The Wallace Family Foundation Inc
The Wallace Family Foundation Inc. is a private foundation based in Salisbury, North Carolina. The foundation was established in 2014 and holds 501(c)(3) tax-exempt status. Also known as the Mona Lisa and Lee Wallace Foundation, it operates as a grantmaking organization focused on supporting charitable causes in education, community development, and other philanthropic areas.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$5.5M
-0.8% YoY
Annual Giving
$364K
-44.1% YoY
Grant Count
20
+17.6% YoY
Avg Grant Size
$18K
-52.4% YoY
Mission & Focus Areas
The foundation's primary funding focus areas include:
- Education — particularly K-12 schools and charter schools
- Community Development — including historic building preservation
- Human Services
- Philanthropy and Voluntarism
- Religious Organizations
The foundation has demonstrated particular commitment to educational institutions, with significant support directed toward independent schools and educational programming.
Grantmaking
The foundation made 22 grants in its most recent reporting year, with total giving of $363,832. Typical grant awards range from $100 to $600,000.
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in:
- North Carolina
- South Carolina
- District of Columbia
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of Most Recent Filing (2023-2024):
- Total Assets: $5,475,250 to $5,522,113
- Total Annual Giving: $363,832
- Total Revenues: $797,170 (2023)
- Total Expenses: $656,247 (2023)
The foundation operates with no employees.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $5,475,250 | $5,522,113 | $5,427,932 |
| Revenue | $388,708 | $797,170 | $1,650,745 |
| Expenses | $370,403 | $656,247 | $917,821 |
| Qualifying Distributions | $363,832 | $650,321 | $882,030 |
| Net Investment Income | $379,848 | $292,544 | $219,504 |
| Distributable Amount | $260,508 | $117,613 | $112,489 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
90 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| MONA LISA WALLACE | PRESIDENT | — | — |
| LEE WALLACE | TREAS/SECRET | — | — |
Contact Information
Address: 525 N Main Street Salisbury, NC 28144-4303
EIN: 20-8798457
Subject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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