Red Gates Foundation is a private grantmaking foundation based in Richmond, Virginia, established in 2020. The foundation operates as a non-operating private foundation classified as a 501(c)(3) organization. It was created from the estate of William Hunter Goodwin III, a Richmond businessman who passed away in January 2020 at age 51 following a 16-month battle with cancer. The foundation received approximately $2 billion from his estate in 2022, establishing it as one of Virginia's most significant philanthropic organizations.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$1.5B
+11.2% YoY
Annual Giving
$67.3M
-6.3% YoY
Grant Count
33
+26.9% YoY
Avg Grant Size
$2.0M
-26.2% YoY
Under IRS private-foundation payout rules, Red Gates Foundation reported a distributable amount of $70.9M for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation's philosophy emphasizes that "genuine progress requires more than just financial resources; it demands a commitment to innovative thinking, collaborative partnerships, and a profound understanding of the unique needs of those it seeks to help."
Primary funding focus areas include:
- Education
- Philanthropy, Voluntarism & Grantmaking
- Human Services
- Science and STEM education
- Health sciences research
- Cancer research
Grantmaking
The foundation operates on an invitation-only basis with no public application process. There are no published grant guidelines or RFP cycles.
Grant Range
$188,000 to $50,000,000
Average Grant
amount: approximately $1.5 million
How to Apply
**
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in Virginia, with particular concentration in Richmond. Grantmaking also extends to:
- South Carolina
- Utah
- Illinois
- Tennessee
- Missouri
The foundation's grants reach organizations across seven states, with Virginia, Missouri, and Tennessee accounting for approximately 88% of all grants.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of 2023:
- Total Assets: $1,367,916,776 (approximately $1.37 billion)
- Total Liabilities: $251,000,000
- Total Revenue: $38,249,357
- Total Expenses: $154,220,255
- Annual Giving: $71,871,654
Asset Growth:
- 2019: $105,000
- 2023: $1,367,916,776
- 2024: $1,500,000,000 (approximately $1.5 billion)
Income Sources:
- Investment income and dividends: $5,891,613 (2023)
- Net gain from sale of non-inventory assets: $29,468,342 (2023)
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $1,521,801,051 | $1,367,916,776 | $1,405,364,412 |
| Revenue | $79,331,095 | $38,249,357 | $2,056,012,527 |
| Expenses | $38,417,959 | $154,220,255 | $80,269,630 |
| Qualifying Distributions | $68,167,791 | $72,664,554 | $3,870,486 |
| Net Investment Income | $76,889,892 | $55,085,665 | $18,872,399 |
| Distributable Amount | $70,896,779 | $68,174,751 | $77,045,821 |
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
71 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Commonwealth Foundation for Cancer Research ($20,840,729), Anna Julia Cooper School ($10,200,000), Virginia Tech Foundation Inc ($10,000,000).
| Recipient | Purpose | Amount |
|---|---|---|
| AMERICAN CORPORATE PARTNERS NEW YORK, NY | GENERAL SUPPORT | $400,000 |
| AMERICAN RED CROSS RICHMOND, VA | GENERAL SUPPORT | $100,000 |
| ANNA JULIA COOPER SCHOOL RICHMOND, VA | GENERAL SUPPORT | $10,200,000 |
| COMMONWEALTH FOUNDATION FOR CANCER RESEARCH RICHMOND, VA | GENERAL SUPPORT | $20,840,729 |
| CIRQUE LODGE FOUNDATION OREM, UT | GENERAL SUPPORT | $25,000 |
| COMMONWEALTH AUTISM RICHMOND, VA | GENERAL SUPPORT | $375,000 |
| COMMUNITY COALITION OF SUSSEX STONY CREEK, VA | GENERAL SUPPORT | $50,000 |
| CONCORDANCE STL LOUIS, MO | GENERAL SUPPORT | $5,000,000 |
| CRISTO REY RICHMOND, VA | GENERAL SUPPORT | $600,000 |
| CROSSOVER HEALTHCARE MINISTRY RICHMOND, VA | GENERAL SUPPORT | $1,000,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
Board & Officers:
- William H. Goodwin Jr. — Chairman (serves 1 hour per week, no compensation)
- Matthew T. Goodwin — Vice Chairman (serves 1 hour per week, no compensation)
- Richard J. Higgerson — Board Member (serves 1 hour per week, no compensation)
Staff:
- Jeff Galanti — Executive Director ($471,000 annual compensation, 40 hours per week)
- Mark Smith — Director of Investment ($223,000 annual compensation, 40 hours per week)
- Stephanie Hicks — Director of Finance and Administration ($184,000 annual compensation, 40 hours per week)
The foundation is governed by 3 officers and trustees with a total staff of 3 employees.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| WILLIAM H GOODWIN JR | CHAIRMAN | 1 | — |
| MATTHEW T GOODWIN | VICE CHAIRMAN | 1 | — |
| RICHARD J HIGGERSON | BOARD MEMBER | 1 | — |
Contact Information
Address:
- 920 Libbie Ave, Suite 105, Richmond, VA 23226-2050
- Alternative: 800 East Canal St, Suite 1900, Richmond, VA 23219
Phone: (804) 643-4200
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Red Gates Foundation fund?
The foundation's philosophy emphasizes that "genuine progress requires more than just financial resources; it demands a commitment to innovative thinking, collaborative partnerships, and a profound understanding of the unique needs of those it seeks to help." Primary funding focus areas include: • Education • Philanthropy, Voluntarism & Grantmaking • Human Services • Science and STEM education • Health sciences research • Cancer research
How do I apply for a grant from Red Gates Foundation?
**Grant Activity:** • Made 26 grants totaling $71,871,654 in 2023 • Grant range: $188,000 to $50,000,000 • Median grant size: $238,000 • Average grant amount: approximately $1.5 million • Historical grants have ranged from $10,000 to $47,226,852 **Application Process:** The foundation operates on an invitation-only basis with no public application process. There are no published grant guidelines or RFP cycles. **Recent Notable Grants:** • $50,000,000 to Virginia Tech's Fralin Biomedical Researc…
Where does Red Gates Foundation make grants?
The foundation primarily funds organizations in Virginia, with particular concentration in Richmond. Grantmaking also extends to: • South Carolina • Utah • Illinois • Tennessee • Missouri The foundation's grants reach organizations across seven states, with Virginia, Missouri, and Tennessee accounting for approximately 88% of all grants.
What size grants does Red Gates Foundation award?
In 2024, Red Gates Foundation awarded 33 grants totaling $67.3M — an average of about $2.0M per grant, based on its IRS Form 990 filings.
How much is Red Gates Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Red Gates Foundation reported a distributable amount of $70.9M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Red Gates Foundation's EIN?
Red Gates Foundation's EIN (Employer Identification Number) is 30-1201296. IRS Form 990 filing data is available on this page for 2020–2024.
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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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