Hendricks Family Foundation Inc.

The Hendricks Family Foundation Inc. is a tightly focused, family-controlled private foundation established in 2004 by Diane Hendricks — billionaire chair of ABC Supply Co., one of the largest wholesale building products distributors in the United States. With assets reaching $73.7 million in 2024 and annual grantmaking of approximately $3.6 million, the foundation operates with exceptional geographic discipline: grants flow almost exclusively to Beloit, Wisconsin, the Hendricks family's hometown and the location of ABC Supply's headquarters at One ABC Parkway.

The foundation is professionally staffed under Executive Director Lisa Furseth (compensated $199,364 annually), making it one of the more accessible and transparent family foundations of its size in the Midwest. It runs a formal open application process through an online grants management portal at hendricksfamilyfoundation.org, distinguishing it from the many invitation-only peer foundations with comparable assets.

Three grant tiers define the funding relationship. Impact Grants — up to $100,000 — accept rolling applications with no Letter of Interest required and deliver decisions in approximately 8 weeks. These are the ideal entry point for organizations without an existing relationship with the foundation. Operating Grants and Capital Grants — both over $100,000 — require an LOI before the full application and carry 8–12 week decision timelines. For requests exceeding $100,000, direct staff contact before submitting an LOI is strongly encouraged.

Relationship continuity matters considerably here. Several anchor grantees have received sustained, multi-grant investment: Stateline Boys & Girls Clubs (4 grants, $3.15 million total for CareerTEK), The Lincoln Academy (2 grants, $2 million), and Beloit Health System Foundation (4 grants, $810,000). New applicants should realistically plan to establish a track record through a smaller Impact Grant before seeking larger operating or capital support. The board reviews full applications in its spring and fall cycles, though Impact Grants operate on a continuous rolling basis.

The foundation's five priority strategies — Education, Career Pathways & Workforce Development, Strong & Vibrant Community, Public Safety, and Veterans & Veteran Families — reflect a community investment philosophy rooted in economic mobility. First-time applicants should demonstrate authentic Beloit roots, clearly articulate measurable outcomes, and document meaningful community partnerships rather than relying on generalized impact claims.

The Hendricks Family Foundation has undergone dramatic financial growth over its 20-year history. Total assets climbed from $8.6 million in 2012 to $33.3 million in 2019, $46.1 million in 2022, $59.8 million in 2023, and $73.7 million in 2024 — a nearly 9x increase driven by Diane Hendricks' annual personal contributions, which have ranged from $2.0 million in baseline years to $10.1 million in fiscal 2023. Annual grantmaking has tracked this growth: total giving was just $269,751 in 2014, reached $4.5 million in 2019, dipped to $1.5 million in 2020 (likely COVID-related), recovered to $3.7 million in 2021, and was $4.0 million in 2023. For fiscal year 2025, the foundation distributed $3.58 million across 36 active grants.

Grant sizes vary widely. The minimum documented award is $1,000; the maximum exceeds $813,000. The median grant in the foundation's data is $10,000, while the average is $90,684–$100,178 — a gap that reveals a heavily skewed, bimodal distribution. The majority of grants (roughly 60–70%) are small community investments in the $1,000–$25,000 range, while a small cohort of strategic multi-year anchor grants drive total volume.

Concentration is extreme: the top 5 grantees account for approximately $7.3 million of the $8.9 million in documented grants — roughly 82% of historical giving. Geographic concentration is similarly intense: 79 of 89 documented grants (89%) went to Wisconsin organizations, with the remaining 10 grants distributed across Illinois (6), California (1), Florida (1), South Dakota (1), and Texas (1).

By program area, education and workforce development dominate: The Lincoln Academy ($2M), CareerTEK at Stateline Boys & Girls Clubs ($3.15M), and school-based programs account for the lion's share. Community development follows, led by Acts Community Development Corporation ($742K, housing) and Beloit Health System Foundation ($810K, facility renovation). Arts and culture receive modest but consistent annual support — the Beloit International Film Festival has received $108,548 across 4 grants. Veterans, public safety, and human services grants tend to cluster at $1,000–$10,000.

