The William & Mary Foundation is a public charity based in Williamsburg, Virginia, that raises and manages private support for William & Mary, a public university. It advances the university’s priorities through philanthropy, investment management and strategic leadership.
Key facts about William & Mary Foundation
In short: William & Mary Foundation gave $52.7M across 28 grants in 2025 (avg $1.9M), mostly in Virginia. Source: 2025 IRS Form 990.
- EIN
- 54-0734117
- Latest 990 filing
- Form 990, 2025
- Annual giving (2025)
- $52,713,635
- Grants made (2025)
- 28
- Average grant
- $1,882,630
- Median grant
- $654,930
- Total assets
- $1,455,364,130
- Primary geography
- Virginia (100% of itemized 2025 grant dollars)
Data from IRS Form 990, 2025; updated September 2026.
Financial Overview
From 2025 IRS Form 990 · View filing
Total Assets
$1.5B
+12.5% YoY
Annual Giving
$52.7M
-13.1% YoY
Grant Count
28
+7.7% YoY
Avg Grant Size
$1.9M
-19.3% YoY
How William & Mary Foundation gives
- Giving grew 58% from 2022 to 2025. Method
From the foundation's IRS Form 990 filings. Methodology.
Mission & Focus Areas
The Foundation’s mission is to advance the university’s highest aspirations by securing private support, guiding a multi-asset investment portfolio and offering strategic leadership. Its stated activities include supporting faculty and staff salaries, general university operations, academic priorities and student scholarships; supporting organizations affiliated with or related to William & Mary; and owning and leasing facilities to the university.
Examples of supported organizations include the William & Mary Real Estate Foundation, whose mission is to manage and develop property in support of the university’s educational goals, and the Murray 1693 Scholars Foundation, which supports the William & Mary 1693 Scholars Program.
Grantmaking
In filing year 2025, the Foundation reported 28 grants totaling $52,713,635. Grant amounts ranged from $17,417 to $13,563,449, with a median grant of $654,930. The largest listed grants went to William & Mary in Williamsburg, Virginia, including $13,563,449 for scholarships, $8,544,219 for general support, $5,823,151 for the Athletic Complex Fund, $5,763,782 for advancement funding and $3,633,011 for professorships.
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Geographic Focus
Where this funder awards grants
All grant dollars reported for filing year 2025 went to recipients in Virginia.
Grant Distribution by State
Share of 2025 grant dollars across all 28 itemized grants.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $30.6M (2021) to $60.7M (2024). In 2025 it made 28 grants totaling $52.7M.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 6 recipients in 2025
The largest 2025 recipient was William & Mary ($52.2M across 23 grants). Together the top 6 received $52.7M.
Grant Size Distribution
120 grants across all recorded years
The most common grant size was in the $1–5M range: 38 grants of 120 (32%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| William & Mary Williamsburg, VA | Scholarships | $13,563,449 |
| William & Mary Williamsburg, VA | Other - general support | $8,544,219 |
| William & Mary Williamsburg, VA | Athletic Complex Fund | $5,823,151 |
| William & Mary Williamsburg, VA | Advancement Funding | $5,763,782 |
| William & Mary Williamsburg, VA | Professorships | $3,633,011 |
| William & Mary Williamsburg, VA | Intercollegiate Athletics | $2,294,564 |
| William & Mary Williamsburg, VA | Track Field and XC Facilities Fund | $1,949,461 |
| William & Mary Williamsburg, VA | Institute, Integrative Conserve Fund | $1,852,283 |
| William & Mary Williamsburg, VA | Center for the Visual Arts | $1,580,534 |
| William & Mary Williamsburg, VA | Camp Launch Program | $1,198,484 |
Financial History
Multi-year comparison from IRS filings
| Filing year | Assets | Revenue | Expenses | Grants |
|---|---|---|---|---|
| 2025 | $1,455,364,130 | $191,186,125 | $67,120,736 | $52,713,635 |
| 2024 | $1,294,159,126 | $161,638,025 | $72,625,450 | $60,679,105 |
| 2023 | $1,134,029,696 | $41,051,162 | $52,596,974 | $42,523,424 |
The Foundation is classified as a public charity and files an annual IRS Form 990.
