The Captain John Bag Hefti Memorial Scholarship Fund
The Captain John Bag Hefti Memorial Scholarship Fund is a private foundation focused on Education, based in Virginia Beach, VA. IRS filing data is available from 2022 through 2025. As of 2025, the organization holds $209K in total assets. In 2025, it awarded 2 grants totaling $10K. Net investment income was $5K.
The Captain John Bag Hefti Memorial Scholarship Fund at a glance
In short: The Captain John Bag Hefti Memorial Scholarship Fund gave $10K across 2 grants in 2025 (avg $5K), mostly in Virginia. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $10,000
- -56.5% vs 2024
- Grants made (2025)
- 2
- -83.3% vs 2024
- Average grant
- $5,000
- +160.9% vs 2024
- Median grant
- $5,000
- Total assets
- $209,178
- +0.2% vs 2024
- Primary geography
- Virginia (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated October 2026.
Who The Captain John Bag Hefti Memorial Scholarship Fund funds
How this funder distributes its grants
Top Recipients
Top 2 recipients in 2025
The largest 2025 recipient was Morale Welfare and Recreation ($5K). Together the top 2 received $10K.
Grant Size Distribution
21 grants across all recorded years
The most common grant size was under $50K: 21 grants of 21 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2025 grant dollars across all 2 itemized grants.
States
Cities
How The Captain John Bag Hefti Memorial Scholarship Fund gives
- In 2025 it paid out 98% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. 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 2023 to 2025, annual grant giving ranged from $10K (2025) to $23K (2024). In 2025 it made 2 grants totaling $10K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Morale Welfare and Recreation Portsmouth, VA | Program Service Investment | $5,000 |
| J&A Racing Foundation Virginia Beach, VA | Program Service Investment | $5,000 |
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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 |
|---|---|---|---|---|---|---|---|---|
| 2025 | $209,178 | $105,020 | $104,472 | $10,000 | 2 | $10,000 | $5,496 | $10,165 |
| 2024 | $208,704 | $84,822 | $65,281 | $23,000 | 12 | $23,000 | $5,251 | $10,206 |
| 2023 | $189,163 | $106,109 | $61,886 | $13,000 | 7 | $13,000 | $1,796 | $9,291 |
| 2022 | $144,940 | $177,590 | $32,650 | — | — | — | $17 | $1,134 |
Under IRS private-foundation payout rules, The Captain John Bag Hefti Memorial Scholarship Fund reported a distributable amount of $10K for 2025 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
The Captain John Bag Hefti Memorial Scholarship Fund is led by Patricia Hefti, President on every filing since 2022; none of the 6 officers listed in 2025 report compensation.
Officers on the 2025 filing
Patricia Hefti
President
On filings since 2022
No compensation reported
Adam Hefti
Board Member
On filings since 2022
No compensation reported
Gordon Trey Faulkner
Secretary
On filings since 2022
No compensation reported
James Hefti
Treasurer
On filings since 2022
No compensation reported
John A. Hefti Jr.
Board Member
On filings since 2022
No compensation reported
Kathleen Faulkner
Board Member
On filings since 2022
No compensation reported
Data from IRS Form 990 filings, 2022–2025. "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 The Captain John Bag Hefti Memorial Scholarship Fund
How much does The Captain John Bag Hefti Memorial Scholarship Fund give each year?
The Captain John Bag Hefti Memorial Scholarship Fund gave $10K across 2 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $23K across 12 grants.
How large is The Captain John Bag Hefti Memorial Scholarship Fund?
The Captain John Bag Hefti Memorial Scholarship Fund reported $209K in total assets on its 2025 IRS Form 990-PF. It paid out $10K in qualifying distributions that year, against a required minimum of $10K (roughly 5% of its investment assets). Falling short in one year is not a violation: foundations have until the end of the next year to meet the minimum.
What is The Captain John Bag Hefti Memorial Scholarship Fund?
The Captain John Bag Hefti Memorial Scholarship Fund is a private foundation focused on Education, based in Virginia Beach, VA. It holds $209K in total assets as of 2025.
Where does The Captain John Bag Hefti Memorial Scholarship Fund operate?
The Captain John Bag Hefti Memorial Scholarship Fund has awarded grants in Virginia.
What is The Captain John Bag Hefti Memorial Scholarship Fund's EIN?
The Captain John Bag Hefti Memorial Scholarship Fund's EIN (Employer Identification Number) is 87-2984176. IRS Form 990 filing data is available on this page for 2022–2025.
Data last updated October 2026. Sourced from IRS Form 990-PF filings.
Data update history
(2)
When this profile's IRS filing data changed on Grantable
- Added Form 990-PF for fiscal year 2025 (received by the IRS August 14, 2026)
- IRS filings on file for fiscal years 2022–2024
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