Michael J & Karen B Frey Foundation
The Michael J & Karen B Frey Foundation is a private foundation based in Wayzata, Minnesota. Its 2025 filing reports 41 grants totaling $756,000.
Michael J & Karen B Frey Foundation at a glance
In short: Michael J & Karen B Frey Foundation gave $756K across 41 grants in 2025 (avg $18K), mostly in Minnesota. 61% of 2025 grantees were new. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $756,000
- +13.7% vs 2024
- Grants made (2025)
- 41
- +57.7% vs 2024
- Average grant
- $18,439
- -27.9% vs 2024
- Median grant
- $2,500
- Total assets
- $3,922,243
- +44.4% vs 2024
- New grantees (estimate)
- 61% first-time grantees (25 of 41, 2025)
- Primary geography
- Minnesota (81% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Michael J & Karen B Frey Foundation
- Accepts unsolicited proposals
- No
- Contact
Mailing address: 980 E Shady Lane, Wayzata, MN 55391
Phone: (952) 476-0301
Website: https://freyfoundationmn.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Michael J & Karen B Frey Foundation funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was Friends of Education ($250K). Together the top 10 received $670K.
Grant Size Distribution
139 grants across all recorded years
The most common grant size was under $50K: 117 grants of 139 (84%).
Geographic Focus
Where this funder awards grants
In 2025, 81% of grant dollars went to recipients in Minnesota, 11% to Wyoming, 7% to Virginia, 1% to Maryland, and less than 1% to South Dakota.
Grant Distribution by State
Share of 2025 grant dollars across all 41 itemized grants.
States
Cities
Is Michael J & Karen B Frey Foundation open to new grantees?
61%
first-time grantees, 2025
In 2025, 25 of 41 grantees (61%) were first-time recipients. First grants averaged $5K; repeat grants $39K. How we count
Medians: $1K first-time, $18K repeat.
- 27% of 2025 grantees were also funded in 2024. Method
- Giving grew 43% from 2022 to 2025. Method
- In 2025 it paid out 108% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2025, annual grant giving ranged from $477K (2020) to $756K (2025). In 2025 it made 41 grants totaling $756K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Friends of Education Minnetonka, MN | General Support | $250,000 |
| Upper Midwest Law Center Minnetonka, MN | General Support | $100,000 |
| Providence Academy Plymouth, MN | General Support | $70,000 |
| Center of the American Experiment Minnetonka, MN | General Support | $50,000 |
| Institute for Justice Arlington, VA | General Support | $50,000 |
| Minnesota Voters Alliance St. Paul, MN | General Support | $50,000 |
| Alpha News Minnetonka, MN | General Support | $25,000 |
| Crook County Fire Sundance, WY | General Support | $25,000 |
| The Basillica Landmark Minneapolis, MN | Restoring Beauty, Inspiring Hope Campaign | $25,000 |
| Weston County Fire Protection District Newcastle, WY | General Support | $25,000 |
Ready to take the next step with Michael J & Karen B Frey Foundation?
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 | $3,922,243 | $1,980,203 | $771,322 | $756,000 | 41 | $758,375 | $1,977,828 | $704,279 |
| 2024 | $2,716,662 | $679,230 | $673,192 | $665,000 | 26 | $665,000 | $679,230 | $664,960 |
| 2023 | $2,710,624 | $536,146 | $520,963 | $503,200 | 22 | $506,500 | $532,846 | $551,351 |
| 2022 | $2,695,441 | $521,902 | $532,409 | $527,987 | 24 | $528,803 | $520,464 | $545,166 |
| 2021 | $2,722,848 | $149,872 | $571,680 | $568,500 | 26 | $569,312 | $159,092 | $557,767 |
| 2020 | $3,299,975 | $6,780 | $480,058 | $477,050 | 25 | — | $116,998 | $459,196 |
Under IRS private-foundation payout rules, Michael J & Karen B Frey Foundation reported a distributable amount of $704K for 2025 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
The Frey Foundation of Minnesota’s website identifies Housing and Education as its two core impact areas, saying they account for more than 80% of its funding portfolio. It also says it sunset its Health & Human Services impact area in October 2023; organizations previously funded in that area were to remain part of the portfolio. The website describes the foundation’s broader mission as promoting self-sufficiency and advancing creative change to strengthen the community.
