The Underwood Family Foundation is a private foundation based in Ames, Iowa, established in 2005. The foundation operates as a non-operating private foundation focused on philanthropic grantmaking to charitable organizations across the United States.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$14.8M
+2.4% YoY
Annual Giving
$692K
-6.5% YoY
Grant Count
51
-12.1% YoY
Avg Grant Size
$14K
+6.3% YoY
Under IRS private-foundation payout rules, Underwood Family Foundation reported a distributable amount of $752K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation's primary focus areas include:
- Education
- Philanthropy, Voluntarism & Grantmaking
- Human Services
The foundation supports initiatives in philanthropy and foundations broadly, providing funding to a variety of communities and organizations.
Grantmaking
The foundation only makes contributions to preselected charitable organizations and does not accept unsolicited grant applications.
Grant Range
$13,000–$14,600
Average Grant
$13,000–$14,600
How to Apply
**
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in:
- Iowa
- Minnesota
- Washington
- Pennsylvania
- Texas
Additional states supported include: Delaware, Florida, Illinois, Indiana, Montana, North Carolina, Tennessee, and Wyoming.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Most Recent Fiscal Year (2024):
- Total Assets: $14,757,025
- Total Revenues: $1,089,421
- Total Expenses: $726,013
- Investment Income and Dividends: $596,713
- Net Gain from Sale of Non-Inventory Assets: $491,280
Historical Growth:
- Total assets have grown from $2 million in 2010 to $14.8 million in 2024
- Annual giving has grown from $587,000 in 2021 to $740,000 in 2023
Staffing: The foundation operates with 0 employees.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $14,757,025 | $14,405,334 | $14,433,096 |
| Revenue | $1,089,421 | $749,598 | $1,466,384 |
| Expenses | $726,013 | $772,144 | $789,950 |
| Qualifying Distributions | $696,191 | $744,803 | $762,265 |
| Net Investment Income | $1,059,599 | $722,257 | $1,438,699 |
| Distributable Amount | $752,498 | $688,337 | $719,952 |
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
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Iowa State University Foundation ($313,165), Ascention Luthern Church ($51,550), Gilbert Community Historical Societ ($32,500).
| Recipient | Purpose | Amount |
|---|---|---|
| ACCESS AMES, IA | OPERATIONAL | $2,200 |
| ALPHAOMNICRON PI FOUNDAITON BRENTWOOD, TN | OPERATIONAL | $5,500 |
| AMES CHRISTIAN SCHOOL AMES, IA | OPERATIONAL | $16,000 |
| ASCENTION LUTHERN CHURCH AMES, IA | OPERATIONAL | $51,550 |
| BIBLE STUDY FELLOWSHIP SAN ANTONIO, TX | OPERATIONAL | $16,000 |
| BOY SCOUTS 157 GILBERT, IA | OPERATIONAL | $3,300 |
| BOYS AND GIRLS CLUB OF STORY COUNTY AMES, IA | OPERATIONAL | $2,000 |
| CALVARY E FREE CHURCH WALKER, MN | OPERATIONAL | $14,000 |
| FAITH IN ACTION FOR CASS COUNTY HACKENSACK, MN | OPERATIONAL | $1,200 |
| FOOD AT FIRST AMES, IA | OPERATIONAL | $10,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
The foundation is led by:
- Roger Underwood — Director
- Connie Underwood — Director and Principal Officer
Both directors serve without compensation.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| ROGER UNDERWOOD | DIRECTOR | 1 | — |
| CONNIE UNDERWOOD | DIRECTOR | 1 | — |
Recent News & Activity
Recent developments and announcements
The Underwood family made a significant million-dollar gift to Iowa State University's Agricultural Business and Entrepreneurship Programs, demonstrating the foundation's commitment to agricultural education and entrepreneurship in Iowa.
Underwood Family Makes Million Dollar Gift to Iowa State\u2019s Agricultural\Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Underwood Family Foundation fund?
The foundation's primary focus areas include: • Education • Philanthropy, Voluntarism & Grantmaking • Human Services The foundation supports initiatives in philanthropy and foundations broadly, providing funding to a variety of communities and organizations.
How do I apply for a grant from Underwood Family Foundation?
**Grant Activity:** • Made 52 grants in the most recent fiscal year • Total giving: $691,656 to $757,800 (depending on fiscal year) • Average grant size: $13,000–$14,600 • Median grant size: $5,000 • Grant range: $250 to $313,165 **Recent Grantees Include:** • Iowa State University Foundation ($313,165) • Youth and Shelter Services Foundation ($25,000) • Garner Community Christian Child Care ($20,000) • National Philanthropic Trust **Application Process:** The foundation only makes contribution…
Where does Underwood Family Foundation make grants?
The foundation primarily funds organizations in: • Iowa • Minnesota • Washington • Pennsylvania • Texas Additional states supported include: Delaware, Florida, Illinois, Indiana, Montana, North Carolina, Tennessee, and Wyoming.
What size grants does Underwood Family Foundation award?
In 2024, Underwood Family Foundation awarded 51 grants totaling $692K — an average of about $14K per grant, based on its IRS Form 990 filings.
How much is Underwood Family Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Underwood Family Foundation reported a distributable amount of $752K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Underwood Family Foundation's EIN?
Underwood Family Foundation's EIN (Employer Identification Number) is 20-1487042. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Underwood Family Foundation'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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