Hargrave Foundation: FY2023 Nonprofit Profile & Form 990 (EIN 54-1538751)

Revenue by fiscal year
FY2020	$16K
FY2021	$490K
FY2022	−$231K
FY2023	$297K
FY2024	$339K
FY2025	$392K

Expenses by fiscal year
FY2020	$1.0M
FY2021	$280K
FY2022	$142K
FY2023	$595K
FY2024	$729K
FY2025	$470K

Net assets by fiscal year
FY2020	$2.2M
FY2021	$2.4M
FY2022	$2.1M
FY2023	$1.8M
FY2024	$1.4M
FY2025	$1.2M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1990.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

99 cents of each dollar spent went to programs.

99%

Program services 99% · $592K Management & general 1% · $3K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation

Ben J Davenport

Director

$0Pt VII · Sec A

Eric Peterson

Director

$0Pt VII · Sec A

Lewis Wall

President

$0Pt VII · Sec A

William Riddle

Sec Treas

$0Pt VII · Sec A

See Hargrave Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Hargrave Foundation is a supporting organization based in Chatham, VA.

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Provided by the organization

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1 program · $592K · in their own filed words · FY2023

01

The funds, unless designated as current payment to hargrave military academy, will be held as endowment as quasi endowment and the investment income will be used for student aid and scholarships

$592Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking

Grants paid · 11 grants · $3.1M · 2020–2025

Hargrave Military AcademyVA · FY2025$375,000

Unitemized GrantFY2025$80,822

Hargrave Military AcademyVA · FY2024$630,000

Unitemized GrantFY2024$84,377

Hargrave Military AcademyVA · FY2023$500,000

Unitemized GrantFY2023$79,227

Unitemized GrantFY2022$120,291

Hargrave Military AcademyVA · FY2021$130,000

Unitemized GrantFY2021$129,787

Hargrave Military AcademyVA · FY2020$926,000

Unitemized GrantFY2020$91,483

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$297K

Ln 12

Investment incomeLn 3$296K

Gifts and grantsLn 1h$1K

Money outPt IX

$595K

Ln 25

Programscol B$592K

Managementcol C$3K

Owns and owesPt X

$1.8M

net assets · Ln 32

Cash and savingsLn 1–2$455K

Total assetsLn 16$1.8M

LiabilitiesLn 26$0

PeoplePt VI, VII

4

listed · VII A

PaidVII A0

Voting boardVI 1a4

IndependentVI 1b4

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$1K

Investment incomeLn 3$296K

Gains on assetsLn 7$251K

Total revenueLn 12$297K

Assets in detailPt X, end of year

CashLn 1$455K

Cash and savings togetherLn 1–2$455K

InvestmentsLn 11–13$1.3M

Other assetsLn 15$2K

Total assetsLn 16$1.8M

LiabilitiesLn 26$0

Net assetsLn 32$1.8M

OperationsPt I, VI

EmployeesI 50

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$454K	$455K
InvestmentsLn 11–13	$1.5M	$1.3M
Total assetsLn 16	$2.1M	$1.8M
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$2.1M	$1.8M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$500K	$500K
Grants to domestic individualsLn 2	$79K	$79K
Accounting feesLn 11c	$2K		$2K
Other expenses (24a–d)Ln 24	$14K	$12K	$1K
Total functional expensesLn 25	$595K	$592K	$3K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$392K	$470K	−$78K	$1.2M	990 PDF
FY2024	$339K	$729K	−$390K	$1.4M	990 PDF
FY2023 Viewing	$297K	$595K	−$298K	$1.8M	990 PDF
FY2022	−$231K	$142K	−$373K	$2.1M	990 PDF
FY2021	$490K	$280K	$210K	$2.4M	990 PDF
FY2020	$16K	$1.0M	−$1.0M	$2.2M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2023 990 (6 parts)

Part I · Summary $297,161 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $150,600$1,300

I-9 Program service revenue$0

I-10 Investment incomePrior year −$381,613$295,861

I-11 Other revenue$0

I-12 Total revenuePrior year −$231,013$297,161

I-13 Grants and similar amounts paidPrior year $120,291$579,227

I-14 Benefits paid to members$0

I-15 Salaries and benefits$0

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $22,179$15,861

I-18 Total expensesPrior year $142,470$595,088

I-19 Revenue less expensesPrior year −$373,483−$297,927

Part VI · Governance 4 of 4 board members independent, 1 to look at

VI-1a Voting members of the governing body4

VI-1b Independent voting members4

VI-13 Written whistleblower policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $297,161 across 5 lines filed

VIII-1f All other contributions, gifts and grants$1,300

VIII-1h Total contributions, gifts and grants$1,300

VIII-3 Investment incomeRelated to mission $44,509$44,509

VIII-7 Net gain or loss on sales of assetsRelated to mission $251,352$251,352

VIII-12 Total revenueRelated to mission $295,861$297,161

Part IX · Statement of functional expenses $595,088 across 4 lines filed

IX-1 Grants to domestic organizationsPrograms $500,000$500,000

IX-2 Grants to domestic individualsPrograms $79,227$79,227

IX-11c Accounting feesManagement $2,200$2,200

IX-24 Other expenses (24a–d)Programs $12,415 · Management $1,246$13,661

IX-25 Total functional expensesPrograms $591,642 · Management $3,446 · Fundraising $0$595,088

Part X · Balance sheet $1,756,186 assets, 9 lines filed

X-1 Cash, non-interest-bearingStart of year $454,102$455,490

X-11 Publicly traded securitiesStart of year $1,519,495$1,298,407

X-15 Other assetsStart of year $80,516$2,289

X-16 Total assetsStart of year $2,054,113$1,756,186

X-26 Total liabilitiesStart of year $0$0

X-27 Net assets without donor restrictionsStart of year $1,973,597$1,753,897

X-28 Net assets with donor restrictionsStart of year $80,516$2,289

X-32 Total net assets or fund balancesStart of year $2,054,113$1,756,186

X-33 Total liabilities and net assetsStart of year $2,054,113$1,756,186

Part XI · Reconciliation of net assets $1,756,186 net assets at year end

XI-1 Total revenue$297,161

XI-2 Total expenses$595,088

XI-3 Revenue less expenses−$297,927

XI-4 Net assets at start of year$2,054,113

XI-10 Net assets at end of year$1,756,186

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Hargrave Foundation FY2023 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Hargrave Foundation

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV