R J McElroy Trust
The R.J. McElroy Trust is a private foundation based in Waterloo, Iowa, established in 1965. It carries forward R.J. McElroy’s bequest to support the educational benefit of deserving young people, with a focus on youth and educational opportunity in northeast Iowa.
R J McElroy Trust at a glance
In short: R J McElroy Trust gave $2.1M across 93 grants in 2024 (avg $22K), mostly in Iowa. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $2,067,110
- -19.5% vs 2023
- Grants made (2024)
- 93
- -20.5% vs 2023
- Average grant
- $22,227
- +1.2% vs 2023
- Median grant
- $5,000
- Total assets
- $39,687,281
- -1.0% vs 2023
- Primary geography
- Iowa (99% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026.
How to apply to R J McElroy Trust
- How to Apply
-
The Trust invites applicants to submit a letter of intent (LOI), which it says may be submitted at any time; it expects to approve or deny an LOI within two to three weeks. Applicants then complete an online application. The filing says applications must include the project name and summary, start and end dates, how the request aligns with the Trust’s strategic mission, the type of funding needed, total project cost, and amount requested. The Trust funds projects for youth in northeast Iowa. Its website says it considers proposals received two weeks before board meetings and encourages applicants to contact the Trust about timing.
- Review Cycle
- The Trust describes its 2026 submission and review dates as “windows of opportunity,” not deadlines. Listed dates are January 22 for February 5 review; June 8 for June 22 review; September 30 for October 14 review; and November 18 for December 2 review.
- Deadline
- The Trust describes its 2026 submission and review dates as “windows of opportunity,” not deadlines.
- Contact
Application contact: Megan Mckenzie
Mailing address: 425 Cedar St, Suite 312, Waterloo, IA 50701
Phone: (319) 287-9102
Website: https://mcelroytrust.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Open Grants
1 open opportunity from R J McElroy Trust
Who R J McElroy Trust funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Waterloo Leisure Services ($615K). Together the top 10 received $1.3M.
Organizations only. It also paid 30 grants to individuals ($255,750), which are not listed by name.
Grant Size Distribution
213 grants across all recorded years
The most common grant size was under $50K: 185 grants of 213 (87%).
Geographic Focus
Where this funder awards grants
The Trust says it makes grants in these Iowa counties: Allamakee, Black Hawk, Bremer, Buchanan, Butler, Chickasaw, Clayton, Delaware, Fayette, Grundy, Tama, and Winneshiek. Its 2024 grant dollars were reported as 99% to recipients in Iowa and 1% to recipients in California, with 0% each to Virginia and Oklahoma.
Grant Distribution by State
Share of 2024 grant dollars across all 93 itemized grants.
Cities
How R J McElroy Trust gives
- 63% of 2024 grantees were also funded in 2023. Method
- Giving held roughly steady from 2021 to 2024 (−18%). Method
- In 2024 it paid out 91% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method
Estimate from itemized grant lists in IRS Form 990-PF filings (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 $1.9M (2020) to $2.6M (2023). In 2024 it made 93 grants totaling $2.1M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Waterloo Leisure Services Waterloo, IA | Program/Operating Support | $615,000 |
| Waterloo Community Schools Waterloo, IA | Program Support | $216,900 |
| 9 grants to individuals Recipients not named | — | $232,500 |
| UNI Foundation Cedar Falls, IA | Program Support | $140,000 |
| Youth Art Team Waterloo, IA | Program Support | $75,000 |
| YWCA Waterloo, IA | Program Support | $50,500 |
| Iowa Natural Heritage Foundation Des Moines, IA | Program Support | $50,000 |
| Leader Valley Waterloo, IA | Program Support | $50,000 |
| Nashua Plainfield School District Nashua, IA | Program Support | $50,000 |
| Riyo Waterloo, IA | Program Support | $50,000 |
Ready to take the next step with R J McElroy Trust?
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 | $39,687,281 | $2,338,001 | $2,741,413 | $2,067,110 | 93 | $2,293,686 | $1,868,522 | $2,520,521 |
| 2023 | $40,090,693 | $1,686,954 | $3,497,048 | $2,568,931 | 117 | $2,793,609 | $757,811 | $2,426,232 |
| 2022 | $41,900,787 | $4,204,697 | $3,039,379 | $2,223,400 | 1 | $2,452,632 | $2,906,596 | $2,560,007 |
| 2021 | $40,735,469 | $4,707,613 | $3,296,194 | $2,525,532 | 1 | $2,755,761 | $2,929,349 | $2,649,692 |
| 2020 | $39,324,050 | $2,679,847 | $2,580,126 | $1,878,768 | 1 | — | $2,634,591 | $2,203,126 |
Under IRS private-foundation payout rules, R J McElroy Trust reported a distributable amount of $2.5M 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
The Trust’s stated purpose is to use its funds for the educational benefit of deserving young people. Its website describes a history of supporting scholarships, fellowships, internships, student loan funds, and other projects benefiting youth.
The Trust’s 2024 grants included support for organizations with varied missions. For example, Youth Art Team says it encourages young people to develop their creative potential through art and lifelong relationships; Little Knights Learning Center says it works to cultivate child, family, and community well-being; and the Northeast Iowa Food Bank says it provides food and hunger education in northeast Iowa. These are the grantees’ own descriptions of their work.
