The Wallace Family Foundation Inc
The Wallace Family Foundation Inc. is a private foundation based in Salisbury, North Carolina. Its 2024 filing reports grants to organizations including a school, arts organizations, theaters, community organizations, and a scholarship fund.
Key facts about The Wallace Family Foundation Inc
In short: The Wallace Family Foundation Inc gave $364K across 20 grants in 2024 (avg $18K), mostly in North Carolina. 47% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- EIN
- 20-8798457
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $363,832
- Grants made (2024)
- 20
- Average grant
- $18,192
- Median grant
- $2,000
- New grantees (estimate)
- 47% first-time grantees (9 of 19, 2024; small sample)
- Total assets
- $5,475,250
- Primary geography
- North Carolina (99% of itemized 2024 grant dollars)
- How to apply
- Contact Lee Wallace in writing and include the charity’s EIN, requested dollar amount, purpose of the request, and anticipated groups who will benefit from the grant. Full details ↓
- Deadline
- The filing gives September 1–September 30 as the window for submitting grant requests.
Data from IRS Form 990-PF, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology). Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
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
Under IRS private-foundation payout rules, The Wallace Family Foundation Inc reported a distributable amount of $261K for 2024 — the minimum it must pay out in qualifying distributions.
Is The Wallace Family Foundation Inc open to new grantees?
47%
first-time grantees, 2024
In 2024, 9 of 19 grantees (47%) were first-time recipients. With only 19 grantees, that is a small sample: one grantee more or less moves the share by about 5 points. First grants averaged $3K; repeat grants $33K. How we count
Medians: $1K first-time, $3K repeat.
- 42% of 2024 grantees were also funded in 2023. Method
- Giving grew 1741% from 2021 to 2024. Method
- In 2024 it paid out 140% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Mission & Focus Areas
The foundation’s filing does not state a mission. Its 2024 grants show support for education, arts, theater, community services, religion, and scholarships. For example, Salisbury Academy received an education grant; the foundation describes it as an independent, co-educational elementary and middle school in Salisbury. Salisbury Academy’s stated mission is to provide an enriching and challenging curriculum and educational community that encourages lifelong learning, strong character, community service, and deepened faith.
Other 2024 grantees describe their work as providing arts opportunities and education (Waterworks Visual Arts Center), theatrical productions and drama education (Piedmont Players Theatre), and mobilizing community resources for people in need (Rowan County United Way). The foundation also supported organizations working in areas including shelter, health care, religion, and animal care.
Grantmaking
In 2024, the foundation reported 20 grants totaling $363,832. Grant amounts ranged from $100 to $300,000, with a median of $2,000. The largest grant was $300,000 to Salisbury Academy for education. Other notable grants included $12,500 to Families First NC Inc for shelter, $9,750 to Waterworks Visual Arts Center for arts, $8,100 to the NCCF Linville Ridge Scholarship, and $7,500 to First Presbyterian Church for religion. Lee St Theatre and Piedmont Players Theatre each received $5,000.
The foundation states that it does not restrict giving to preselected organizations. Applicants contact the foundation in writing with the charity’s EIN, requested amount, purpose, and anticipated beneficiary groups. Recipients must provide a copy of their IRS determination letter.
Review Cycle
The filing gives September 1–September 30 as the window for submitting grant requests.
How to Apply
Contact Lee Wallace in writing and include the charity’s EIN, requested dollar amount, purpose of the request, and anticipated groups who will benefit from the grant.
Ready to take the next step with The Wallace Family Foundation Inc?
Geographic Focus
Where this funder awards grants
In 2024, 99% of grant dollars went to recipients in North Carolina, 1% to recipients in the District of Columbia, and less than 1% to recipients in South Carolina, as reported in the filing. The 2024 recipient list includes a $500 grant to South Carolina Environmental Law in Pawleys Island, South Carolina.
Grant Distribution by State
Share of 2024 grant dollars across all 20 itemized grants.
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $20K (2021) to $882K (2022). In 2024 it made 20 grants totaling $364K.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Salisbury Academy ($300K). Together the top 10 received $358K.
