Merchants Foundation Inc
Merchants Foundation Inc is a private foundation based in Carmel, Indiana. Supported by the Merchants family of companies and team members, it makes grants through employee-nominated gifts to support access to housing, healthcare, and education in communities where employees live and work.
Merchants Foundation Inc at a glance
In short: Merchants Foundation Inc gave $450K across 35 grants in 2024 (avg $13K), mostly in Indiana. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $449,520
- +333.2% vs 2023
- Grants made (2024)
- 35
- +600.0% vs 2023
- Average grant
- $12,843
- -38.1% vs 2023
- Median grant
- $5,000
- Total assets
- $500
- +0.0% vs 2023
- Primary geography
- Indiana (93% 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 Merchants Foundation Inc
- Accepts unsolicited proposals
- No
- How to Apply
-
The foundation does not accept unsolicited requests. Grant dollars are distributed through employee-nominated gifts. A request must be made by a Merchants Bancorp employee using the Contribution and Sponsorship Request Form. Preference is given to 501(c)(3) organizations working in housing, healthcare, and education.
- Contact
Application contact: Merchants Foundation Co Julia Kaerc
Mailing address: 410 Monon Blvd 5Th Floor, Carmel, IN 46032
Phone: (317) 663-5030
Website: https://www.merchantsfoundation.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Merchants Foundation Inc funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Indiana University Foundation Inc ($90K). Together the top 10 received $370K.
Grant Size Distribution
40 grants across all recorded years
The most common grant size was under $50K: 35 grants of 40 (88%).
Geographic Focus
Where this funder awards grants
The foundation says it aims to support organizations and initiatives in communities where Merchants employees live and work, particularly where the company is investing. It notes that a significant portion of its contributions is directed to Indiana, where its corporate headquarters is located, and that it has locations in nine additional states. In 2024, 93% of grant dollars went to recipients in Indiana; the reported shares for Minnesota and Illinois were 3% each.
Grant Distribution by State
Share of 2024 grant dollars across all 35 itemized grants.
Cities
How Merchants Foundation Inc gives
- In 2024 it paid out well above 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 2023 to 2024, annual grant giving ranged from $104K (2023) to $450K (2024). In 2024 it made 35 grants totaling $450K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Indiana University Foundation Inc Bloomington, IN | General Support | $90,000 |
| Rdoor - FKA (Merchants Affordable Housing Corp) Indianapolis, IN | General Support | $75,000 |
| Coburn Place Indianapolis, IN | General Support | $50,000 |
| Greater Indianapolis Habitat for Humanity Indianapolis, IN | General Support | $50,000 |
| Providence Cristo Rey High School Indianapolis, IN | General Support | $32,000 |
| First Baptist Athletics Indianapolis, IN | General Support | $20,000 |
| Local Initiatives Support Corporation (Lisc) Indiana Indianapolis, IN | General Support | $20,000 |
| Second Helpings Indianapolis, IN | General Support | $13,000 |
| Catch the Stars Foundation Indianapolis, IN | General Support | $10,000 |
| Community Foundation of Randolph County Winchester, IL | General Support | $10,000 |
Ready to take the next step with Merchants Foundation Inc?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Distributable Amount |
|---|---|---|---|---|---|---|---|
| 2024 | $500 | $449,520 | $449,520 | $449,520 | 35 | $449,520 | $472 |
| 2023 | $500 | $106,773 | $106,273 | $103,773 | 5 | $106,273 | $3 |
Under IRS private-foundation payout rules, Merchants Foundation Inc reported a distributable amount of $472 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
The foundation describes its mission as a catalyst for expanding opportunity to access quality housing, healthcare, and education. Its stated areas of work include affordable housing and property improvements; access to healthy food, medical services, and mental health and recovery programs; and learning opportunities and youth athletics.
Its 2024 grantees illustrate a range of supported work. Indiana University Foundation says it raises private philanthropic support for Indiana University. Second Helpings describes its work as food rescue, hunger relief, and culinary job training. Catch the Stars Foundation says it provides youth programs in literacy, fitness, and mentoring. Dove Recovery House for Women describes its work as providing safe housing and recovery programming for women. These are the grantees’ descriptions of their own missions.
