First Bancorp Inc Foundation
First Bancorp Inc Foundation is a private foundation based in Abingdon, Virginia. It was established to award scholarships in honor of former members of The First Bank and Trust Company’s Board of Directors and supports students pursuing post-secondary education.
First Bancorp Inc Foundation at a glance
In short: First Bancorp Inc Foundation gave $59K across 19 grants in 2025 (avg $3K), mostly in Virginia. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $58,713
- -24.7% vs 2024
- Grants made (2025)
- 19
- +26.7% vs 2024
- Average grant
- $3,090
- -40.6% vs 2024
- Median grant
- $2,000
- Total assets
- $893,908
- -3.2% vs 2024
- Primary geography
- Virginia (97% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated October 2026.
How to apply to First Bancorp Inc Foundation
- Accepts unsolicited proposals
- No
- How to Apply
-
The foundation states that it makes contributions only to preselected charitable organizations and does not accept unsolicited requests for funds. Its website says scholarship recipients are selected in consultation with the families of former directors.
- Contact
Mailing address: PO Box 1000, Abingdon, VA 24210
Phone: (571) 547-2691
Website: https://www.firstbancorpfoundation.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who First Bancorp Inc Foundation funds
How this funder distributes its grants
Top Recipients
Top 3 recipients in 2025
The largest 2025 recipient was Emory & Henry University ($10K). Together the top 3 received $23K.
Organizations only. It also paid 16 individual scholarships ($36,213), which are not listed by name.
Grant Size Distribution
45 grants across all recorded years
The most common grant size was under $50K: 44 grants of 45 (98%).
Geographic Focus
Where this funder awards grants
In 2025, 97% of grant dollars went to recipients in Virginia and 3% to recipients in Tennessee.
Grant Distribution by State
Share of 2025 grant dollars across all 19 itemized grants.
Cities
How First Bancorp Inc Foundation gives
- Giving grew 459% from 2022 to 2025. Method
- In 2025 it paid out 131% of its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2022 to 2025, annual grant giving ranged from $10K (2023) to $78K (2024). In 2025 it made 19 grants totaling $59K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Emory & Henry University Emory, VA | Promise Endowment | $10,000 |
| Washington County Va Schools Abingdon, VA | Scholarship | $10,000 |
| 16 individual scholarships Recipients not named | — | $36,213 |
| VBA Education Foundation Glen Allen, VA | Scholarship | $2,500 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2025 | $893,908 | $38,349 | $67,875 | $58,713 | 19 | $58,713 | $20,563 | $44,788 |
| 2024 | $923,313 | $422,156 | $85,001 | $78,000 | 15 | $78,000 | $11,869 | $32,085 |
| 2023 | $586,111 | $66,113 | $15,586 | $10,000 | 5 | $10,000 | $8,465 | $26,448 |
| 2022 | $535,466 | $547,640 | $12,174 | $10,500 | 6 | — | $5,966 | — |
Under IRS private-foundation payout rules, First Bancorp Inc Foundation reported a distributable amount of $45K for 2025 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
The foundation’s stated purpose is to award scholarships to assist students in furthering their post-secondary education. Its website describes its commitment as “supporting educational excellence.”
Its 2025 grants included scholarships to individuals and grants to educational organizations. Emory & Henry University describes itself as a learning community offering educational experiences intended to develop critical thinking and lead to lives of service and productive careers. The VBA Education Foundation describes its mission as advancing personal financial literacy across Virginia.
Grantmaking
In 2025, the foundation made 19 grants totaling $58,713. Grant amounts ranged from $2,000 to $10,000, with a median of $2,000. Its website describes an annual scholarship award of $2,000 per student; the filing also lists grants to organizations and grants above that amount.
