The Charles Fund Inc

CHARLOTTESVILLE, VA EIN: 16-8064401

The Charles Fund Inc is a private foundation based in Charlottesville, Virginia, established in 1966. The organization operates as a 501(c)(3) charitable entity and functions as a grantmaking foundation with no direct charitable activities of its own.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$8.4M

+0.2% YoY

Annual Giving

$502K

-4.7% YoY

Grant Count

-1.2% YoY

Avg Grant Size

$6K

-3.6% YoY

Under IRS private-foundation payout rules, The Charles Fund Inc reported a distributable amount of $566K for 2024 — the minimum it must pay out in qualifying distributions.

Research compiled by Grantable AI from public sources. Last updated April 2026.

Mission & Focus Areas

The Charles Fund supports the general purposes of its grantees across multiple sectors, with particular emphasis on:

Arts and culture
Museums and science museums
Philanthropy and nonprofit support
Health and medical care
In-patient medical care and hospital care
Medical specialties and geriatrics

Grantmaking

The foundation funds organizations for their general purposes rather than project-specific initiatives.

Grant Range

approximately $7,100

Average Grant

approximately $7,100

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Geographic Focus

Where this funder awards grants

The Charles Fund primarily operates in:

Virginia
New York
New Jersey
Pennsylvania

Specific cities include Charlottesville, Richmond, and Williamsburg.

Grant Distribution by State

Virginia $1.2M (72%)

New York $450K (28%)

New Jersey $2K (0%)

Pennsylvania $250 (0%)

States

New Jersey New York Pennsylvania Virginia

Cities

BuckinghamCharlottesvilleCrozetHenricoLynchburgMumfordNorth ChesterfieldOrangePalmyraPrincetonPulaskiRichmondRochesterRoselandRosemontSchuylerStauntonVeronaWaynesboroWilliamsburg

Financial History

Multi-year comparison from IRS filings

As of 2023:

Total assets: $8,406,683
Total revenues: $403,176
Total expenses: $628,079
Total giving: $526,500

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$8,421,938	$8,406,683	$8,631,586
Revenue	$615,480	$403,176	$496,504
Expenses	$600,225	$628,079	$702,696
Qualifying Distributions	$558,674	$589,356	$654,664
Net Investment Income	$577,709	$366,876	$462,054
Distributable Amount	$565,539	$508,331	$519,421

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

250 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest include Montpelier Foundation ($60,000), American Frontier Cultural Foundation ($50,000), Genesee Country Village & Museum ($50,000).

Recipient	Purpose	Amount
ALBEMARLE CHARLOTTESVILLE HISTORICAL SOCIETY CHARLOTTESVILLE, VA	GENERAL PURPOSES OF DONEE	$1,000
ALBEMARLE COUNTY ROTARY CLUB FOUNDATION CHARLOTTESVILLE, VA	GENERAL PURPOSES OF DONEE	$500
ALBEMARLE HOUSING IMPROVEMENT PROGRAM CHARLOTTESVILLE, VA	GENERAL PURPOSES OF DONEE	$200
ALL BLESSINGS FLOW CHARLOTTESVILLE, VA	GENERAL PURPOSES OF DONEE	$1,000
ALLIANCE FOR INTERFAITH MINISTRIES CHARLOTTESVILLE, VA	GENERAL PURPOSES OF DONEE	$250
AMERICAN FRONTIER CULTURAL FOUNDATION STAUNTON, VA	GENERAL PURPOSES OF DONEE	$50,000
ARC OF THE PIEDMONT CHARLOTTESVILLE, VA	GENERAL PURPOSES OF DONEE	$250
BLUE RIDGE AREA FOOD BANK VERONA, VA	GENERAL PURPOSES OF DONEE	$1,000
BOOK BASKETS CHARLOTTESVILLE, VA	GENERAL PURPOSES OF DONEE	$500
BOTANICAL GARDENS OF THE PIEDMONT CHARLOTTESVILLE, VA	GENERAL PURPOSES OF DONEE	$5,000

Leadership & Key People

Leadership team and compensation from IRS filings

Joseph W. Richmond Jr. – President
J. Walker Richmond III – Secretary & Treasurer
Betsy Carver – Vice President

Compensation Overview

From 2024 IRS filing

From 2024 filing

Name	Title	Hours	Compensation
J WALKER RICHMOND III	PRESIDENT AND SECRETARY	15	$38,250
JOSEPH W RICHMOND JR	VICE PRESIDENT AND TREASURER	5	$2,000
GREGORY CARVER	VICE PRESIDENT	1	$2,000
TIMOTHY ALEXANDER	VICE PRESIDENT	1	$2,000
BETSY CARVER	DIRECTOR	1	$2,000
DEBORAH MAGGS	DIRECTOR	1	$2,000
ANNE M FARNHAM	DIRECTOR	1	$2,000
JAMES FARNHAM	DIRECTOR	1	$2,000
SHARI BELANGER	DIRECTOR	1	$2,000
SARAH RILEY	DIRECTOR	1	$2,000

Frequently Asked Questions

What does The Charles Fund Inc fund?

The Charles Fund supports the general purposes of its grantees across multiple sectors, with particular emphasis on: • Arts and culture • Museums and science museums • Philanthropy and nonprofit support • Health and medical care • In-patient medical care and hospital care • Medical specialties and geriatrics

How do I apply for a grant from The Charles Fund Inc?

**Grant Activity:** • Made 81 grants in 2023 • Total giving in 2023: $526,500–$603,000 • Average grant size: approximately $7,100 • Median grant size: $500 • Typical award range: $250–$75,000 **Recent Grantees (2023):** • Montpelier Foundation: $60,000 • Genesee Country Village and Museum: $50,000 • American Frontier Culture Foundation: $50,000 The foundation funds organizations for their general purposes rather than project-specific initiatives.

Where does The Charles Fund Inc make grants?

The Charles Fund primarily operates in: • Virginia • New York • New Jersey • Pennsylvania Specific cities include Charlottesville, Richmond, and Williamsburg.

What size grants does The Charles Fund Inc award?

In 2024, The Charles Fund Inc awarded 81 grants totaling $502K — an average of about $6K per grant, based on its IRS Form 990 filings.

How much is The Charles Fund Inc required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, The Charles Fund Inc reported a distributable amount of $566K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.