Russell & Penny Fortune Foundation Inc
Russell & Penny Fortune Foundation Inc is a private foundation, based in Zionsville, IN. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $4.3M in total assets. In 2024, it awarded 6 grants totaling $232K. Net investment income was $164K.
Russell & Penny Fortune Foundation Inc at a glance
In short: Russell & Penny Fortune Foundation Inc gave $232K across 6 grants in 2024 (avg $39K), mostly in Indiana. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $231,511
- -11.6% vs 2023
- Grants made (2024)
- 6
- +0.0% vs 2023
- Average grant
- $38,585
- -11.6% vs 2023
- Median grant
- $36,207
- Total assets
- $4,315,615
- -2.6% vs 2023
- Primary geography
- Indiana (100% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026.
Who Russell & Penny Fortune Foundation Inc funds
How this funder distributes its grants
Top Recipients
Top 6 recipients in 2024
The largest 2024 recipient was Marion University ($60K). Together the top 6 received $232K.
Grant Size Distribution
19 grants across all recorded years
The most common grant size was in the $50–100K range: 10 grants of 19 (53%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2024 grant dollars across all 6 itemized grants.
States
Cities
How Russell & Penny Fortune Foundation Inc gives
- Giving held roughly steady from 2021 to 2024 (−6%). Method
- In 2024 it paid out 100% of 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 2020 to 2024, annual grant giving ranged from $216K (2020) to $262K (2023). In 2024 it made 6 grants totaling $232K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Marion University Indianapolis, IN | Education | $60,000 |
| Brebeuf Preparatory School Inc Indianapolis, IN | Education | $54,896 |
| Cathedral High School Indianapolis, IN | Education | $38,529 |
| International School of Indiana Indianapolis, IN | Education | $33,885 |
| Park Tudor Foundation Inc Indianapolis, IN | Education | $24,200 |
| Guerin Catholic High School Noblesville, IN | Education | $20,001 |
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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 | $4,315,615 | $224,939 | $317,294 | $231,511 | 6 | $278,400 | $163,966 | $277,348 |
| 2023 | $4,428,953 | $182,179 | $317,168 | $261,804 | 6 | $295,306 | $129,478 | $309,842 |
| 2021 | $4,729,613 | $204,961 | $312,453 | $246,722 | 4 | $285,281 | $181,479 | $295,224 |
| 2020 | $4,837,105 | $158,514 | $260,293 | $215,731 | 3 | — | $135,724 | $259,915 |
Under IRS private-foundation payout rules, Russell & Penny Fortune Foundation Inc reported a distributable amount of $277K for 2024 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
Russell & Penny Fortune Foundation Inc is led by James P. Fadley, Executive Director on every filing since 2023; 1 of 5 officers listed in 2024 is compensated.
Officers on the 2024 filing
James P. Fadley
Executive Director
On filings since 2023
0.5 hrs/week
$28K (2023) → $28K (2024)
Russell Fortune III
Chairman
On filings since 2020
0.5 hrs/week
No compensation reported
Marc A. Hetzner
Director
On filings since 2020
0.5 hrs/week
No compensation reported
William C. Metzger
Director
On filings since 2020
0.5 hrs/week
No compensation reported
Paul Lindemann
Secretary
On filings since 2020
0.5 hrs/week
No compensation reported
Former officers (2)
- Former: James P. Fadely (2020–2021) — Executive Director
- Former: Penny Fortune (2020–2021) — Director
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 $28K, to James P Fadley (Executive Director).
Frequently asked questions about Russell & Penny Fortune Foundation Inc
How much does Russell & Penny Fortune Foundation Inc give each year?
Russell & Penny Fortune Foundation Inc gave $232K across 6 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $262K across 6 grants.
What is Russell & Penny Fortune Foundation Inc's typical grant size?
Russell & Penny Fortune Foundation Inc's median grant in 2024 was $36,207, and its average grant was $38,585, across 6 grants on its 2024 IRS Form 990-PF.
Where does Russell & Penny Fortune Foundation Inc give grants?
Russell & Penny Fortune Foundation Inc gives mostly in Indiana: 100% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Indianapolis, IN (5 grants).
Does Russell & Penny Fortune Foundation Inc give general operating support?
Not in 2024: none of the 6 grants with a stated purpose on Russell & Penny Fortune Foundation Inc's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Education" (6 grants).
Who are Russell & Penny Fortune Foundation Inc's largest grantees?
Russell & Penny Fortune Foundation Inc's largest 2024 grantees include Marion University ($60,000), Brebeuf Preparatory School Inc ($54,896) and Cathedral High School ($38,529), according to its 2024 IRS Form 990-PF. Together they received 66% of its itemized 2024 grant dollars.
How large is Russell & Penny Fortune Foundation Inc?
Russell & Penny Fortune Foundation Inc reported $4.3M in total assets on its 2024 IRS Form 990-PF. It paid out $278K in qualifying distributions that year, against a required minimum of $277K (roughly 5% of its investment assets).
What is Russell & Penny Fortune Foundation Inc's EIN?
Russell & Penny Fortune Foundation Inc's EIN (Employer Identification Number) is 35-2041399. 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.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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