The Eric D & Steven D Hovde Foundation logo

The Eric D & Steven D Hovde Foundation

Private foundation · Grantmaker Madison, WI EIN: 52-2107093 Website

The Eric D & Steven D Hovde Foundation is a private foundation based in Madison, Wisconsin. Its website describes a mission centered on improving the well-being and life opportunities of vulnerable children around the world, alongside support for ending multiple sclerosis (MS).

Key facts about The Eric D & Steven D Hovde Foundation

In short: The Eric D & Steven D Hovde Foundation gave $1.4M across 18 grants in 2025 (avg $79K), mostly in New York. 24% of 2025 grantees were new. Source: 2025 IRS Form 990-PF.

EIN
52-2107093
Latest 990 filing
Form 990-PF, 2025
Annual giving (2025)
$1,422,108
Grants made (2025)
18
Average grant
$79,006
Median grant
$27,788
New grantees (estimate)
24% first-time grantees (4 of 17, 2025)
Total assets
$7,193,452
Primary geography
New York (54% of itemized 2025 grant dollars)
Accepts unsolicited proposals
No
How to apply
The foundation does not accept unsolicited requests for funding. Full details ↓

Data from IRS Form 990-PF, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology). Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.

Financial Overview

From 2025 IRS Form 990-PF · View filing

Total Assets

$7.2M

+4.7% YoY

Annual Giving

$1.4M

-7.3% YoY

Grant Count

18

-10.0% YoY

Avg Grant Size

$79K

+3.0% YoY

Under IRS private-foundation payout rules, The Eric D & Steven D Hovde Foundation reported a distributable amount of $253K for 2025 — the minimum it must pay out in qualifying distributions.

Is The Eric D & Steven D Hovde Foundation open to new grantees?

24%

first-time grantees, 2025

In 2025, 4 of 17 grantees (24%) were first-time recipients. First grants averaged $33K; repeat grants $99K. How we count

Medians: $16K first-time, $33K repeat.

  • 59% of 2025 grantees were also funded in 2024. Method
  • Giving fell 28% from 2022 to 2025. Method
  • In 2025 it paid out 691% of its IRS minimum distribution (the 5% rule). Method

Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.

Research compiled by Grantable AI from public sources. Last updated September 2026.

Mission & Focus Areas

The foundation’s stated vision is a world in which all children can smile, knowing they are safe and loved. Its focus areas are holistic care for vulnerable children, equipping youth for success as adults, and strengthening the effectiveness and resilience of nonprofit partners. The foundation says it gives to both secular and non-secular nonprofits and prioritizes locally led organizations.

Its 2025 grants illustrate support for organizations with varied missions. Many Hopes, which received $770,000, says it rescues children from oppression and raises them to become adults equipped to pursue justice for others. The River Food Pantry, which received $50,000, describes its mission as providing food, resources, and faith to build a stronger community. Thorn, also awarded $50,000, says it works to defend children from sexual exploitation through technology and programs. These are the grantees’ descriptions of their own missions.

Grantmaking

In filing year 2025, the foundation reported 18 grants totaling $1,422,108. Grants ranged from $1,568 to $770,000, with a median grant of $27,788. Selected awards included $150,100 to Hogar de Niños Alalay for the Bolivia Hovde House; $100,000 to Challenging Heights for Ghana Hovde House support; and $94,336 to ERM Rwanda for educational expenses for Legacy HFL children and equipment and furniture for the Hovde Foundation campus. Other awards included $50,000 to Pothawira International for initiatives for women and children in Malawi and Hovde Home costs, and $32,921 to the National Multiple Sclerosis Society to fund a postdoctoral research fellowship at Massachusetts General Hospital.

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Geographic Focus

Where this funder awards grants

The foundation says it prioritizes giving in Latin America, Africa, and domestically in Wisconsin. For U.S.-based organizations, it prioritizes nonprofits located in and serving Wisconsin. In 2025, 11% of grant dollars went to recipients in Wisconsin; the filing also reports shares for New York (54%), Texas (4%), and California (4%), with 25% assigned to an unidentified state.

