Richard M. Schulze Family Foundation

What Richard M. Schulze Family Foundation does

The Richard M. Schulze Family Foundation (RMSFF) is a private 501(c)(3) family foundation established in 2004 by Richard M. "Dick" Schulze, founder and chairman emeritus of Best Buy Co., Inc. Headquartered in Minneapolis, Minnesota with a second office in Naples, Florida, the foundation concentrates its grant-making in seven Minnesota counties (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington) and five Florida counties (Charlotte, Collier, Glades, Hendry, Lee), with supplementary scholarship activity in California and Colorado. Operating with a small staff of 11–50 employees and governed by a board including Schulze, his four adult children, and external trustees, RMSFF runs three core program lines: direct organizational grant-making in Education, Health & Medicine, and Human & Social Services; college and early learning scholarship programs (up to 46 new $20,000-per-year college scholarships awarded annually, plus $500–$3,000 early learning scholarships for Catholic preschool); and Best Buy employee relief programs (disaster relief up to $5,000 and the HOPE Fund) administered in partnership with the Minneapolis Foundation.

RMSFF does not develop technology products. Its operational platform consists of a GrantInterface-based online application portal for scholarships and grants, a standard grantee resource portal, and basic web/email communications including an annual Thanksgiving video card. Revenue mechanics are not commercial — the foundation's income derives from an undisclosed endowment tied to the founder, against which it deploys philanthropic capital. Dick Schulze publicly committed in June 2013 to give away $1 billion during his lifetime; recent disclosed deployments include over $10 million in the Spring 2026 grant cycle alone, a $5 million matching gift to Children's Minnesota (2025), a $4.5 million matching grant to the Midway YMCA (2025), and capital commitments to named facilities including the Moffitt Cancer Center Proton Therapy Center (opening June 2026) and the Charleston Hope Lodge. Beginning in 2027, the foundation will shift from open-cycle grant-making to a by-invitation model emphasizing fewer, larger grants for deeper impact investment.

Name

Richard M. Schulze Family Foundation

Legal name

Richard M. Schulze Family Foundation

Website

https://schulzefamilyfoundation.org

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

The Richard M. Schulze Family Foundation is a private 501(c)(3) family foundation established in 2004 by Best Buy founder Dick Schulze, making grants in education, health, and human services across Minnesota and Florida, awarding college and early learning scholarships, and funding Best Buy employee disaster relief and HOPE programs.

Ownership category

akta.pro rank

Product category

Philanthropic Foundation

NAICS

Grantmaking and Giving Services (81321), Grantmaking and Giving Services (8132), Other Grantmaking and Giving Services (813219)

SIC

Services-Social Services (8300), Services-Educational Services (8200)

akta.pro primary industry

Private Foundations (BPAGAKAA)

akta.pro secondary industries

Philanthropy, Foundations & Grantmaking Advisory (FSAAADAG), Family Offices & Philanthropic Advisors (Grantmaking) (BPAGAKAD), Scholarship & Fellowship Foundations and Trusts (EDADAHAC)

Keywords

• Family foundation grantmaking
• Philanthropic grant programs
• College scholarship programs
• Employee relief assistance
• Community nonprofit support

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure, Others

Revenue model

1. Philanthropic Grant-Making: The foundation provides grants to nonprofit organizations serving local communities in Minnesota and Florida. Focus areas include Education, Health & Medicine, and Human & Social Services. Grants range from direct organizational support to matching gift programs.
2. Scholarship Programs: The foundation awards college scholarships (up to 46 new $20,000 scholarships annually for four years) and early learning scholarships ($500-$3,000) to eligible students from specific high schools and Catholic preschools in Minnesota, Florida, California, and Colorado.
3. Employee Relief Programs: The foundation funds disaster relief (up to $5,000 for full-time, $2,500 for part-time Best Buy employees) and the HOPE Fund for unforeseen hardships for Best Buy employees, having provided over $5.1 million in aid over 20 years.
4. Matching Gift Program: The Employee & Family Matching Gift Program matches charitable contributions 1-for-1 for eligible Best Buy family members and employees to organizations with missions consistent with the foundation's focus areas.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

