The Philip Banks Memorial Trust Fund
The Philip Banks Memorial Trust Fund is a private foundation, based in Stuart, FL. IRS filing data is available from 2019 through 2025. As of 2025, the organization holds $242K in total assets. In 2025, it awarded 1 grant totaling $62K. Net investment income was $18K.
The Philip Banks Memorial Trust Fund at a glance
In short: The Philip Banks Memorial Trust Fund gave $62K across 1 grant in 2025 (avg $62K), mostly in Florida. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $62,311
- +3.9% vs 2024
- Grants made (2025)
- 1
- +0.0% vs 2024
- Average grant
- $62,311
- +3.9% vs 2024
- Median grant
- $62,311
- Total assets
- $242,043
- -22.4% vs 2024
- Primary geography
- Florida (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated September 2026.
Who The Philip Banks Memorial Trust Fund funds
How this funder distributes its grants
Top Recipients
Top recipient in 2025
The largest 2025 recipient was Indian River State College Foundati ($62K).
Grant Size Distribution
5 grants across all recorded years
The most common grant size was in the $50–100K range: 5 grants of 5 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of the 2025 grant dollars on its one itemized grant.
States
Cities
How The Philip Banks Memorial Trust Fund gives
- Giving held roughly steady from 2022 to 2025 (−6%). Method
- In 2025 it paid out 494% of 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 2019 to 2025, annual grant giving ranged from $42K (2019) to $66K (2022). In 2025 it made 1 grant totaling $62K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Indian River State College Foundati Ft Pierce, FL | Education | $62,311 |
Ready to take the next step with The Philip Banks Memorial Trust Fund?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2025 | $242,043 | $18,351 | $88,156 | $62,311 | 1 | $62,311 | $18,351 | $12,624 |
| 2024 | $311,848 | $13,540 | $91,566 | $60,000 | 1 | $60,000 | $13,540 | $16,290 |
| 2023 | $389,874 | $21,075 | $92,372 | $60,000 | 1 | $60,000 | $16,585 | $19,801 |
| 2022 | $461,171 | $79,708 | $101,187 | $66,000 | 1 | $66,000 | $73,716 | $25,005 |
| 2021 | $482,650 | $14,688 | $93,352 | $60,000 | 1 | $60,000 | $8,604 | $32,728 |
| 2020 | $561,314 | $15,906 | $97,106 | $60,000 | 1 | — | $12,983 | $32,393 |
| 2019 | $642,514 | $383 | $71,193 | $42,000 | 1 | — | $17,762 | $34,384 |
Under IRS private-foundation payout rules, The Philip Banks Memorial Trust Fund reported a distributable amount of $13K for 2025 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
The Philip Banks Memorial Trust Fund is led by Larry M. Stewart, Trustee on every filing since 2019 — the only officer listed, and compensated.
Officers on the 2025 filing
Larry M. Stewart
Trustee
On filings since 2019
3 hrs/week
$20K (2019) → $20K (2025)
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.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $20K, to Larry M Stewart (Trustee).
Frequently asked questions about The Philip Banks Memorial Trust Fund
How much does The Philip Banks Memorial Trust Fund give each year?
The Philip Banks Memorial Trust Fund gave $62K across 1 grant in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $60K across 1 grant.
How large is The Philip Banks Memorial Trust Fund?
The Philip Banks Memorial Trust Fund reported $242K in total assets on its 2025 IRS Form 990-PF. It paid out $62K in qualifying distributions that year, against a required minimum of $13K (roughly 5% of its investment assets).
Where does The Philip Banks Memorial Trust Fund operate?
The Philip Banks Memorial Trust Fund has awarded grants in Florida.
What is The Philip Banks Memorial Trust Fund's EIN?
The Philip Banks Memorial Trust Fund's EIN (Employer Identification Number) is 20-1325553. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(8)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2019 (received by the IRS May 15, 2020)
- Updated Form 990-PF for fiscal year 2020 (received by the IRS May 4, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS April 26, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS May 3, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS February 20, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS April 24, 2025)
- Updated Form 990-PF for fiscal year 2025 (received by the IRS April 14, 2026)
- IRS filings on file for fiscal years 2019–2025
Explore Open Grants
Browse active grant opportunities in The Philip Banks Memorial Trust Fund's focus areas in our free grants database
Similar Funders
Funders with grantees in common
The Clementine Zacke Foundation
Palm City, FL
The Clementine Zacke Foundation supports church and hospice operations and programs, scholarships, and educational opportunities, primarily in Florida, with occasional grants in Georgia. Its 2025 grants totaled $52,000 across 13 awards, ranging from $400 to $26,000, though most were $1,000 scholarships; scholarship applicants must be graduates of a Martin County public high school. The 2024 filing says it does not limit giving to preselected organizations and describes an application process, but no current application cycle is specified.
Assets
$851K
Grants
13
Total Given
$52K
The Walter and Lalita Janke
Vero Beach, FL
The Walter and Lalita Janke makes grants to a varied set of charitable organizations, including universities, religious organizations, and other nonprofits; listed purposes were “various social welfare.” In 2024, grants ranged from $200 to $104,000, with a median of $3,000, and 83% of funding went to Florida recipients. It funds only preselected organizations and does not accept unsolicited requests.
Assets
$7.9M
Grants
36
Total Given
$267K
Partnership for Environmental Technology Education Inc
South Portland, ME
The Partnership for Environmental Technology Education funds environmental, health, safety, and emergency-response education and workforce training, including curriculum development, technical assistance, and evaluations. Its 2025 grants ranged from $9,300 to $250,000, with a median of about $44,600, supporting organizations across the United States, including colleges and training providers. The profile does not state whether it accepts unsolicited requests.
Assets
$568K
Grants
14
Total Given
$1.2M
Nachtigall Rose Scholarship FDNT
Stuart, FL
Assets
—
Grants
1
Total Given
$49K
Culver's Foundation Inc
Prairie Du Sac, WI
The foundation funds community needs, youth and families, local initiatives, and scholarships for Culver’s team members, with a strong local focus in Wisconsin and grants also reaching other states. In 2024, grants ranged from $2,500 to $250,000, with a median of $10,000. It accepts applications through an online process and does not restrict giving to preselected organizations.
Assets
$8.1M
Grants
83
Total Given
$1.3M
Indian River Community Foundation Inc
Vero Beach, FL
Indian River Community Foundation supports charitable programs in areas including vulnerable individuals and families, animal welfare, the environment, historic preservation, education, and arts and culture, with a focus on Indian River County. Its 2025 grants had a median of $19,250, though amounts varied widely; most came from donor-advised funds, alongside a limited number of competitive grants. Eligible nonprofits can submit an online Letter of Idea for current opportunities.
Assets
$114.6M
Grants
206
Total Given
$15.9M
More similar funders
More Funders in Florida
The filing figures on this page are open data under CC BY 4.0. About GrantGraph Open
Figures come from The Philip Banks Memorial Trust Fund'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.
The Philip Banks Memorial Trust Fund down — hundreds of funders to go?