Examples of international support in 2025 include the Bolivia and Ghana Hovde House grants, Rwanda campus support, and funding for initiatives in Malawi.

Grant Distribution by State

8states

Share of 2025 grant dollars across all 18 itemized grants.

Cities

MadisonSpringBronxvilleSeattleMononaSun PrairieWilmingtonEl SegundoDallasHartlandManhattan BeachAshevilleCharlotteMilwaukeeMount HorebPortageTeaticket

Giving Over Time

Total grant dollars and number of grants per year

$0$500K$1M$1.5M$2M16 grants2020 12 grants2021 16 grants2022 18 grants2023 20 grants2024 18 grants2025

From 2020 to 2025, annual grant giving ranged from $661K (2021) to $2.0M (2022). In 2025 it made 18 grants totaling $1.4M.

Grant Insights

How this funder distributes its grants

Top Recipients

Top 10 recipients in 2025

Many Hopes: $770KMany Hopes$770KHogar De Ninos Alalay: $150KHogar De Ninos Alalay$150KChallenging Heights: $100KChallenging Heights$100KERM Rwanda: $94KERM Rwanda$94KPothawira International: $50KPothawira International$50KThe River Food Pantry: $50KThe River Food Pantry$50KThorn: $50KThorn$50KNational Multiple Sclerosis Society: $33KNational Multiple SclerosisSociety$33KLegado De Esperanza Foundation: $31KLegado De Esperanza Foundation$31KBethel Horizons Foundation Inc: $25KBethel Horizons Foundation Inc$25K

The largest 2025 recipient was Many Hopes ($770K). Together the top 10 received $1.4M.

Grant Size Distribution

84 grants across all recorded years

49<$50K19$50–100K12$100–250K$250–500K3$500K–1M1$1–5M$5M+

The most common grant size was under $50K: 49 grants of 84 (58%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
Many Hopes Bronxville, NYGeneral contribution to many hopes in support of other partners in several countries$770,000
Hogar De Ninos Alalay Hovde House Bolivia$150,100
Challenging Heights Hovde House Ghana Support$100,000
ERM Rwanda Educational expenses for legacy hfl children, purchase of equipment and furniture for the hovde foundation campus$94,336
Pothawira International Spring, TXSupport initiatives for women & children in malawi, hovde home costs$50,000
The River Food Pantry Madison, WICapital Campaign Support$50,000
Thorn El Segundo, CAThird Dispursement of 5 Year Commitment of $250,000$50,000
National Multiple Sclerosis Society Hartland, WIFunding dr. Drosu for postdoctoral research fellowship at mass general hospital$32,921
Legado De Esperanza Foundation Wilmington, DEHovde House Hondouras Operations$30,576
Bethel Horizons Foundation Inc Madison, WIGeneral Support$25,000

Financial History

Multi-year comparison from IRS filings

Filing year Assets Revenue Expenses Grants
2025 $7,193,452 $2,684,766 $2,472,562 $1,422,108
2024 $6,872,728 $481,652 $2,029,179 $1,534,138
2023 $9,171,095 $207,213 $2,587,625 $1,699,391
Revenue
Expenses
Qualifying Distributions
Net Investment Income
$0$1M$2M$3M2020 2021 2022 2023 2024 2025
Metric202520242023
Total Assets$7,193,452$6,872,728$9,171,095
Revenue$2,684,766$481,652$207,213
Expenses$2,472,562$2,029,179$2,587,625
Qualifying Distributions$1,750,521$1,846,696$2,210,933
Net Investment Income$320,633$373,368$96,441
Distributable Amount$253,400$334,121$433,166

Data update history

When this profile's IRS filing data changed on Grantable

  1. Updated Form 990-PF for fiscal year 2022 (received by the IRS March 14, 2024)
  2. Added Form 990-PF for fiscal year 2025 (received by the IRS July 23, 2026)
  3. IRS filings on file for fiscal years 2020–2024

Leadership & Key People

Leadership team and compensation from IRS filings

The 2025 filing lists Eric D. Hovde and Steven D. Hovde as trustees and Nicole Bice as executive director. The foundation’s website identifies Eric and Steve Hovde as its trustees.

