Michael J & Karen B Frey Foundation
The Michael J & Karen B Frey Foundation is a private family foundation established in 2003 and based in Wayzata, Minnesota. As a 501(c)(3) organization, it operates as a grantmaking foundation focused on supporting charitable causes across multiple sectors.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$2.7M
+0.2% YoY
Annual Giving
$665K
+32.2% YoY
Grant Count
26
+18.2% YoY
Avg Grant Size
$26K
+11.8% YoY
Mission & Focus Areas
The foundation supports general charitable causes with particular emphasis on:
- Education
- Philanthropy and voluntarism
- Human services
- Women's support initiatives
- Gardens and plant collections
- Scholarship programs (including the Scherer Endowed Scholarship)
- Community fire funds
Grantmaking
Grant Range
$8,300
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in Minnesota, Wyoming, and Virginia.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total assets: $2,716,662
- Total revenues: $679,000
- Total expenses: $673,000
- Total liabilities: $0
As of 2023:
- Total assets: $2,710,624
- Total revenues: $536,146
- Total expenses: $520,963
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $2,716,662 | $2,710,624 | $2,695,441 |
| Revenue | $679,230 | $536,146 | $521,902 |
| Expenses | $673,192 | $520,963 | $532,409 |
| Qualifying Distributions | $665,000 | $506,500 | $528,803 |
| Net Investment Income | $679,230 | $532,846 | $520,464 |
| Distributable Amount | $664,960 | $551,351 | $545,166 |
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
123 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 family members:
- Michael J Frey (Treasurer/President)
- Karen B Frey (Secretary/Director)
- David J Frey (Director)
- Sara J Frey (Director)
- Michael B Frey (Director)
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| MICHAEL J FREY | TREASURER/PRESIDENT | 1 | — |
| KAREN B FREY | SECRETARY/DIRECTOR | 1 | — |
| DAVID J FREY | DIRECTOR | 1 | — |
| SARA J FREY | DIRECTOR | 1 | — |
| MICHAEL B FREY | DIRECTOR | 1 | — |
Contact Information
Address: 980 E Shady Ln, Wayzata, MN 55391-1830
Phone: 952-476-0301
EIN: 75-3140739
Subject Areas
Focus areas based on grantmaking activity
Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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