The Hendricks Family Foundation occupies a distinctive position among comparable private foundations. Its five database peers — grouped by similar asset size (~$73–74 million) — share an NTEE classification of Philanthropy & Grantmaking but present radically different accessibility profiles.

Hendricks stands apart in three critical ways. First, it publishes a formal grants management portal with explicit application instructions, a defined eligibility quiz, and documented grant tiers — a transparency standard that none of its asset-comparable peers match. Second, it discloses its grantees publicly through its website and IRS filings, enabling grantseekers to study its priorities in depth. Third, it welcomes unsolicited applications from qualified Beloit nonprofits year-round for Impact Grants.

The tradeoff is geographic exclusivity: Beloit-only grantmaking dramatically narrows the eligible applicant pool. For organizations within that footprint, however, this concentration reduces competition significantly. At roughly $3.6 million annual giving against $73.7 million in assets, the foundation's payout ratio (approximately 4.9%) is running near the IRS 5% minimum, but the asset base is growing faster than distributions — suggesting potential for increased grantmaking in coming years.

The foundation's most significant recent public initiative emerged in December 2025, when the Hendricks Family Foundation presented a $2.5 million, three-year pilot literacy program proposal to the School District of Beloit Board of Education. The program targets 60 third-grade students with high-intensity tutoring paired with leadership and culture coaching and defined staff incentive structures tied to measurable academic goals. The pilot school was slated for selection by early 2026, with the program targeting a 2026–2027 school year launch. This represents a notable strategic expansion into early elementary literacy — a new program area alongside the foundation's longstanding focus on secondary education and workforce development.

In 2025, The Lincoln Academy — the recipient of $2 million in sustained foundation investment — graduated its first senior class, marking a major milestone for one of the foundation's flagship education commitments. CareerTEK, operated by Stateline Boys & Girls Clubs (historically the foundation's largest grantee at $3.15 million over 4 grants), continued expanding via the Eclipse Park development, extending hands-on career exploration programming to more middle and high school students.

Financially, the foundation has undergone substantial growth: assets climbed from $46.1 million (2022) to $59.8 million (2023) to $73.7 million (2024), with $10.1 million in contributions received in FY2023 alone and investment income of $1.2 million. Total charitable support since inception surpassed $26.57 million as of the end of 2025. No leadership changes were identified — Diane Hendricks remains President and Chairman, and Lisa Furseth continues as Executive Director.

Confirm Beloit eligibility first. The foundation is unambiguous that grants flow almost exclusively to organizations serving Beloit, Wisconsin. Applicants from other parts of Wisconsin or the broader United States will not succeed here. Before investing any application time, verify that your organization is based in or primarily serves Beloit residents.

Use the correct website and start with the eligibility quiz. The application portal is at hendricksfamilyfoundation.org — create a user account with your organization's EIN/Tax ID before beginning. The eligibility quiz is mandatory and must be completed before any application can proceed. Do not attempt to email or call in lieu of the online process.

Match your request to the right tier. For requests up to $100,000, apply for an Impact Grant on a rolling basis — no LOI is needed, decisions arrive in approximately 8 weeks, and this tier is explicitly designed as the entry point for newer applicant relationships. For requests exceeding $100,000, contact program staff before preparing an LOI. The foundation strongly encourages a preliminary conversation prior to any large investment in application materials, and staff respond only to inquiries they believe best align with foundation priorities.

Anchor your proposal in the five priority strategies. The foundation evaluates: alignment with Education, Career Pathways & Workforce Development, Strong & Vibrant Community, Public Safety, or Veterans & Veteran Families; demonstration of significant community need; quality of the workplan; measurable outcome targets; evidence of meaningful community partnerships; fiscal necessity; and a credible sustainability plan. Proposals that rely on broad community impact language without specific, time-bound metrics will underperform.

Avoid repeated general operating support requests. The foundation explicitly notes that it discourages repeated operating support. If you have received a prior grant, reframe subsequent applications around new programmatic phases, capital investments, or measurable milestones achieved rather than renewed operational funding.

Know the board calendar. The board meets in spring and fall for Operating and Capital Grant decisions. Impact Grants are decided on a rolling 8-week basis. If you need a decision before a specific date, back-calculate your submission accordingly. Application completion typically requires 1–4 hours once your account and documentation are ready.