Anne Ray Foundation
87% goes to programs Strong reserves Declining revenue
Anne Ray Foundation is a 501(c)(3) organization based in Eden Prairie, Minnesota, registered in 2014, with $153,086,190 in FY2024 revenue. CharityIndex grades it B+, and it directs about 87% of spending to programs.
6889 Rowland Rd, Eden Prairie, MN, 55344 EIN 47-1036008 Since 2014
Revenue (FY2024)
$153.1M
▼ 22.9% vs prior year
Philanthropy median: $168K
Expenses (FY2024)
$172.8M
Net assets
$4.8B
Employees
0
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
B+
★★★★
Rated on 4 of 4 criteria.
Held down by its weakest criterion — a strong score on one criterion can't hide a weak one.
How the rating works →AProgram efficiency40% of the rating87% to programs
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Anne Ray Foundation: 87% to programs earns a A on this criterion. See the exact thresholds →
C+Financial health25% of the rating336 mo reserves · -13% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Anne Ray Foundation: 336 mo reserves · -13% margin earns a C+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Anne Ray Foundation: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Anne Ray Foundation: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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Mission
Charitable grantmaking to some or all designated supported organizations.
Contact & location
- Address
- 6889 Rowland Rd, Eden Prairie, MN, 55344
- City
- Eden Prairie
- State
- Minnesota
- Subcategory
- Public Foundations
- Phone
- …
- Website
- …
Financial trends
Revenue declined from $390.6M (FY2020) to $153.1M (FY2024) across 5 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $138.1MNet assets $4.8B
Operating margin
-12.9%
Spent more than it raised in the latest fiscal year.
Total assets
$5.0B
Total liabilities
$138.1M
Net assets
$4.8B
Salaries & benefits
$23.0M
13% of expenses
Board members
5
5 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $153,086,190▼22.9% | $172,815,860▼32.1% | $4,832,880,009▲2.9% | $4,971,009,688▲2.1% | 990 |
| 2023 | $198,443,957▲340% | $254,702,109▲39.6% | $4,697,242,396▲2.1% | $4,867,708,785▲2.4% | 990 |
| 2022 | -$82,596,152▼119% | $182,387,086▼3.5% | $4,602,068,332▼14.1% | $4,754,280,284▼13.4% | 990 |
| 2021 | $429,038,165▲9.8% | $189,028,867▲19.6% | $5,359,902,747▲13.6% | $5,492,759,345▲13.9% | 990 |
| 2020 | $390,628,330 | $157,989,938 | $4,718,254,644 | $4,822,543,908 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Christine Morse — $83,620 (0.05% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Christine Morse | Board Chair | 11 | $83,620 |
| Right Reverend John Chane | Director | 6 | $60,750 |
| Paul Busch | Director | 6 | $55,000 |
| Win Neuger | Director | 6 | $54,100 |
| Christopher Vogt | Investment Director | 50 | — |
| Elizabeth Borer | Secretary/gen Counsel | 50 | — |
| Heather Kukla | President | 50 | — |
| Kurian Thomas | Vp of Programs | 50 | — |
| Matthew Minnis | Investment Director | 50 | — |
| Michael Ruetz | Deputy Cio/investment Dir. | 50 | — |
| Naomi Horsager | Treasurer/cfo | 50 | — |
| Rodney Overcash | Investment Director | 50 | — |
| Shawn Wischmeier | Chief Investment Officer | 50 | — |
| Stuart Tobisman | Director | 4 | — |
| Tricia Scrivner | Investment Director | 50 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Margaret A Cargill Foundation | Shared Serv Exp Reimbursement | $34,722,665 |
| Blackstone Group | Investment Management | $2,739,848 |
| Chilton Investment Company LLC | Investment Management | $1,374,962 |
| Record Currency Mgmt | Investment Management | $1,257,595 |
| Financial Risk Group Inc | Investments Risk & Performance Reporting | $504,200 |
Grants made · $167.0M in FY2024
108 grants totaling $167.0M in FY2024 — showing the 15 largest. All grants made by Anne Ray Foundation →
| Recipient | Purpose | Amount |
|---|---|---|
| Berea College | Support for student bridge support programming | $8,500,000 |
| Nature Conservancy | Building monitoring, evaluation, and learning capacity for conservation impact | $6,000,000 |
| Nature Conservancy | Building tncs capacity for traditional and community conservation | $5,675,000 |
| Public Broadcasting Service | Support for programming: pbs earth iv | $5,000,000 |
| National Council of Young Mens Christian Assns of the USA | Support for its business model optimization | $5,000,000 |
| American National Red Cross | Support for enhanced response readiness | $4,000,000 |
| National Council of Young Mens Christian Assns of the USA | Support for the water safety initiative | $4,000,000 |
| American National Red Cross | Support for the measles and rubella initiative | $4,000,000 |
| Nature Conservancy | Supporting conservation in tropical forests landscapes | $3,960,000 |
| American National Red Cross | Support for underfunded disasters | $3,833,000 |
| Public Broadcasting Service | Support for programming: pbs earth v | $3,500,000 |
| Nature Conservancy | Supporting conservation in freshwater ecosystems in africa and south america | $3,300,000 |
| Berea College | Support for building maintenance | $3,150,000 |
| Public Media Group of Southern California | Support for modernizing technology and studio equipment | $3,100,000 |
| Public Broadcasting Service | Support for emerging platforms and digital experiences | $3,100,000 |
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Compare Anne Ray Foundation
Frequently asked questions
- Is Anne Ray Foundation a legitimate nonprofit?
- Yes. Anne Ray Foundation is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 47-1036008, based in Eden Prairie, Minnesota. Donations are tax-deductible.
- What is Anne Ray Foundation's EIN?
- Anne Ray Foundation's Employer Identification Number (EIN) is 47-1036008.
- How much revenue does Anne Ray Foundation report?
- Anne Ray Foundation reported $153,086,190 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Anne Ray Foundation's spending goes to programs?
- Anne Ray Foundation spends about 87% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Anne Ray Foundation have?
- CharityIndex grades Anne Ray Foundation B+, based on program efficiency and fundraising cost.
- How much does Anne Ray Foundation's highest-paid employee make?
- The highest reported compensation on Anne Ray Foundation's latest Form 990 is $83,620, paid to Christine Morse (Board Chair).
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Data for Anne Ray Foundation (EIN 47-1036008) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.