The 2025 grants include support for organizations with a range of stated missions. Friends of Education says its mission is to improve children’s education, and Providence Academy describes itself as a Roman Catholic college-preparatory school. Other recipients include the Upper Midwest Law Center, which describes providing public-interest legal representation, and the Institute for Justice, which describes using litigation and other approaches to advance individual liberties. These are grantee descriptions, not stated focus areas of the foundation.
Grantmaking
The 2025 filing lists 41 grants totaling $756,000. Grants ranged from $500 to $250,000, with a median of $2,500. The largest awards were $250,000 to Friends of Education, $100,000 to Upper Midwest Law Center, $70,000 to Providence Academy, and $50,000 each to Center of the American Experiment, Institute for Justice, and Minnesota Voters Alliance. Each of those grants was listed for general support.
The foundation’s website described a rolling, year-round letter-of-inquiry process, with staff reviewing submissions regularly and selecting organizations to proceed to a full application. However, the website also states that the Frey Foundation of Minnesota sunset its operations on December 31, 2025. The 2025 filing states that the foundation does not accept unsolicited requests.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Michael J Frey as Treasurer/President; Karen B Frey as Secretary/Director; and David J Frey, Sara J Frey, and Michael B Frey as directors.
Michael J & Karen B Frey Foundation is led by Michael B. Frey, Treasurer, President & Director on every filing since 2020; none of the 4 officers listed in 2025 report compensation.
Officers on the 2025 filing
Michael B. Frey
Treasurer, President & Director
On filings since 2020
1 hr/week
No compensation reported
David J. Frey
Director
On filings since 2020
1 hr/week
No compensation reported
Karen B. Frey
Secretary & Director
On filings since 2020
1 hr/week
No compensation reported
Sara J. Frey
Director
On filings since 2020
1 hr/week
No compensation reported
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.
Frequently asked questions about Michael J & Karen B Frey Foundation
How much does Michael J & Karen B Frey Foundation give each year?
Michael J & Karen B Frey Foundation gave $756K across 41 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $665K across 26 grants.
What is Michael J & Karen B Frey Foundation's typical grant size?
Michael J & Karen B Frey Foundation's median grant in 2025 was $2,500, and its average grant was $18,439, across 41 grants on its 2025 IRS Form 990-PF. Organizations receiving their first grant from Michael J & Karen B Frey Foundation that year got $5K on average.
Where does Michael J & Karen B Frey Foundation give grants?
Michael J & Karen B Frey Foundation gives mostly in Minnesota: 81% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there. The next largest states were Wyoming (11%) and Virginia (7%). The most frequent recipient cities were Sundance, WY (6 grants), Minnetonka, MN (5 grants), Saint Paul, MN (4 grants) and Plymouth, MN (2 grants).
Does Michael J & Karen B Frey Foundation give general operating support?
Yes: 88% of Michael J & Karen B Frey Foundation's 2025 grants with a stated purpose (36 of 41) were for general or operating support, per its 2025 IRS Form 990-PF.
Who are Michael J & Karen B Frey Foundation's largest grantees?
Michael J & Karen B Frey Foundation's largest 2025 grantees include Friends of Education ($250,000), Upper Midwest Law Center ($100,000) and Providence Academy ($70,000), according to its 2025 IRS Form 990-PF. Together they received 56% of its itemized 2025 grant dollars.
How large is Michael J & Karen B Frey Foundation?
Michael J & Karen B Frey Foundation reported $3.9M in total assets on its 2025 IRS Form 990-PF. It paid out $758K in qualifying distributions that year, against a required minimum of $704K (roughly 5% of its investment assets).
What does Michael J & Karen B Frey Foundation fund?
The Frey Foundation of Minnesota’s website identifies Housing and Education as its two core impact areas, saying they account for more than 80% of its funding portfolio. See mission & focus areas ↑
How do I apply for a grant from Michael J & Karen B Frey Foundation?
Michael J & Karen B Frey Foundation does not accept unsolicited proposals, according to Grantable's research on its published guidelines. Check freyfoundationmn.org for any change to that policy.
