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
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
No grants recorded for .
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
Related Funders
Similar funders by location and focus area
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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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