Townebank Foundation is a private foundation based in Suffolk, Virginia, established in 2001. The organization operates as a 501(c)(3) corporate foundation dedicated to enhancing quality of life through financial contributions to charitable and philanthropic organizations in its service communities.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$20.0M
+17.0% YoY
Annual Giving
$8.3M
+12.3% YoY
Grant Count
178
+9.9% YoY
Avg Grant Size
$47K
+2.2% YoY
Mission & Focus Areas
The foundation seeks to enhance the quality of life through financial contributions to many charitable and philanthropic organizations in the community. Primary funding areas include:
- Education
- Philanthropy, Voluntarism & Grantmaking
- Human Services
- Health and medical programs
- Animal welfare
The foundation conducts two major fundraisers annually—a golf tournament and a fall extravaganza—with all net proceeds directed toward scholarships and charitable contributions.
Grantmaking
The foundation distributed funds to 79 charities in recent years, with grant activity found in recent filings. The foundation appears possibly open to applications based on its latest tax filings.
Review Cycle
February 15 annually
How to Apply
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in:
- Virginia
- North Carolina
- Pennsylvania
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total Assets: $19,983,840
- Total Giving: $8,330,131
- Total Revenue: $11,973,465
- Total Expenses: $9,065,216
- Total Liabilities: $0
As of 2023:
- Total Assets: $17.1 Million
- Revenue: $8.05 Million
- Expenses: $8.04 Million
The foundation maintains no paid staff beyond the Executive Director, relying on volunteer board members to minimize expenses and maximize charitable distributions.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $19,983,840 | $17,075,591 | $17,064,540 |
| Revenue | $11,973,465 | $8,053,248 | $11,867,265 |
| Expenses | $9,065,216 | $8,042,197 | $6,976,850 |
| Qualifying Distributions | $8,330,131 | $7,418,106 | $6,813,368 |
| Net Investment Income | $2,657,004 | $1,413,603 | $500,235 |
| Distributable Amount | $1,369,032 | $1,192,281 | $1,207,209 |
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
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- G. Robert Aston Jr. – President
- J. Morgan Davis – Vice President & Director
- William T. Hodsden – Secretary & Director
- R. Scott Morgan – Treasurer & Director
- Robyn S. Leavy – Executive Director
All board members serve on a volunteer basis (2 hours per week) with no compensation, except the Executive Director who receives $25,000 annually and works 8 hours per week.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| G ROBERT ASTON JR | PRESIDENT & | 2 | — |
| J MORGAN DAVIS | VP & DIRECTO | 2 | — |
| WILLIAM T HODSDEN | SECRETARY & | 2 | — |
| R SCOTT MORGAN | TREASURER & | 2 | — |
| ROBYN S LEAVY | EXECUTIVE DI | 8 | $25,000 |
Recent News & Activity
Recent developments and announcements
Awarded $250,000 to the Steven A. Cohen Military Family Clinic at the UP Center in Virginia Beach to support mental health services for post-9/11 veterans and military families
TowneBank Charitable Gift Supports Neurosciences | Riverside HealthPledged $1 million to Christopher Newport University to benefit scholarships, athletics, and the arts
TowneBank Pledges $1 Million to Christopher Newport - Christopher NewportAwarded $20,000 grant to Hope for Suffolk
Hope for Suffolk celebrates $20,000 TowneBank grant - The Suffolk News-HeraldMade a charitable gift supporting neurosciences through Riverside Health
TowneBank Charitable Gift Supports Neurosciences | Riverside HealthSubject Areas
Focus areas based on grantmaking activity
Related Funders
Similar funders by location and focus area
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Total Given
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The Roth Family Foundation
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Assets
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Total Given
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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