William & Mary Foundation
The William & Mary Foundation is a public charity based in Williamsburg, Virginia, that raises and manages private support for the university. Formed in 1939, it advances William & Mary’s priorities through private funding, investment management, and strategic leadership.
William & Mary Foundation at a glance
In short: William & Mary Foundation gave $52.7M across 28 grants in 2025 (avg $1.9M), mostly in Virginia. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $52,713,635
- -13.1% vs 2024
- Grants made (2025)
- 28
- +7.7% vs 2024
- Average grant
- $1,882,630
- -19.3% vs 2024
- Median grant
- $654,930
- Total assets
- $1,455,364,130
- +12.5% vs 2024
- Primary geography
- Virginia (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated October 2026.
How to apply to William & Mary Foundation
- Contact
Mailing address: 5300 Discovery Park Blvd 3Rd Floor, Williamsburg, VA 23188-2695
Phone: (757) 221-1906
Website: https://wmf1693.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who William & Mary Foundation funds
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%).
Geographic Focus
Where this funder awards grants
All reported grant dollars in filing year 2025 went to recipients in Virginia.
Grant Distribution by State
Share of 2025 grant dollars across all 28 itemized grants.
States
Cities
How William & Mary Foundation gives
- Giving grew 58% from 2022 to 2025. Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
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.
Grants by year
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 |
Ready to take the next step with William & Mary Foundation?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $1,455,364,130 | $191,186,125 | $67,120,736 | $52,713,635 | 28 | $85,858,918 |
| 2024 | $1,294,159,126 | $161,638,025 | $72,625,450 | $60,679,105 | 26 | $26,701,323 |
| 2023 | $1,134,029,696 | $41,051,162 | $52,596,974 | $42,523,424 | 23 | $17,530,373 |
| 2022 | $1,102,294,415 | $100,704,101 | $42,267,429 | $33,369,971 | 21 | $65,251,393 |
| 2021 | $1,122,551,962 | $79,373,462 | $39,031,296 | $30,616,912 | 22 | $43,354,248 |
| 2020 | $868,886,184 | $88,636,871 | $49,308,062 | $45,123,683 | 13 | $17,782,467 |
| 2019 | $868,970,215 | $83,490,525 | $41,566,200 | $37,049,791 | 17 | $31,234,125 |
Research compiled by Grantable AI from public sources. Last updated October 2026.
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 2024 filing describes support for faculty and other personnel salaries, general operating needs and academic priorities, student scholarships, affiliated organizations, and university facilities. The filing also says the Foundation owns and leases buildings and facilities to William & Mary.
The 2025 grants show support for scholarships, general support, athletics and athletic facilities, advancement, professorships, university strategic priorities, and other named programs and facilities. Among the affiliated organizations receiving grants, the William & Mary Alumni Association describes its mission as cultivating an inclusive alumni community connected to each other and the university. The William & Mary Real Estate Foundation says it supports the university’s educational goals through real estate activities. The Murray 1693 Scholars Foundation describes its mission as supporting the William & Mary 1693 Scholars Program. The William & Mary Athletic Educational Foundation says it supports the university’s athletic department, and the Omohundro Institute of Early American History & Culture says it furthers research and publication on American history through approximately 1815.
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 of $654,930. The largest grant was $13,563,449 to William & Mary for scholarships. Other large grants to the university included $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.
Other 2025 recipients included the William & Mary Alumni Association, which received $230,719; the William & Mary Real Estate Foundation, $126,033; the Murray 1693 Scholars Foundation, $79,430; the William & Mary Athletic Educational Foundation, $39,713; and the Omohundro Institute of Early American History & Culture, $17,417.
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. It also lists A. Clayton Perfall, Andrew W. Horrocks, Chet M. Thaker, and Christine Marie Villa as trustees. Clifford B. Fleet III’s trustee term ended in October 2024, and Darcy Curran’s term began that month.
William & Mary Foundation is led by Matthew T. Lambert, Chief Executive Officer since 2020 (on filings since 2019); 5 of 44 officers listed in 2025 are compensated.
