Millstone Fund is a private family foundation based in Cincinnati, Ohio, established in 2019. The foundation was funded by Jeremy F. Simpson and focuses on improving the quality of life in the Greater Cincinnati region by supporting nonprofit organizations working across health, education, and the arts.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$160.7M
+23.0% YoY
Annual Giving
$6.3M
+141.7% YoY
Grant Count
86
+109.8% YoY
Avg Grant Size
$73K
+15.2% YoY
Mission & Focus Areas
Mission: Millstone Fund contributes to the enhancement of lives and well-being of people primarily in the Greater Cincinnati region, with grants made principally to established organizations making advancements in health, education, and the arts.
Vision: To be a philanthropic leader in making strategic investments that support organizations working to enrich Greater Cincinnati.
Primary Focus Areas:
- Health (including mental health and behavioral health)
- Education
- The Arts
The foundation emphasizes creating opportunities and improving outcomes across these pillars, with a commitment to supporting established nonprofit organizations.
Grantmaking
Recent grants awarded in March 2025 include:
Grant Range
s:** Typical awards range from $7,500 to $500,000, with recent grants ranging from $10,000 to $500,000. Average grant amounts are approximately $41,000, with a median grant of $20,000.
Average Grant
amounts are approximately $41,000, with a median grant of $20,000.
Review Cycle
** Millstone Fund awards grants twice per year—in March and September.
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Geographic Focus
Where this funder awards grants
Millstone Fund primarily funds organizations in the Greater Cincinnati region, with some funding extending to Kentucky. The foundation's geographic focus is Ohio and Kentucky.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
Assets:
- Total assets: $160,655,097 (as of September 2024)
- Total assets: $235,062,816 (as of 2025 filing)
Annual Activity:
- Total revenues: $5,513,478 (fiscal year ending September 2024)
- Total expenses: $7,328,175 (fiscal year ending September 2024)
- Total giving: $7,020,041 (based on 2025 filing)
- Total liabilities: $7 (as of September 2024)
Growth: The foundation experienced significant growth from a $2.97 million endowment in 2019 to over $160 million in assets following a transformative $108 million contribution in fiscal year 2021.
Annual Income: $153 million (reported in 2025 filing)
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $160,655,097 | $130,657,265 | $121,689,828 |
| Revenue | $5,513,478 | $860,322 | $116,008,191 |
| Expenses | $7,328,175 | $3,690,016 | $760,492 |
| Qualifying Distributions | $6,522,309 | $2,824,599 | $368,296 |
| Net Investment Income | $4,781,333 | $3,089,951 | $7,225,279 |
| Distributable Amount | $7,184,948 | $6,542,001 | $2,869,955 |
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
118 grants across all recorded years
Open Grants
1 open opportunity from Millstone Fund
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- Jeremy F. Simpson: Founder and Chairman
- Alonzo T. Folger IV: President
- Elle S. Folger: Secretary ($93,030 compensation, as of September 2024)
- Corrie Scaringe: Director ($78,213 compensation, as of September 2024)
The foundation has 3 employees and is governed by 6 officers and trustees.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| ALONZO T FOLGER IV | PRESIDENT | 10 | — |
| ALONZO T FOLGER V | VICE PRESIDENT | 12 | $72,212 |
| VALERIE FOLGER | TREASURER | 10 | — |
| ELLE S FOLGER | SECRETARY | 29 | $93,030 |
| CORRIE SCARINGE | DIRECTOR | 29 | $78,213 |
| CARLY CHU | DIRECTOR | 4 | — |
Recent News & Activity
Recent developments and announcements
The foundation has demonstrated active and growing grant-making activity. In 2025, Millstone Fund awarded grants in March across multiple focus areas, with particular emphasis on behavioral health, youth resilience, and educational accessibility. The foundation continues to expand its grant-making capacity, with annual giving growing from $195,000 in 2021 to $2.6 million in 2023 and beyond.
The foundation has supported 63 unique organizations to date, with grants distributed across Ohio and Kentucky. The foundation maintains an active grants portal and regularly publishes grant lists and updates on its website.
Subject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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