Michael J & Karen B Frey Foundation
The Michael J & Karen B Frey Foundation is a private family foundation established in 2003 and based in Wayzata, Minnesota. As a 501(c)(3) organization, it operates as a grantmaking foundation focused on supporting charitable causes across multiple sectors.
Key facts about Michael J & Karen B Frey Foundation
- EIN
- 75-3140739
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $665,000
- Grants made (2024)
- 26
- Average grant
- $25,577
- Median grant
- $12,500
- New grantees (estimate)
- 35% first-time grantees (9 of 26, 2024)
- Total assets
- $2,716,662
- Primary geography
- Minnesota (81% of itemized 2024 grant dollars)
Data from IRS Form 990-PF, 2024; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Who Michael J & Karen B Frey Foundation funds
By grant dollars, the top recipient states for Michael J & Karen B Frey Foundation's 26 itemized 2024 grants were Minnesota (81%), Wyoming (11%) and Virginia (8%). The most frequent recipient cities were Saint Paul, MN (4 grants), Sundance, WY (4 grants), Wayzata, MN (3 grants) and Minnetonka, MN (2 grants). 96% of grants with a stated purpose were for general or operating support.
Is Michael J & Karen B Frey Foundation open to new grantees?
35%
first-time grantees, 2024
In 2024, 9 of 26 grantees (35%) were first-time recipients. First grants averaged $5K; repeat grants $36K. How we count
Medians: $1K first-time, $25K repeat.
- 54% of 2024 grantees were also funded in 2023. Method
- Giving held roughly steady from 2021 to 2024 (+17%). Method
- In 2024 it paid out 100% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized IRS Form 990-PF grant lists (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Next steps with Michael J & Karen B Frey Foundation
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Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$2.7M
+0.2% YoY
Annual Giving
$665K
+32.2% YoY
Grant Count
26
+18.2% YoY
Avg Grant Size
$26K
+11.8% YoY
Under IRS private-foundation payout rules, Michael J & Karen B Frey Foundation reported a distributable amount of $665K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation supports general charitable causes with particular emphasis on:
- Education
- Philanthropy and voluntarism
- Human services
- Women's support initiatives
- Gardens and plant collections
- Scholarship programs (including the Scherer Endowed Scholarship)
- Community fire funds
Grantmaking
Grant Range
$8,300
Ready to take the next step with Michael J & Karen B Frey Foundation?
Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in Minnesota, Wyoming, and Virginia.
Grant Distribution by State
Share of all 26 itemized 2024 grant dollars.
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total assets: $2,716,662
- Total revenues: $679,000
- Total expenses: $673,000
- Total liabilities: $0
As of 2023:
- Total assets: $2,710,624
- Total revenues: $536,146
- Total expenses: $520,963
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $2,716,662 | $2,710,624 | $2,695,441 |
| Revenue | $679,230 | $536,146 | $521,902 |
| Expenses | $673,192 | $520,963 | $532,409 |
| Qualifying Distributions | $665,000 | $506,500 | $528,803 |
| Net Investment Income | $679,230 | $532,846 | $520,464 |
| Distributable Amount | $664,960 | $551,351 | $545,166 |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
123 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest recipients include Providence Academy ($165,000), Friends of Education ($100,000), Umlc ($75,000).
| Recipient | Purpose | Amount |
|---|---|---|
| PROVIDENCE ACADEMY Plymouth, MN | GENERAL | $165,000 |
| FRIENDS OF EDUCATION Wayzata, MN | GENERAL | $100,000 |
| UMLC Minnetonka, MN | GENERAL | $75,000 |
| CENTER FOR AMERICAN EXPERIMENT Golden Valley, MN | GENERAL | $50,000 |
| INSTITUTE FOR JUSTICE Arlington, VA | GENERAL | $50,000 |
| MINNESOTA VOTERS ALLIANCE St Paul, MN | GENERAL | $50,000 |
| SAINT JOHN THE BAPTIST New Brighton, MN | GENERAL | $26,000 |
| ALPHA NEWS Minnetonka, MN | GENERAL | $25,000 |
| CROOK COUNTY - FIRE FUND Sundance, WY | GENERAL | $25,000 |
| WESTON COUNTY FIRE Newcastle, WY | GENERAL | $25,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
The foundation is led by family members:
- Michael J Frey (Treasurer/President)
- Karen B Frey (Secretary/Director)
- David J Frey (Director)
- Sara J Frey (Director)
- Michael B Frey (Director)
Compensation Overview
No officer or director reported compensation in the available filings.
From 2024 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Michael J Frey | Treasurer/President | 1 | — |
| Karen B Frey | Secretary/Director | 1 | — |
| David J Frey | Director | 1 | — |
| Sara J Frey | Director | 1 | — |
| Michael B Frey | Director | 1 | — |
Contact Information
Address: 980 E Shady Ln, Wayzata, MN 55391-1830
Phone: 952-476-0301
EIN: 75-3140739
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Michael J & Karen B Frey Foundation fund?
The foundation supports general charitable causes with particular emphasis on: • Education • Philanthropy and voluntarism • Human services • Women's support initiatives • Gardens and plant collections • Scholarship programs (including the Scherer Endowed Scholarship) • Community fire funds
How do I apply for a grant from Michael J & Karen B Frey Foundation?
**Grant Activity:** • Total giving in 2024: $665,000 • Total giving in 2023: $507,000 • Number of grants (2023): 22 grants • Median grant size: $8,300 • Maximum grant size: $150,000 • Typical award range: $100,000–$250,000 **Recent Grant Recipients (2023):** • Friends of Education: $150,000 • Providence Academy: $100,000 • Minnesota Voters Alliance: $25,000
Where does Michael J & Karen B Frey Foundation make grants?
The foundation primarily funds organizations in Minnesota, Wyoming, and Virginia.
What size grants does Michael J & Karen B Frey Foundation award?
In 2024, Michael J & Karen B Frey Foundation awarded 26 grants totaling $665K — an average of about $26K per grant, based on its IRS Form 990 filings.
How much is Michael J & Karen B Frey Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Michael J & Karen B Frey Foundation reported a distributable amount of $665K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
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 2020–2024.
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Data last updated September 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.