Michael J & Karen B Frey Foundation

WAYZATA, MN EIN: 75-3140739 Website

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.

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

+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.

Research compiled by Grantable AI from public sources. Last updated April 2026.

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

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Geographic Focus

Where this funder awards grants

The foundation primarily funds organizations in Minnesota, Wyoming, and Virginia.

Grant Distribution by State

Minnesota $2.1M (76%)

Wyoming $303K (11%)

Virginia $201K (7%)

Montana $50K (2%)

Oklahoma $27K (1%)

Idaho $25K (1%)

Indiana $25K (1%)

Illinois $16K (1%)

+10 more states

States

California Colorado District of Columbia Florida Idaho Illinois Indiana Maine Minnesota Montana New Jersey New York Oklahoma Texas Virginia Washington Wisconsin Wyoming

Cities

ArlingtonAshlandBloomingtonChanhassenChaskaChicagoCollegevilleDallasEden PrairieEdinaExcelsiorFridleyGlenviewGoldenGolden ValleyIndianapolisLake CityMendota HeightsMinneapolisMinnetonka

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

Revenue

Expenses

Qualifying Distributions

Net Investment Income

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

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 include Providence Academy ($165,000), Friends of Education ($100,000), Umlc ($75,000).

Recipient	Purpose	Amount
ALPHA NEWS MINNETONKA, MN	GENERAL	$25,000
AMERICAN SWEDISH INSTITUTE MINNEAPOLIS, MN	GENERAL	$500
BREAKTHROUGH T1D BLOOMINGTON, MN	GENERAL	$1,000
CENTER FOR AMERICAN EXPERIMENT GOLDEN VALLEY, MN	GENERAL	$50,000
COMO FRIENDS SAINT PAUL, MN	GENERAL	$1,000
CROOK COUNTY - FIRE FUND SUNDANCE, WY	GENERAL	$25,000
CROOK COUNTY RODEO ROYALTY SUNDANCE, WY	GENERAL	$3,000
CROOK COUNTY SCHOOL DISTRICT SUNDANCE, WY	GENERAL	$18,000
CROOK COUNTY SEARCH AND RESCUE SUNDANCE, WY	GENERAL	$2,000
EB RESEACH PARTNERSHIP NEW YORK, NY	GENERAL	$1,000

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

From 2024 IRS filing

From 2024 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

Philanthropy, Voluntarism & Grantmaking

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.