Wallace Foundation

Foundation · Grantmaker MORRISTOWN, TN EIN: 62-6048465

EducationPhilanthropyReligion

Wallace Foundation is a private foundation focused on Education, based in MORRISTOWN, TN. IRS filing data is available from 2021 through 2025. As of 2025, the organization holds $5.3M in total assets. In 2025, it awarded 51 grants totaling $165K. Net investment income was $253K.

Key facts about Wallace Foundation

EIN: 62-6048465
Latest 990 filing: Form 990-PF, 2025
Annual giving (2025): $165,375
Grants made (2025): 51
Average grant: $3,243
Median grant: $1,500
Total assets: $5,311,462
Primary geography: Tennessee (60% of itemized 2025 grant dollars)

Data from IRS Form 990-PF, 2025; updated April 2026.

Who Wallace Foundation funds

By grant dollars, the top recipient states for Wallace Foundation's 51 itemized 2025 grants were Tennessee (60%), Louisiana (18%) and North Carolina (5%). The most frequent recipient cities were Morristown, TN (17 grants), Knoxville, TN (3 grants), Colorado Springs, CO (3 grants) and Washington, DC (2 grants). 35% of grants with a stated purpose were for general or operating support. Recurring purposes include "Donation" (29 grants).

How Wallace Foundation gives

76% of 2025 grantees were also funded in 2024. Method
Giving grew 158% from 2022 to 2025. Method
In 2025 it paid out 88% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method

Estimate from itemized IRS Form 990-PF grant lists (2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.

Financial Overview

From 2025 IRS Form 990-PF · View filing

Total Assets

$5.3M

+7.4% YoY

Annual Giving

$165K

-5.4% YoY

Grant Count

-12.1% YoY

Avg Grant Size

$3K

+7.6% YoY

Under IRS private-foundation payout rules, Wallace Foundation reported a distributable amount of $245K for 2025 — the minimum it must pay out in qualifying distributions.

About Wallace Foundation

Based on IRS filings

Focus Areas

EducationPhilanthropyReligion

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

Tennessee $100K (60%)

Louisiana $30K (18%)

North Carolina $9K (5%)

Florida $4K (2%)

Colorado $4K (2%)

All other $19K (11%)

Share of all 51 itemized 2025 grant dollars.

States

Arkansas California Colorado District of Columbia Florida Georgia Louisiana Michigan Missouri Mississippi North Carolina Ohio Tennessee Texas Virginia

Cities

MorristownKnoxvilleChattanoogaColorado SpringsJefferson CityNashvilleNew OrleansGrahamWashingtonBean StationBristolCordovaDallasDuluthHillsdaleJohnson CityMurfreesboroTupeloWoodlandAustin

Financial History

Multi-year comparison from IRS filings

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2025	2024	2023
Total Assets	$5,311,462	$4,944,277	$4,271,907
Revenue	$262,925	$559,045	$2,965,426
Expenses	$215,146	$216,648	$140,298
Qualifying Distributions	$214,017	$215,714	$137,204
Net Investment Income	$253,324	$167,411	$40,229
Distributable Amount	$244,506	$226,578	$167,687

Data update history

When this profile's IRS filing data changed on Grantable

March 1, 2026 IRS filings on file for fiscal years 2021–2025

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 2025

Grant Size Distribution

171 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2025 grants, the largest recipients include New Orleans Baptist Theological Sem ($30,000), Nolachucky Baptist Assoc Dis Relief ($16,300), United Way of Hamblen County ($16,000).

Recipient	Purpose	Amount
NEW ORLEANS BAPTIST THEOLOGICAL SEM NEW ORLEANS, LA	FOUNDATION BOARD CORPUS	$30,000
NOLACHUCKY BAPTIST ASSOC DIS RELIEF MORRISTOWN, TN	DONATION	$16,300
UNITED WAY OF HAMBLEN COUNTY MORRISTOWN, TN	GENERAL FUND	$16,000
VOL CHAPT OF ARMY AVIATION ASSOC JACKSON, TN	DONATION	$10,000
LAKEWAY FCA MORRISTOWN, TN	GENERAL FUND	$8,000
CHALLENGE GOLF ASSOCIATION GRAHAM, NC	GENERAL	$6,000
ALL OTHERS MORRISTOWN, TN	GENERAL FUND	$5,575
FELLOWSHIP OF CHRISTIAN ATHLETES TALLAHASSEE, FL	GENERAL	$4,000
HELEN ROSS MCNABB FOUNDATION KNOXVILLE, TN	DONATION	$3,000
CARSON NEWMAN UNIVERSITY JEFFERSON CITY, TN	WALLACE SCHOLARSHIP	$2,500

Leadership & Key People

Officers and directors from IRS filings

Compensation Overview

No officer or director reported compensation in the available filings.

From 2025 IRS filing

Name	Title	Hours	Compensation
Doyle M Wallace	President	2	—
Robin W Dawson	Treasurer	2	—
Lisa W Trusler	Secretary	2	—

Subject Areas

Focus areas based on grantmaking activity

EducationPhilanthropyReligion

Frequently Asked Questions

What is Wallace Foundation?

Wallace Foundation is a private foundation focused on Education, based in MORRISTOWN, TN. It holds $5.3M in total assets as of 2025.

How large is Wallace Foundation?

As of 2025, Wallace Foundation holds $5.3M in total assets with $263K in annual revenue. It awarded 51 grants totaling $165K in 2025.

Where does Wallace Foundation operate?

Wallace Foundation has awarded grants in Arkansas, California, Colorado, District of Columbia, Florida, Georgia, Louisiana, Michigan, Missouri, Mississippi, North Carolina, Ohio, Tennessee, Texas, Virginia.

What size grants does Wallace Foundation award?

In 2025, Wallace Foundation awarded 51 grants totaling $165K — an average of about $3K per grant, based on its IRS Form 990 filings.

How much is Wallace Foundation required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2025, Wallace Foundation reported a distributable amount of $245K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.