Sam & Mary Palumbo Family Foundation
The Sam & Mary Palumbo Family Foundation is a private foundation based in Hillside, Illinois. It provides scholarships and grants to help Chicago-area youth access resources to grow, learn, and thrive.
Key facts about Sam & Mary Palumbo Family Foundation
In short: Sam & Mary Palumbo Family Foundation gave $466K across 49 grants in 2024 (avg $10K), mostly in Illinois. Source: 2024 IRS Form 990-PF.
- EIN
- 26-1553720
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $466,150
- Grants made (2024)
- 49
- Average grant
- $9,513
- Median grant
- $10,000
- Total assets
- $3,842,522
- Primary geography
- Illinois (71% of itemized 2024 grant dollars)
- How to apply
- The foundation directs eligible scholarship applicants to apply through its scholarship program. Full details ↓
- Deadline
- The foundation says scholarship applications are accepted January 1 through March 31 for the current year.
Data from IRS Form 990-PF, 2024; updated October 2026. Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$3.8M
+3.6% YoY
Annual Giving
$466K
+36.9% YoY
Grant Count
49
+25.6% YoY
Avg Grant Size
$10K
+9.0% YoY
Under IRS private-foundation payout rules, Sam & Mary Palumbo Family Foundation reported a distributable amount of $148K for 2024 — the minimum it must pay out in qualifying distributions.
How Sam & Mary Palumbo Family Foundation gives
- 12% of 2024 grantees were also funded in 2023. Method
- Giving grew 106% from 2021 to 2024. Method
- In 2024 it paid out 320% of its IRS minimum distribution (the 5% rule). 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.
Mission & Focus Areas
The foundation’s stated mission is to empower young people to reach their full potential through education, wellness, and community support. It describes education and well-being as inseparable parts of a successful and fulfilling life.
Its work includes scholarships and grants to organizations. For example, Infant Welfare Society of Chicago, a 2024 grantee, says it provides medical, dental, and behavioral health services for children and families in the Chicagoland community. Elmhurst University describes its work as inspiring students’ intellectual and personal growth. The foundation’s grants page also lists past grantees such as Marklund Children’s Home, Clearbrook, and Turning Point Autism Foundation.
Grantmaking
In 2024, the foundation gave $466,150 through 49 grants. Individual grants ranged from $1,000 to $84,150, with a median grant of $10,000. Among the largest were $84,150 to Infant Welfare Society of Chicago for program support, $30,000 to Elmhurst University for its ELSA program, and $25,000 to Christ the King Jesuit College Prep for its Adopt a Student Scholarship Program. Other awards included $15,000 each to George Washington University for a scholarship and San Miguel School Chicago for its Gold Circle Scholarship.
The foundation’s scholarship program is open to high school seniors, students with GED diplomas, undergraduates, and students at vocational or trade schools who meet program requirements. The website lists a minimum GPA of 3.0, annual adjusted gross family income of $65,500 or less, and at least six months’ residence in Cook, DuPage, Kane, Lake, or Will County, Illinois. The foundation’s 2024 filing states an income limit of $65,000 or less. The 2025 application page requests a personal statement or essay and activities/community service information.
Review Cycle
The foundation says scholarship applications are accepted January 1 through March 31 for the current year.
How to Apply
The foundation directs eligible scholarship applicants to apply through its scholarship program. Its website says grants are open to public children’s charities; the 2024 filing states that giving is not restricted to preselected organizations. The filing lists Mary Palumbo as the scholarship contact.
Ready to take the next step with Sam & Mary Palumbo Family Foundation?
Geographic Focus
Where this funder awards grants
The foundation describes its work as serving Chicago-area youth. Scholarship applicants must meet the stated residence requirement in Cook, DuPage, Kane, Lake, or Will County, Illinois. In 2024, 71% of grant dollars went to recipients in Illinois; other reported recipient-state shares were Michigan 8%, Massachusetts 4%, Wisconsin 4%, and Iowa 3%.
Grant Distribution by State
Share of 2024 grant dollars across all 49 itemized grants.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $227K (2021) to $466K (2024). In 2024 it made 49 grants totaling $466K.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Infant Welfare Society of Chicago ($84K). Together the top 10 received $251K.
Organizations only. It also paid 4 individual scholarships ($30,000), which are not listed by name.
