Ray Foundation Inc
Ray Foundation Inc is a private grantmaking foundation headquartered in Naples, Florida, with an additional office in Riverside, California. Established in 1962–1963, the foundation focuses on youth development and aviation education. The organization operates with a small team of approximately 4 employees and maintains a distinctive approach to philanthropic investment through metrics-driven grantmaking.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$71.2M
-2.0% YoY
Annual Giving
$18.2M
+77.1% YoY
Grant Count
36
-33.3% YoY
Avg Grant Size
$505K
+165.6% YoY
Under IRS private-foundation payout rules, Ray Foundation Inc reported a distributable amount of $11.8M for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
Ray Foundation, Inc. seeks to encourage the potential in the youth of America by enabling them to develop life skills such as self-discipline, self-confidence, and self-reliance. The foundation has a particular interest in aviation and aerospace education.
Keeping with the spirit of founders James C. and Joan L. Ray, the foundation primarily supports educational organizations and programs with a focus on aviation and aerospace. The foundation's approach evolved in the 1980s from initial work in substance abuse rehabilitation toward prevention and youth development through aviation training.
Primary Funding Interests:
- Aviation education and training
- Youth development programs
- Life skills development (self-discipline, self-confidence, self-reliance)
- Aviation safety
- Aerospace education
Grantmaking
The Ray Aviation Scholarship Fund, administered through the Experimental Aircraft Association (EAA), represents the foundation's most significant partnership with an annual commitment of $2,250,000. This program supports youth flight training across the United States through:
Grant Range
$5,000 – $2,500,000
How to Apply
**
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Geographic Focus
Where this funder awards grants
The foundation primarily focuses on Florida, Colorado, and Wisconsin. However, the Ray Aviation Scholarship Fund supports youth flight training across the United States through EAA chapters on a rolling basis.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2023:
- Total assets: $72,677,238
- Annual giving: $10,272,244
- Annual expenses: $11.8 million
- Annual revenue: $7.3 million
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $71,209,961 | $72,677,238 | $76,177,416 |
| Revenue | $18,684,076 | $7,315,310 | $11,505,599 |
| Expenses | $20,151,373 | $11,818,859 | $11,390,289 |
| Qualifying Distributions | $19,464,638 | $11,256,940 | $10,757,867 |
| Net Investment Income | $17,173,189 | $5,849,346 | $9,153,666 |
| Distributable Amount | $11,776,627 | $10,688,838 | $11,565,239 |
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
148 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Und Aerospace Foundation ($7,700,000), Aopa Air Safety Foundation ($3,750,000), Eaa Aviation Foundation Inc ($2,490,000).
| Recipient | Purpose | Amount |
|---|---|---|
| AEROSPACE CENTER FOR EXCELLENCE LAKELAND, FL | SUPPORT FOR SKYLAB, LAKELAND AERO CLUB AND YOUTH PROGRAMS | $623,329 |
| ALOFT HAIKU, HI | SUPPORT FOR YOUTH PROGRAMS | $20,000 |
| ALZHEIMER'S SUPPORT NETWORK NAPLES, FL | OPERATING BUDGET SUPPORT | $50,000 |
| AOPA AIR SAFETY FOUNDATION FREDERICK, MD | SUPPORT FOR 'YOU CAN FLY' PROGRAM AND FLIGHT SCHOLARSHIPS | $3,750,000 |
| ASPIRING AVIATORS AERO CLUB WINTER HAVEN, FL | AIRPLANE PURCHASE SUPPORT | $50,000 |
| AVIATION EXPLORER BASE RACINE, WI | SCHOLARSHIP AND OPERATIONS SUPPORT | $17,000 |
| CHAMPIONS FOR LEARNING NAPLES, FL | PURCHASE VR AVIATION MAINT SIMULATOR | $50,000 |
| CHILDREN'S HOSPITAL COLORADO MITOCHONDRIAL LAB AURORA, CO | ANSCHUTZ MITOCHONDRIAL LAB SUPPORT | $50,000 |
| CITIZEN'S FOSTER CARE NAPLES, FL | OPERATING BUDGET SUPPORT | $20,000 |
| CIVIL AIR PATROL FOUNDATION MAXWELL AFB, AL | FLIGHT SCHOLARSHIPS | $635,800 |
Leadership & Key People
Leadership team and compensation from IRS filings
Charles J. Ahearn, CFA – President
Chuck Ahearn served as James Ray's CEO and Ray Foundation Director for nearly 15 years. He was often referred to by James Ray as "My Wingman," a title he continues to carry. Prior to joining the foundation, Ahearn was a Vice President and Portfolio Manager for The Northern Trust Company. As President, he is responsible for day-to-day management of foundation business, portfolio management of financial assets, and continuation of Ray Foundation philanthropy.
