Mutualbank Charitable Foundation
The Mutual Bank Charitable Foundation is a company-sponsored foundation established in 1998 and based in Muncie, Indiana. The foundation has transitioned its assets to the Mutual Legacy Fund at the Community Foundation of Muncie & Delaware County, while continuing to direct funding toward its core mission areas.
Financial Overview
From 2022 IRS Form 990-PF · View filing
Total Assets
—
-100.0% YoY
Annual Giving
$7.7M
+2571.5% YoY
Grant Count
22
-18.5% YoY
Avg Grant Size
$352K
+3178.6% YoY
Under IRS private-foundation payout rules, Mutualbank Charitable Foundation reported a distributable amount of $371K for 2022 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation supports organizations involved in:
- Food banks
- Education
- Housing development
- Human services
- Economic development
According to foundation leadership, the Mutual Legacy Fund's goals continue to focus on Economic Development, Education, and United Way projects.
Grantmaking
The foundation makes grants to nonprofit organizations serving Muncie and Delaware County. Recent documented grants include:
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations and initiatives in Muncie and Delaware County, Indiana, with particular emphasis on Grant County, Indiana through the MutualBank Foundation Community Impact Fund.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Assets | — | $7,688,333 | $5,957,131 |
| Revenue | $4,786,035 | $386,994 | $283,369 |
| Expenses | $7,650,739 | $378,624 | $274,095 |
| Qualifying Distributions | $7,757,131 | — | — |
| Net Investment Income | $287,432 | $382,409 | $228,945 |
| Distributable Amount | $370,925 | $340,758 | $370,368 |
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 2022
Grant Size Distribution
82 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2022 grants, the largest include Community Foundation of Muncie & ($6,951,230), Ball State University-mcs ($250,000), Ymca of Muncie ($250,000).
| Recipient | Purpose | Amount |
|---|---|---|
| BALL STATE UNIVERSITY-MCS MUNCIE, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $250,000 |
| EAST CENTRAL INDIANA REGIONAL MUNCIE, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $5,000 |
| MUNCIE CHILDREN'S MUSEUM MUNCIE, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $80,000 |
| UWAY - MONROE BLOOMINGTON, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $1,000 |
| UWAY- DELAWARE MUNCIE, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $42,000 |
| UWAY- GRANT MARION, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $6,250 |
| UWAY-ALLEN FORT WAYNE, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $1,000 |
| UWAY-ELKHART ELKHART, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $1,500 |
| UWAY-JOHNSON FRANKLIN, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $1,000 |
| UWAY-KOSCIUSKO WARSAW, IN | FURTHER EXEMPT PURPOSE OF RECIPIENT | $6,250 |
Leadership & Key People
Leadership team and compensation from IRS filings
Dave Heeter — Advisory Board Member for the Mutual Legacy Fund, Executive Vice President, Northwest Corporate Ambassador and Management Consultant
Compensation Overview
From 2022 IRS filing
From 2022 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| DAVE HEETER | PRESIDENT | 1 | — |
| CHRISTOPHER COOK | VICE PRES/TR | 1 | — |
| MELISSA GREER | SECRETARY | 1 | — |
| R DONN ROBERTS | CHAIRMAN | 1 | — |
| LINN CRULL | DIRECTOR | 1 | — |
| SARA SHADE HAMILTON | DIRECTOR | 1 | $1,000 |
| CAROL SEALS | DIRECTOR | 1 | — |
Recent News & Activity
Recent developments and announcements
In 2023, the Mutual Bank Charitable Foundation made a significant $100,000 grant to the Muncie Children's Museum to support exhibits and endowment funding as part of the museum's "More to Explore Campaign." Foundation leadership noted that the museum aligned with two of the foundation's funding priorities: education and economic development.
$1 Million Awarded in First Quarter \u2014 The Community Foundation of ...The foundation has consolidated its operations by transferring assets to the Mutual Legacy Fund at the Community Foundation of Muncie & Delaware County, streamlining grantmaking while maintaining its commitment to its core funding areas.
$1 Million Awarded in First Quarter \u2014 The Community Foundation of ...Frequently Asked Questions
What does Mutualbank Charitable Foundation fund?
The foundation supports organizations involved in: • Food banks • Education • Housing development • Human services • Economic development According to foundation leadership, the Mutual Legacy Fund's goals continue to focus on Economic Development, Education, and United Way projects.
How do I apply for a grant from Mutualbank Charitable Foundation?
The foundation makes grants to nonprofit organizations serving Muncie and Delaware County. Recent documented grants include: • **$100,000** to the Muncie Children's Museum to fund exhibits and a portion of the museum's endowment fund as part of the "More to Explore Campaign" • **$60,000** to A Better Way Services, Inc. for operational support (as part of a multi-fund grant in 2023) The foundation participates in collaborative grantmaking through the Community Foundation of Muncie & Delaware Cou…
Where does Mutualbank Charitable Foundation make grants?
The foundation primarily funds organizations and initiatives in Muncie and Delaware County, Indiana, with particular emphasis on Grant County, Indiana through the MutualBank Foundation Community Impact Fund.
What size grants does Mutualbank Charitable Foundation award?
In 2022, Mutualbank Charitable Foundation awarded 22 grants totaling $7.7M — an average of about $352K per grant, based on its IRS Form 990 filings.
How much is Mutualbank Charitable Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2022, Mutualbank Charitable Foundation reported a distributable amount of $371K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Mutualbank Charitable Foundation's EIN?
Mutualbank Charitable Foundation's EIN (Employer Identification Number) is 35-2064221. IRS Form 990 filing data is available on this page for 2020–2022.
Explore Open Grants
Browse active grant opportunities in Mutualbank Charitable 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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