The Drexel Fund
The Drexel Fund is a private foundation based in South Bend, Indiana, that supports the creation and growth of high-impact private schools in underserved communities. Its website describes work to expand access to financially accessible schools through school startup and growth investments, along with advisory support and ecosystem-building activities.
The Drexel Fund at a glance
In short: The Drexel Fund gave $3.7M across 55 grants in 2024 (avg $68K), top state Florida. 61% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $3,716,156
- Grants made (2024)
- 55
- Average grant
- $67,566
- Median grant
- $56,000
- Total assets
- $21,553,287
- +23.5% vs 2023
- New grantees (estimate)
- 61% first-time grantees (27 of 44, 2024)
- Primary geography
- Florida (30% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to The Drexel Fund
- Accepts unsolicited proposals
- No
- Invitation Only
-
The foundation states that it does not accept unsolicited requests for funds and makes contributions only to preselected charitable organizations. The Founders Program has an application form for prospective school founders. Startup-grant applicants submit a business plan and five-year budget; applications for school-growth investments are by invitation only.
- Contact
Mailing address: 424 S Michigan St 1214, South Bend, IN 46601
Phone: (908) 612-9108
Website: https://drexelfund.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who The Drexel Fund funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was St Augustine Preparatory ($275K). Together the top 10 received $1.6M.
Organizations only. It also paid 8 grants to individuals ($339,125), which are not listed by name.
Grant Size Distribution
217 grants across all recorded years
The most common grant size was under $50K: 88 grants of 217 (41%).
Geographic Focus
Where this funder awards grants
The fund says it invests in states with publicly funded private-school choice, concentrating on eight target states: Arizona, Florida, Indiana, Iowa, North Carolina, Ohio, Tennessee, and Wisconsin. It also identifies Alabama, Arkansas, Georgia, Idaho, New Hampshire, Oklahoma, South Carolina, Texas, Utah, and West Virginia as opportunity states.
In its 2024 grants, the largest shares of grant dollars by recipient state went to Florida (30%), Wisconsin (19%), California (11%), Ohio (10%), and Tennessee (6%).
Grant Distribution by State
Share of 2024 grant dollars across all 55 itemized grants.
States
Cities
Is The Drexel Fund open to new grantees?
61%
first-time grantees, 2024
In 2024, 27 of 44 grantees (61%) were first-time recipients. First grants averaged $67K; repeat grants $85K. How we count
Medians: $48K first-time, $88K repeat.
- 34% of 2024 grantees were also funded in 2023. Method
- Giving grew 22% from 2021 to 2024. Method
- In 2024 it paid out well above its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990 filings (2019–2024). 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 2019 to 2024, annual grant giving ranged from $2.5M (2022) to $6.7M (2023, 18 months). In 2024 it made 55 grants totaling $3.7M.
*2023: Covers 18 months (fiscal year-end changed).
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| St Augustine Preparatory Milwaukee, WI | General Support Grant | $275,000 |
| Cristo Rey Orange County High School Santa Ana, CA | General Support Grant | $200,000 |
| The Meaning Foundation (Primer) Los Angeles, CA | General Support Grant | $195,000 |
| Cristo Rey Atlanta Jesuit High School Atlanta, GA | General Support Grant | $150,000 |
| Dubuque Dream Center Inc Dubuque, IA | General Support Grant | $150,000 |
| The Basilica School of St Mary Star of the Sea Key West, FL | General Support Grant | $150,000 |
| Cristo Rey Miami High School Miami, FL | General Support Grant | $125,000 |
| Lab School of Memphis Inc Memphis, TN | General Support Grant | $124,000 |
| Coolanu Inc Miami, FL | General Support Grant | $100,000 |
| Icon Preparatory Jax and Tampa Tampa, FL | General Support Grant | $100,000 |
Ready to take the next step with The Drexel Fund?