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $1,455,364,130 | $1,294,159,126 | $1,134,029,696 |
| Revenue | $191,186,125 | $161,638,025 | $41,051,162 |
| Expenses | $67,120,736 | $72,625,450 | $52,596,974 |
| Net Investment Income | $85,858,918 | $26,701,323 | $17,530,373 |
Data update history
When this profile's IRS filing data changed on Grantable
- Added Form 990 for fiscal year 2019 (received by the IRS May 9, 2020)
- Added Form 990 for fiscal year 2025 (received by the IRS May 15, 2026)
- IRS filings on file for fiscal years 2020–2024
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Janet R. Atwater as chairperson of the board; Darpan S. Kapadia as vice chairperson for development strategy; Elizabeth Cabell Jennings as vice chairperson for investments; and Teri Dale Dungan as secretary. Other trustees listed include A. Clayton Perfall, Andrew W. Horrocks, Chet M. Thaker, Christine Marie Villa, Clifford B. Fleet III (term ended October 2024) and Darcy Curran (term began October 2024).
The Foundation’s staff includes Matthew Lambert, chief executive officer; Bruce Aird, chief financial officer and treasurer; and Carrie Letourneau, executive director.
William & Mary Foundation is led by Matthew T. Lambert, Chief Executive Officer on every filing since 2024; 5 of 44 officers listed in 2025 are compensated.
Officers on the 2025 filing
Matthew T. Lambert
Chief Executive Officer
On filings since 2024
30 hrs/week
$257K (2024) → $332K (2025)
Julie S. Leach
Executive Director
On filings since 2024
32 hrs/week
$97K (2024) → $112K (2025)
Janet R. Atwater
Trustee & Chairperson of the Board
On filings since 2024
1 hr/week
No compensation reported
A Clayton Perfall
Trustee
On filings since 2024
1 hr/week
No compensation reported
Andrew W. Horrocks
Trustee
On filings since 2024
1 hr/week
No compensation reported
Chet M. Thaker
Trustee
On filings since 2024
1 hr/week
No compensation reported
Christine Marie Villa
Trustee
On filings since 2024
1 hr/week
No compensation reported
Clifford B. Fleet III
Trustee
On filings since 2024
1 hr/week
No compensation reported
Darpan S. Kapadia
Trustee & Vice Chairperson for Development Strategy
On filings since 2024
1 hr/week
No compensation reported
David N. Kelley
Trustee
On filings since 2024
1 hr/week
No compensation reported
David R. Covin
Trustee
On filings since 2024
1 hr/week
No compensation reported
Dawn M. Aaron
Trustee
On filings since 2024
1 hr/week
No compensation reported
Elizabeth Cabell Jennings
Trustee & Vice Chairperson for Investments
On filings since 2024
1 hr/week
No compensation reported
Eugene P. Foley Jr.
Trustee
On filings since 2024
1 hr/week
No compensation reported
Frances C. Engoron
Trustee
On filings since 2024
1 hr/week
No compensation reported
Hilary Grant Dixon
Trustee
On filings since 2024
1 hr/week
No compensation reported
Hylah B. Ballowe
Trustee
On filings since 2024
1 hr/week
No compensation reported
J. Scott Perkins
Trustee
On filings since 2024
1 hr/week
No compensation reported
James E. Mallory
Trustee
On filings since 2024
1 hr/week
No compensation reported
Jane Church Horvath
Trustee
On filings since 2024
1 hr/week
No compensation reported
Jennifer T. Mackesy
Trustee & Voting Ex-Officio
Trustee → Trustee & Voting Ex-Officio, 2025
On filings since 2024
1 hr/week
No compensation reported
Jill Marie Lord
Trustee
On filings since 2024
1 hr/week
No compensation reported
Jody W. Forsyth
Trustee
On filings since 2024
1 hr/week
No compensation reported
Karla Munden
Trustee
On filings since 2024
1 hr/week
No compensation reported
Katherine A. Rowe
Trustee & Voting Ex-Officio
On filings since 2024
1 hr/week
No compensation reported
Louis Gerard Dudney
Trustee
On filings since 2024
1 hr/week
No compensation reported
Mashea M. Ashton
Trustee
On filings since 2024
1 hr/week
No compensation reported
Michael C. Sapnar
Trustee
On filings since 2024
1 hr/week
No compensation reported
Pamela Jordan Penny
Trustee
On filings since 2024
1 hr/week
No compensation reported
Penelope H. Meredith
Trustee