The Eric D & Steven D Hovde Foundation is led by Nicole Bice, Executive Director on every filing since 2020; 1 of 3 officers listed in 2025 is compensated.

Officers on the 2025 filing

  • Nicole Bice

    Executive Director

    On filings since 2020

    40 hrs/week

    $110K (2020) → $112K (2025)

  • Eric D. Hovde

    Trustee

    On filings since 2020

    2 hrs/week

    No compensation reported

  • Steven D. Hovde

    Trustee

    On filings since 2020

    1 hr/week

    No compensation reported

Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.

Compensation Overview

From 2025 IRS filing

Nicole Bice — Executive Director: $112KNicole BiceExecutive Director$112K

The highest reported compensation on the 2025 filing was $112K, to Nicole Bice (Executive Director).

Contact

Mailing address: 122 West Washington Ave 350, Madison, WI 53703
Phone: (608) 255-5175
Website: https://hovdefoundation.org

Frequently asked questions about The Eric D & Steven D Hovde Foundation

How much does The Eric D & Steven D Hovde Foundation give each year?

The Eric D & Steven D Hovde Foundation gave $1.4M across 18 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $1.5M across 20 grants.

What is The Eric D & Steven D Hovde Foundation's typical grant size?

The Eric D & Steven D Hovde Foundation's median grant in 2025 was $27,788, and its average grant was $79,006, across 18 grants on its 2025 IRS Form 990-PF. Organizations receiving their first grant from The Eric D & Steven D Hovde Foundation that year got $33K on average.

Where does The Eric D & Steven D Hovde Foundation give grants?

The Eric D & Steven D Hovde Foundation gives mostly in New York: 54% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there. The next largest state was Wisconsin (11%). The most frequent recipient cities were Madison, WI (5 grants).

Does The Eric D & Steven D Hovde Foundation give general operating support?

Yes: 28% of The Eric D & Steven D Hovde Foundation's 2025 grants with a stated purpose (5 of 18) were for general or operating support, per its 2025 IRS Form 990-PF.

Who are The Eric D & Steven D Hovde Foundation's largest grantees?

The Eric D & Steven D Hovde Foundation's largest 2025 grantees include Many Hopes ($770,000), Hogar De Ninos Alalay ($150,100) and Challenging Heights ($100,000), according to its 2025 IRS Form 990-PF. Together they received 72% of its itemized 2025 grant dollars.

How large is The Eric D & Steven D Hovde Foundation?

The Eric D & Steven D Hovde Foundation reported $7.2M in total assets on its 2025 IRS Form 990-PF. It paid out $1.8M in qualifying distributions that year, against a required minimum of $253K (roughly 5% of its investment assets).

What does The Eric D & Steven D Hovde Foundation fund?

The foundation’s stated vision is a world in which all children can smile, knowing they are safe and loved. Its focus areas are holistic care for vulnerable children, equipping youth for success as adults, and strengthening the effectiveness and resilience of nonprofit partners. See mission & focus areas ↑

How do I apply for a grant from The Eric D & Steven D Hovde Foundation?

The foundation does not accept unsolicited requests for funding. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑

What is The Eric D & Steven D Hovde Foundation's EIN?

The Eric D & Steven D Hovde Foundation's EIN (Employer Identification Number) is 52-2107093. IRS Form 990 filing data is available on this page for 2020–2025.

Does The Eric D & Steven D Hovde Foundation 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-PF filings. Research dossier generated September 2026.

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