The Richard M. Schulze Family Foundation is a private family foundation that distributes philanthropic resources through direct grant-making to nonprofit organizations in Education, Health & Medicine, and Human & Social Services focus areas within seven Minnesota counties and five Florida counties. It also operates college scholarship and early learning scholarship programs for eligible students, plus Best Buy employee disaster relief and HOPE Fund programs administered through the Minneapolis Foundation.

Product overview

Richard M. Schulze Family Foundation is a charitable grant-making foundation that does not operate a technology product. Its offerings consist of philanthropic programs including college scholarships (up to 46 new $20,000 scholarships annually), early learning scholarships ($500-$3,000 for Catholic preschool), Best Buy employee relief programs (disaster relief and HOPE Fund), and grants in education, health & medicine, and human/social services focus areas. The foundation also operates an Employee & Family Matching Gift Program and manages grant-making operations through a portal system.

Differentiator

Problem solved

Functional benefit

Products and services

• Schulze College Scholarship Program Need-based college scholarship program awarding up to 46 new scholarships annually at $20,000 per year for four years of full-time enrollment at a four-year accredited college or university. Open to U.S. citizen students from eligible high schools in Minnesota, Florida, California, and Colorado with a minimum 3.0 GPA and demonstrated financial need; applications submitted through the GrantInterface portal.
• Schulze Early Learning Scholarship Program

Quantifiable outcome

• Over $10 million in grants awarded Spring Cycle 2026
• +3 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered major, core and minor.