Education:
- Chartered Financial Analyst (CFA), 1995
- MBA Finance, University of Toledo, OH, 1991
- BA Economics, UMass Amherst, 1988
Ahearn serves on several charitable boards including the UND Aerospace Foundation and Aerospace Center for Excellence in Lakeland, Florida. He resides in Naples, Florida with his wife, Katie, and three children.
Jeffery J. Tempas – Treasurer
Board Composition:
Ray Foundation, Inc. Directors bring extensive professional backgrounds in law, accounting, and investment management, providing unique insight and resources for grant recipients.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| CHARLES J AHEARN | PRESIDENT/DIRECTOR | 40 | $600,000 |
| JEFFREY J TEMPAS | TREASURER/DIRECTOR | 24 | $360,000 |
| PATRICIA J ARTHUR | SECRETARY/DIRECTOR | 24 | $250,000 |
Recent News & Activity
Recent developments and announcements
The foundation continues to expand its scholarship programs and partnerships. Recent activities include:
Ray Foundation Boosts Scholarship Program Heading Into 2020Ongoing support for the Ray Aviation Scholarship Fund through the Experimental Aircraft Association
Reno Air Racing Association Announces Scholarship ProgramMatching grant support for the Air Race Classic
matching grant awarded to the air race classic!Scholarship program announcements with the Reno Air Racing Association
Ray Foundation Boosts Scholarship Program Heading Into 2020Continued quarterly grant review cycles for new applicants
Contact Information
Primary Office:
100 Aviation Drive South, Suite 203
Naples, FL 34104
Phone: (239) 649-5733 or (239) 649-5755
Email: info@rayfoundation.us
Website: https://rayfoundation.us
Secondary Office:
P.O. Box 56538
Riverside, California 92517-1438
EIN: 81-0288819
Frequently Asked Questions
What does Ray Foundation Inc fund?
Ray Foundation, Inc. seeks to encourage the potential in the youth of America by enabling them to develop life skills such as self-discipline, self-confidence, and self-reliance. The foundation has a particular interest in aviation and aerospace education. Keeping with the spirit of founders James C. and Joan L. Ray, the foundation primarily supports educational organizations and programs with a focus on aviation and aerospace. The foundation's approach evolved in the 1980s from initial work in…
How do I apply for a grant from Ray Foundation Inc?
**Grant Amounts & Activity:** • Grant range: $5,000 – $2,500,000 • Annual giving: $10,272,244 (2023) • Number of grants awarded: 54 awards (2023) • Success rate: 80% completion rate for aviation scholarship recipients **Primary Grant Program:** The Ray Aviation Scholarship Fund, administered through the Experimental Aircraft Association (EAA), represents the foundation's most significant partnership with an annual commitment of $2,250,000. This program supports youth flight training across the …
Where does Ray Foundation Inc make grants?
The foundation primarily focuses on Florida, Colorado, and Wisconsin. However, the Ray Aviation Scholarship Fund supports youth flight training across the United States through EAA chapters on a rolling basis.
What size grants does Ray Foundation Inc award?
In 2024, Ray Foundation Inc awarded 36 grants totaling $18.2M — an average of about $505K per grant, based on its IRS Form 990 filings.
How much is Ray Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Ray Foundation Inc reported a distributable amount of $11.8M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Ray Foundation Inc's EIN?
Ray Foundation Inc's EIN (Employer Identification Number) is 81-0288819. IRS Form 990 filing data is available on this page for 2021–2024.
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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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