Freas Foundation Incorporated
Freas Foundation Incorporated is a private foundation based in Glen Allen, Virginia. Its 2023 filing reports that the board voted to terminate the foundation and distribute all assets equally to other charitable tax-exempt organizations.
Freas Foundation Incorporated at a glance
In short: Freas Foundation Incorporated gave $4.4M across 4 grants in 2023 (avg $1.1M), mostly in Florida. Source: 2023 IRS Form 990-PF.
- Annual giving (2023)
- $4,386,500
- +1737.3% vs 2022
- Grants made (2023)
- 4
- -86.2% vs 2022
- Average grant
- $1,096,625
- +13220.5% vs 2022
- Median grant
- $1,096,625
- Primary geography
- Florida (100% of itemized 2023 grant dollars)
- Latest 990 filing
- Form 990-PF, 2023 View filing
Data from IRS Form 990-PF, 2023; updated September 2026.
How to apply to Freas Foundation Incorporated
- Accepts unsolicited proposals
- No
- How to Apply
-
The foundation does not accept unsolicited requests for funds; it makes contributions only to preselected charitable organizations. Its 2023 filing also states that the board voted to terminate the foundation and distribute all assets to other charitable tax-exempt organizations.
- Contact
Mailing address: 5022 Lewisetta Dr, Glen Allen, VA 23060
Phone: (804) 625-2937
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Freas Foundation Incorporated funds
How this funder distributes its grants
Top Recipients
Top 4 recipients in 2023
The largest 2023 recipient was CL Fund Schwab Charitable ($1.1M). Together the top 4 received $4.4M.
Grant Size Distribution
122 grants across all recorded years
The most common grant size was under $50K: 118 grants of 122 (97%).
Geographic Focus
Where this funder awards grants
All grant dollars listed for 2023 went to recipients in Florida.
Grant Distribution by State
Share of 2023 grant dollars across all 4 itemized grants.
States
Cities
How Freas Foundation Incorporated gives
- Giving grew 2562% from 2020 to 2023. Method
- In 2023 it paid out well above 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 2019 to 2023, annual grant giving ranged from $165K (2020) to $4.4M (2023). In 2023 it made 4 grants totaling $4.4M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| CL Fund Schwab Charitable Orlando, FL | Charitable Donor Advisory Fund | $1,096,625 |
| Oly Freas Fund Schwab Charitable Orlando, FL | Charitable Donor Advisory Fund | $1,096,625 |
| Pratt Family Fund Schwab CHaritable Orlando, FL | Charutable Donor Advisory Fund | $1,096,625 |
| Freas Redux Fund Schwab Charitable Orlando, FL | Charitable Donor Advisory Fund | $1,096,625 |
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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 |
|---|---|---|---|---|---|---|---|---|
| 2023 | — | $36,819 | $4,402,454 | $4,386,500 | 4 | $4,386,500 | $20,865 | $64,981 |
| 2022 | $4,277,017 | $256,177 | $267,637 | $238,746 | 29 | $238,746 | $234,305 | $219,864 |
| 2021 | $4,960,611 | $317,304 | $222,800 | $203,618 | 28 | $203,618 | $298,122 | $238,746 |
| 2020 | $4,586,551 | $3,400 | $201,047 | $164,804 | 28 | — | $91,712 | $203,618 |
| 2019 | $4,353,215 | $1,818,193 | $216,615 | $201,885 | 33 | — | $1,805,247 | $164,804 |
Under IRS private-foundation payout rules, Freas Foundation Incorporated reported a distributable amount of $65K for 2023 — 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 filing describes the distributions as going to charitable tax-exempt organizations. It does not state a mission or specific funding focus areas.
Grantmaking
In 2023, the foundation reported four grants totaling $4,386,500. Each grant was $1,096,625. The four listed grants were to CL Fund Schwab Charitable, Oly Freas Fund Schwab Charitable, Pratt Family Fund Schwab CHaritable, and Freas Redux Fund Schwab Charitable, all in Orlando, Florida. Each grant’s stated purpose was a charitable donor advisory fund.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2023 filing lists Donald Arthur Freas as President & CEO, Lawrence Huston Freas as Treasurer, Nancy Freas Pratt as Vice President, and Susan Freas Magargee as Secretary.
Freas Foundation Incorporated is led by Donald Arthur Freas, President & CEO on every filing since 2019; none of the 4 officers listed in 2023 report compensation.
Officers on the 2023 filing
Donald Arthur Freas
President & CEO
On filings since 2019
2 hrs/week
No compensation reported
Lawrence Huston Freas
Treasurer
On filings since 2019
2 hrs/week
No compensation reported
Nancy Freas Pratt
Vice President
On filings since 2019
2 hrs/week
No compensation reported
Susan Freas Magargee
Secretary
On filings since 2019
2 hrs/week
No compensation reported
Data from IRS Form 990 filings, 2019–2023. "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 Freas Foundation Incorporated
How much does Freas Foundation Incorporated give each year?
Freas Foundation Incorporated gave $4.4M across 4 grants in 2023, according to its 2023 IRS Form 990-PF. In 2022 it gave $239K across 29 grants.
What is Freas Foundation Incorporated's typical grant size?
Freas Foundation Incorporated's median grant in 2023 was $1,096,625, and its average grant was $1,096,625, across 4 grants on its 2023 IRS Form 990-PF.
Where does Freas Foundation Incorporated give grants?
Freas Foundation Incorporated gives mostly in Florida: 100% of the grant dollars itemized on its 2023 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Orlando, FL (4 grants).
Does Freas Foundation Incorporated give general operating support?
Not in 2023: none of the 4 grants with a stated purpose on Freas Foundation Incorporated's 2023 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Charitable Donor Advisory Fund" (3 grants).
What does Freas Foundation Incorporated fund?
The filing describes the distributions as going to charitable tax-exempt organizations. It does not state a mission or specific funding focus areas. See mission & focus areas ↑
How do I apply for a grant from Freas Foundation Incorporated?
The foundation does not accept unsolicited requests for funds; it makes contributions only to preselected charitable organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
How much is Freas Foundation Incorporated required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2023, Freas Foundation Incorporated reported a distributable amount of $65K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Freas Foundation Incorporated's EIN?
Freas Foundation Incorporated's EIN (Employer Identification Number) is 22-1714810. IRS Form 990 filing data is available on this page for 2019–2023.
Does Freas Foundation Incorporated accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
Data last updated September 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 2019 (received by the IRS May 29, 2020)
- IRS filings on file for fiscal years 2020–2023
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