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
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.
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
Among its reported 2024 grants, the largest include Salisbury Academy ($300,000), Families First Nc Inc ($12,500), Waterworks Visual Arts Center ($9,750).
| Recipient | Purpose | Amount |
|---|---|---|
| CPCC SCHOLARSHIP CHARLOTTE, NC | EDUCATION | $3,312 |
| FAMILIES FIRST NC INC SALISBURY, NC | SHELTER | $12,500 |
| FIRST PRESBYTERIAN CHURCH SALISBURY, NC | RELIGION | $7,500 |
| LEE ST THEATRE SALISBURY, NC | THEATRE | $5,000 |
| NCCF LINVILLE RIDGE SCHOLARSHIP RALWIGH, NC | SCHOLARSHIP | $8,100 |
| PUBLIC JUSTICE FOUNDATION WASHINGTON, DC | COMMUNITY | $2,500 |
| RCEC PTA SALISBURY, NC | EDUCATION | $500 |
| ROWAN COUNTY UNITED WAY SALISBURY, NC | COMMUNITY | $4,500 |
| SALISBURY ACADEMY SALISBURY, NC | EDUCATION | $300,000 |
| SOUTH CAROLINA BEACH ADVOCATES FOLLY BEACH, SC | ENVIRONMENT | $150 |
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
Frequently Asked Questions
What does The Wallace Family Foundation Inc fund?
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.
How do I apply for a grant from The Wallace Family Foundation Inc?
**Grant Activity:** 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. **Recent Grants (2023-2024):** • Salisbury Academy: $600,000 (Education) • Public Justice Foundation: $12,500 (Community) • Maxwell Chambers Trust Fund of First Presbyterian Church: $7,500 (Religion) The foundation also provided a $300,000 grant to Salisbury Academy in 2024.
Where does The Wallace Family Foundation Inc make grants?
The foundation primarily funds organizations in: • North Carolina • South Carolina • District of Columbia
What size grants does The Wallace Family Foundation Inc award?
In 2024, The Wallace Family Foundation Inc awarded 20 grants totaling $364K — an average of about $18K per grant, based on its IRS Form 990 filings.
How much is The Wallace Family Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, The Wallace Family Foundation Inc reported a distributable amount of $261K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
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.
Explore Open Grants
Browse active grant opportunities in The Wallace Family Foundation Inc's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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