The Frank and Margaret Race Foundation Inc

Private foundation · Grantmaker Cedar Rapids, IA EIN: 42-0925360

The Frank and Margaret Race Foundation Inc is a private foundation, based in Cedar Rapids, IA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $3.1M in total assets. In 2024, it awarded 7 grants totaling $60K. Net investment income was $248K.

Key facts about The Frank and Margaret Race Foundation Inc

In short: The Frank and Margaret Race Foundation Inc gave $60K across 7 grants in 2024 (avg $9K), top state Texas. Source: 2024 IRS Form 990-PF.

EIN
42-0925360
Latest 990 filing
Form 990-PF, 2024
Annual giving (2024)
$59,653
Grants made (2024)
7
Average grant
$8,522
Median grant
$8,000
Total assets
$3,055,336
Primary geography
Texas (31% of itemized 2024 grant dollars)

Data from IRS Form 990-PF, 2024; updated October 2026.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$3.1M

+19.9% YoY

Annual Giving

$60K

+1.0% YoY

Grant Count

7

-36.4% YoY

Avg Grant Size

$9K

+58.7% YoY

Under IRS private-foundation payout rules, The Frank and Margaret Race Foundation Inc reported a distributable amount of $138K for 2024 — the minimum it must pay out in qualifying distributions.

How The Frank and Margaret Race Foundation Inc gives

  • Giving fell 51% from 2021 to 2024. Method
  • In 2024 it paid out 46% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method

From the foundation's IRS Form 990-PF filings. Methodology.

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

12states

Share of 2024 grant dollars across all 7 itemized grants.

Cities

Cedar RapidsOrlandoGarden ValleyGrandviewManhattanEnglewoodPlanoChicagoNewport BeachBooneFort MyersGrapevineHolly SpringsMadisonMesaElginEstes ParkFort MeyersFort WayneIndianapolis

Giving Over Time

Total grant dollars and number of grants per year

$0$50K$100K$150K18 grants2020 14 grants2021 11 grants2022 11 grants2023 7 grants2024

From 2020 to 2024, annual grant giving ranged from $59K (2023) to $122K (2021). In 2024 it made 7 grants totaling $60K.

Grant Insights

How this funder distributes its grants

Top Recipients

Top 7 recipients in 2024

All Nations Family: $12KAll Nations Family$12KStanding Stone Ministry: $12KStanding Stone Ministry$12KYwam: $12KYwam$12KPioneer Bible Translators: $8KPioneer Bible Translators$8KOne for Israel: $7KOne for Israel$7KPreborn Abortion Alternative: $5KPreborn Abortion Alternative$5KChristian Church of Estes Park: $4KChristian Church of Estes Park$4K

The largest 2024 recipient was All Nations Family ($12K). Together the top 7 received $60K.

Grant Size Distribution

61 grants across all recorded years

61<$50K$50–100K$100–250K$250–500K$500K–1M$1–5M$5M+

The most common grant size was under $50K: 61 grants of 61 (100%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
All Nations Family Grandview, MOGeneral Support$12,000
Standing Stone Ministry Newport Beach, CAPastoral Counseling$12,000
Ywam Garden Valley, TXGeneral Support$12,000
Pioneer Bible Translators Manhattan, KSBible Translation$8,000
One for Israel Grapevine, TXGeneral Support$6,500
Preborn Abortion Alternative Indianapolis, INGeneral Support$5,000
Christian Church of Estes Park Estes Park, COGeneral Support$4,153

Financial History

Multi-year comparison from IRS filings

Revenue
Expenses
Qualifying Distributions
Net Investment Income
$0$200K$400K$600K2020 2021 2022 2023 2024
Metric202420232022
Total Assets$3,055,336$2,548,431$2,177,842
Revenue$275,227$55,045$4,432
Expenses$98,184$91,229$117,321
Qualifying Distributions$63,003$62,762$75,265
Net Investment Income$247,511$38,268$4,500
Distributable Amount$138,169$116,221$121,426

Data update history

When this profile's IRS filing data changed on Grantable

  1. Updated Form 990-PF for fiscal year 2020 (received by the IRS May 13, 2021)
  2. Updated Form 990-PF for fiscal year 2021 (received by the IRS May 11, 2022)
  3. Updated Form 990-PF for fiscal year 2022 (received by the IRS August 30, 2023)
  4. Updated Form 990-PF for fiscal year 2023 (received by the IRS November 14, 2024)
  5. Updated Form 990-PF for fiscal year 2024 (received by the IRS November 17, 2025)
  6. IRS filings on file for fiscal years 2020–2024

Leadership & Key People

Officers and directors from IRS filings

The Frank and Margaret Race Foundation Inc is led by Joseph R. Russo, President on every filing since 2020; none of the 5 officers listed in 2024 report compensation.

Officers on the 2024 filing

  • Joseph R. Russo

    President

    On filings since 2020

    1 hr/week

    No compensation reported

  • Alan Brinkman

    Sec'y & Treasurer

    On filings since 2020

    1 hr/week

    No compensation reported

  • Dawn McDaniel

    Board Member

    On filings since 2020

    1 hr/week

    No compensation reported

  • Susie Harrison

    Board Member

    On filings since 2020

    1 hr/week

    No compensation reported

  • Toni Bain

    Board Member

    On filings since 2020

    1 hr/week

    No compensation reported

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.

Frequently asked questions about The Frank and Margaret Race Foundation Inc

How much does The Frank and Margaret Race Foundation Inc give each year?

The Frank and Margaret Race Foundation Inc gave $60K across 7 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $59K across 11 grants.

What is The Frank and Margaret Race Foundation Inc's typical grant size?

The Frank and Margaret Race Foundation Inc's median grant in 2024 was $8,000, and its average grant was $8,522, across 7 grants on its 2024 IRS Form 990-PF.

Where does The Frank and Margaret Race Foundation Inc give grants?

The Frank and Margaret Race Foundation Inc's top state is Texas, with 31% of the grant dollars itemized on its 2024 IRS Form 990-PF. The next largest states were Missouri (20%) and California (20%).

Does The Frank and Margaret Race Foundation Inc give general operating support?

Yes: 71% of The Frank and Margaret Race Foundation Inc's 2024 grants with a stated purpose (5 of 7) were for general or operating support, per its 2024 IRS Form 990-PF.

Who are The Frank and Margaret Race Foundation Inc's largest grantees?

The Frank and Margaret Race Foundation Inc's largest 2024 grantees include All Nations Family ($12,000), Standing Stone Ministry ($12,000) and Ywam ($12,000), according to its 2024 IRS Form 990-PF. Together they received 60% of its itemized 2024 grant dollars.

How large is The Frank and Margaret Race Foundation Inc?

The Frank and Margaret Race Foundation Inc reported $3.1M in total assets on its 2024 IRS Form 990-PF. It paid out $63K in qualifying distributions that year, against a required minimum of $138K (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 is The Frank and Margaret Race Foundation Inc's EIN?

The Frank and Margaret Race Foundation Inc's EIN (Employer Identification Number) is 42-0925360. 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.

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