Colonial Williamsburg Foundation EIN 54-0505888 Form 990 (PDF) Claim this org

Colonial Williamsburg Foundation

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Protects and restores historic places and promotes related educational activities. For fiscal year 2024 it reported $149.4M in revenue, $120.1M in expenses, and $1.3B in net assets.Pt I

Founded
1928
Type
Public charity (501(c)(3)) · Arts & Culture
Location
Williamsburg, VA
Website
www.colonialwilliamsburg.org
Filings
5 on file (2020–2024)
Revenue
$149.4MFY2024
Expenses
$120.1M
Net assets
$1.3B
People
41
Filings
5
Updates
0
More identity details & actions ⌄
EIN  54-0505888 Public charity (501(c)(3)) Williamsburg, VA Founded 1928
Form 990 (PDF)
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Figures match the IRS filing checked 7/6/26 · see original: IRS
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Size
$100M+
What they do
Protects and restores historic places and promotes related educational activities.
Leadership
Clifford Fleet III · President & CEO · $749K
Money in and out
$149.4M revenue, $120.1M expenses
Bottom line
72% program efficiency
Where the money goes · FY2024
Total revenue
$149.4M
Pt VIII · Ln 12
Total expenses
$120.1M
Pt IX · Ln 25
Net assets
$1.3B
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $29.3M
Where spending went · Part IX cols B–D
Program services $0.72 Management & general $0.21 Fundraising $0.07
Program efficiency
72%
of spending reaches programs▲ +1% vs prior filing year
Operating runway
81.3mo
months of highly liquid reserves at operating expense rate▲ +4% vs prior filing year
Surplus margin
+20%
revenue over expenses, this year▲ +469% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$149.4M
FY2024▲ +19%
Expenses
$120.1M
FY2024▼ -1%
Total assets
$1.7B
FY2024▲ +2%
Total liabilities
$398.9M
FY2024▲ +2%
Total revenue
$149.4M
Pt VIII · Ln 12
Total expenses
$120.1M
Pt IX · Ln 25
Net assets
$1.3B
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$29.3M
Total assetsPt X · Ln 16$1.7B
Program-expense ratioPt IX · col B72%
Voting members of governing bodyPt I · Ln 325
Independent voting membersPt I · Ln 424

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CColonial Williamsburg Foundation
EINHdr · item D54-0505888
Principal addressHdr · item CWilliamsburg, VA
WebsiteHdr · item Jwww.colonialwilliamsburg.org
Year of formationHdr · item L1928
State of legal domicileHdr · item MVA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A800)
Ruling yearIRS BMFApr 1938

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a25
Independent voting membersPt VI · Ln 1b24
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President & CEO
$748,550Pt VII · Sec A
CFO & Treasurer
$491,764Pt VII · Sec A
Clc & Secretary
$416,864Pt VII · Sec A
$386,599Pt VII · Sec A
Vice President
$332,641Pt VII · Sec A
Vice President
$323,479Pt VII · Sec A
Vice President
$316,664Pt VII · Sec A
Vice President
$312,113Pt VII · Sec A

Clifford Fleet III’s $749K as President & CEO is at the 57th percentile of top reported officer pay among 53 $100M+ arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Clifford Fleet III$748,550$577,780$577,470$577,910$397,614
Kevin Patrick$491,764$521,140$546,119$404,831$453,140
Mitchell Reiss$474,934
Earl Granger III$431,574$464,921$340,278$90,271
Davelin Forrest$224,335$426,196
Hazel Wong$416,864$402,208$355,485$204,304$141,619
Ronald Hurst$386,599$392,341$387,692$239,122$236,770
Shaun Coleman$276,428$382,441$275,463$159,539

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

3 program services account for $86.3M of program spending, described in the organization's own filed words · FY2024.
01

Education, Research and Historical Interpretation-The Historic Area is a 301-acre outdoor history museum with over 600 original and reconstructed houses, outbuildings, shops, taverns, and public buildings.

$53.5Mprogram expense
02

Taverns and Colonial Houses-Ideal for guests who wish to fully immerse themselves in the 18th-century, Colonial Williamsburg offers authentic period accomodations in the Historic Area where our founding families once lodged. Servers in taverns are in period dress and interpret the 18th-century dining experiences.

$16.6Mprogram expense
03

Museums, Preservation and Historic Resources-Colonial Williamsburg's wide-ranging collections, acquired over the past 90 years, provide the art, objects, artifacts, and buildings necessary to accurately recreate the environment of 18th-century Williamsburg.

$16.2Mprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$52.1M · 35%
Investment income$47.7M · 32%
Program service revenue$32.7M · 22%
Other revenue$16.8M · 11%
Contributions & grants35%$52.1M
Investment income32%$47.7M
Program service revenue22%$32.7M
Other revenue11%$16.8M
— government grantsLn 1e$1.4M
Total revenueLn 12$149.4M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.72 Management & general $0.21 Fundraising $0.07
Program services72%$86.3M
Management & general21%$25.0M
Fundraising7%$8.7M
Total functional expensesLn 25$120.1M

Balance Sheet

Part X · end of year
CashLn 1$46.9M
Total assetsLn 16$1.7B
Total liabilitiesLn 26$398.9M
Total net assetsLn 32$1.3B
Months of cash on handcomputed4.7

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $733.0M · Operating expenses (Pt IX) $120.1M · Less non-cash grants $11.9M · Cash operating expenses/yr $108.2M
81.3 months
Where the money goes
Program services
Program services $86.3M · Total expenses $120.1M
72%
Management & General
Management & general $25.0M · Total expenses $120.1M
21%
Fundraising
Fundraising $8.7M · Total expenses $120.1M
7%
Cost to raise $1
Fundraising expense (3-yr avg) $8.6M · Solicited contributions (3-yr avg) $54.9M
$0.16 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $52.1M · Total revenue $149.4M
35%
Government reliance
Government grants $1.4M · Total revenue $149.4M
0.9%
Earned-income share
Program service revenue $32.7M · Total revenue $149.4M
22%
Investment reliance
Investment income $47.7M · Total revenue $149.4M
+32%
Program self-sufficiency
Program service revenue $32.7M · Total expenses $120.1M
27%
Growth & trend
Revenue growth (YoY)
This year $149.4M · Prior year $125.8M
+19%
Revenue CAGR
FY2020 $190.6M · FY2024 $149.4M
-6%
Net-asset trend (YoY)
End of year $1.3B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $149.4M · Expenses $120.1M
+20%
Liabilities-to-Assets
Total liabilities — · Total assets $1.7B
Net-asset ratio
Net assets $1.3B · Total assets $1.7B
77%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $185.0M · Other securities (Pt X, ln 12) $501.2M · Total assets (Pt X, ln 16) $1.7B
40%
People & payroll
Highest Reported Total Compensation
Individual Clifford Fleet III · Reported title President & CEO · Highest reported compensation $749K · Total expenses $120.1M
0.6%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $56.6M · Total expenses $120.1M
47%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 72%
Overhead ratio 21%
Fundraising cost ratio 17%
Revenue growth 19%
Investment management fee ratio 0.2%
Legal fee ratio 0.6%
Accounting fee ratio 0.2%
Fundraising fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 16 funders →
Grants paid · 2 grants · $37K · 2020–2021

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$149.4M revenue · viewing · ⤓ 990 PDF
FY2023$125.8M revenue · ⤓ 990 PDF
FY2022$115.3M revenue · ⤓ 990 PDF
FY2021$164.1M revenue · ⤓ 990 PDF
FY2020$190.6M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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