R J McElroy Trust

The R. J. McElroy Trust is a private foundation established in 1965 in Waterloo, Iowa, from the will of broadcasting pioneer Raymond J. McElroy. McElroy, who experienced a difficult childhood and left school at 13, became a successful radio advertising salesman and eventually founded the Black Hawk Broadcasting Company in 1947, which included KWWL radio and television. Despite his own limited formal education, he was determined to provide opportunities for future generations, stipulating that his estate should be used for the educational benefit of deserving young people.

The Trust operates as a grant-making institution, primarily serving a multi-county area in Northeast Iowa that aligns with the KWWL broadcast viewing area. Its core mission is to fund a wide array of educational and youth development programs. The foundation provides grants to non-profit 501(c)(3) organizations and governmental bodies like school districts for initiatives such as scholarships, internships, student loan funds, and other projects aimed at benefiting youth. The first grants were awarded in 1980 after legal matters following McElroy's death in 1965 were settled. Since then, the Trust has disbursed tens of millions of dollars.

The business model is that of a perpetual private foundation whose investment income funds its philanthropic activities. After McElroy's death, Black Hawk Broadcasting was eventually sold, and a significant portion of the proceeds established the trust's endowment. The foundation's board of trustees is responsible for interpreting McElroy's broad mandate to support young people, focusing on programs that encourage positive behaviors and expand opportunities. In early 2024, the Trust co-located its offices with three other local funders in the Union Block building in downtown Waterloo to foster greater collaboration for community betterment.

Keywords: private foundation, youth development, educational grants, Northeast Iowa, philanthropy, non-profit funding, scholarships, community projects, youth empowerment, Waterloo Iowa, R.J. McElroy, grantmaking, educational programs, internships, student loans, community betterment, youth services, charitable trust, foundation funding