The McWaters Family Foundation
The McWaters Family Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in Chesapeake, VA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $520K in total assets. In 2024, it awarded 15 grants totaling $98K. Net investment income was $7K.
Key facts about The McWaters Family Foundation
In short: The McWaters Family Foundation gave $98K across 15 grants in 2024 (avg $7K), mostly in Virginia. 47% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- EIN
- 20-1053280
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $98,050
- Grants made (2024)
- 15
- Average grant
- $6,537
- Median grant
- $5,000
- New grantees (estimate)
- 47% first-time grantees (7 of 15, 2024)
- Total assets
- $520,254
- Primary geography
- Virginia (67% of itemized 2024 grant dollars)
Data from IRS Form 990-PF, 2024; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Quick answers about The McWaters Family Foundation
How much does The McWaters Family Foundation give each year?
The McWaters Family Foundation gave $98K across 15 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $234K across 18 grants.
What is The McWaters Family Foundation's typical grant size?
The McWaters Family Foundation's median grant in 2024 was $5,000, and its average grant was $6,537, across 15 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from The McWaters Family Foundation that year got $10K on average.
Where does The McWaters Family Foundation give grants?
The McWaters Family Foundation gives mostly in Virginia: 67% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest states were Tennessee (21%) and North Carolina (5%). The most frequent recipient cities were Virginia Beach, VA (7 grants).
Who are The McWaters Family Foundation's largest grantees?
The McWaters Family Foundation's largest 2024 grantees include Mosaic Church ($40,000), Ducks Unlimited ($16,000) and Norfolk Christian School ($7,100), according to its 2024 IRS Form 990-PF. Together they received 64% of its itemized 2024 grant dollars.
Is The McWaters Family Foundation open to new grantees?
47%
first-time grantees, 2024
In 2024, 7 of 15 grantees (47%) were first-time recipients. First grants averaged $10K; repeat grants $3K. How we count
Medians: $5K first-time, $3K repeat.
- 47% of 2024 grantees were also funded in 2023. Method
- Giving held roughly steady from 2021 to 2024 (−16%). Method
- In 2024 it paid out 353% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Next steps with The McWaters Family Foundation
- How to evaluate The McWaters Family Foundation as a funder
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Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$520K
-12.6% YoY
Annual Giving
$98K
-58.0% YoY
Grant Count
15
-16.7% YoY
Avg Grant Size
$7K
-49.7% YoY
Under IRS private-foundation payout rules, The McWaters Family Foundation reported a distributable amount of $28K for 2024 — the minimum it must pay out in qualifying distributions.
About The McWaters Family Foundation
Based on IRS filings
The McWaters Family Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in Chesapeake, VA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $520K in total assets. In 2024, it awarded 15 grants totaling $98K. Net investment income was $7K.
Focus Areas
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of all 15 itemized 2024 grant dollars.
States
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $520,254 | $595,509 | $815,796 |
| Revenue | $17,112 | $7,940 | $3,655 |
| Expenses | $102,182 | $239,386 | $213,751 |
| Qualifying Distributions | $98,050 | $236,700 | $207,350 |
| Net Investment Income | $6,980 | $15,019 | $2,406 |
| Distributable Amount | $27,785 | $35,221 | $46,723 |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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
86 grants across all recorded years
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| MOSAIC CHURCH Virginia Beach, VA | SUPPORT RECIPIENT'S TAX-EXEMPT PROGRAM | $40,000 |
| DUCKS UNLIMITED Memphis, TN | SUPPORT RECIPIENT'S TAX-EXEMPT PROGRAM | $16,000 |
| NORFOLK CHRISTIAN SCHOOL Virginia Beach, VA | SUPPORT RECIPIENT'S TAX-EXEMPT PROGRAM | $7,100 |
| BOYS AND GIRLS CLUB OF SOUTHEAST VIRGINIA Virginia Beach, VA | SUPPORT RECIPIENT'S TAX EXEMPT PROGRAM | $5,000 |
| RECOVERY FOR LIFE Virginia Beach, VA | SUPPORT RECIPIENT'S TAX-EXEMPT PROGRAM | $5,000 |
| ROCK THE OCEAN FOUNDATION Nashville, TN | SUPPORT RECIPIENT'S TAX-EXEMPT PROGRAM | $5,000 |
| SAMARITAN'S PURSE Boone, NC | SUPPORT RECIPIENT'S TAX EXEMPT PROGRAM | $5,000 |
| TOGO NETWORK Virginia Beach, VA | SUPPORT RECIPIENT'S TAX-EXEMPT PROGRAM | $5,000 |
| CHRIST CENTRAL CHURCH Labelle, FL | SUPPORT RECIPIENT'S TAX EXEMPT PROGRAM | $4,200 |
| FELLOWSHIP OF CHRISTIAN ATHLETES Kansas City, MO | SUPPORT RECIPIENT'S TAX-EXEMPT PROGRAM | $2,000 |
Leadership & Key People
Officers and directors from IRS filings
The McWaters Family Foundation is led by Jeffery L. McWaters, President on every filing since 2020; none of the 4 officers listed in 2024 report compensation.
Officers on the 2024 filing
Jeffery L. McWaters
President
On filings since 2020
4 hrs/week
No compensation reported
Cynthia L. McWaters
Secretary & Treasurer
On filings since 2020
4 hrs/week
No compensation reported
Hunter McWaters
Vice President
On filings since 2020
4 hrs/week
No compensation reported
Megan Rathbone
Vice President
On filings since 2020
4 hrs/week
No compensation reported
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is The McWaters Family Foundation?
The McWaters Family Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in Chesapeake, VA. It holds $520K in total assets as of 2024.
How large is The McWaters Family Foundation?
As of 2024, The McWaters Family Foundation holds $520K in total assets with $17K in annual revenue. It awarded 15 grants totaling $98K in 2024.
How much is The McWaters Family Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, The McWaters Family Foundation reported a distributable amount of $28K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is The McWaters Family Foundation's EIN?
The McWaters Family Foundation's EIN (Employer Identification Number) is 20-1053280. IRS Form 990 filing data is available on this page for 2020–2024.
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Data last updated September 2026. Sourced from IRS Form 990-PF filings.