What We Are
Narragansett Number One Foundation is a Maine nonprofit corporation established by
Pat and Erwin Wales on September 7, 2001, thirteen days after winning
the national Powerball lottery drawing.
To get things started, the Wales
family donated $5 million. Other individuals, organizations or companies
may donate, if they are so inclined. The Foundation has Internal Revenue
Service tax-exempt status as a private foundation. Pursuant to its bylaws
and pertinent IRS regulations, each year the foundation will award grants
equal to, or exceeding slightly, five percent of its assets' value.
Details of the Foundation's Legal and Tax status