The Institute of Consumer Money
The Institute of Consumer Money, also known as the Institute of Consumer Money Management (ICMM), is a Raleigh, North Carolina public charity that funds research and studies intended to promote financial security and wellbeing for low- to moderate-income (LMI) consumers. Its website describes a focus on connecting research with practical solutions and evaluating programs rigorously.
The Institute of Consumer Money at a glance
In short: The Institute of Consumer Money reported $799K in grants paid in 2025 (a total; its filing lists no individual grants). Source: 2025 IRS Form 990.
- Grants paid (2025)
- $799,232 — reported as a total on the IRS filing, without an itemized list
- +21.3% vs 2024
- Total assets
- $5,433,271
- +24.0% vs 2024
- Revenue (2025)
- $1,914,548
- +331.9% vs 2024
- Net investment income (2025)
- $251,200
- +39.6% vs 2024
- Expenses (2025)
- $1,160,610
- +39.0% vs 2024
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated September 2026.
How to apply to The Institute of Consumer Money
- How to Apply
-
The website describes funding tiers and has posted project-specific requests for proposals.
- Review Cycle
- The HBCU student investment evaluation RFP deadline was February 25, 2026; this cycle is past.
- Deadline
- The HBCU student investment evaluation RFP deadline was February 25, 2026; this cycle is past.
- Contact
Mailing address: 3724 National Drive, Raleigh, NC 27612
Phone: (855) 672-3539
Website: https://icmmnc.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who The Institute of Consumer Money funds
How this funder distributes its grants
Grant Size Distribution
18 grants across all recorded years
The most common grant size was in the $100–250K range: 6 grants of 18 (33%).
Geographic Focus
Where this funder awards grants
The organization’s stated mission refers to its local community and the United States. Its website describes its primary mission as supporting LMI individuals and families across the United States.
Grant Distribution by State
Cities
How The Institute of Consumer Money gives
- Giving fell 62% from 2021 to 2024. Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $86K (2019) to $1.7M (2021). In 2025 it reported $799K in grants paid, as a total without an itemized list.
Hatched bars: grants paid as reported on the IRS filing, which lists no individual grants for that year.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| NC State University Raleigh, NC | Research Project | $381,000 |
| National Bureau of Economic Researc Cambridge, MA | Research Project | $227,700 |
| Enterprising Women Foundation Cary, NC | Research Project | $50,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $5,433,271 | $1,914,548 | $1,160,610 | $799,232 | Total only | $251,200 |
| 2024 | $4,380,934 | $443,234 | $834,898 | $658,700 | 3 | $179,899 |
| 2023 | $4,397,839 | $414,692 | $970,697 | $802,500 | 6 | $82,691 |
| 2022 | $4,625,316 | $402,926 | $995,847 | $838,175 | 4 | $402,926 |
| 2021 | $6,179,188 | $352,976 | $1,893,362 | $1,721,393 | 5 | $352,976 |
| 2020 | $7,211,834 | $143,516 | $640,282 | $450,000 | 2 | $143,516 |
| 2019 | $7,614,745 | $334,419 | $326,057 | $86,460 | 2 | $332,919 |
"Total only": grants paid as reported on the IRS filing, which lists no individual grants for that year.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
The organization’s mission, as stated in its 2024 filing, is to create a sustainable financial future for consumers by funding research and studies that promote positive spending behaviors and consumer asset building, and by promoting financial literacy in its community and across the United States. Its website describes a mission of supporting research that promotes financial security for LMI consumers.
The website’s stated priorities include emergency savings, housing stability, retirement security, financial education, and financial inclusion. Its 2026 funding model calls for support for both applied research and foundational research, with projects expected to benefit LMI communities and connect research to practical use.
Grantmaking
IRS filing data reports three grants totaling $658,700 in 2024 and six grants totaling $802,500 in 2023. The average grant was approximately $219,567 in 2024 and $133,750 in 2023. The 2025 filing reports no grants.
The website describes a planned 2026 tiered model: small grants of $25,000–$75,000 for 6–12 months; medium grants of $100,000–$200,000 for 12–24 months; and large grants of $250,000–$400,000 for 24–36 months. A separate RFP sought an independent evaluation of the seeded-investment program for HBCU students, with a budget not to exceed $50,000. That RFP’s February 25, 2026 deadline has passed. It requested a proposal with a detailed line-item budget and budget narrative, including direct and indirect costs, using the requested budget format and complying with ICMM’s indirect cost policy.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Dr. Diane Chen as executive director; Monica Smiley as chairman/president; Dr. Tara Kenyon and Dr. Jeffrey Leiter as board directors; and Lee Tate as treasurer. It also lists Erin Krupa as a board director.
The Institute of Consumer Money is led by Diane Chen, Executive Director since 2025 (on filings since 2019); none of the 6 officers listed in 2025 report compensation.
Officers on the 2025 filing
Diane Chen
Executive Director
President → Executive Di, 2020
Executive Di → Executive Director, 2025
On filings since 2019
25 hrs/week
No compensation reported
Monica Smiley
Chairman & President
Chairman & Vice President → Chairman & President, 2020
On filings since 2019
2 hrs/week
No compensation reported
Jeffrey Leiter
Board Director
On filings since 2019
2 hrs/week
No compensation reported
Erin Krupa
Board Director
On filings since 2021
2 hrs/week
No compensation reported
Tara Kenyon
Board Director
On filings since 2022
2 hrs/week
No compensation reported
Lee Tate
Treasurer
On filings since 2019
2 hrs/week
No compensation reported
Former officers (1)
- Former: Graham Swift (2019–2021) — Board Director
Data from IRS Form 990 filings, 2019–2025. "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 Institute of Consumer Money
How much does The Institute of Consumer Money give each year?
The Institute of Consumer Money reported $799K in grants paid in 2025 on its 2025 IRS Form 990, as a total without an itemized list of grants. In 2024 it gave $659K across 3 grants.
How large is The Institute of Consumer Money?
The Institute of Consumer Money reported $5.4M in total assets on its 2025 IRS Form 990. Its revenue that year was $1.9M.
What does The Institute of Consumer Money fund?
The organization’s mission, as stated in its 2024 filing, is to create a sustainable financial future for consumers by funding research and studies that promote positive spending behaviors and consumer asset building, and by promoting financial literacy in its community and across the United States. See mission & focus areas ↑
How do I apply for a grant from The Institute of Consumer Money?
The website describes funding tiers and has posted project-specific requests for proposals. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
Where does The Institute of Consumer Money make grants?
The organization’s stated mission refers to its local community and the United States. Its website describes its primary mission as supporting LMI individuals and families across the United States.
What is The Institute of Consumer Money's EIN?
The Institute of Consumer Money's EIN (Employer Identification Number) is 47-1524248. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2019 (received by the IRS January 31, 2020)
- Updated Form 990 for fiscal year 2020 (received by the IRS December 17, 2020)
- Updated Form 990 for fiscal year 2021 (received by the IRS October 28, 2021)
- Updated Form 990 for fiscal year 2022 (received by the IRS November 2, 2022)
- Updated Form 990 for fiscal year 2023 (received by the IRS November 2, 2023)
- Updated Form 990 for fiscal year 2024 (received by the IRS March 3, 2025)
Live grants for the work The Institute of Consumer Money funds
Public, Societal Benefit Open opportunities, soonest deadline first.
Explore Open Grants
Browse active grant opportunities in The Institute of Consumer Money's focus areas in our free grants database
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