Trustage Foundation Inc
TruStage Foundation Inc is a private foundation based in Madison, Wisconsin, and the philanthropic arm of TruStage. The foundation describes its work as helping people create a better future, with philanthropic efforts centered on economic mobility through education and housing.
Trustage Foundation Inc at a glance
In short: Trustage Foundation Inc gave $3.6M across 74 grants in 2024 (avg $48K), mostly in Wisconsin. 29% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $3,558,457
- -29.1% vs 2023
- Grants made (2024)
- 74
- -22.1% vs 2023
- Average grant
- $48,087
- -9.0% vs 2023
- Median grant
- $22,500
- Total assets
- $14,628,211
- +1.4% vs 2023
- New grantees (estimate)
- 29% first-time grantees (19 of 66, 2024)
- Primary geography
- Wisconsin (63% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Trustage Foundation Inc
- Accepts unsolicited proposals
- No
- Contact
Mailing address: 5910 Mineral Point Road, Madison, WI 53705
Phone: (608) 665-7445
Website: https://trustage.com
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Open Grants
1 open opportunity from Trustage Foundation Inc
Who Trustage Foundation Inc funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was United Way of Dane County ($655K across 2 grants). Together the top 10 received $2.2M.
Grant Size Distribution
610 grants across all recorded years
The most common grant size was under $50K: 456 grants of 610 (75%).
Geographic Focus
Where this funder awards grants
The foundation says it prioritizes Madison/Dane County, Wisconsin, and the Cedar Valley area of Iowa—including Waverly, Waterloo, and Cedar Falls—for annual grant awards. Its website says these areas are where TruStage’s headquarters and the highest percentage of its employees are located. It also describes employee matching gifts as supporting economic-mobility organizations across all 50 states.
In 2024, 63% of grant dollars went to Wisconsin recipients, 17% to Iowa, 14% to South Carolina, 4% to the District of Columbia, and 1% to South Dakota.
Grant Distribution by State
Share of 2024 grant dollars across all 74 itemized grants.
States
Cities
Is Trustage Foundation Inc open to new grantees?
29%
first-time grantees, 2024
In 2024, 19 of 66 grantees (29%) were first-time recipients. First grants averaged $26K; repeat grants $65K. How we count
Medians: $10K first-time, $30K repeat.
- 45% of 2024 grantees were also funded in 2023. Method
- Giving fell 55% from 2021 to 2024. Method
- In 2024 it paid out 401% 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.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $3.6M (2024) to $7.9M (2021). In 2024 it made 74 grants totaling $3.6M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| United Way of Dane County Madison, WI | Charitable | $650,000 |
| Yourcause Inc Charleston, SC | Charitable | $509,557 |
| The Foundation for Black Women's Wellness Madison, WI | Charitable | $250,000 |
| Bayview Foundation Inc Madison, WI | Charitable | $150,000 |
| YMCA Madison Madison, WI | Charitable | $150,000 |
| Iowa Heartland Habitat for Humanity Waterloo, IA | Charitable | $100,000 |
| National Credit Union Foundation Washington, DC | Charitable | $100,000 |
| Big Brothers Big Sisters of Dane County Madison, WI | Charitable | $100,000 |
| 247 Blac Waterloo, IA | Charitable | $80,000 |
| The 1619 Freedom School Cedar Falls, IA | Charitable | $75,000 |
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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 | $14,628,211 | $3,776,146 | $3,567,110 | $3,558,457 | 74 | $3,558,607 | $582,438 | $887,643 |
| 2023 | $14,419,175 | $345,959 | $5,029,154 | $5,020,946 | 95 | $5,021,156 | $606,889 | $875,121 |
| 2022 | $19,102,370 | $5,796,548 | $4,922,500 | $4,901,432 | 90 | $4,902,500 | $513,673 | $895,505 |
| 2021 | $18,228,322 | $11,949,259 | $7,907,775 | $7,900,873 | 111 | $7,901,144 | $1,949,259 | $951,536 |
| 2020 | $14,186,838 | $4,637,735 | $3,953,208 | $3,914,724 | 240 | — | $840,380 | $802,971 |
Under IRS private-foundation payout rules, Trustage Foundation Inc reported a distributable amount of $888K for 2024 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
The foundation says it is committed to equity, opposes racism, and supports social justice. It prioritizes organizations and programs that seek structural and systemic change in underrepresented and marginalized communities.