Officers on the 2025 filing
Matthew T. Lambert
Chief Executive Officer
Assistant Secretary & Ex-Officio Non-Voting → Chief Executive Officer, 2020
On filings since 2019
30 hrs/week
$434K (2021) → $332K (2025)
Julie S. Leach
Executive Director
On filings since 2020
32 hrs/week
$62K (2021) → $112K (2025)
Janet R. Atwater
Trustee & Chairperson of the Board
Trustee → Trustee & Vice Chairperson for Development Strategy, 2022
Trustee & Vice Chairperson for Development Strategy → Trustee & Chairperson of the Board, 2024
On filings since 2019
1 hr/week
No compensation reported
Andrew W. Horrocks
Trustee
On filings since 2019
1 hr/week
No compensation reported
Chet M. Thaker
Trustee
On filings since 2019
1 hr/week
No compensation reported
Christine Marie Villa
Trustee
On filings since 2019
1 hr/week
No compensation reported
Clifford B. Fleet III
Trustee
Trustee & Vice Chairperson for Development Strategy → Trustee & Chairperson of the Board, 2022
Trustee & Chairperson of the Board → Trustee, 2024
On filings since 2019
1 hr/week
No compensation reported
David N. Kelley
Trustee
On filings since 2019
1 hr/week
No compensation reported
David R. Covin
Trustee
On filings since 2019
1 hr/week
No compensation reported
Elizabeth Cabell Jennings
Trustee & Vice Chairperson for Investments
Trustee → Trustee & Vice Chairperson for Investments, 2020
On filings since 2019
1 hr/week
No compensation reported
J. Scott Perkins
Trustee
On filings since 2019
1 hr/week
No compensation reported
Jane Church Horvath
Trustee
On filings since 2019
1 hr/week
No compensation reported
Jennifer T. Mackesy
Trustee & Voting Ex-Officio
Trustee → Trustee & Voting Ex-Officio, 2025
On filings since 2019
1 hr/week
No compensation reported
Jill Marie Lord
Trustee
Trustee → Trustee & Secretary, 2020
Trustee & Secretary → Trustee, 2022
On filings since 2019
1 hr/week
No compensation reported
Jody W. Forsyth
Trustee
On filings since 2019
1 hr/week
No compensation reported
Katherine A. Rowe
Trustee & Voting Ex-Officio
Trustee & Ex-Officio Non-Voting → Trustee & Voting Ex-Officio, 2020
On filings since 2019
1 hr/week
No compensation reported
Michael C. Sapnar
Trustee
On filings since 2019
1 hr/week
No compensation reported
Penelope H. Meredith
Trustee
On filings since 2019
1 hr/week
No compensation reported
Raelene C. Wagoner
Trustee
Trustee → Trustee & Secretary, 2022
Trustee & Secretary → Trustee, 2024
On filings since 2019
1 hr/week
No compensation reported
Shelley B. Goode
Trustee
On filings since 2019
1 hr/week
No compensation reported
Teri Dale Dungan
Trustee & Secretary
Trustee → Trustee & Secretary, 2024
On filings since 2019
1 hr/week
No compensation reported
Louis Gerard Dudney
Trustee
On filings since 2020
1 hr/week
No compensation reported
Pamela Jordan Penny
Trustee
On filings since 2020
1 hr/week
No compensation reported
Darpan S. Kapadia
Trustee & Vice Chairperson for Development Strategy
Trustee → Trustee & Vice Chairperson for Development Strategy, 2024
On filings since 2021
1 hr/week
No compensation reported
Hylah B. Ballowe
Trustee
On filings since 2021
1 hr/week
No compensation reported
Mashea M. Ashton
Trustee
On filings since 2021
1 hr/week
No compensation reported
Todd A. Stottlemyer
Trustee
On filings since 2021
1 hr/week
No compensation reported
Eugene P. Foley Jr.
