The Frank and Margaret Race Foundation Inc
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.
The Frank and Margaret Race Foundation Inc at a glance
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.
- Annual giving (2024)
- $59,653
- +1.0% vs 2023
- Grants made (2024)
- 7
- -36.4% vs 2023
- Average grant
- $8,522
- +58.7% vs 2023
- Median grant
- $8,000
- Total assets
- $3,055,336
- +19.9% vs 2023
- Primary geography
- Texas (31% 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 The Frank and Margaret Race Foundation Inc funds
How this funder distributes its grants
Top Recipients
Top 7 recipients in 2024
The largest 2024 recipient was All Nations Family ($12K). Together the top 7 received $60K.
Grant Size Distribution
61 grants across all recorded years
The most common grant size was under $50K: 61 grants of 61 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2024 grant dollars across all 7 itemized grants.
States
Cities
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.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $59K (2023) to $122K (2021). In 2024 it made 7 grants totaling $60K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| All Nations Family Grandview, MO | General Support | $12,000 |
| Standing Stone Ministry Newport Beach, CA | Pastoral Counseling | $12,000 |
| Ywam Garden Valley, TX | General Support | $12,000 |
| Pioneer Bible Translators Manhattan, KS | Bible Translation | $8,000 |
| One for Israel Grapevine, TX | General Support | $6,500 |
| Preborn Abortion Alternative Indianapolis, IN | General Support | $5,000 |
| Christian Church of Estes Park Estes Park, CO | General Support | $4,153 |
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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 | $3,055,336 | $275,227 | $98,184 | $59,653 | 7 | $63,003 | $247,511 | $138,169 |
| 2023 | $2,548,431 | $55,045 | $91,229 | $59,080 | 11 | $62,762 | $38,268 | $116,221 |
| 2022 | $2,177,842 | $4,432 | $117,321 | $71,500 | 11 | $75,265 | $4,500 | $121,426 |
| 2021 | $2,964,777 | $477,013 | $158,569 | $121,894 | 14 | $124,944 | $453,837 | $130,479 |
| 2020 | $2,525,710 | $102,594 | $132,165 | $102,861 | 18 | — | $99,648 | $111,502 |
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.
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.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2020 (received by the IRS May 13, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS May 11, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS August 30, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS November 14, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS November 17, 2025)
- IRS filings on file for fiscal years 2020–2024
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