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William & Mary Foundation

Public charity · Grantmaker Williamsburg, VA EIN: 54-0734117 Website

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.

Research compiled by Grantable AI from public sources. Last updated September 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 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

1state

Share of 2025 grant dollars across all 28 itemized grants.

States

Cities

WilliamsburgWilliasmburg

Giving Over Time

Total grant dollars and number of grants per year

$0$20M$40M$60M$80M17 grants2019 13 grants2020 22 grants2021 21 grants2022 23 grants2023 26 grants2024 28 grants2025

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

William & Mary: $52.2M across 23 grantsWilliam & Mary$52.2M · 23 grantsWilliam & Mary Alumni Association: $231KWilliam & Mary AlumniAssociation$231KWilliam & Mary Real Estate Foundation Inc: $126KWilliam & Mary Real EstateFoundation Inc$126KMurray 1693 Scholars Foundation: $79KMurray 1693 ScholarsFoundation$79KWilliam & Mary Athletics Foundation: $40KWilliam & Mary AthleticsFoundation$40KOmohundro Institute of Early American History & Culture: $17KOmohundro Institute of EarlyAmerican History & Culture$17K

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

9<$50K9$50–100K17$100–250K18$250–500K17$500K–1M38$1–5M12$5M+

The most common grant size was in the $1–5M range: 38 grants of 120 (32%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
William & Mary Williamsburg, VAScholarships$13,563,449
William & Mary Williamsburg, VAOther - general support$8,544,219
William & Mary Williamsburg, VAAthletic Complex Fund$5,823,151
William & Mary Williamsburg, VAAdvancement Funding$5,763,782
William & Mary Williamsburg, VAProfessorships$3,633,011
William & Mary Williamsburg, VAIntercollegiate Athletics$2,294,564
William & Mary Williamsburg, VATrack Field and XC Facilities Fund$1,949,461
William & Mary Williamsburg, VAInstitute, Integrative Conserve Fund$1,852,283
William & Mary Williamsburg, VACenter for the Visual Arts$1,580,534
William & Mary Williamsburg, VACamp 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.

Revenue
Expenses
Net Investment Income
$0$100M$200M$300M2019 2020 2021 2022 2023 2024 2025
Metric202520242023
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

  1. Added Form 990 for fiscal year 2019 (received by the IRS May 9, 2020)
  2. Added Form 990 for fiscal year 2025 (received by the IRS May 15, 2026)
  3. 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

F Brian Hiestand — Chief Investment Officer, 1693 Partners Fund: $664KF Brian HiestandChief Investment Officer, 1693…$664KCatherine Mountjoy — Chief Operating Officer, 1693 Partners Fund: $427KCatherine MountjoyChief Operating Officer, 1693…$427KMatthew T Lambert — Chief Executive Officer: $332KMatthew T LambertChief Executive Officer$332KBruce G Aird — Chief Financial Officer and Treasurer: $151KBruce G AirdChief Financial Officer and…$151KJulie S Leach — Executive Director: $112KJulie S LeachExecutive Director$112K

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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