845 |
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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 | $2,407,126 | $169,878 | $159,939 | $129,845 | 35 | $144,266 | $147,703 | $141,392 |
| 2024 | $2,397,187 | $147,384 | $136,653 | $107,743 | 32 | $121,824 | $123,326 | $138,197 |
| 2023 | $2,386,456 | $139,294 | $189,062 | $161,141 | 36 | $174,910 | $125,473 | $123,142 |
| 2022 | $2,436,224 | $169,344 | $180,003 | $146,898 | 35 | $161,114 | $134,631 | $180,780 |
| 2021 | $2,476,053 | $236,506 | $189,069 | $160,000 | 35 | $174,629 | $204,730 | $166,208 |
| 2020 | $2,428,616 | $100,959 | $169,814 | $140,000 | 29 | — | $78,026 | $153,259 |
Under IRS private-foundation payout rules, McClain Scholarship Trust Prospect Bank reported a distributable amount of $141K for 2025 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
The trust’s 2025 filing describes its direct charitable activity as administering scholarships. Eligible fields of study are agriculture, nursing, teaching, law, medicine, and dentistry.
Grantmaking
In 2025, the trust reported 35 grants totaling $129,845. Grants ranged from $2 to $8,000, with a median grant of $4,000. Its largest reported awards included:
Applications are available at Prospect Bank. Applicants must be residents of Edgar or Vermilion County and study agriculture, nursing, teaching, law, medicine, or dentistry.
Leadership & Key People
Officers and directors from IRS filings
McClain Scholarship Trust Prospect Bank's only listed officer is Prospect Bank, Trustee on every filing since 2020 (compensated).
Officers on the 2025 filing
Prospect Bank
Trustee
On filings since 2020
2 hrs/week
$24K (2020) → $25K (2025)
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 $25K, to Prospect Bank (Trustee).
Frequently asked questions about McClain Scholarship Trust Prospect Bank
How much does McClain Scholarship Trust Prospect Bank give each year?
McClain Scholarship Trust Prospect Bank gave $130K across 35 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $108K across 32 grants.
What is McClain Scholarship Trust Prospect Bank's typical grant size?
McClain Scholarship Trust Prospect Bank's median grant in 2025 was $4,000, and its average grant was $3,710, across 35 grants on its 2025 IRS Form 990-PF.
Where does McClain Scholarship Trust Prospect Bank give grants?
McClain Scholarship Trust Prospect Bank gives mostly in Illinois: 70% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there. The next largest state was Indiana (25%).
Does McClain Scholarship Trust Prospect Bank give general operating support?
Not in 2025: none of the 35 grants with a stated purpose on McClain Scholarship Trust Prospect Bank's 2025 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Scholarship" (35 grants).
How large is McClain Scholarship Trust Prospect Bank?
McClain Scholarship Trust Prospect Bank reported $2.4M in total assets on its 2025 IRS Form 990-PF. It paid out $144K in qualifying distributions that year, against a required minimum of $141K (roughly 5% of its investment assets).
What does McClain Scholarship Trust Prospect Bank fund?
The trust’s 2025 filing describes its direct charitable activity as administering scholarships. Eligible fields of study are agriculture, nursing, teaching, law, medicine, and dentistry. See mission & focus areas ↑
How do I apply for a grant from McClain Scholarship Trust Prospect Bank?
McClain Scholarship Trust Prospect Bank has no public application process in the sources Grantable reviewed. Contact the foundation directly before submitting a request.
What is McClain Scholarship Trust Prospect Bank's EIN?
McClain Scholarship Trust Prospect Bank's EIN (Employer Identification Number) is 37-6185245. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
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 May 6, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS May 2, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS May 8, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS April 25, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS May 8, 2025)
- Updated Form 990-PF for fiscal year 2025 (received by the IRS May 6, 2026)
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Figures come from McClain Scholarship Trust Prospect Bank'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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