Prospect Creek Foundation
Prospect Creek Foundation is a private foundation based in Wayzata, Minnesota. It made 20 grants totaling $4,858,565 in 2024, supporting organizations including schools, a university, arts organizations, a hospital foundation, and public media organizations.
Prospect Creek Foundation at a glance
In short: Prospect Creek Foundation gave $4.9M across 20 grants in 2024 (avg $243K), mostly in California. 10% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $4,858,565
- +39.5% vs 2023
- Grants made (2024)
- 20
- -20.0% vs 2023
- Average grant
- $242,928
- +74.4% vs 2023
- Median grant
- $5,000
- Total assets
- $24,994,812
- -13.9% vs 2023
- New grantees (estimate)
- 10% first-time grantees (2 of 20, 2024; small sample)
- Primary geography
- California (62% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Prospect Creek Foundation
- How to Apply
-
The filing states that the foundation does not restrict giving to preselected organizations. Requests should be submitted in writing to Martha C. Atwater with supporting materials indicating the charitable purpose. Award restrictions are listed as N/A.
- Contact
Application contact: Martha C Atwater
Mailing address: 636 Ferndale Avenue, Wayzata, MN 55391
Phone: (612) 672-9603
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Prospect Creek Foundation funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Schwab Charitable (DAFGIVING360) ($3.0M). Together the top 10 received $4.8M.
Grant Size Distribution
229 grants across all recorded years
The most common grant size was under $50K: 206 grants of 229 (90%).
Geographic Focus
Where this funder awards grants
In 2024, 62% of grant dollars went to recipients in California, 37% to recipients in Minnesota, and 1% to recipients in New Jersey.
Grant Distribution by State
Share of 2024 grant dollars across all 20 itemized grants.
States
Cities
Is Prospect Creek Foundation open to new grantees?
10%
first-time grantees, 2024
In 2024, 2 of 20 grantees (10%) were first-time recipients. With only 20 grantees, that is a small sample: one grantee more or less moves the share by about 5 points. First grants averaged $1.5M; repeat grants $103K. How we count
Medians: $1.5M first-time, $5K repeat.
- 60% of 2024 grantees were also funded in 2023. Method
- Giving grew 161% from 2021 to 2024. Method
- In 2024 it paid out 372% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $1.6M (2022) to $4.9M (2024). In 2024 it made 20 grants totaling $4.9M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Schwab Charitable (DAFGIVING360) San Francisco, CA | Operational | $3,000,000 |
| Great MN Schools Minneapolis, MN | Operational | $1,200,000 |
| Summit Academy Minneapolis, MN | Operational | $550,000 |
| Princeton University Princeton, NJ | Operational | $25,065 |
| Minneapolis Institute of Arts Minneapolis, MN | Operational | $20,000 |
| Blake School Minneapolis, MN | Operational | $15,000 |
| Etc Foundation Santa Barbara, CA | Operational | $7,500 |
| Minnesota Opera Minneapolis, MN | Operational | $5,000 |
| Santa Barbara Cottage Hospital Foundation Santa Barbara, CA | Operational | $5,000 |
| Santa Barbara Museum of Art Santa Barbara, CA | Operational | $5,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $24,994,812 | $865,041 | $4,888,852 | $4,858,565 | 20 | $4,864,236 | $879,936 | $1,306,932 |
| 2023 | $29,018,623 | $692,468 | $3,527,250 | $3,482,728 | 25 | $3,497,582 | $740,836 | $1,478,509 |
| 2022 | $31,853,405 | $880,179 | $1,582,601 | $1,559,420 | 45 | $1,560,870 | $768,960 | $1,550,591 |
| 2021 | $32,555,827 | $1,966,770 | $2,000,685 | $1,863,250 | 59 | $1,868,796 | $1,615,466 | $1,530,049 |
| 2020 | $32,589,742 | $4,950,768 | $2,884,960 | $2,791,765 | 80 | — | $4,820,774 | $1,425,713 |
Under IRS private-foundation payout rules, Prospect Creek Foundation reported a distributable amount of $1.3M for 2024 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
No mission statement for the foundation is provided. Its 2024 grants show support for organizations working in several areas. Great MN Schools says its mission is to help ensure every child can attend a school that works. Princeton University describes its work as research, education, and general activities. Other 2024 grantees describe missions involving theatre, hospital activities, visual arts, public media, and plant-based science and education.
