Active Grants and 990-PF
In 2017, The Clowes Fund awarded $2.2 million to 79 not-for-profit organizations in eight states through its competitive grant cycle; review a list here. In addition, the Fund transferred art valued at nearly half a million dollars to the Indianapolis Museum of Art at Newfields in the same year.
The Clowes Fund is committed to providing information on our grantmaking activities in a clear and timely manner. We meet our goal of transparency, in part, through the yearly submission of the 990-PF. The 990-PF is the tax return private foundations file with the Internal Revenue Service (IRS). This public document provides fiscal data for the foundation, names of trustees and officers, application information and a complete grants list. You may read the Fund's IRS Form 990-PF at the GuideStar website.
Did you know that private foundations are required by the IRS to distribute at least 5% of their asset value each year? By the way, that is a simplified statement of a complicated regulation and calculation called the Minimum Investment Return (MIR). The Clowes Fund could meet its MIR distribution by giving away its art collection. In fact, the Fund gradually has been transferring ownership of its collection of European Old Masters since the year 2000 to the Indianapolis Museum of Art at Newfields, where the art has been displayed on loan since 1971. Nevertheless, the Fund has continued its cash grantmaking at MIR-level.
The Clowes Collection and our many grantees reflect the true value of The Clowes Fund beyond any tally of its assets.