Grant Size Distribution
177 grants across all recorded years
The most common grant size was under $50K: 176 grants of 177 (99%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Infant Welfare Society of Chicago Chicago, IL | Program Support | $84,150 |
| Elmhurst University Elmhurst, IL | Elsa Program | $30,000 |
| Christ the King Jesuit College Prep Chicago, IL | Adopt a Student Scholarship Program | $25,000 |
| George Washington University Atlanta, GA | Scholarship | $15,000 |
| 4 individual scholarships Recipients not named | — | $30,000 |
| Ray Graham Association Lisle, IL | Therapeutic Program Support | $12,000 |
| University of Iowa Iowa City, IA | Scholarship | $10,000 |
| Gannon University Erie, PA | Scholarship | $10,000 |
| Wheaton College Wheaton, IL | Scholarship | $10,000 |
| University of Michigan Ann Arbor, MI | Scholarship | $10,000 |
Financial History
Multi-year comparison from IRS filings
| Filing year | Assets | Revenue | Expenses | Grants |
|---|---|---|---|---|
| 2024 | $3,842,522 | $590,177 | $524,405 | $466,150 |
| 2023 | $3,710,430 | $903,469 | $359,462 | $340,500 |
| 2022 | $3,083,105 | $339,211 | $296,942 | $287,000 |
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $3,842,522 | $3,710,430 | $3,083,105 |
| Revenue | $590,177 | $903,469 | $339,211 |
| Expenses | $524,405 | $359,462 | $296,942 |
| Qualifying Distributions | $473,074 | $350,980 | $287,343 |
| Net Investment Income | $202,921 | $208,811 | $101,075 |
| Distributable Amount | $147,991 | $159,284 | $151,462 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2024 (received by the IRS November 12, 2025)
- IRS filings on file for fiscal years 2020–2024
Leadership & Key People
Leadership team and compensation from IRS filings
Mary Palumbo is identified on the foundation’s website as president and was listed as a director on the 2024 filing. Donald Aleo is vice president. The 2024 filing also lists Elizabeth Palumbo Pierce, Gabriella Palumbo, George Trimarco, Jessica Palumbo Christensen, Kaitlyn Palumbo Gandy, Michael Pierce, Pam Kalafut, and Paul Longi as directors.
Sam & Mary Palumbo Family Foundation's 2024 filing lists 12 officers; none of the 12 officers listed in 2024 report compensation.
Officers on the 2024 filing
Mary Palumbo
Director
President → Director, 2024
On filings since 2020
1 hr/week
No compensation reported
Paul Longi
Director
On filings since 2020
1 hr/week
No compensation reported
Elizabeth Palumbo Pierce
Director
On filings since 2023
1 hr/week
No compensation reported
Gabriella Palumbo
Director
On filings since 2023
1 hr/week
No compensation reported
George Trimarco
Director
On filings since 2023
1 hr/week
No compensation reported
Jessica Palumbo Christensen
Director
On filings since 2023
1 hr/week
No compensation reported
Kaitlyn Palumbo Gandy
Director
On filings since 2023
1 hr/week
No compensation reported
Michael Pierce
Director
On filings since 2023
1 hr/week
No compensation reported
Pam Kalafut
Director
On filings since 2023
1 hr/week
No compensation reported
Ryan Christensen
Director
On filings since 2023
1 hr/week
No compensation reported
Samantha Palumbo Tropeano
Director
On filings since 2023
1 hr/week
No compensation reported
Donald Aleo
Vice President
Vice President & Director → Vice President, 2023
On filings since 2020
1 hr/week
No compensation reported
Former officers (3)
- Former: Jessica Palumbo (2020–2022) — Director
- Former: Kaitlyn Palumbo (2020–2022) — Director
- Former: Samantha Palumbo (2020–2022) — 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.
Contact
Application contact: Mary Palumbo
Mailing address: 321 Center Street, Hillside, IL 60162
Phone: (708) 544-9440
Email: info@palumbofoundation.org
Website: https://palumbofoundation.org
Frequently asked questions about Sam & Mary Palumbo Family Foundation
How much does Sam & Mary Palumbo Family Foundation give each year?
Sam & Mary Palumbo Family Foundation gave $466K across 49 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $341K across 39 grants.
What is Sam & Mary Palumbo Family Foundation's typical grant size?
Sam & Mary Palumbo Family Foundation's median grant in 2024 was $10,000, and its average grant was $9,513, across 49 grants on its 2024 IRS Form 990-PF.
Where does Sam & Mary Palumbo Family Foundation give grants?
Sam & Mary Palumbo Family Foundation gives mostly in Illinois: 71% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest state was Michigan (8%). The most frequent recipient cities were Chicago, IL (8 grants), Ann Arbor, MI (3 grants), Elmhurst, IL (2 grants) and Dry Grove, IL (2 grants).
Does Sam & Mary Palumbo Family Foundation give general operating support?
Not in 2024: none of the 49 grants with a stated purpose on Sam & Mary Palumbo Family Foundation's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Scholarship" (29 grants) and "Youth Support" (3 grants).
Who are Sam & Mary Palumbo Family Foundation's largest grantees?
Sam & Mary Palumbo Family Foundation's largest 2024 grantees include Infant Welfare Society of Chicago ($84,150), University of Michigan ($30,000 across 3 grants) and Elmhurst University ($30,000), according to its 2024 IRS Form 990-PF. It also paid 4 individual scholarships ($30,000), which are not listed by name. Together they received 31% of its itemized 2024 grant dollars.
How large is Sam & Mary Palumbo Family Foundation?
Sam & Mary Palumbo Family Foundation reported $3.8M in total assets on its 2024 IRS Form 990-PF. It paid out $473K in qualifying distributions that year, against a required minimum of $148K (roughly 5% of its investment assets).
What does Sam & Mary Palumbo Family Foundation fund?
The foundation’s stated mission is to empower young people to reach their full potential through education, wellness, and community support. It describes education and well-being as inseparable parts of a successful and fulfilling life. See mission & focus areas ↑
How do I apply for a grant from Sam & Mary Palumbo Family Foundation?
The foundation directs eligible scholarship applicants to apply through its scholarship program. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Sam & Mary Palumbo Family Foundation's EIN?
Sam & Mary Palumbo Family Foundation's EIN (Employer Identification Number) is 26-1553720. 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.
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