Townebank Foundation
Townebank Foundation is a private foundation based in Suffolk, Virginia. Its grantmaking focuses on education, philanthropy, voluntarism and grantmaking, and human services, primarily in Virginia, North Carolina, and Pennsylvania.
Townebank Foundation at a glance
In short: Townebank Foundation gave $8.3M across 178 grants in 2024 (avg $47K), mostly in Virginia. 26% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $8,330,131
- +12.3% vs 2023
- Grants made (2024)
- 178
- +9.9% vs 2023
- Average grant
- $46,798
- +2.2% vs 2023
- Median grant
- $36,500
- Total assets
- $19,983,840
- +17.0% vs 2023
- New grantees (estimate)
- 26% first-time grantees (44 of 171, 2024)
- Primary geography
- Virginia (74% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Townebank Foundation
- How to Apply
-
For general grants, submit a grant request form. Scholarship applicants must submit the listed application materials and meet the eligibility requirements above.
- Review Cycle
- Scholarship applications and essays must be submitted by February 15 each year. The filing’s general-grant deadline entry is incomplete.
- Deadline
- Scholarship applications and essays must be submitted by February 15 each year.
- Contact
Application contact: Townebank Attn Robyn Leavy
Mailing address: 6001 Harbour View Blvd, Suffolk, VA 23435
Phone: (757) 673-1783
Email: robyn.leavy@townebank.net
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Townebank Foundation funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Virginia Wesleyan University ($315K across 2 grants). Together the top 10 received $1.6M.
Grant Size Distribution
782 grants across all recorded years
The most common grant size was under $50K: 466 grants of 782 (60%).
Geographic Focus
Where this funder awards grants
The foundation’s stated primary grantmaking area is Virginia, North Carolina, and Pennsylvania. In 2024, 74% of grant dollars went to Virginia recipients, 25% to North Carolina recipients, and 1% to Florida recipients; the reported shares for Pennsylvania and South Carolina were each 0%.
Grant Distribution by State
Share of 2024 grant dollars across all 178 itemized grants.
States
Cities
Is Townebank Foundation open to new grantees?
26%
first-time grantees, 2024
In 2024, 44 of 171 grantees (26%) were first-time recipients. First grants averaged $44K; repeat grants $51K. How we count
Medians: $30K first-time, $50K repeat.
- 67% of 2024 grantees were also funded in 2023. Method
- Giving grew 58% from 2021 to 2024. Method
- In 2024 it paid out 608% 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.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $4.2M (2020) to $8.3M (2024). In 2024 it made 178 grants totaling $8.3M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Virginia Wesleyan University Virginia Beach, VA | Gen. Charitable | $312,500 |
| Christopher Newport University Educ Newport News, VA | Gen. Charitable | $200,000 |
| Eastern Virginia Medical School Fou Norfolk, VA | Gen. Charitable | $200,000 |
| Hampton University Hampton, VA | Gen. Charitable | $200,000 |
| Equi-Kids Therapeutic Riding Progra Virginia Beach, VA | Gen. Charitable | $150,000 |
| Children's Hospital of the King's D Norfolk, VA | Gen. Charitable | $125,000 |
| Richmond Ballet Richmond, VA | Gen. Charitable | $125,000 |
| Junior Achievement of Central Carol Charlotte, NC | Gen. Charitable | $114,286 |
| Appalachian State University Founda Boone, NC | Gen. Charitable | $100,000 |
| Atrium Health Foundation Charlotte, NC | Gen. Charitable | $100,000 |
Ready to take the next step with Townebank Foundation?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $19,983,840 | $11,973,465 | $9,065,216 | $8,330,131 | 178 | $8,330,131 | $2,657,004 | $1,369,032 |
| 2023 | $17,075,591 | $8,053,248 | $8,042,197 | $7,418,106 | 162 | $7,418,106 | $1,413,603 | $1,192,281 |
| 2022 | $17,064,540 | $11,867,265 | $6,976,850 | $6,813,368 | 236 | $6,813,368 | $500,235 | $1,207,209 |
| 2021 | $12,218,911 | $5,948,178 | $5,394,120 | $5,279,189 | 110 | $5,279,189 | $68,400 | $271,650 |
| 2020 | $2,708,089 | $4,188,957 | $4,271,485 | $4,166,336 | 96 | — | $38,785 | $144,216 |
Under IRS private-foundation payout rules, Townebank Foundation reported a distributable amount of $1.4M for 2024 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
The foundation’s filing identifies education, philanthropy, voluntarism and grantmaking, and human services as its grantmaking focus areas. Its 2024 recipients illustrate support for varied organizations: Hampton University describes its mission as higher education and preparing students for leadership and service; the Judeo-Christian Outreach Center says it empowers homeless families and individuals to recover from crises and become self-supporting; and the Outer Banks Hospital says it provides healthcare services and promotes wellness in its region.