On filings since 2024
1 hr/week
No compensation reported
Raelene C. Wagoner
Trustee
On filings since 2024
1 hr/week
No compensation reported
Shelley B. Goode
Trustee
On filings since 2024
1 hr/week
No compensation reported
Stephen S. Tang
Trustee
On filings since 2024
1 hr/week
No compensation reported
Sue Hanna Gerdelman
Trustee
On filings since 2024
1 hr/week
No compensation reported
Teri Dale Dungan
Trustee & Secretary
On filings since 2024
1 hr/week
No compensation reported
Timothy J Carroll
Trustee
On filings since 2024
1 hr/week
No compensation reported
Todd A. Stottlemyer
Trustee
On filings since 2024
1 hr/week
No compensation reported
Todd Andrew Howard
Trustee
On filings since 2024
1 hr/week
No compensation reported
Darcy Curran
Trustee
New on the 2025 filing
1 hr/week
No compensation reported
Maisie K. O'Flanagan
Trustee
New on the 2025 filing
1 hr/week
No compensation reported
Will H. Payne II
Trustee
New on the 2025 filing
1 hr/week
No compensation reported
Bruce G. Aird
Chief Financial Officer & Treasurer
On filings since 2024
30 hrs/week
$130K (2024) → $151K (2025)
Catherine Mountjoy
Chief Operating Officer & Partners Fund
On filings since 2024
5 hrs/week
$316K (2024) → $427K (2025)
F. Brian Hiestand
Chief Investment Officer & Partners Fund
On filings since 2024
10 hrs/week
$384K (2024) → $664K (2025)
Former officers (5)
- Former: John E. Simmons (2024) — Trustee
- Former: Mark C. Bush (2024) — Trustee
- Former: Melissa D. Friedery (2024) — Trustee
- Former: Michael C. Petters (2024) — Trustee & Voting Ex-Officio
- Former: Michael K. Powell (2024) — Trustee
Data from IRS Form 990 filings, 2024–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $664K, to F Brian Hiestand (Chief Investment Officer, 1693 Partners Fund). 5 officers or directors reported compensation on that filing.
Contact
Mailing address: 5300 Discovery Park Blvd 3Rd Floor, Williamsburg, VA 23188-2695
Phone: (757) 221-1906
Website: https://wmf1693.org
Frequently asked questions about William & Mary Foundation
How much does William & Mary Foundation give each year?
William & Mary Foundation gave $52.7M across 28 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $60.7M across 26 grants.
What is William & Mary Foundation's typical grant size?
William & Mary Foundation's median grant in 2025 was $654,930, and its average grant was $1,882,630, across 28 grants on its 2025 IRS Form 990.
Where does William & Mary Foundation give grants?
William & Mary Foundation gives mostly in Virginia: 100% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The most frequent recipient cities were Williamsburg, VA (28 grants).
Does William & Mary Foundation give general operating support?
Yes: 21% of William & Mary Foundation's 2025 grants with a stated purpose (6 of 28) were for general or operating support, per its 2025 IRS Form 990.
Who are William & Mary Foundation's largest grantees?
William & Mary Foundation's largest 2025 grantees include William & Mary ($52,220,323 across 23 grants), William & Mary Alumni Association ($230,719) and William & Mary Real Estate Foundation Inc ($126,033), according to its 2025 IRS Form 990.
How large is William & Mary Foundation?
William & Mary Foundation reported $1.5B in total assets on its 2025 IRS Form 990. Its revenue that year was $191.2M.
What does William & Mary Foundation fund?
The Foundation’s mission is to advance the university’s highest aspirations by securing private support, guiding a multi-asset investment portfolio and offering strategic leadership. See mission & focus areas ↑
How do I apply for a grant from William & Mary Foundation?
William & Mary Foundation has no public application process in the sources Grantable reviewed. Check wmf1693.org for current guidelines, or contact the foundation directly before submitting a request.
What is William & Mary Foundation's EIN?
William & Mary Foundation's EIN (Employer Identification Number) is 54-0734117. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
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