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Nonprofit · EIN 42-0925360

THE FRANK AND MARGARET RACE FOUNDATION INC

Tax-exempt · CEDAR RAPIDS, IA 52401

Financials

$55K$91K2023$275K$98K2024
Revenue Expenses · by fiscal year end
Financials of THE FRANK AND MARGARET RACE FOUNDATION INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990-PF$275,227$98,184$177,043$3,055,336$0$3,055,336
December 31, 2023990-PF$55,045$91,229-$36,184$2,548,431$0$2,548,431
Financial details: 990-PF for the year ended December 31, 2024

Revenue

Dividends
$42,049
Net gain from sales of assets
$233,178

Expenses

Grants and similar amounts paid
$59,653
Compensation of officers, directors and key employees
$0
Disbursements for charitable purposes
$63,003
Excise tax on investment income
$3,440

Balance sheet and other

Total assets, start of year
$2,548,431
Total assets, end of year
$3,055,336
Total liabilities, end of year
$0
Net assets, end of year
$3,055,336
Fair market value of assets
$3,055,336
Qualifying distributions
$63,003
Net investment income
$282,692

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990-PF for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensation
JOSEPH R RUSSO
230 2ND ST SE, CEDAR RAPIDS, IA 52401
PRESIDENT1$0
ALAN BRINKMAN
2335 LINDEN DR SE, CEDAR RAPIDS, IA 52403
SEC'Y/TREAS1$0
DAWN MCDANIEL
425 SE 19TH ST, CAPE CORAL, FL 33990
BOARD MEMBER1$0
SUSIE HARRISON
46-560A ARAPHOE, INDIAN WELLS, CA 92210
BOARD MEMBER1$0
TONI BAIN
230 2ND ST SE, CEDAR RAPIDS, IA 52401
BOARD MEMBER1$0
990-PF for the year ended December 31, 2023: 5 people
NameTitleHours / weekCompensation
JOSEPH R RUSSO
230 2ND ST SE, CEDAR RAPIDS, IA 52401
PRESIDENT1$0
ALAN BRINKMAN
2335 LINDEN DR SE, CEDAR RAPIDS, IA 52403
SEC'Y/TREAS1$0
DAWN MCDANIEL
425 SE 19TH ST, CAPE CORAL, FL 33990
BOARD MEMBER1$0
SUSIE HARRISON
46-560A ARAPHOE, INDIAN WELLS, CA 92210
BOARD MEMBER1$0
TONI BAIN
230 2ND ST SE, CEDAR RAPIDS, IA 52401
BOARD MEMBER1$0

Address and contacts

Address (IRS master file)
222 3RD AVE SE STE 269, CEDAR RAPIDS, IA 52401-1541
Signed the 990-PF
JOSEPH R RUSO, PRESIDENT
Phone
(319) 366-7300
Return prepared by
SIKICH LLC

What it must file and when

IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990-PF on file
2023December 31, 2023May 15, 2024990-PF on file

IRS record

EIN
42-0925360
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Private non-operating foundation
Donations deductible (Pub 78)
Private foundation, 30% limit
Exempt since
1967
Accounting year ends
December
Files
Form 990-PF
Assets (IRS master file)
$3,055,336
Income (IRS master file)
$1,408,918

Filing history

FormYear endedRevenueExpensesAssetsReturn
990-PFDecember 2024$275,227$98,184$3,055,336XML
990-PFDecember 2023$55,045$91,229$2,548,431XML
990-PFDecember 2022–––IRS
990-PFDecember 2021–––IRS
990-PFDecember 2020–––IRS
990-PFDecember 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 42-0925360).

Questions about THE FRANK AND MARGARET RACE FOUNDATION INC

What is the EIN of THE FRANK AND MARGARET RACE FOUNDATION INC?
The employer identification number (EIN) of THE FRANK AND MARGARET RACE FOUNDATION INC is 42-0925360.
Is THE FRANK AND MARGARET RACE FOUNDATION INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1967.
Are donations to THE FRANK AND MARGARET RACE FOUNDATION INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Private foundation, 30% limit).
Which annual return does THE FRANK AND MARGARET RACE FOUNDATION INC file?
Form 990-PF. Private foundations file every year.
When is the next return of THE FRANK AND MARGARET RACE FOUNDATION INC due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did THE FRANK AND MARGARET RACE FOUNDATION INC last file with the IRS?
The latest return in the IRS public files is the 990-PF for the year ended December 2024.
Who are the officers and directors of THE FRANK AND MARGARET RACE FOUNDATION INC?
The 990-PF for the year ended December 31, 2024 lists 5 people; 0 received compensation from the organization.
How much revenue does THE FRANK AND MARGARET RACE FOUNDATION INC have?
On its 990-PF for the year ended December 31, 2024 it reported revenue of $275,227, expenses of $98,184 and total assets of $3,055,336 at year end.

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