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
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.
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
Among its reported 2024 grants, the largest include Christopher Newport University Educ ($200,000), Eastern Virginia Medical School Fou ($200,000), Hampton University ($200,000).
| Recipient | Purpose | Amount |
|---|---|---|
| ACES FOR AUTISM GREENVILLE, NC | GEN. CHARITABLE | $40,000 |
| ANNA JULIA COOPER EPISCOPAL SCHOOL RICHMOND, VA | GEN. CHARITABLE | $10,000 |
| A PLACE AT THE TABLE RALEIGH, NC | GEN. CHARITABLE | $25,000 |
| APPALACHIAN STATE UNIVERSITY FOUNDA BOONE, NC | GEN. CHARITABLE | $100,000 |
| ART FOR THE JOURNEY MIDLOTHIAN, VA | GEN. CHARITABLE | $40,000 |
| ATRIUM HEALTH FOUNDATION CHARLOTTE, NC | GEN. CHARITABLE | $100,000 |
| AUGUSTINE LITERACY PROJECT CHARLOTTE, NC | GEN. CHARITABLE | $50,000 |
| BARRIER ISLANDS CENTER MACHIPONGO, VA | GEN. CHARITABLE | $25,000 |
| BETH SHOLOM VILLAGE VIRGINIA BEACH, VA | GEN. CHARITABLE | $30,000 |
| BIKES FOR KIDS FOUNDATION GREENSBORO, NC | GEN. CHARITABLE | $25,000 |
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
Frequently Asked Questions
What does Townebank Foundation fund?
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.
How do I apply for a grant from Townebank Foundation?
**Grant Characteristics:** • Typical award range: $25,000–$312,500 • Median grant amount: $32,000–$37,000 • Recent grant activity with 162–178 grants awarded annually **Application Process:** *Scholarships:* • Scholarship application form required • Brief essay • Transcripts • SAT/ACT scores • Deadline: February 15 annually *General Grants:* • Grant request form required **Grantmaking Activity:** The foundation distributed funds to 79 charities in recent years, with grant activity found in rece…
Where does Townebank Foundation make grants?
The foundation primarily funds organizations in: • Virginia • North Carolina • Pennsylvania
What size grants does Townebank Foundation award?
In 2024, Townebank Foundation awarded 178 grants totaling $8.3M — an average of about $47K per grant, based on its IRS Form 990 filings.
How much is Townebank Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Townebank Foundation reported a distributable amount of $1.4M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
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.
Explore Open Grants
Browse active grant opportunities in Townebank Foundation's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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