Grantmaking
In 2024, the foundation reported 20 grants totaling $4,858,565. Grant amounts ranged from $1,000 to $3,000,000, with a median of $5,000. The largest grants included $3,000,000 to Schwab Charitable (DAFgiving360), $1,200,000 to Great MN Schools, and $550,000 to Summit Academy. Other listed grants included $25,065 to Princeton University, $20,000 to Minneapolis Institute of Arts, and $15,000 to Blake School.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Martha Clark Atwater, H B Atwater Jr, and Elizabeth Atwater Connolly as directors.
Prospect Creek Foundation's 2024 filing lists 3 officers; none of the 3 officers listed in 2024 report compensation.
Officers on the 2024 filing
Elizabeth Atwater Connolly
Director
On filings since 2020
No compensation reported
H. B. Atwater Jr.
Director
On filings since 2020
No compensation reported
Martha Clark Atwater
Director
On filings since 2020
No compensation reported
Data from IRS Form 990 filings, 2020–2024. "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 Creek Foundation
How much does Prospect Creek Foundation give each year?
Prospect Creek Foundation gave $4.9M across 20 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $3.5M across 25 grants.
What is Prospect Creek Foundation's typical grant size?
Prospect Creek Foundation's median grant in 2024 was $5,000, and its average grant was $242,928, across 20 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from Prospect Creek Foundation that year got $1.5M on average.
Where does Prospect Creek Foundation give grants?
Prospect Creek Foundation gives mostly in California: 62% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest state was Minnesota (37%). The most frequent recipient cities were Minneapolis, MN (6 grants), St. Paul, MN (5 grants) and Santa Barbara, CA (3 grants).
Does Prospect Creek Foundation give general operating support?
Yes: 100% of Prospect Creek Foundation's 2024 grants with a stated purpose (20 of 20) were for general or operating support, per its 2024 IRS Form 990-PF.
Who are Prospect Creek Foundation's largest grantees?
Prospect Creek Foundation's largest 2024 grantees include Schwab Charitable (DAFGIVING360) ($3,000,000), Great MN Schools ($1,200,000) and Summit Academy ($550,000), according to its 2024 IRS Form 990-PF. Together they received 98% of its itemized 2024 grant dollars.
How large is Prospect Creek Foundation?
Prospect Creek Foundation reported $25.0M in total assets on its 2024 IRS Form 990-PF. It paid out $4.9M in qualifying distributions that year, against a required minimum of $1.3M (roughly 5% of its investment assets).
What does Prospect Creek Foundation fund?
No mission statement for the foundation is provided. Its 2024 grants show support for organizations working in several areas. Great MN Schools says its mission is to help ensure every child can attend a school that works. See mission & focus areas ↑
How do I apply for a grant from Prospect Creek Foundation?
The filing states that the foundation does not restrict giving to preselected organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Prospect Creek Foundation's EIN?
Prospect Creek Foundation's EIN (Employer Identification Number) is 41-1736420. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated October 2026.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2020 (received by the IRS November 11, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS November 14, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS November 14, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS November 14, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS November 17, 2025)
- IRS filings on file for fiscal years 2020–2024
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Cite this profile
Grantable. (2026). Prospect Creek Foundation funder profile. GrantGraph. Retrieved October 17, 2026, from https://grantable.co/funders/prospect-creek-foundation-morg_84be44b69481467195dc027a1e1549e6
BibTeX
@misc{grantable_411736420_2026,
author = {{Grantable}},
title = {{Prospect Creek Foundation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/prospect-creek-foundation-morg_84be44b69481467195dc027a1e1549e6},
note = {Accessed 2026-10-17. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Prospect Creek 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.
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