Midwestone Bank Foundation
The MidWestOne Bank Foundation is a philanthropic organization based in Iowa City, Iowa, established in 2001. It operates as a private, non-operating foundation dedicated to supporting nonprofit organizations across multiple states through grant funding and community investment initiatives.
Key facts about Midwestone Bank Foundation
- EIN
- 75-3023674
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $206,457
- Grants made (2024)
- 47
- Average grant
- $4,393
- Median grant
- $5,000
- New grantees (estimate)
- 38% first-time grantees (18 of 47, 2024)
- Total assets
- $3,882,963
- Primary geography
- Iowa (80% of itemized 2024 grant dollars)
- How to apply
- The foundation receives applications from nonprofit organizations and makes contributions to preselected charitable organizations. Full details ↓
Data from IRS Form 990-PF, 2024; updated June 2026. New grantees are estimated by matching recipient names across years (methodology). Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Midwestone Bank Foundation funds
By grant dollars, the top recipient states for Midwestone Bank Foundation's 47 itemized 2024 grants were Iowa (80%) and Wisconsin (12%). The most frequent recipient cities were Dubuque, IA (6 grants), Iowa City, IA (5 grants), Oskaloosa, IA (2 grants) and Dyersville, IA (2 grants). 40% of grants with a stated purpose were for general or operating support.
Is Midwestone Bank Foundation open to new grantees?
38%
first-time grantees, 2024
In 2024, 18 of 47 grantees (38%) were first-time recipients. First grants averaged $5K; repeat grants $4K. How we count
Medians: $5K first-time, $5K repeat.
- 51% of 2024 grantees were also funded in 2023. Method
- Giving held roughly steady from 2021 to 2024 (−4%). Method
- In 2024 it paid out 94% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. 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 Midwestone Bank Foundation
- How to evaluate Midwestone Bank Foundation as a funder
Our grant prospecting guide: read the 990-PF, check fit, and decide whether to apply.
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Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$3.9M
+1.3% YoY
Annual Giving
$206K
-14.1% YoY
Grant Count
47
-19.0% YoY
Avg Grant Size
$4K
+6.0% YoY
Under IRS private-foundation payout rules, Midwestone Bank Foundation reported a distributable amount of $222K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation is driven by the belief that strong communities are built through sustained, intentional investment. Its primary funding areas include:
- Arts and culture
- Community development
- Community services
- Education
- Human services
- Youth programs
Grantmaking
Review Cycle
have distributed significant funding: $207,000 to 14 organizations across four states, and $279,050 to 25 nonprofit organizations in its final grant round
How to Apply
**
Ready to take the next step with Midwestone Bank Foundation?
Geographic Focus
Where this funder awards grants
The foundation operates primarily in:
- Colorado
- Florida
- Iowa
- Minnesota
- Wisconsin
Recent grant recipients have been located across Iowa, Colorado, Minnesota, and Wisconsin, with significant activity in communities including Iowa City, Waterloo, Dubuque, Des Moines, and Minneapolis.
Grant Distribution by State
Share of all 47 itemized 2024 grant dollars.
Cities
Financial History
Multi-year comparison from IRS filings
- Total Assets: $3.8–$3.9 million
- Annual Revenue: $209,420 (most recent fiscal year)
- Annual Expenses: $243,613 (most recent fiscal year)
- Annual Income: $1.2 million (reported)
- IRS Ruling Year: 2002
- Tax Status: 501(c)(3) exempt organization
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $3,882,963 | $3,831,985 | $3,867,410 |
| Revenue | $260,690 | $209,420 | $401,897 |
| Expenses | $210,179 | $243,613 | $239,542 |
| Qualifying Distributions | $208,255 | $241,908 | $228,067 |
| Net Investment Income | $155,170 | $139,404 | $125,299 |
| Distributable Amount | $221,576 | $201,697 | $198,660 |
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
257 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest recipients include Dubuque Community Y ($15,000), Dubuque Museum of Art ($10,000), Mahaska YMCA and Early Childhood Develop ($6,000).