• Moffitt Cancer CentermajorStrategic or Co-development Partner · 9 January 2026The foundation funded the Richard M. Schulze Family Foundation Proton Therapy Center at Moffitt Cancer Center's Speros Outpatient Center. The 117,000-square-foot facility offers proton therapy, one of the most advanced cancer treatments, with the proton center scheduled to open June 2026.
• Children's MinnesotamajorStrategic or Co-development Partner · 11 November 2025The Richard M. Schulze Family Foundation committed a $5 million matching gift to Children's Minnesota to support family-centered care and wraparound services. The donation matches contributions to the Together for Families Fund until December 31, 2026, enabling financial assistance to families facing hardships during medical crises.
• Harry Chapin Food BankmajorStrategic or Co-development Partner · 27 October 2025The foundation provided a $350,000 donation to support a senior feeding program in Southwest Florida, providing nutritious meals to low-income seniors. The foundation is also supporting the construction of the Hunger Action Center to address food insecurity in the region.
• Entrepreneur and Innovation Exchange (EIX)majorStrategic or Co-development PartnerRMSFF has co-sponsored e-Fest since 2014. The e-Fest competition, hosted by the University of St. Thomas, celebrates its 10-year anniversary in 2026. The 2026 competition awarded $50,000 first prize to a student-founded biotech from Michigan State University among 25 undergraduate teams.
• University of St. ThomasmajorStrategic or Co-development PartnerCo-host of e-Fest entrepreneurship competition. The university is home to the Schulze School of Entrepreneurship, which Dick and Sandy Schulze founded with a $50 million donation in 2005 - the largest donation ever to a Minnesota college or university at the time.
• Minneapolis FoundationcoreImplementation/ SI/ Consulting PartnerThe Minneapolis Foundation administers the HOPE Fund (Helping Our People in Emergencies), a charitable fund helping Best Buy employees manage unforeseen financial hardships. The foundation has provided over $5.1 million in employee aid over 20 years.
• Best BuycoreStrategic or Co-development PartnerPartnership to fund disaster relief and HOPE Fund for Best Buy employees. Dick Schulze believes Best Buy employees are the backbone of the company's success. The foundation fully funds employee relief programs.
• St. Paul CollegemajorStrategic or Co-development PartnerThe foundation provided a $500,000 award to support Early Career and Technical Education programming, making CTE available to students. Part of the foundation's education priorities supporting technical schools.
• Dunwoody College of TechnologyminorStrategic or Co-development PartnerMinnesota technical school supported through the foundation's Career and Technical Education priorities.
• Lorenzo Walker Technical CollegeminorStrategic or Co-development PartnerFlorida technical school supported through the foundation's Career and Technical Education priorities.
• YMCA of the NorthmajorStrategic or Co-development PartnerThe foundation provided a $4.5 million board-approved matching grant for the Midway YMCA facility remodel in St. Paul, Minnesota. The facility was renamed the Richard M. Schulze Family Foundation Midway YMCA.
• Catholic Schools Center of Excellence (CSCOE)coreStrategic or Co-development PartnerCSCOE partners with the foundation on the Schulze Early Learning Scholarship Program, helping middle-income families access excellent preschool programs at Catholic schools.
• American Cancer SocietymajorStrategic or Co-development PartnerHope Lodge program operated in partnership with American Cancer Society. The Richard M. Schulze Family Foundation Charleston Hope Lodge provides free lodging to traveling cancer patients, providing over 10,000 free nights annually and saving families over $1 million.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Minneapolis Foundation: Minnesota community foundation that administers RMSFF's HOPE Fund for Best Buy employees. Directly comparable as a regional grant-making foundation with overlapping Minnesota community focus and a direct implementation partnership with RMSFF.
• Bush Foundation: Minnesota and Native American-focused private foundation supporting education, community development, and leadership. Closely comparable regional private foundation with similar grant-making cadence and focus on education and community building in the upper Midwest.
• McKnight Foundation: Major Minnesota-based private family foundation with similar focus on regional giving, education, and community development in the Twin Cities. Directly comparable as a large private foundation operating in the same Minnesota geography with overlapping focus areas including education and human services.
• Cargill Foundation: Minnesota-headquartered corporate-affiliated foundation supporting education and hunger relief in Minnesota communities. Directly comparable as a major Twin Cities-based philanthropy with overlapping focus areas on education, food security, and community grant-making.
• Carver Family Foundation: Iowa-based private foundation with similar education-focused mission and scholarship programs. Comparable as a Midwestern private family foundation with overlapping focus on education, community development, and named scholarship programs.
• Fred C. and Katherine B. Andersen Foundation: Minnesota-based family foundation focused on education, health, and human services. Directly comparable regional private foundation with overlapping focus areas and similar geographic concentration in Minnesota communities.

Broad incumbents

• Bill & Melinda Gates Foundation: Largest U.S. private foundation with global reach in education, health, and poverty alleviation. Comparable as a major family foundation with massive lifetime giving commitments and similar focus areas, though operating at vastly larger scale and global geographic scope.
• Walton Family Foundation: Major family foundation founded by Walmart heirs with focus on education and the Mississippi Delta region. Comparable as a large family foundation with entrepreneur-founder origins, regional focus, and substantial scholarship and education programs.

Regional players

• Medtronic Foundation: Minnesota-based corporate foundation with strong focus on health equity and education globally. Comparable as a major Minnesota-based private philanthropy but with broader geographic reach and corporate-parent structure rather than family foundation.

Others

• American Cancer Society (Hope Lodge Program): National nonprofit health organization operating the Hope Lodge program that RMSFF funds through Charleston and Kansas City locations. Comparable as an ecosystem partner rather than competitor - the foundation funds the Hope Lodge program as a major grantee, making ACS a key implementation and distribution partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/schulze-family-foundation

Revenue estimate

Valuation estimate

Number of profiles

Profiles26 records

Funding overview

Funding rounds

Investors

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M&A

Investments9 records

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Frequently asked questions about Richard M. Schulze Family Foundation