Prospect Bank Foundation
Prospect Bank Foundation is a private foundation based in Paris, Illinois. Its 2023 IRS filing is marked as a final return, indicating that it has terminated or is winding down; its 2024 filing nevertheless reports grants totaling $17,000.
Prospect Bank Foundation at a glance
In short: Prospect Bank Foundation gave $17K across 17 grants in 2024 (avg $1K), mostly in Illinois. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $17,000
- +12.6% vs 2023
- Grants made (2024)
- 17
- +70.0% vs 2023
- Average grant
- $1,000
- -33.8% vs 2023
- Median grant
- $1,000
- Primary geography
- Illinois (94% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated September 2026.
How to apply to Prospect Bank Foundation
- How to Apply
-
The 2023 filing says applications could be obtained from Prospect Bank in Paris, Illinois. The filing lists no deadlines; these details are not presented as current.
- Contact
Application contact: Tamra Inman
Mailing address: PO Box 400, Paris, IL 61944
Phone: (217) 465-4154
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Prospect Bank Foundation funds
How this funder distributes its grants
Grant Size Distribution
106 grants across all recorded years
The most common grant size was under $50K: 106 grants of 106 (100%).
Geographic Focus
Where this funder awards grants
The 2024 filing reports that 94% of grant dollars went to recipients in Illinois and 6% to recipients in Wisconsin. The 2023 filing’s stated eligibility covered secondary-school students in Edgar County, Illinois, and contiguous counties in Illinois and Indiana, as well as other local grant requests.
Grant Distribution by State
Share of 2024 grant dollars across all 17 itemized grants.
Cities
How Prospect Bank Foundation gives
- Giving fell 56% from 2021 to 2024. Method
- In 2024 it paid out well above its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2024, annual grant giving ranged from $15K (2023) to $39K (2021). In 2024 it made 17 grants totaling $17K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| 17 individual scholarships Recipients not named | — | $17,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Distributable Amount |
|---|---|---|---|---|---|---|---|
| 2024 | — | $11,832 | $17,010 | $17,000 | 17 | $17,010 | $128 |
| 2023 | $5,178 | $7,585 | $15,960 | $15,100 | 10 | $15,960 | $461 |
| 2022 | $13,553 | $39,254 | $32,955 | $32,100 | 32 | $32,955 | $559 |
| 2021 | $7,254 | $40,382 | $39,450 | $38,600 | 47 | — | $506 |
Under IRS private-foundation payout rules, Prospect Bank Foundation reported a distributable amount of $128 for 2024 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
No mission statement is provided. The 2023 filing describes grantmaking to 501(c)(3) entities and governmental units. The listed 2024 grants were all for scholarships.
Grantmaking
In 2024, the foundation reported 17 grants totaling $17,000. Each listed grant was $1,000. The filing names, among others, an individual recipient; an individual recipient; and an individual recipient, each receiving $1,000 for a scholarship.
The 2023 filing says the foundation does not restrict giving to preselected organizations. It describes applications as available from Prospect Bank in Paris, Illinois, and says applications are subject to local eligibility restrictions: applicants must currently attend a secondary school in Edgar County, Illinois, or contiguous counties in Illinois and Indiana, and wish to attend an educational institution described in Section 170(b)(11) of the Internal Revenue Code. It also says other local grant requests will be reviewed as received. Because that filing is marked final, these application details should not be treated as current.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Robert Morgan as president, Cathy Morgan as “VICE PRESIDE,” and Tamra Inman as secretary/treasurer.
Prospect Bank Foundation is led by Robert Morgan, President on every filing since 2021; none of the 3 officers listed in 2024 report compensation.
Officers on the 2024 filing
Robert Morgan
President
On filings since 2021
2 hrs/week
No compensation reported
Cathy Morgan
Vice President
On filings since 2021
2 hrs/week
No compensation reported
Tamra Inman
Secretary & Treasurer
On filings since 2023
2 hrs/week
No compensation reported
Former officers (1)
- Former: Christine Hollowell (2021–2022) — Secretary & Treasurer
Data from IRS Form 990 filings, 2021–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Prospect Bank Foundation
How much does Prospect Bank Foundation give each year?
Prospect Bank Foundation gave $17K across 17 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $15K across 10 grants.
What is Prospect Bank Foundation's typical grant size?
Prospect Bank Foundation's median grant in 2024 was $1,000, and its average grant was $1,000, across 17 grants on its 2024 IRS Form 990-PF.
Where does Prospect Bank Foundation give grants?
Prospect Bank Foundation gives mostly in Illinois: 94% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest state was Wisconsin (6%).
Does Prospect Bank Foundation give general operating support?
Not in 2024: none of the 17 grants with a stated purpose on Prospect Bank Foundation's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Scholarship" (17 grants).
What does Prospect Bank Foundation fund?
No mission statement is provided. The 2023 filing describes grantmaking to 501(c)(3) entities and governmental units. The listed 2024 grants were all for scholarships. See mission & focus areas ↑
How do I apply for a grant from Prospect Bank Foundation?
The 2023 filing says applications could be obtained from Prospect Bank in Paris, Illinois. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
How much is Prospect Bank Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Prospect Bank Foundation reported a distributable amount of $128 on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Prospect Bank Foundation's EIN?
Prospect Bank Foundation's EIN (Employer Identification Number) is 37-1286227. IRS Form 990 filing data is available on this page for 2021–2024.
Data last updated September 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(5)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2021 (received by the IRS October 4, 2021)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS October 13, 2022)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS August 1, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS August 20, 2024)
- IRS filings on file for fiscal years 2021–2024
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Figures come from Prospect Bank Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Prospect Bank Foundation down — hundreds of funders to go?