Keeley Family Foundation

The Keeley Family Foundation is a tightly held family private foundation built on the legacy of John L. Keeley Jr. (1940–2015), the Chicago-born value-investing pioneer who founded Keeley Asset Management in 1982 and grew it to more than $10 billion in assets under management by 2008. Keeley established the foundation in 1993, rooted in his Catholic faith, his University of Notre Dame and University of Chicago education, and his deep Chicago community ties. Following his death in June 2015, the foundation passed to family stewardship under his widow, Barbara G. Keeley (President), supported by their children Kevin (Secretary), Mark T. (Director), and John L. Keeley III (Director) — all serving without compensation and without professional program staff.

The giving philosophy reflects Keeley's personal philanthropic commitments during his lifetime. Known anchor grants include a $2 million endowed chair at DePaul University's College of Commerce (2006) and over $1 million to Loyola University Medical Center for the Barbara G. and John L. Keeley Jr. Center for Emergency Medicine Education (posthumous). These two Catholic institutions remain the clearest signal of continuing priorities. Grant data from the most recent IRS filings also shows significant giving to Grand Beach, Michigan — the family's Lake Michigan summer enclave — confirming a secondary geographic commitment beyond the Chicago western suburbs.

With $18.97 million in assets and an investment-income model generating $723,000–$1.78 million annually, the foundation is self-sustaining and accepts no outside contributions in most years. Annual giving has grown from $139,130 in 2015 (the transition year after the founder's death) to $1,461,283 in 2023 and an estimated $2.54 million in 2024.

First-time applicants must understand that there is no application portal, no published RFP, and no program staff — only the family itself reviews requests. Access requires a personal, relationship-based approach directed to Kevin Keeley at (312) 786-5038. The preferred format is a letter of inquiry, not a formal proposal. Organizations with authentic ties to Catholic education, Catholic healthcare, Chicago's western suburbs, or the Grand Beach, Michigan community will find the most receptive audience. Warm introductions from DePaul, Loyola Medical Center, or local Catholic parish networks carry disproportionate weight in a foundation where personal trust is the primary filter.

The Keeley Family Foundation's grantmaking has grown substantially over twelve years of IRS filings, with a concentrated, high-value approach that distinguishes it from broader-distribution foundations. Annual charitable distributions climbed from $11,722 in 2012 (startup phase) to $1,461,283 in 2023, with key inflection points driven by major asset transfers: 2013 ($776,277, coinciding with $2 million in outside contributions received), 2020 ($740,715, following $3.9 million in contributions received — likely an estate distribution), and 2023 ($1,461,283, a 64% single-year jump to record giving).

The most recent complete IRS grantee schedule shows 3 grants averaging $713,400 each, for a combined total of $2,140,201, split geographically 2:1 between Illinois (2 grants) and Michigan (1 grant). The 2024 Grantmakers.io data reports $2.54 million across 4 grants, with the single largest grant at $1.225 million to Grand Beach, Michigan. These figures reflect a highly concentrated model: the foundation makes 3–6 grants per year at large individual amounts, not a broad scattershot portfolio.

Estimated grant-size tiers based on available data: - Anchor institution gifts: $1,000,000+ (capital campaigns, named endowments) - Major project or capital grants: $400,000–$900,000 - Standard grants: $100,000–$400,000 - Grants below $100,000 are historically rare, appearing only in the foundation's early years

Geographically, Illinois dominates (approximately 67% of grants), with Michigan's Grand Beach community representing a consistent secondary market (approximately 33%). No grants outside these two states have been identified in available public records.

Full-year financial trajectory: - 2019: $445,225 giving, $13.9M assets - 2020: $740,715 giving, $17.7M assets - 2021: $848,115 giving, $18.5M assets - 2022: $888,259 giving, $18.8M assets - 2023: $1,461,283 giving, $17.9M assets - 2024: $18.97M assets, $1.4M revenue (grants data pending full filing)

The investment portfolio generates income primarily through capital gains (69% of 2024 revenue) and dividends (31%), with no dependence on outside contributions in most years. Grant capacity tracks market performance closely.

The Keeley Family Foundation occupies a mid-tier position within Chicago's private family foundation landscape — meaningful in scale but modest compared to the city's larger institutional funders. All peer figures below are drawn from publicly available IRS 990-PF filings and charity database profiles; asterisked figures are approximate estimates from public databases.

