Co Tua Marion S Covington Fdn
The Marion Stedman Covington Foundation is a family foundation established in 1986 and based in Dallas, Texas. The foundation was created by Marion Stedman Covington, who was born and raised in Asheboro, North Carolina, where her father founded the Stedman Corporation, a textile manufacturing company. After spending her professional career in the family business, Covington dedicated herself to philanthropy and volunteerism, ultimately establishing the foundation to support causes aligned with her values.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$7.2M
+1.5% YoY
Annual Giving
$365K
-8.0% YoY
Grant Count
33
+6.5% YoY
Avg Grant Size
$11K
-13.6% YoY
Mission & Focus Areas
The foundation's mission centers on historic preservation through financial support and leadership. The foundation provides grant funding for historic preservation projects across North Carolina.
For the first twenty years of its history (1986-2007), the foundation supported a broader range of causes including arts and culture, education, health and human services, and historic preservation. In 2007, the Board of Trustees narrowed the foundation's focus exclusively to historic preservation to reflect Marion Stedman Covington's deep commitment to the preservation of history and regional heritage.
Grantmaking
The foundation provides grant funding for historic preservation projects with the following priorities:
How to Apply
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Geographic Focus
Where this funder awards grants
The foundation funds historic preservation projects exclusively in North Carolina, with a particular emphasis on projects within the state where Marion Stedman Covington spent most of her life.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
EIN: 56-6286555
Location: PO Box 653067, Dallas, TX 75265-3067
Organization Type: Family foundation
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $7,225,932 | $7,116,834 | $7,461,059 |
| Revenue | $616,110 | $212,531 | $309,575 |
| Expenses | $505,536 | $552,774 | $526,867 |
| Qualifying Distributions | $430,892 | $493,866 | $470,197 |
| Net Investment Income | $544,669 | $173,782 | $265,441 |
| Distributable Amount | $467,498 | $432,935 | $443,807 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
149 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Marion Stedman Covington (Founder) Marion Stedman Covington was recognized as a leader in North Carolina's historic preservation movement for more than fifteen years. In 1991, Preservation North Carolina named her Honorary Life President in recognition of her contributions to the field. One of her significant legacies was the establishment of the Stedman Incentive Grant, presented annually since 1976 by Preservation North Carolina to assist nonprofit organizations in their preservation efforts.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| BANK OF AMERICA | TRUSTEE | 1 | $63,201 |
| JANE C HILDERBRAND | CHAIRMAN | 5 | — |
| KATHLEEN CROCKETT | TRUSTEE | 5 | — |
| RODNEY L SWINK | TRUSTEE | 5 | — |
| JO RAMSEY LEIMENSTOLL | TRUSTEE | 5 | — |
| STEVEN D SCHUSTER | TRUSTEE | 5 | — |
Recent News & Activity
Recent developments and announcements
The foundation maintains an active grantmaking program focused on historic preservation projects throughout North Carolina. Recent grants demonstrate ongoing support for restoration and preservation initiatives across the state, including work on historic buildings, churches, and cultural institutions.
Marion Community Foundation awards $557,000 to nonprofits youth programsRelated Funders
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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