Grantmaking
In filing year 2024, the foundation reported 35 grants totaling $449,520. Grants ranged from $563 to $90,000, with a median of $5,000. Notable awards included $90,000 to Indiana University Foundation, $75,000 to RDOOR (formerly Merchants Affordable Housing Corp), $50,000 each to Coburn Place and Greater Indianapolis Habitat for Humanity, and $32,000 to Providence Cristo Rey High School. The listed purposes for these grants were general support.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Julia L. Kaercher as executive director and president; Michael Dury, Michael Petrie, and Michael Dunlap as directors; Terry Oznick as secretary; and John Macke as treasurer.
Merchants Foundation Inc is led by Julia L. Kaercher, Executive Director & President on every filing since 2022; none of the 6 officers listed in 2024 report compensation.
Officers on the 2024 filing
Julia L. Kaercher
Executive Director & President
On filings since 2022
28 hrs/week
No compensation reported
Michael Dunlap
Director
On filings since 2022
1 hr/week
No compensation reported
Michael Dury
Director
On filings since 2022
1 hr/week
No compensation reported
Michael F Petrie
Director
On filings since 2022
1 hr/week
No compensation reported
John Macke
Treasurer
On filings since 2022
1 hr/week
No compensation reported
Terry Oznick
Secretary
On filings since 2022
1 hr/week
No compensation reported
Former officers (1)
- Former: Julie Sharp (2022) — Director
Data from IRS Form 990 filings, 2022–2024. "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 Merchants Foundation Inc
How much does Merchants Foundation Inc give each year?
Merchants Foundation Inc gave $450K across 35 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $104K across 5 grants.
What is Merchants Foundation Inc's typical grant size?
Merchants Foundation Inc's median grant in 2024 was $5,000, and its average grant was $12,843, across 35 grants on its 2024 IRS Form 990-PF.
Where does Merchants Foundation Inc give grants?
Merchants Foundation Inc gives mostly in Indiana: 93% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Indianapolis, IN (19 grants), Bloomington, IN (2 grants), Saint Paul, MN (2 grants) and Washington, DC (2 grants).
Does Merchants Foundation Inc give general operating support?
Yes: 100% of Merchants Foundation Inc's 2024 grants with a stated purpose (35 of 35) were for general or operating support, per its 2024 IRS Form 990-PF.
Who are Merchants Foundation Inc's largest grantees?
Merchants Foundation Inc's largest 2024 grantees include Indiana University Foundation Inc ($90,000), Rdoor - FKA (Merchants Affordable Housing Corp) ($75,000) and Coburn Place ($50,000), according to its 2024 IRS Form 990-PF. Together they received 48% of its itemized 2024 grant dollars.
How large is Merchants Foundation Inc?
Merchants Foundation Inc reported $500 in total assets on its 2024 IRS Form 990-PF. It paid out $450K in qualifying distributions that year, against a required minimum of $472 (roughly 5% of its investment assets).
What does Merchants Foundation Inc fund?
The foundation describes its mission as a catalyst for expanding opportunity to access quality housing, healthcare, and education. See mission & focus areas ↑
How do I apply for a grant from Merchants Foundation Inc?
The foundation does not accept unsolicited requests. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Merchants Foundation Inc's EIN?
Merchants Foundation Inc's EIN (Employer Identification Number) is 88-1340802. IRS Form 990 filing data is available on this page for 2022–2024.
Does Merchants Foundation Inc accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
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 2022–2024
Live grants for the work Merchants Foundation Inc funds
Philanthropy, Voluntarism & Grantmaking Open opportunities, soonest deadline first.
- Nixa Affiliate Grantmaking Program Up to US $10,000 · Due October 19, 2026
- Community and School Grants $28,000 total pool; 10-15 grants expected · Due October 19, 2026
- Mary Pinola/Crescenta Valley Chamber Education Fund $500 - $5,000 for ongoing programs; up to $15,000 for Strategic Initiative Grants · Due October 19, 2026
Explore Open Grants
Browse active grant opportunities in Merchants Foundation Inc's focus areas in our free grants database
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Cite this profile
Grantable. (2026). Merchants Foundation Inc funder profile. GrantGraph. Retrieved October 18, 2026, from https://grantable.co/funders/merchants-foundation-inc-morg_9020d1bcde234bfd86d4c9fd06b60aef
BibTeX
@misc{grantable_881340802_2026,
author = {{Grantable}},
title = {{Merchants Foundation Inc funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/merchants-foundation-inc-morg_9020d1bcde234bfd86d4c9fd06b60aef},
note = {Accessed 2026-10-18. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Merchants Foundation 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.
Merchants Foundation Inc down — hundreds of funders to go?