The Keeley foundation's per-grant average ($713,400) is notably high relative to its asset base, reflecting a concentrated model that favors a small number of large, relationship-driven commitments over broad distribution. Unlike Polk Brothers — which operates a formal open application cycle and funds many grantees across Chicago — Keeley makes fewer than six grants per year, all through family review with no professional program staff intermediary. This places it closer in operating style to a high-net-worth individual donor than an institutionalized grantmaker. The Donnelley Foundation, also invitation-only, is the closest structural peer in terms of application approach, though Keeley's Catholic-institutional focus and family-only governance make it considerably more personal. Grant seekers should calibrate expectations accordingly: the competitive barrier here is relational, not technical.

No formal press releases, news announcements, or social media activity are publicly available from the Keeley Family Foundation, consistent with its deliberately private, family-operated profile. The foundation maintains no active public presence beyond its annual IRS 990-PF filings.

The most significant recent development is financial: fiscal year 2023 filings show $1,461,283 in total giving — the highest single year on record — up 64% from $888,259 in 2022. The foundation's 2024 Grantmakers.io profile, sourced from the most recently available 990-PF schedule, indicates $2.54 million distributed across four grants, including a $1.225 million grant to a Grand Beach, Michigan recipient. If this trajectory continues, the foundation has effectively doubled its annual giving pace since 2021.

Board composition remains unchanged through all available filings: Barbara G. Keeley (President), Kevin Keeley (Secretary), Mark T. Keeley (Director), and John L. Keeley III (Director) continue in the same roles with no new leadership additions disclosed. The only structural change since the foundation's founding era was the transition from John L. Keeley Jr.'s active oversight to family stewardship following his death on June 4, 2015.

Total assets grew from $17.7M (2020) to $18.97M (2024) despite increasing distributions, supported by 2024 investment revenue of $1,405,406 derived primarily from asset sales ($973,013) and dividends ($432,273). The asset base and giving trajectory both suggest the foundation is in a sustainable, active expansion phase with capacity for continued growth in annual grant distributions.

The Keeley Family Foundation's deliberately informal structure creates both opportunity and challenge. Because there is no portal, no RFP, and no program staff, the entire application process is relationship-driven. The following guidance is based on confirmed operational patterns from IRS filings and public charity databases.

Optimal timing: No published deadlines exist; the foundation reviews requests on a rolling or periodic basis. Submit letters of inquiry in January–March (for potential spring board review) or September–October (for fall consideration). Avoid June–August, when the Keeley family may be at their Grand Beach, Michigan summer home.

Format: Lead with a 2–3 page letter of inquiry, not a full proposal package. Cover four elements: (1) organization mission in two sentences, (2) specific request with dollar amount and timeline, (3) the Catholic, educational, or community-impact dimension of the work, and (4) any personal connection to the Keeley family or their anchor institutions. Attach an IRS determination letter and a one-page project budget. Do not send a multi-section binder on first contact.

What resonates: - Catholic institutional identity or demonstrated Catholic partnership is the single strongest alignment signal - Geographic proximity to Western Springs, IL or Grand Beach, MI matters and should be stated explicitly - Education, healthcare (especially Catholic health systems), children/youth programs, and human services are the documented priority areas - Both general operating support and project/capital grants are fundable - Notre Dame alumni connections may provide an additional affinity point (founder John Keeley Jr. graduated Notre Dame 1962)

What to avoid: - Cold digital outreach — no email address is publicly available - Proposals without a discernible Catholic or Chicago-community connection - Long, multi-tab initial submissions - Framing this foundation as you would a corporate funder or community foundation — it is neither

Relationship-building: The highest-value action before submitting is identifying a shared contact at DePaul University, Loyola University Medical Center, or a Western Springs Catholic parish. A warm introduction from a mutual contact is worth more than a perfect proposal letter.

Language: Use terms such as 'community investment,' 'legacy,' 'Catholic values,' 'educational access,' and 'long-term community resilience.' The foundation responds to permanence-oriented language consistent with its founder's investment philosophy of long-term value creation.

Primary contact: Kevin Keeley, Secretary — (312) 786-5038 — 4300 Central Ave (IRS also lists 4138 Central Ave), Western Springs, IL 60558.