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 | $21,553,287 | $9,256,327 | $5,722,240 | $3,716,156 | 55 | $4,145,979 | — | $378,413 |
| 2023* | $17,453,395 | $7,644,142 | $9,122,635 | $6,699,039 | 71 | $8,715,157 | $152,883 | $459,861 |
| 2022 | $18,444,694 | $3,582,861 | $3,474,341 | $2,517,704 | 43 | $3,671,188 | $1,147 | $222,143 |
| 2021 | $18,531,220 | $8,522,964 | $4,211,499 | $3,054,040 | 23 | — | $2,817 | — |
| 2020 | $15,503,287 | $10,554,023 | $4,425,130 | $3,115,500 | 25 | — | $35,028 | — |
| 2019 | $9,385,438 | $4,393,125 | $4,727,192 | $2,602,500 | 16 | — | $55,140 | — |
*2023: Covers 18 months (fiscal year-end changed).
Under IRS private-foundation payout rules, The Drexel Fund reported a distributable amount of $378K 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 Drexel Fund aims to expand access to high-impact private schools in underserved communities. Its work is organized around seeding new schools, scaling existing schools and networks, and strengthening the private-school market. It also provides advisory support and shares practices among school and network portfolio members.
For new schools, the fund offers a one-year Founders Program and multi-year startup investments for eligible schools near launch. Startup grant applicants are asked to submit a business plan and five-year budget. The fund’s stated criteria include nonprofit 501(c)(3) status, serving at least one-third low-income students, participation in a state school-choice program, an independent governing board, and a plan for philanthropy to provide no more than 15% of the operating budget at full size. The fund says projects that do not directly create new schools or additional seats are outside its mission.
For school growth, the fund provides growth funding to nonprofit operators replicating for the first time and to existing networks seeking expansion. Its process may include planning grants for a strategic growth plan; applications for this work are by invitation only. Applicants are asked for enrollment and demographic data, academic data, and operational materials including audited financials, a current-year budget, and a balance sheet.
Grantees’ stated missions illustrate the range of organizations supported. Dubuque Dream Center describes its purpose as community development through strategies promoting community health and development. Cristo Rey Miami High School describes itself as a Catholic learning community educating young people of limited economic means through college-preparatory study and corporate work experience. Kenosha Christian Academy describes its work as providing a classical Christian education to children in central-city neighborhoods.
Grantmaking
In 2024, The Drexel Fund reported 55 grants totaling $3,716,156. Grant amounts ranged from $3,500 to $275,000, with a median of $56,000. Among the largest awards were $275,000 to St. Augustine Preparatory in Milwaukee, $200,000 to Cristo Rey Orange County High School, and $195,000 to The Meaning Foundation (Primer). Each was listed as a general support grant. Other notable awards included $150,000 each to Cristo Rey Atlanta Jesuit High School, Dubuque Dream Center, and The Basilica School of St. Mary Star of the Sea.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists John Eriksen as chairman, BJ Cassin as chairman emeritus, Thomas J. Healey as treasurer, Darren Jackson as secretary, and Mark Gleason as managing partner. Trustees listed are Nick Howley, Michael Messner, Darla Romfo, Abigail Schumwinger, and Christopher Wilson.
The Drexel Fund is led by John Eriksen, Chairman since 2024 (on filings since 2019); 2 of 10 officers listed in 2024 are compensated.