What is Michael J & Karen B Frey Foundation's EIN?
Michael J & Karen B Frey Foundation's EIN (Employer Identification Number) is 75-3140739. IRS Form 990 filing data is available on this page for 2020–2025.
Does Michael J & Karen B Frey Foundation 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 October 2026.
Data update history
(2)
When this profile's IRS filing data changed on Grantable
- Added Form 990-PF for fiscal year 2025 (received by the IRS August 5, 2026)
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in Michael J & Karen B Frey Foundation's focus areas in our free grants database
Similar Funders
Funders with grantees in common, and similar funders in Minnesota
The Minneapolis Foundation
Minneapolis, MN
The Minneapolis Foundation funds civic, social, and economic needs, including economic mobility, education, health, the environment, arts, and human services, with most grant dollars going to Minnesota. Its 2025 grants had a median of $25,000, though amounts varied widely. It says no funding opportunities are currently open; whether it accepts unsolicited requests is not stated.
Assets
$1.2B
Grants
1,565
Total Given
$121.7M
Saint Paul & Minnesota Foundation
St. Paul, MN
The Saint Paul & Minnesota Foundation funds community-led work in areas including economic opportunity, health and human services, youth and education, housing, and organizational capacity. Its 2025 grants had a median of $26,000; listed programs offer up to $50,000 for eligible East Metro work and up to $15,000 for qualifying Minnesota organizations. It accepts applications through specific programs, including rolling application opportunities; the Community Solutions Grant Program serves Dakota, Ramsey, and Washington counties.
Assets
$1.7B
Grants
1,473
Total Given
$107.2M
The Richard M Schulze Family Foundation
Minneapolis, MN
The Richard M. Schulze Family Foundation funds education, health care, and human services, including college scholarships, with most support benefiting working- and middle-class families in specified Minnesota and Florida counties; it also makes some national grants. Its 2024 grants had a median of $5,000, though awards ranged from $50 to $10 million. It plans to move to invitation-only grantmaking in 2027; whether it currently accepts unsolicited requests is not stated.
Assets
$218.3M
Grants
1,431
Total Given
$47.9M
Wells Fargo Foundation
Minneapolis, MN
Wells Fargo Foundation funds financial opportunity, affordable housing, small business growth, and some other local community needs across national and eligible local communities. Its 2025 grants ranged from $3,000 to $8 million, with a median of $35,000. It does not accept unsolicited requests; eligible organizations may submit a grant interest form to be considered for an invitation.
Assets
$8.6M
Grants
1,376
Total Given
$157.4M
C K Blandin Foundation
Grand Rapids, MN
The C K Blandin Foundation funds rural Minnesota projects that build community wealth, improve rural places, strengthen small communities, and support capacity-building, with a primary focus on the Grand Rapids area. Rural grants are typically $25,000–$150,000; it does not accept unsolicited requests, offering opportunities through invitations or competitive RFPs.
Assets
$506.3M
Grants
931
Total Given
$15.8M
The McKnight Foundation
Minneapolis, MN
The McKnight Foundation funds arts and culture, resilient food systems, Midwest climate and energy, neuroscience, and equitable communities, with Minnesota a primary focus for several programs and work also extending beyond the state. Its 2024 grants had a median of $100,000; prospective applicants should first discuss fit with program staff, who provide proposal instructions if the work can be considered.
Assets
$2.7B
Grants
790
Total Given
$145.9M
More similar funders
More Funders in Minnesota
Cite this profile
Grantable. (2026). Michael J & Karen B Frey Foundation funder profile. GrantGraph. Retrieved October 15, 2026, from https://grantable.co/funders/michael-j-and-karen-b-frey-foundation-morg_070a2d42c9dd42eab66bb7b8bf16f202
BibTeX
@misc{grantable_753140739_2026,
author = {{Grantable}},
title = {{Michael J \& Karen B Frey Foundation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/michael-j-and-karen-b-frey-foundation-morg_070a2d42c9dd42eab66bb7b8bf16f202},
note = {Accessed 2026-10-15. 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 Michael J & Karen B Frey Foundation'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.
Michael J & Karen B Frey Foundation down — hundreds of funders to go?