Town Foundation
- Assets
- $1.6m
- Revenue
- $32.4k
- Investments
- $1.5m
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 10/1989
- Data as of
- 12/2023
- EIN
- 54-1442707
Organization Overview
Town Foundation is located in Norfolk, VA. The organization was established in 1989. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Town Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Town Foundation generated $32.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (8.1%) each year. All expenses for the organization totaled $92.1k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (1.4%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Town Foundation has awarded 25 individual grants totaling $654,790. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Yvonne T Allmond President | 0 | $0 | |
Wilson B Dodson V/p | 0 | $0 | |
Bruce Longman Treasurer | 0 | $0 | |
Kay R Egan Secretary | 0 | $0 | |
Susan Longman Director | 0 | $0 | |
Ramin Alimard Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $7 |
| Dividends & Interest | $46,201 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$13,786 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $32,422 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $902 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $1,496 |
| Printing and publications | $0 |
| Other expenses | $756 |
| Total operating and administrative expenses | $17,954 |
| Contributions, gifts, grants paid | $74,118 |
| Total expenses and disbursements | $92,072 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,182 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $434 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,556,683 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Town Foundation has awarded $74,118 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
JAMES MADISON UNIVERSITY PURPOSE: SCHOLARSHIPS | $56,000 |
OLD DOMINION UNIVERSITY PURPOSE: SCHOLARSHIPS | $18,118 |