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.
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
The foundation receives applications from nonprofit organizations and makes contributions to preselected charitable organizations. According to foundation leadership, the foundation receives an unusually high volume of applications relative to available funding.
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
**
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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
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 |
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
244 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Dubuque Community Y ($15,000), Dubuque Museum of Art ($10,000), Mahaska Ymca and Early Childhood Develop ($6,000).
| Recipient | Purpose | Amount |
|---|---|---|
| AGAPE SHOPPE SIGOURNEY, IA | GENREAL OPERATING FUND | $2,500 |
| 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 |
| BUR OAK LAND TRUST IOWA CITY, IA | GENERAL OPERATING FUND | $2,500 |
| BUTLER COUNTY FAIR ALLISON, IA | MULTI SPECIES LIVESTOCK BUILDING PROJECT | $3,333 |
| CHRISTIAN COMMUNITY DEVELOPMENT DBA HOUS WATERLOO, IA | NEW HOUSE OF HOPE EMPOWERMENT CENTER | $5,000 |
| CITY HOPE FOUNDATION BURLINGTON, IA | GENERAL OPERATING FUND | $4,000 |
| CITY OF FARLEY FARLEY, IA | GENERAL OPERATING FUND | $2,500 |
| CITY OF PARKERSBURG PARKERSBURG, IA | IMPROVEMENTS FOR CITY OF PARKERSBURG PICKLEBALL COURTS | $2,500 |
| CITY OF PELLA PELLA, IA | CITY OF PELLA RECREATION CENTER PROJECT | $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
From 2024 IRS filing
From 2024 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?
**Grant Distribution History:** • Since its founding in 2001, the foundation has awarded over $3 million in grants to nonprofit organizations • Recent grant cycles have distributed significant funding: $207,000 to 14 organizations across four states, and $279,050 to 25 nonprofit organizations in its final grant round • Individual grants have ranged from $2,000 to $25,000 • The foundation prioritizes initiatives focused on long-term community impact and innovation **Application Process:** The fo…
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
Browse active grant opportunities in Midwestone Bank Foundation's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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