Eligible applicants are nonprofit charitable organizations recognized under section 501(c)(3) and governmental entities. The Trust does not make grants directly to individuals except through its Gold Star and Fellowship programs.
Grantmaking
In 2024, the Trust made 93 grants totaling $2,067,110. Grant amounts ranged from $50 to $615,000, with a median grant of $5,000. The largest awards included $615,000 to Waterloo Leisure Services for program/operating support, $216,900 to Waterloo Community Schools for program support, $160,500 to Hawkeye Community College Foundation for scholarships/program support, and $140,000 to UNI Foundation for program support. Other listed grants included $75,000 to Youth Art Team and $50,500 to YWCA, both for program support.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists James Waterbury, Robert Smith Jr., Michael Young, Sally Hollis, Raleigh Buckmaster, and Kathy Flynn as trustees, and Megan McKenzie as executive director. The Trust’s website also lists Katie Hinders as program officer and Holly Stanic as Gold Star coordinator.
R J McElroy Trust's 2024 filing lists 7 officers; all 7 officers listed in 2024 are compensated.
Officers on the 2024 filing
James B. Waterbury
Trustee
On filings since 2020
0.1 hrs/week
$6K (2020) → $6K (2024)
Kathy Flynn
Trustee
On filings since 2020
0.1 hrs/week
$6K (2020) → $6K (2024)
Michael R. Young
Trustee
On filings since 2020
0.1 hrs/week
$6K (2020) → $6K (2024)
Raleigh D. Buckmaster
Trustee
On filings since 2020
0.1 hrs/week
$6K (2020) → $3K (2024)
Robert L. Smith Jr.
Trustee
On filings since 2020
0.1 hrs/week
$6K (2020) → $6K (2024)
Sally Hollis
Trustee
On filings since 2020
0.1 hrs/week
$6K (2020) → $6K (2024)
Megan McKenzie
Executive Di
On filings since 2020
40 hrs/week
$67K (2020) → $88K (2024)
Former officers (1)
- Former: Richard C. Young (2020–2022) — Trustee
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.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $88K, to Megan McKenzie (Executive Di). 7 officers or directors reported compensation on that filing.
Frequently asked questions about R J McElroy Trust
How much does R J McElroy Trust give each year?
R J McElroy Trust gave $2.1M across 93 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $2.6M across 117 grants.
What is R J McElroy Trust's typical grant size?
R J McElroy Trust's median grant in 2024 was $5,000, and its average grant was $22,227, across 93 grants on its 2024 IRS Form 990-PF.
Where does R J McElroy Trust give grants?
R J McElroy Trust gives mostly in Iowa: 99% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Waterloo, IA (29 grants), Cedar Falls, IA (12 grants) and Des Moines, IA (2 grants).
Does R J McElroy Trust give general operating support?
Yes: 12% of R J McElroy Trust's 2024 grants with a stated purpose (11 of 93) were for general or operating support, per its 2024 IRS Form 990-PF. Recurring purposes include "Program Support" (43 grants), "Gold Star Award" (23 grants) and "Fellowship Stipend" (11 grants).
Who are R J McElroy Trust's largest grantees?
R J McElroy Trust's largest 2024 grantees include Waterloo Leisure Services ($615,000), Waterloo Community Schools ($216,900) and UNI Foundation ($140,000), according to its 2024 IRS Form 990-PF. It also paid 30 grants to individuals ($255,750), which are not listed by name. Together they received 47% of its itemized 2024 grant dollars.
How large is R J McElroy Trust?
R J McElroy Trust reported $39.7M in total assets on its 2024 IRS Form 990-PF. It paid out $2.3M in qualifying distributions that year, against a required minimum of $2.5M (roughly 5% of its investment assets). Falling short in one year is not a violation: foundations have until the end of the next year to meet the minimum.
What does R J McElroy Trust fund?
The Trust’s stated purpose is to use its funds for the educational benefit of deserving young people. Its website describes a history of supporting scholarships, fellowships, internships, student loan funds, and other projects benefiting youth. See mission & focus areas ↑
How do I apply for a grant from R J McElroy Trust?
The Trust invites applicants to submit a letter of intent (LOI), which it says may be submitted at any time; it expects to approve or deny an LOI within two to three weeks. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is R J McElroy Trust's EIN?
R J McElroy Trust's EIN (Employer Identification Number) is 42-6173496. 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 September 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 4, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS October 25, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS March 26, 2024)
- 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 October 21, 2025)
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in R J McElroy Trust's focus areas in our free grants database
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Cite this profile
Grantable. (2026). R J McElroy Trust funder profile. GrantGraph. Retrieved October 15, 2026, from https://grantable.co/funders/r-j-mcelroy-trust-morg_b399dd3391d2435788933c591bb8069f
BibTeX
@misc{grantable_426173496_2026,
author = {{Grantable}},
title = {{R J McElroy Trust funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/r-j-mcelroy-trust-morg_b399dd3391d2435788933c591bb8069f},
note = {Accessed 2026-10-15. 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 R J McElroy Trust'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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