| Recipient | Purpose | Amount |
|---|---|---|
| DUBUQUE COMMUNITY Y Dubuque, IA | CONSTRUCTION OF NEW BUILDING | $15,000 |
| DUBUQUE MUSEUM OF ART Dubuque, IA | GERERAL OPERATING FUND | $10,000 |
| MAHASKA YMCA AND EARLY CHILDHOOD DEVELOP Oskaloosa, IA | GENERAL OPERATING FUND | $6,000 |
| ANOKA COUNTY BROTHERHOOD COUNCIL Anoka, MN | IMPROVEMENTS TO THE ACBC FOOD SHELF | $5,000 |
| BOBCAT LEGACY FOUNDATION INC Peosta, IA | INSTALLATION OF NEW TURF FIELD AT WESTERN DUBUQUE HIGH IN EPWORTH, IA | $5,000 |
| CHRISTIAN COMMUNITY DEVELOPMENT DBA HOUS Waterloo, IA | NEW HOUSE OF HOPE EMPOWERMENT CENTER | $5,000 |
| CITY OF PELLA Pella, IA | CITY OF PELLA RECREATION CENTER PROJECT | $5,000 |
| COMMUNITY CRISIS SERVICES AND FOOD BANK Iowa City, IA | PURCHASE OF SPECIALIZED MOBILE FOOD PANTRY VEHICLE | $5,000 |
| COMMUNITY FOUNDATION OF JOHNSON COUNTY Coralville, IA | NORTH LIBERTY CENTENNIAL PARK: NEXT STAGE CHARITABLE GIVING FUND | $5,000 |
| DYERSVILLE INDUSTRIES INC Dyersville, IA | CONSTRUCTION OF A NEW BUILDING, PLAYGROUND EQUIPMENT AND CAPITAL IMPROVEMENTS TO THE KNEPPER CHILD CARE CENTER | $5,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
- Charles N. Funk — Chairman and President
- Chip Reeves — Vice President
- Matt Walter — Secretary/Treasurer
- Robert Ross — Principal Officer
The leadership team serves without compensation.
Compensation Overview
No officer or director reported compensation in the available filings.
From 2024 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Charles N Funk | President | 1 | — |
| Chip Reeves | Vice President | 1 | — |
| Matt Walter | Secretary/Treasurer | 1 | — |
| Larry D Albert | Director | 1 | — |
| Len Devaisher | Director | 1 | — |
| Kevin Monson | Director | 1 | — |
| Ruth E Stanoch | Director | 1 | — |
| Elda Macias | Director | 1 | — |
Recent News & Activity
Recent developments and announcements
The MidWestOne Bank Foundation announced its final grant round in February 2026, allocating up to $279,050 to 25 nonprofit organizations. This marked the foundation's largest grant distribution to date and its final grant cycle before sunsetting following the merger of MidWestOne Financial Group Inc. and Nicolet Bankshares Inc., which closed in February 2026.
MidWestOne Bank Foundation announces final grant round ahead of merger\_\Recent grant recipients have included organizations such as Iowa Heartland Habitat for Humanity, Our Neighbor's Place, Grant Regional Health Center, West Liberty Library, North Liberty Community Pantry, Knepper Child Care Center, Hills and Dales, and numerous other community-focused nonprofits across its service regions.
MidWestOne Bank Foundation announces final grant round ahead of merger\_\Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Midwestone Bank Foundation fund?
The foundation is driven by the belief that strong communities are built through sustained, intentional investment. Its primary funding areas include: • Arts and culture • Community development • Community services • Education • Human services • Youth programs
How do I apply for a grant from Midwestone Bank Foundation?
The foundation receives applications from nonprofit organizations and makes contributions to preselected charitable organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
Where does Midwestone Bank Foundation make grants?
The foundation operates primarily in: • Colorado • Florida • Iowa • Minnesota • Wisconsin Recent grant recipients have been located across Iowa, Colorado, Minnesota, and Wisconsin, with significant activity in communities including Iowa City, Waterloo, Dubuque, Des Moines, and Minneapolis.
What size grants does Midwestone Bank Foundation award?
In 2024, Midwestone Bank Foundation awarded 47 grants totaling $206K — an average of about $4K per grant, based on its IRS Form 990 filings.
How much is Midwestone Bank Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Midwestone Bank Foundation reported a distributable amount of $222K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Midwestone Bank Foundation's EIN?
Midwestone Bank Foundation's EIN (Employer Identification Number) is 75-3023674. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.