Other 2024 recipients include Chesapeake Bay Academy, which describes its mission as educating students with learning differences, and Metrolina Association for the Blind, which works to address challenges experienced by people with blindness or visual impairment. These are the recipient organizations’ stated missions, not statements of the foundation’s own mission.
Grantmaking
In 2024, the foundation made 178 grants totaling $8,330,131. Individual grants ranged from $40 to $312,500, with a median of $36,500. The largest awards included $312,500 to Virginia Wesleyan University; $200,000 each to Christopher Newport University, Eastern Virginia Medical School Foundation, and Hampton University; and $150,000 to Equi-Kids Therapeutic Riding Program. Other grants of $100,000 included awards to Appalachian State University Foundation, Atrium Health Foundation, Bon Secours Hampton Roads Foundation, Central Piedmont Community College, Dorothea Dix Park Conservancy, Chesapeake Bay Academy, Southampton Academy, Judeo-Christian Outreach Center, The Outer Banks Hospital, Norfolk Festevents, and Metrolina Association for the Blind.
The foundation states that it does not restrict giving to preselected organizations. Its general-grant instructions require a grant request form. General grants typically favor applicants within the bank’s service area and are primarily for capital purposes; nonprofit applicants must be classified as 501(c)(3) organizations under IRS rules.
The foundation also lists scholarship application requirements: an application form, brief essay, transcripts, and SAT/ACT scores. Applicants must be children of a parent currently employed full-time by TowneBank or its affiliates for at least two years, be current high school seniors or early graduates, and enroll as full-time students as defined by their accredited educational institution.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists G. Robert Aston Jr. as President; J. Morgan Davis as Vice President and Director; William T. Hodsden as Secretary; R. Scott Morgan as Treasurer; and Robyn S. Leavy as Executive Director.
Townebank Foundation is led by G. Robert Aston Jr., President on every filing since 2020; 1 of 5 officers listed in 2024 is compensated.
Officers on the 2024 filing
G. Robert Aston Jr.
President
On filings since 2020
2 hrs/week
No compensation reported
J. Morgan Davis
Vice President & Director
On filings since 2020
2 hrs/week
No compensation reported
Robyn S. Leavy
Executive Di
On filings since 2020
8 hrs/week
$25K (2020) → $25K (2024)
R. Scott Morgan
Treasurer
On filings since 2020
2 hrs/week
No compensation reported
William T. Hodsden
Secretary
On filings since 2020
2 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.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $25K, to Robyn S Leavy (Executive Di).
Frequently asked questions about Townebank Foundation
How much does Townebank Foundation give each year?
Townebank Foundation gave $8.3M across 178 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $7.4M across 162 grants.
What is Townebank Foundation's typical grant size?
Townebank Foundation's median grant in 2024 was $36,500, and its average grant was $46,798, across 178 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from Townebank Foundation that year got $44K on average.
Where does Townebank Foundation give grants?
Townebank Foundation gives mostly in Virginia: 74% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest state was North Carolina (25%). The most frequent recipient cities were Norfolk, VA (27 grants), Richmond, VA (25 grants), Virginia Beach, VA (19 grants) and Raleigh, NC (13 grants).
Does Townebank Foundation give general operating support?
Not in 2024: none of the 178 grants with a stated purpose on Townebank Foundation's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Gen. Charitable" (178 grants).
Who are Townebank Foundation's largest grantees?
Townebank Foundation's largest 2024 grantees include Virginia Wesleyan University ($315,000 across 2 grants), Christopher Newport University Educ ($200,000) and Eastern Virginia Medical School Fou ($200,000), according to its 2024 IRS Form 990-PF. Together they received 9% of its itemized 2024 grant dollars.
How large is Townebank Foundation?
Townebank Foundation reported $20.0M in total assets on its 2024 IRS Form 990-PF. It paid out $8.3M in qualifying distributions that year, against a required minimum of $1.4M (roughly 5% of its investment assets).
What does Townebank Foundation fund?
The foundation’s filing identifies education, philanthropy, voluntarism and grantmaking, and human services as its grantmaking focus areas. See mission & focus areas ↑
How do I apply for a grant from Townebank Foundation?
For general grants, submit a grant request form. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Townebank Foundation's EIN?
Townebank Foundation's EIN (Employer Identification Number) is 54-2036534. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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Cite this profile
Grantable. (2026). Townebank Foundation funder profile. GrantGraph. Retrieved October 10, 2026, from https://grantable.co/funders/townebank-foundation-morg_db66b6ea83a54f24a679185ccf858db5
BibTeX
@misc{grantable_542036534_2026,
author = {{Grantable}},
title = {{Townebank Foundation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/townebank-foundation-morg_db66b6ea83a54f24a679185ccf858db5},
note = {Accessed 2026-10-10. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Townebank Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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