Trustee
On filings since 2022
1 hr/week
No compensation reported
Frances C. Engoron
Trustee
On filings since 2022
1 hr/week
No compensation reported
James E. Mallory
Trustee
On filings since 2022
1 hr/week
No compensation reported
Karla Munden
Trustee
On filings since 2022
1 hr/week
No compensation reported
Dawn M. Aaron
Trustee
On filings since 2023
1 hr/week
No compensation reported
Hilary Grant Dixon
Trustee
On filings since 2023
1 hr/week
No compensation reported
Stephen S. Tang
Trustee
On filings since 2023
1 hr/week
No compensation reported
Todd Andrew Howard
Trustee
On filings since 2023
1 hr/week
No compensation reported
A Clayton Perfall
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
Timothy J Carroll
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
Catherine Mountjoy
Chief Operating Officer & Partners Fund
Director of Investments → Chief Operating Officer & Partners Fund, 2023
On filings since 2019
5 hrs/week
$375K (2021) → $427K (2025)
F. Brian Hiestand
Chief Investment Officer & Partners Fund
Chief Investment Officer → Chief Investment Officer & Partners Fund, 2023
On filings since 2019
10 hrs/week
$560K (2021) → $664K (2025)
Bruce G. Aird
Chief Financial Officer & Treasurer
On filings since 2023
30 hrs/week
$130K (2024) → $151K (2025)
Former officers (36)
- Former: John E. Simmons (2019–2024) — Trustee
- Former: Melissa D. Friedery (2019–2024) — Trustee
- Former: Michael K. Powell (2019–2024) — Trustee
- Former: Mark C. Bush (2021–2024) — Trustee
- Former: Michael C. Petters (2023–2024) — Trustee & Voting Ex-Officio
- Former: Brooke Trible Weinmann (2019–2023) — Trustee
- Former: David J. Jallits (2019–2023) — Trustee
- Former: Karyn A. Tancredi (2019–2023) — Controller
- Former: Kevin M. Phillips (2019–2023) — Trustee
- Former: William D. Copan Jr. (2019–2023) — Assistant Treasurer
- Former: Amy S. Sebring (2020–2023) — Chief Financial Officer & Treasurer
- Former: Howard Dale McFadden (2020–2023) — Trustee
- Former: John E. Littel (2020–2023) — Trustee & Voting Ex-Officio
- Former: Dawn M. Arnall (2019–2022) — Trustee
- Former: Alan D. Hilliker (2019–2021) — Trustee
- Former: Audra Lynn Mallow (2019–2021) — Trustee
- Former: Charles Andrew Waters (2019–2021) — Trustee
- Former: David K. Stone (2019–2021) — Trustee
- Former: John Struth Novogratz (2019–2021) — Trustee
- Former: Maryellen Farmer Feeley (2019–2021) — Trustee
- Former: Michael P. Foradas (2019–2021) — Trustee
- Former: Alvaro Garcia-Tunon (2019–2020) — Trustee
- Former: Benjamin M. Berinstein (2019–2020) — Trustee
- Former: Craig P. Staub (2019–2020) — Trustee
- Former: Dixie D. Wolf (2019–2020) — Trustee
- Former: Martha F. Tack (2019–2020) — Trustee
- Former: Ronald Lee West (2019–2020) — Trustee
- Former: Samuel E. Jones (2019–2020) — Trustee & Ex-Officio Non-Voting
- Former: Scott M. Custer (2019–2020) — Trustee
- Former: Shelley C. Jennings (2019–2020) — Trustee
- Former: Bruce C. Gottwald Jr. (2019) — Trustee
- Former: H. Elizabeth McLeod (2019) — Trustee & Secretary
- Former: John T. Reilly (2019) — Trustee
- Former: Mark R. Patterson (2019) — Trustee
- Former: Michael R. Halleran (2019) — Trustee & Ex-Officio Non-Voting
- Former: Thaddeus Rubel Shelly III (2019) — Trustee
Data from IRS Form 990 filings, 2019–2025. "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.
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 October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.
Data update history
(8)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS May 16, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS May 11, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS May 15, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS May 15, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS May 14, 2025)
- 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
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Cite this profile
Grantable. (2026). William & Mary Foundation funder profile. GrantGraph. Retrieved October 20, 2026, from https://grantable.co/funders/william-and-mary-foundation-morg_0bca2851f8ac4413a4c181b8003aaea7
BibTeX
@misc{grantable_540734117_2026,
author = {{Grantable}},
title = {{William \& Mary Foundation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/william-and-mary-foundation-morg_0bca2851f8ac4413a4c181b8003aaea7},
note = {Accessed 2026-10-20. 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 William & Mary 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.
William & Mary Foundation down — hundreds of funders to go?