Commonwealth Foundation I

Private foundation · Grantmaker Richmond, VA EIN: 62-1668516

Commonwealth Foundation I is a private foundation, based in Richmond, VA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $35.9M in total assets. In 2024, it awarded 1 grant totaling $1.6M. Net investment income was $160K.

Key facts about Commonwealth Foundation I

In short: Commonwealth Foundation I gave $1.6M across 1 grant in 2024 (avg $1.6M), mostly in Virginia. Source: 2024 IRS Form 990-PF.

EIN
62-1668516
Latest 990 filing
Form 990-PF, 2024
Annual giving (2024)
$1,625,750
Grants made (2024)
1
Average grant
$1,625,750
Median grant
$1,625,750
Total assets
$35,942,826
Primary geography
Virginia (100% of itemized 2024 grant dollars)

Data from IRS Form 990-PF, 2024; updated September 2026.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$35.9M

-3.8% YoY

Annual Giving

$1.6M

-35.5% YoY

Grant Count

1

+0.0% YoY

Avg Grant Size

$1.6M

-35.5% YoY

Under IRS private-foundation payout rules, Commonwealth Foundation I reported a distributable amount of $1.6M for 2024 — the minimum it must pay out in qualifying distributions.

How Commonwealth Foundation I gives

  • Giving fell 48% from 2021 to 2024. Method
  • In 2024 it paid out 104% of its IRS minimum distribution (the 5% rule). Method

From the foundation's IRS Form 990-PF filings. Methodology.

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

1state

Share of the 2024 grant dollars on its one itemized grant.

States

Cities

Richmond

Giving Over Time

Total grant dollars and number of grants per year

$0$1M$2M$3M$4M1 grant2020 1 grant2021 1 grant2022 1 grant2023 1 grant2024

From 2020 to 2024, annual grant giving ranged from $1.6M (2024) to $3.8M (2020). In 2024 it made 1 grant totaling $1.6M.

Grant Insights

How this funder distributes its grants

Top Recipients

Top recipient in 2024

Commonwealth Foundations: $1.6MCommonwealth Foundations$1.6M

The largest 2024 recipient was Commonwealth Foundations ($1.6M).

Grant Size Distribution

5 grants across all recorded years

<$50K$50–100K$100–250K$250–500K$500K–1M5$1–5M$5M+

The most common grant size was in the $1–5M range: 5 grants of 5 (100%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
Commonwealth Foundations Richmond, VATo Fund the Charitable Purposes of the Foundation$1,625,750

Financial History

Multi-year comparison from IRS filings

Revenue
Expenses
Qualifying Distributions
Net Investment Income
$0$2M$4M$6M$8M2020 2021 2022 2023 2024
Metric202420232022
Total Assets$35,942,826$37,344,732$38,994,858
Revenue$228,429$897,720$3,091,687
Expenses$1,630,335$2,547,846$2,637,973
Qualifying Distributions$1,625,750$2,520,000$2,475,000
Net Investment Income$160,123$894,833$3,057,353
Distributable Amount$1,558,889$1,706,507$2,158,299

Data update history

When this profile's IRS filing data changed on Grantable

  1. IRS filings on file for fiscal years 2020–2024

Leadership & Key People

Officers and directors from IRS filings

Commonwealth Foundation I is led by William H. Goodwin Jr., Director, President & Treasurer on every filing since 2020; none of the 6 officers listed in 2024 report compensation.

Officers on the 2024 filing

  • William H. Goodwin Jr.

    Director, President & Treasurer

    On filings since 2020

    0.1 hrs/week

    No compensation reported

  • Alice T. Goodwin

    Director & Secretary

    On filings since 2020

    0.1 hrs/week

    No compensation reported

  • Matthew T. Goodwin

    Director

    On filings since 2020

    0.1 hrs/week

    No compensation reported

  • Peter O. Goodwin

    Director

    On filings since 2020

    0.1 hrs/week

    No compensation reported

  • Sarah G. August

    Director

    On filings since 2020

    0.1 hrs/week

    No compensation reported

  • James A. Jones

    Assistant Treasurer

    On filings since 2020

    0.1 hrs/week

    No compensation reported

Former officers (1)
  • Former: W. Hunter Goodwin III (2020) — Director

Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.

Frequently asked questions about Commonwealth Foundation I

How much does Commonwealth Foundation I give each year?

Commonwealth Foundation I gave $1.6M across 1 grant in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $2.5M across 1 grant.

How large is Commonwealth Foundation I?

Commonwealth Foundation I reported $35.9M in total assets on its 2024 IRS Form 990-PF. It paid out $1.6M in qualifying distributions that year, against a required minimum of $1.6M (roughly 5% of its investment assets).

Where does Commonwealth Foundation I operate?

Commonwealth Foundation I has awarded grants in Virginia.

What is Commonwealth Foundation I's EIN?

Commonwealth Foundation I's EIN (Employer Identification Number) is 62-1668516. IRS Form 990 filing data is available on this page for 2020–2024.

Data last updated September 2026. Sourced from IRS Form 990-PF filings.

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