Principal Financial
OVERVIEW: Principal Financial makes grants for basic needs and financial empowerment in geographic areas where its employees live and work. This corporate funder supports many local chapters of the United Way and prioritizes the greater Des Moines area of Iowa.
IP TAKE: This funder does not accept unsolicited grant applications, but organizations working in the foundation’s areas of interest, especially those operating in the greater Des Moines area, may email the foundation with description of their organization’s work of 300 words or less. Des Moines-area organizations stand a good chance here.
PROFILE: Established in 1988, the Principal Financial Foundation is the charitable arm of the Principal Financial Group, a Fortune 500 insurance and investment firm based in Des Moines, Iowa. The foundation supports “community organizations and social enterprises where our employees live and work.” Its stated funding priorities are basic needs and financial empowerment. It also awards grants for education. More than half of this foundation’s philanthropy goes to programs run by regional chapters of the United Way. Grantmaking also prioritizes the Des Moines, Iowa area.
Grants for Housing, Food Systems and Disaster Relief
The Principal Financial Foundation’s names housing, hunger and disaster relief as priorities for its basic needs grantmaking area. This funding mainly goes to various chapters of the United Way, including the United Way World Wide, the United Way of Central Iowa and the United Way of Buffalo and Erie County in New York. Other basic needs grantees include the Community Foundation of Greater Des Moines, the Greater Des Moines Habitat for Humanity, Meals from the Heartland and the Polk County Housing Trust Fund in Iowa.
Grants for Work and Opportunity
The Principal Financial Foundation’s financial empowerment grantmaking focuses on “financial health, social and cultural connections and research,” although it does not elaborate on specific goals for this giving. Recent grantees have included the Iowa Center for Economic Success, the Boys and Girls Club of Fox Valley in Wisconsin, the Network for Teaching Entrereneurship and Children and Families of Iowa, which offers a variety of services to at-risk families and maintains offices throughout the state.
Grants for Education
While education is not one of the Principal Financial Foundation’s main giving areas, the foundation does make grants to “organizations that provide Principal® business-related STEM programming.” A main education recipient is Iowa State University, which has received ongoing support in recent years. The foundation has also given to Drake University and out-of-school learning programs in the Des Moines area including the Science Center of Iowa and local chapters of Boys and Girls Clubs.
Other Grantmaking:
Principal Financial supports several cultural organizations in the Des Moines area. Past grantees include the Des Moines Art Center, the Des Moines Metropolitan Opera, the Des Moines Symphony, Ballet Theater of Des Moines, the Blank Park Zoo and Living History Farms of Urbandale, Iowa.
Important Grant Details:
In a recent year, this funder made over $15 million in grants. Grants have been as high as $700,000, but the average grant size is about $10,000. More than half of all grants go to regional chapters of the United Way, and the greater Des Moines area is a clear geographic priority. For additional information about past grantmaking, see the foundation’s recent tax filings.
This funder does not accept unsolicited proposals, but grantseekers may email “a brief overview of your organization’s work” of 300 words or less for consideration. The due date for invited proposals usually falls in May.
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