Townebank Foundation
- Assets
- $17.1m
- Revenue
- $11.9m
- Investments
- $10.2m
- Employees
- 0
- Location
- Suffolk, VA
- Founding
- 10/2001
- Data as of
- 12/2022
- EIN
- 54-2036534
Organization Overview
Townebank Foundation is located in Suffolk, VA. The organization was established in 2001. According to its NTEE Classification (G12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Voluntary Health Associations & Medical Disciplines and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Townebank 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 12/2022, Townebank Foundation generated $11.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 24.6% each year . All expenses for the organization totaled $7.0m during the year ending 12/2022. While expenses have increased by 17.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Townebank Foundation has awarded 781 individual grants totaling $28,318,384. 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO RAISE MONEY TO PROVIDE DONATIONS TO OTHER CHARITABLE ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDRAISING IN ORDER TO DISTRIBUTE FUNDS TO OTHER QUALIFIED NON-PROFIT ORGANIZATIONS. THIS YEAR THE ORGANIZATION GAVE TO 79 CHARITIES RANGING IN MISSIONS FROM HEALTH AND EDUCATIONAL PROGRAMS TO ANIMAL WELFARE.
FUNDRAISING TO CREATE THE G. ROBERT ASTON, JR. SCHOLARSHIP FUND TO AWARD SCHOLARSHIPS TO DESERVING APPLICANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
G Robert Aston Jr President | 2 | $0 | |
J Morgan Davis VP & Directo | 2 | $0 | |
William T Hodsden Secretary & | 2 | $0 | |
R Scott Morgan Treasurer & | 2 | $0 | |
Robyn S Leavy Executive Di | 8 | $25,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $11,017,255 |
| Interest on Savings | $40,847 |
| Dividends & Interest | $417,954 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $275,135 |
| Capital Gain Net Income | $94,718 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $116,074 |
| Total Revenue | $11,867,265 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $25,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $2,893 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $80,102 |
| Total operating and administrative expenses | $163,482 |
| Contributions, gifts, grants paid | $6,813,368 |
| Total expenses and disbursements | $6,976,850 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,870,878 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $17,064,540 |
| 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, Townebank Foundation has awarded $6,813,368 in support to 236 organizations.
| Grant Recipient | Amount |
|---|---|
ALL DISTRICT READS PURPOSE: GEN. CHARITABLE | $20,000 |
ACES FOR AUTISM PURPOSE: GEN. CHARITABLE | $40,000 |
ACCESS NOW PURPOSE: GEN. CHARITABLE | $10,000 |
ALL SAINTS CATHOLIC SCHOOL PURPOSE: GEN. CHARITABLE | $3,000 |
AMERICAN RED CROSS PURPOSE: GEN. CHARITABLE | $100 |
AMERICAN HEART ASSOCIATION INC PURPOSE: GEN. CHARITABLE | $150 |