Its education focus includes K–12 literacy, mentoring, and tutoring. Its housing focus includes affordable housing, support for people experiencing homelessness, and rental assistance. The foundation’s 2025 announcement also described emergency aid, an employee match campaign, and “dollars for doers” as uses of some 2024 funds.
Examples of supported organizations illustrate the range of work among its grantees. Bayview Foundation says it supports culturally diverse, low-income families through affordable housing, cultural pride, and community-building. Iowa Heartland Habitat for Humanity describes its work as providing safe, simple, affordable housing in partnership with people in need of adequate shelter. Boys & Girls Club of Dane County says it works to empower young people, while CEOs of Tomorrow describes hands-on social entrepreneurship education for youth. These are the grantees’ stated missions, not the foundation’s.
Grantmaking
IRS filing data reports 74 grants totaling $3,558,457 in 2024. Awards ranged from $250 to $650,000, with a median of $22,500. The foundation’s March 2025 announcement separately described its 2024 investment as more than $3.5 million benefiting more than 65 nonprofit organizations and social impact projects. It reported that 53% of awarded dollars went to housing-focused organizations and 29% to education-focused organizations.
Among the largest 2024 grants were $650,000 to United Way of Dane County, $509,557 to YourCause Inc, $250,000 to The Foundation for Black Women’s Wellness, and $150,000 each to Bayview Foundation and YMCA Madison. Other notable awards included $100,000 each to Iowa Heartland Habitat for Humanity, National Credit Union Foundation, and Big Brothers Big Sisters of Dane County.
The foundation reported receiving more than 430 grant requests in 2024, a more than 120% increase from 2023. Its 2024 filing states that it makes contributions only to preselected charitable organizations and does not accept unsolicited requests. The foundation announced that it was accepting funding requests for 2025, but that is a past cycle; the available information does not establish a current application cycle or deadline.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Angela Russell as president/director. It also lists Paul Barbato as secretary; Brian J Borakove as treasurer; Katherine L Castro and Kelly Toy as assistant secretaries; Todd M Dunning as assistant treasurer; and John Cassidy, Elizabeth McCluskey, Danielle Cruz, and Emily Gnam as directors. The filing notes that Cassidy and McCluskey began in May 2024 and that Gnam’s term ended in November 2024.
The foundation’s March 2025 announcement identifies Kate Austin Stanford as its executive director.
Trustage Foundation Inc is led by Angela Russell, President & Director since 2023 (on filings since 2020); none of the 13 officers listed in 2024 report compensation.
Officers on the 2024 filing
Angela Russell
President & Director
Vice President → Vice President & Director, 2021
Vice President & Director → President & Director, 2023
On filings since 2020
1 hr/week
No compensation reported
Danielle Cruz
Director
On filings since 2022
1 hr/week
No compensation reported
Emily Gnam
Vice President & Director
Director → Vice President & Director, 2023
On filings since 2022
1 hr/week
No compensation reported
Angel McCann-Lair
Director
New on the 2024 filing
1 hr/week
No compensation reported
Elizabeth McCluskey
Director
New on the 2024 filing
1 hr/week
No compensation reported
John Cassidy
Director
New on the 2024 filing
1 hr/week
No compensation reported
Linda Nedelcoff
Director
New on the 2024 filing
1 hr/week
No compensation reported
Brian J. Borakove
Treasurer
On filings since 2020
1 hr/week
No compensation reported
Katherine L. Castro
Assistant Secretary
On filings since 2020
1 hr/week
No compensation reported
Paul Barbato
Secretary
On filings since 2020
1 hr/week
No compensation reported
Todd M. Dunning
Assistant Treasurer
On filings since 2020
1 hr/week
No compensation reported
Kelly Toy
Assistant Secretary
New on the 2024 filing
1 hr/week
No compensation reported
Scott Travis
Assistant Treasurer
New on the 2024 filing
1 hr/week
No compensation reported
Former officers (17)
- Former: Cedric Ellis (2020–2023) — President & Director
- Former: Gerald Singleton II (2020–2023) — Director
- Former: Karim Habib (2020–2023) — Director
- Former: Lisa Wagner (2020–2023) — Director
- Former: Ashley Utz (2021–2023) — Director · Filing note: From feb 8 2021
- Former: McCann-Lair Angela (2023) — Director
- Former: Nedelcoff Linda (2023) — Director
- Former: Rob Purtell (2023) — Director
- Former: Toy Kelly (2023) — Assistant Secretary
- Former: Travis Scott (2023) — Assistant Treasurer
- Former: Kristine M. Conway (2020–2022) — Assistant Treasurer
- Former: Becki Hagerman To Dec (2021) — Director
- Former: Jeffrey Meyer To Dec (2021) — Director
- Former: Becki Hagerman (2020) — Director
- Former: Jeffrey Meyer (2020) — Director
- Former: Laureen Winger To December (2020) — Director
- Former: Thomas Merfeld To March (2020) — Treasurer
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.
