Philip E and Carole R Ratcliffe
The Philip E. & Carole R. Ratcliffe Foundation, Inc. is a private charitable foundation based in Annapolis, Maryland. Established in 2003, the foundation operates as a 501(c)(3) organization dedicated to supporting educational institutions and non-profit organizations that prepare the next generation of workers and entrepreneurs.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$62.5M
-9.0% YoY
Annual Giving
$8.7M
+9.3% YoY
Grant Count
24
+14.3% YoY
Avg Grant Size
$363K
-4.4% YoY
Mission & Focus Areas
The foundation's mission centers on strengthening communities through education and entrepreneurship. The organization provides grants to colleges, universities, and non-profit organizations working to prepare students and workers with a focus on job creation and entrepreneurship to support local and regional economies.
Primary funding areas include:
- Scholarships
- Skilled trades training
- Applied learning opportunities
- Mentoring programs
- Apprenticeships
- Workforce development initiatives
The foundation emphasizes bridging communities through workforce development and cultivating collaborative learning environments that encourage students and faculty to work together, share best practices, and build networking opportunities.
Grantmaking
Typical awards range from $3,109 to $3,000,000.
Grant Range
**
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Geographic Focus
Where this funder awards grants
The foundation's grantmaking focuses primarily on:
- Maryland
- Virginia
- Delaware
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of December 2024:
- Total assets: $62,529,008
- Total revenues: $4,995,073
- Total expenses: $11,920,061
- Investment income and dividends: $1,577,291
- Net gain from sale of non-inventory assets: $3,382,368
- Tax-exempt interest income: $96,138
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $62,529,008 | $68,749,103 | $74,551,910 |
| Revenue | $4,995,073 | $3,130,105 | $2,891,599 |
| Expenses | $11,920,061 | $5,311,042 | $6,538,165 |
| Qualifying Distributions | $8,979,480 | $8,213,776 | $7,437,801 |
| Net Investment Income | $4,693,661 | $2,829,354 | $2,580,623 |
| Distributable Amount | $2,767,897 | $2,851,647 | $3,078,531 |
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
123 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
Carlene M Cassidy - Chief Executive Officer
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| JAMES D WRIGHT | PRESIDENT | 5 | $75,000 |
| TINA DAVENPORT | TRUSTEE | 5 | $60,000 |
| JAMES A CLAUSON | TRUSTEE | 1 | — |
Recent News & Activity
Recent developments and announcements
The foundation has maintained active grant partnerships with regional educational institutions. Notable recent grants include support for Salisbury University's Shore Hatchery Entrepreneurship Program, which received a $900,000 grant to continue operations through 2026. The foundation also announced new grants to Anne Arundel Community College Foundation in 2025, continuing its commitment to workforce development and entrepreneurship education in the region.
Philip E. and Carole R. Ratcliffe Foundation Announces New Grant by AACCSubject Areas
Focus areas based on grantmaking activity
Related Funders
Similar funders by location and focus area
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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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