Grant Size Distribution
90 grants across all recorded years
The most common grant size was under $50K: 86 grants of 90 (96%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Salisbury Academy Salisbury, NC | Education | $300,000 |
| Families First NC Inc Salisbury, NC | Shelter | $12,500 |
| Waterworks Visual Arts Center Salisbury, NC | ARTS | $9,750 |
| NCCF Linville Ridge Scholarship Ralwigh, NC | Scholarship | $8,100 |
| First Presbyterian Church Salisbury, NC | Religion | $7,500 |
| Lee St Theatre Salisbury, NC | Theatre | $5,000 |
| Piedmont Players Theatre Inc Salisbury, NC | Theatre | $5,000 |
| Rowan County United Way Salisbury, NC | Community | $4,500 |
| CPCC Scholarship Charlotte, NC | Education | $3,312 |
| Public Justice Foundation Washington, DC | Community | $2,500 |
Financial History
Multi-year comparison from IRS filings
| Filing year | Assets | Revenue | Expenses | Grants | Grant count |
|---|---|---|---|---|---|
| 2024 | $5,475,250 | $388,708 | $370,403 | $363,832 | 20 |
| 2023 | $5,522,113 | $797,170 | $656,247 | $650,321 | 17 |
| 2022 | $5,427,932 | $1,650,745 | $917,821 | $882,030 | 17 |
| 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 |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Mona Lisa Wallace as president and Lee Wallace as treasurer and secretary.
The Wallace Family Foundation Inc is led by Mona Lisa Wallace, President on every filing since 2020; none of the 2 officers listed in 2024 report compensation.
Officers on the 2024 filing
Mona Lisa Wallace
President
On filings since 2020
No compensation reported
Lee Wallace
Treasurer & Secretary
On filings since 2020
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.
Contact
Application contact: Lee Wallace
Mailing address: 1101 Sumter Ct, Salisbury, NC 28144
Phone: (704) 636-2021
Frequently asked questions about The Wallace Family Foundation Inc
How much does The Wallace Family Foundation Inc give each year?
The Wallace Family Foundation Inc gave $364K across 20 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $650K across 17 grants.
What is The Wallace Family Foundation Inc's typical grant size?
The Wallace Family Foundation Inc's median grant in 2024 was $2,000, and its average grant was $18,192, across 20 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from The Wallace Family Foundation Inc that year got $3K on average.
Where does The Wallace Family Foundation Inc give grants?
The Wallace Family Foundation Inc gives mostly in North Carolina: 99% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Salisbury, NC (14 grants) and Charlotte, NC (2 grants).
Does The Wallace Family Foundation Inc give general operating support?
Not in 2024: none of the 20 grants with a stated purpose on The Wallace Family Foundation Inc's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Education" (4 grants), "Community" (4 grants) and "Theatre" (3 grants).
Who are The Wallace Family Foundation Inc's largest grantees?
The Wallace Family Foundation Inc's largest 2024 grantees include Salisbury Academy ($300,000), Families First NC Inc ($12,500) and Waterworks Visual Arts Center ($9,750), according to its 2024 IRS Form 990-PF. Together they received 89% of its itemized 2024 grant dollars.
How large is The Wallace Family Foundation Inc?
The Wallace Family Foundation Inc reported $5.5M in total assets on its 2024 IRS Form 990-PF. It paid out $364K in qualifying distributions that year, against a required minimum of $261K (roughly 5% of its investment assets).
What does The Wallace Family Foundation Inc fund?
The foundation’s filing does not state a mission. Its 2024 grants show support for education, arts, theater, community services, religion, and scholarships. See mission & focus areas ↑
How do I apply for a grant from The Wallace Family Foundation Inc?
Contact Lee Wallace in writing and include the charity’s EIN, requested dollar amount, purpose of the request, and anticipated groups who will benefit from the grant. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is The Wallace Family Foundation Inc's EIN?
The Wallace Family Foundation Inc's EIN (Employer Identification Number) is 20-8798457. 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. Research dossier generated September 2026.
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