Frequently asked questions about Trustage Foundation Inc
How much does Trustage Foundation Inc give each year?
Trustage Foundation Inc gave $3.6M across 74 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $5.0M across 95 grants.
What is Trustage Foundation Inc's typical grant size?
Trustage Foundation Inc's median grant in 2024 was $22,500, and its average grant was $48,087, across 74 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from Trustage Foundation Inc that year got $26K on average.
Where does Trustage Foundation Inc give grants?
Trustage Foundation Inc gives mostly in Wisconsin: 63% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest states were Iowa (17%) and South Carolina (14%). The most frequent recipient cities were Madison, WI (31 grants), Waterloo, IA (10 grants), Waverly, IA (4 grants) and Washington, DC (3 grants).
Does Trustage Foundation Inc give general operating support?
Not in 2024: none of the 74 grants with a stated purpose on Trustage Foundation Inc's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Charitable" (74 grants).
Who are Trustage Foundation Inc's largest grantees?
Trustage Foundation Inc's largest 2024 grantees include United Way of Dane County ($655,000 across 2 grants), Yourcause Inc ($509,557) and The Foundation for Black Women's Wellness ($250,000), according to its 2024 IRS Form 990-PF. Together they received 40% of its itemized 2024 grant dollars.
How large is Trustage Foundation Inc?
Trustage Foundation Inc reported $14.6M in total assets on its 2024 IRS Form 990-PF. It paid out $3.6M in qualifying distributions that year, against a required minimum of $888K (roughly 5% of its investment assets).
What does Trustage Foundation Inc fund?
The foundation says it is committed to equity, opposes racism, and supports social justice. It prioritizes organizations and programs that seek structural and systemic change in underrepresented and marginalized communities. See mission & focus areas ↑
How do I apply for a grant from Trustage Foundation Inc?
Trustage Foundation Inc does not accept unsolicited proposals, according to Grantable's research on its published guidelines. Check trustage.com for any change to that policy.
What is Trustage Foundation Inc's EIN?
Trustage Foundation Inc's EIN (Employer Identification Number) is 39-6105418. IRS Form 990 filing data is available on this page for 2020–2024.
Does Trustage Foundation Inc accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2020 (received by the IRS November 15, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS November 10, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS August 21, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS October 14, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS November 13, 2025)
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in Trustage Foundation Inc's focus areas in our free grants database
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Cite this profile
Grantable. (2026). Trustage Foundation Inc funder profile. GrantGraph. Retrieved October 13, 2026, from https://grantable.co/funders/trustage-foundation-inc-morg_4568cc8ac0ae43858eaf60f99fdc9cdb
BibTeX
@misc{grantable_396105418_2026,
author = {{Grantable}},
title = {{Trustage Foundation Inc funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/trustage-foundation-inc-morg_4568cc8ac0ae43858eaf60f99fdc9cdb},
note = {Accessed 2026-10-13. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Trustage Foundation Inc'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.
Trustage Foundation Inc down — hundreds of funders to go?