Officers on the 2024 filing
John Eriksen
Chairman
Managing Trustee → Managing Partner, 2020
Managing Partner → Chairman, 2024
On filings since 2019
40 hrs/week
$248K (2019) → $276K (2024)
Abigail Schumwinger
Trustee
Partner & Investment Director → Trustee, Partner & Investment Director, 2022
Trustee, Partner & Investment Director → Trustee, 2023
On filings since 2019
2 hrs/week
$196K (2019) → $0 (2024)
Christopher Wilson
Trustee
On filings since 2019
2 hrs/week
No compensation reported
Darla Romfo
Trustee
On filings since 2019
2 hrs/week
No compensation reported
Michael Messner
Trustee
On filings since 2019
2 hrs/week
No compensation reported
Nick Howley
Trustee
On filings since 2019
2 hrs/week
No compensation reported
Mark Gleason
Managing Partner
New on the 2024 filing
40 hrs/week
$240K (2024)
Bj Cassin
Chairman Emeritus
Chairman → Chairman Emeritus, 2024
On filings since 2019
2 hrs/week
No compensation reported
Darren Jackson
Secretary
On filings since 2019
2 hrs/week
No compensation reported
Thomas J. Healey
Treasurer
On filings since 2019
2 hrs/week
No compensation reported
Former officers (5)
- Former: Daniel Scoggin (2019–2022) — Trustee
- Former: Mitzi Keel (2020–2021) — Director of Finance & Administrator
- Former: Courtney Collins Shapiro (2019–2020) — Partner
- Former: William Olsen (2019–2020) — Director
- Former: Elizabeth J. Brown (2019) — CFO
Data from IRS Form 990 filings, 2019–2024. "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 $276K, to John Eriksen (Chairman). 2 officers or directors reported compensation on that filing.
Frequently asked questions about The Drexel Fund
How much does The Drexel Fund give each year?
The Drexel Fund gave $3.7M across 55 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $6.7M across 71 grants. The 2023 filing year covers 18 months because its fiscal year-end changed.
What is The Drexel Fund's typical grant size?
The Drexel Fund's median grant in 2024 was $56,000, and its average grant was $67,566, across 55 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from The Drexel Fund that year got $67K on average.
Where does The Drexel Fund give grants?
The Drexel Fund's top state is Florida, with 30% of the grant dollars itemized on its 2024 IRS Form 990-PF. The next largest states were Wisconsin (19%) and California (11%). The most frequent recipient cities were Milwaukee, WI (3 grants), Miami, FL (3 grants), Cleveland, OH (3 grants) and Columbus, OH (3 grants).
Does The Drexel Fund give general operating support?
Yes: 80% of The Drexel Fund's 2024 grants with a stated purpose (44 of 55) were for general or operating support, per its 2024 IRS Form 990-PF. Recurring purposes include "Founders Program" (9 grants).
Who are The Drexel Fund's largest grantees?
The Drexel Fund's largest 2024 grantees include St Augustine Preparatory ($275,000), Cristo Rey Orange County High School ($200,000) and The Meaning Foundation (Primer) ($195,000), according to its 2024 IRS Form 990-PF. It also paid 8 grants to individuals ($339,125), which are not listed by name. Together they received 18% of its itemized 2024 grant dollars.
How large is The Drexel Fund?
The Drexel Fund reported $21.6M in total assets on its 2024 IRS Form 990-PF. It paid out $4.1M in qualifying distributions that year, against a required minimum of $378K (roughly 5% of its investment assets).
What does The Drexel Fund fund?
The Drexel Fund aims to expand access to high-impact private schools in underserved communities. Its work is organized around seeding new schools, scaling existing schools and networks, and strengthening the private-school market. See mission & focus areas ↑
How do I apply for a grant from The Drexel Fund?
The foundation states that it does not accept unsolicited requests for funds and makes contributions only to preselected charitable organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is The Drexel Fund's EIN?
The Drexel Fund's EIN (Employer Identification Number) is 46-5768451. IRS Form 990 filing data is available on this page for 2019–2024.
Does The Drexel Fund accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Data update history
(7)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2019 (received by the IRS May 18, 2020)
- Updated Form 990 for fiscal year 2020 (received by the IRS May 17, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS May 13, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS November 1, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS November 13, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS November 11, 2025)
- IRS filings on file for fiscal years 2019–2024
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Cite this profile
Grantable. (2026). The Drexel Fund funder profile. GrantGraph. Retrieved October 13, 2026, from https://grantable.co/funders/the-drexel-fund-morg_bd4f81e95c394de3b691c73c6013a031
BibTeX
@misc{grantable_465768451_2026,
author = {{Grantable}},
title = {{The Drexel Fund funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/the-drexel-fund-morg_bd4f81e95c394de3b691c73c6013a031},
note = {Accessed 2026-10-13. 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 The Drexel Fund'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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