Notable 2025 grants included $10,000 to Emory & Henry University for its Promise Endowment, $10,000 to Washington County VA Schools for scholarships, and $5,713 to an individual recipient High School for scholarships. Other listed awards included $2,500 to the VBA Education Foundation for scholarships and $2,000 scholarships to several individuals.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists these directors: William M Nelson, William H Hayter, David Leonard, Ronald Barrett, Sophia Chafin-Vance, Trent Yates, Raleigh Hayter, David Leondard III, and Ronnie Barrett.
First Bancorp Inc Foundation's 2025 filing lists 9 officers; none of the 9 officers listed in 2025 report compensation.
Officers on the 2025 filing
David Leonard
Director
On filings since 2022
No compensation reported
David Leondard III
Director
On filings since 2022
No compensation reported
Raleigh Hayter
Director
On filings since 2022
No compensation reported
Ronald Barrett
Director
On filings since 2022
No compensation reported
Ronnie Barrett
Director
On filings since 2022
No compensation reported
Sophia Chafin-Vance
Director
On filings since 2022
No compensation reported
Trent Yates
Director
On filings since 2022
No compensation reported
William H. Hayter
Director
On filings since 2022
No compensation reported
William M. Nelson
Director
On filings since 2023
No compensation reported
Former officers (1)
- Former: W Mark Nelson (2022) — Director
Data from IRS Form 990 filings, 2022–2025. "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 First Bancorp Inc Foundation
How much does First Bancorp Inc Foundation give each year?
First Bancorp Inc Foundation gave $59K across 19 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $78K across 15 grants.
What is First Bancorp Inc Foundation's typical grant size?
First Bancorp Inc Foundation's median grant in 2025 was $2,000, and its average grant was $3,090, across 19 grants on its 2025 IRS Form 990-PF.
Where does First Bancorp Inc Foundation give grants?
First Bancorp Inc Foundation gives mostly in Virginia: 97% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there.
Does First Bancorp Inc Foundation give general operating support?
Not in 2025: none of the 19 grants with a stated purpose on First Bancorp Inc Foundation's 2025 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Scholarship" (18 grants).
Who are First Bancorp Inc Foundation's largest grantees?
First Bancorp Inc Foundation's largest 2025 grantees include Emory & Henry University ($10,000), Washington County Va Schools ($10,000) and VBA Education Foundation ($2,500), according to its 2025 IRS Form 990-PF. It also paid 16 individual scholarships ($36,213), which are not listed by name. Together they received 38% of its itemized 2025 grant dollars.
How large is First Bancorp Inc Foundation?
First Bancorp Inc Foundation reported $894K in total assets on its 2025 IRS Form 990-PF. It paid out $59K in qualifying distributions that year, against a required minimum of $45K (roughly 5% of its investment assets).
What does First Bancorp Inc Foundation fund?
The foundation’s stated purpose is to award scholarships to assist students in furthering their post-secondary education. Its website describes its commitment as “supporting educational excellence.” See mission & focus areas ↑
How do I apply for a grant from First Bancorp Inc Foundation?
The foundation states that it makes contributions only to preselected charitable organizations and does not accept unsolicited requests for funds. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is First Bancorp Inc Foundation's EIN?
First Bancorp Inc Foundation's EIN (Employer Identification Number) is 87-4174417. IRS Form 990 filing data is available on this page for 2022–2025.
Does First Bancorp Inc Foundation accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(2)
When this profile's IRS filing data changed on Grantable
- Added Form 990-PF for fiscal year 2025 (received by the IRS April 27, 2026)
- IRS filings on file for fiscal years 2022–2024
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Cite this profile
Grantable. (2026). First Bancorp Inc Foundation funder profile. GrantGraph. Retrieved October 15, 2026, from https://grantable.co/funders/first-bancorp-inc-foundation-morg_7e8f586896ee40abbfabd623fbfbfbe6
BibTeX
@misc{grantable_874174417_2026,
author = {{Grantable}},
title = {{First Bancorp Inc Foundation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/first-bancorp-inc-foundation-morg_7e8f586896ee40abbfabd623fbfbfbe6},
note = {Accessed 2026-10-15. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from First Bancorp Inc Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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