OVERVIEW: The Mansueto Foundation is the philanthropic vehicle of Morningstar CEO Joseph Mansueto and his wife Rika. They fund education, art, and culture in Chicago.
FUNDING AREAS: Education, art, culture
IP TAKE: The Mansuetos were the first Chicago couple to sign the Giving Pledge. Giving thus far has been limited, but grantmaking is split between individual giving and foundation giving.
PROFILE: Established in 2009, the Mansueto Foundation is the foundation of Joe and Rika Mansueto, who have also signed the Giving Pledge. With $80,000 in savings, Indiana native Joe Mansueto started Morningstar at his kitchen table. Morningstar is a mutual fund rating service and provider of financial data on investment offerings based in Chicago. He took the company from a quarterly publication to a giant financial data firm and he’s also actively involved in Chicago media. Mansueto's wife, Rika Yoshida, is a Morningstar analyst and also a University of Chicago graduate.
Education is an interest of the couple, as they have donated millions to their mutual alma mater University of Chicago to create the Joe and Rika Mansueto Library. In a past year, the couple continued their support of Chicago universities by giving to the University of Illinois. The Mansuetos have also funded Teach for America, which has sites in Chicago. In a past year, the couple gave to TFA, the Chicago Public Education Fund, Ounce of Prevention Fund, and Chicago’s Francis W. Parker School.
In addition, the couple has supported Chicago's arts and culture institutions. Mansueto serves on the board of the Art Institute of Chicago, which has received modest funding. Chicago organizations like the Lincoln Park Zoological Society and Lincoln Park Zoo have seen support. Health doesn't seem to be high on the couple's radar as of now, though in the past, the Northwestern University Hospital system received some rather large sums.
Many foundation grants are between $10,000 and $250,000. Review the funder’s recent tax records to learn more about past grantees. Chicago appears to be where most of the Mansueto's money is going. Some of the couple's philanthropic dollars are also held in the Mansueto Family Fund.
The foundation doesn't have a website or publicize a process for applying for a grant. It does not appear that unsolicited applications are accepted. The foundation’s phone number is 312-828-2055.
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