The Monastery Foundation
The Monastery Foundation is a private foundation focused on Arts, Culture & Humanities, based in Chicago, IL. IRS filing data is available from 2021 through 2024. As of 2024, the organization holds $17.8M in total assets. In 2024, it made $3.2M in qualifying distributions.
The Monastery Foundation at a glance
- Total assets
- $17,800,680
- +29.7% vs 2023
- Revenue (2024)
- $3,760,109
- -59.1% vs 2023
- Qualifying distributions (2024)
- $3,219,558
- -12.4% vs 2023
- Expenses (2024)
- $1,043,133
- +99.1% vs 2023
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated September 2026.
Who The Monastery Foundation funds
How this funder distributes its grants
Grant Size Distribution
2 grants across all recorded years
The most common grant size was under $50K: 2 grants of 2 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
States
Cities
How The Monastery Foundation gives
- In 2024 it paid out well above its IRS minimum distribution (the 5% rule). 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 2022 to 2023, annual grant giving ranged from $9K (2023) to $25K (2022). In 2023 it made 1 grant totaling $9K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| 1 grant to individuals Recipients not named | — | $9,162 |
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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 | $17,800,680 | $3,760,109 | $1,043,133 | — | — | $3,219,558 | — | $13,706 |
| 2023 | $13,728,272 | $9,191,605 | $524,009 | $9,162 | 1 | $3,676,630 | $55,768 | $89,692 |
| 2022 | $4,979,551 | $4,124,983 | $155,432 | $25,000 | 1 | $4,929,369 | — | $57,135 |
| 2021 | $1,000,000 | $1,000,000 | — | — | — | — | — | $3,710 |
Under IRS private-foundation payout rules, The Monastery Foundation reported a distributable amount of $14K for 2024 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
The Monastery Foundation is led by Theaster Gates, President on every filing since 2021; none of the 3 officers listed in 2024 report compensation.
Officers on the 2024 filing
Theaster Gates
President
On filings since 2021
1 hr/week
No compensation reported
Troy Carter
Director
On filings since 2021
1 hr/week
No compensation reported
Emma German
Secretary
On filings since 2021
1 hr/week
No compensation reported
Data from IRS Form 990 filings, 2021–2024. "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 Monastery Foundation
How large is The Monastery Foundation?
The Monastery Foundation reported $17.8M in total assets on its 2024 IRS Form 990-PF. It paid out $3.2M in qualifying distributions that year, against a required minimum of $14K (roughly 5% of its investment assets).
What is The Monastery Foundation?
The Monastery Foundation is a private foundation focused on Arts, Culture & Humanities, based in Chicago, IL. It holds $17.8M in total assets as of 2024.
Where does The Monastery Foundation operate?
The Monastery Foundation has awarded grants in District of Columbia.
What is The Monastery Foundation's EIN?
The Monastery Foundation's EIN (Employer Identification Number) is 87-3364118. IRS Form 990 filing data is available on this page for 2021–2024.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2021–2024
Explore Open Grants
Browse active grant opportunities in The Monastery Foundation's focus areas in our free grants database
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Figures come from The Monastery Foundation'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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