The Watt Foster Family Foundation is a private foundation established in 2018 and based in Brookneal, Virginia. It operates as a 501(c)(3) grantmaking organization dedicated to supporting charitable causes through direct grants to nonprofit organizations.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$16.8M
+29.3% YoY
Annual Giving
$900K
+24.3% YoY
Grant Count
530
+13.0% YoY
Avg Grant Size
$2K
+10.0% YoY
Under IRS private-foundation payout rules, Foster Foundation reported a distributable amount of $961K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation prioritizes support for children and education, with a particular emphasis on:
- Children's education and youth development
- Educational scholarships and support programs
- Youth sports and outdoor recreation
- Community enrichment initiatives
The foundation demonstrates a commitment to enabling the lives of children, their families, and educators by supporting and resourcing their care and needs.
Grantmaking
The foundation no longer accepts unsolicited proposals or general grant requests. Organizations interested in funding consideration should contact the foundation directly for information about potential partnership opportunities.
How to Apply
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Geographic Focus
Where this funder awards grants
The foundation operates primarily in Virginia, with a particular connection to the Peaks of Otter region and surrounding communities in central Virginia.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of December 2024:
- Total Assets: $16.8 million
- Total Revenue: $4.84 million
- Total Expenses: $1.03 million
- Total Liabilities: $0
- Investment Income and Dividends: $203,354
Tax Status: Tax-exempt since May 2018. Files Form 990-PF annually with the IRS.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $16,797,735 | $12,992,168 | $13,472,091 |
| Revenue | $4,835,221 | $310,838 | $3,139,192 |
| Expenses | $1,029,654 | $790,761 | $873,339 |
| Qualifying Distributions | $1,014,223 | $780,319 | $862,050 |
| Net Investment Income | $279,479 | $300,091 | $170,302 |
| Distributable Amount | $961,442 | $789,662 | $636,048 |
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
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Amazement Square ($10,000), Agape ($5,000), Amazement Square ($5,000).
| Recipient | Purpose | Amount |
|---|---|---|
| AGAPE LYNCHBURG, VA | BED INITIATIVE | $5,000 |
| ALL PEOPLES CHURCH LYNCHBURG, VA | CONTRIBUTION | $100 |
| ALPHA MINISTRIES LYNCHBURG, VA | CONTRIBUTION | $100 |
| ALTAVISTA BAPTIST TABERNACLE ALTAVISTA, VA | CONTRIBUTION | $500 |
| ALTAVISTA FIRE COMPANY ALTAVISTA, VA | IN MEMORY OF JOEY MERRICKS | $250 |
| ALTON BAPTIST CHURCH ALTON, VA | CONTRIBUTION | $100 |
| AMAZEMENT SQUARE LYNCHBURG, VA | BOARD DONATION (CORPORATE SPONSOR) | $2,500 |
| AMAZEMENT SQUARE LYNCHBURG, VA | CONTRIBUTION | $10,000 |
| AMAZEMENT SQUARE LYNCHBURG, VA | PUZZLED CAR SHOW | $5,000 |
| AMAZING GRACE BAPTIST CHURCH LYNCHBURG, VA | CONTRIBUTION | $100 |
Leadership & Key People
Leadership team and compensation from IRS filings
- Watt R. Foster Jr. – Trustee
- Jennifer B. Foster – Trustee
- Katherine F. Rolfe – Trustee
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| WATT R FOSTER JR | TRUSTEE | 0.25 | — |
| JENNIFER B FOSTER | TRUSTEE | 0.25 | — |
| KATHERINE F ROLFE | TRUSTEE | 0.25 | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Foster Foundation fund?
The foundation prioritizes support for children and education, with a particular emphasis on: • Children's education and youth development • Educational scholarships and support programs • Youth sports and outdoor recreation • Community enrichment initiatives The foundation demonstrates a commitment to enabling the lives of children, their families, and educators by supporting and resourcing their care and needs.
How do I apply for a grant from Foster Foundation?
**Grant Activity:** • Made 180-206 grants in recent fiscal years • Grant median: $500 • Grant maximum: $25,000 • Total distributions: approximately $780,000-$1,000,000 annually **Recent Grants (2024):** • Sweet Briar College: $20,000 (3rd year of 5-year commitment) • YMCA of Central Virginia: $20,000 (4th year of 5-year pledge) • Academy Center of the Arts: $20,000 (yearly sponsorship) **Application Process:** The foundation no longer accepts unsolicited proposals or general grant requests. Org…
Where does Foster Foundation make grants?
The foundation operates primarily in Virginia, with a particular connection to the Peaks of Otter region and surrounding communities in central Virginia.
What size grants does Foster Foundation award?
In 2024, Foster Foundation awarded 530 grants totaling $900K — an average of about $2K per grant, based on its IRS Form 990 filings.
How much is Foster Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Foster Foundation reported a distributable amount of $961K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Foster Foundation's EIN?
Foster Foundation's EIN (Employer Identification Number) is 82-3650679. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Foster Foundation's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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