The Community Foundation Serving Richmond & Central Virginia
7501 Boulders View Drive
Suite 110
Richmond VA 23225-4047
Mission Statement
The Community Foundation serves and inspires people to build philanthropy for our region and to engage in our community.
We work closely with donors and community partners to fulfill our mission by:
  • Promoting a regional perspective;
  • Developing and sharing community knowledge;
  • Collaborating toward common goals;
  • Demonstrating inclusiveness and respect; and 
  • Achieving transparency, accountability and efficiency.
Web and Social Media

2013 Richmond Folk Festival - TCF photo booth
CEO/Executive Director Ms. Sherrie Armstrong
Board Chair Mr. Thomas S. Gayner
Board Chair Company Affiliation Markel Corporation
Contact Information
Address 7501 Boulders View Drive
Suite 110
Richmond, VA 232254047
Telephone 804 330-7400
Fax 804 330-5992
History and Background
Year of Incorporation 1968
Former Names
Greater Richmond Community Foundation1992
Site Visit Yes
Financial Summary
Revenue vs Expense Bar Graph - All Years
Expense Breakdown Bar Chart - All Years
Projected Revenue $40,000,000.00
Projected Expenses $35,000,000.00
Additional Documents
Annual Report2015View
TCF Guide To Giving: Information for Donors and Their Advisors2008View
To view our most recent grant, donor and fund lists, please go to  
The Community Foundation serves and inspires people to build philanthropy for our region and to engage in our community.
We work closely with donors and community partners to fulfill our mission by:
  • Promoting a regional perspective;
  • Developing and sharing community knowledge;
  • Collaborating toward common goals;
  • Demonstrating inclusiveness and respect; and 
  • Achieving transparency, accountability and efficiency.

TCF committed $20 million to support charitable organizations and purposes in our region, connecting the interests of community donors with causes that they care about.  TCF's supporting foundations accounted for another $35 million in grant and program commitments.

  • TCF fully implemented its revised framework for discretionary grantmaking, which gives priority to collaborations in which organizations work together towards common measurements and goals to advance the long-term change we hope to achieve. This approach allows us to make deeper investments and to place bigger bets as we strive to improve health and wellness, cultural vibrancy, economic prosperity and educational success in our region.
  • TCF and its donors share an interest in organizations and programs that foster educational success for our region's young people as they prepare to engage in our community and enter the workforce.  As part of this commitment, we oversee a robust scholarship program for high school graduates and adult learners, professional development awards for public school teachers and principals, and we have awarded grants to support community-wide collaborative initiatives such as Bridging Richmond and Richmond Promise Neighborhood.
  • Over the past 5 years, TCF has invested over $800,000 to restore housing stability and dignity to people in need through a rapid re-housing model – a national best practice that moves individuals and families into permanent housing as quickly as possible. This housing-first approach also helps some of the traditionally “harder to place” populations such as the chronically homeless with mental illness.
  • $3.38 million in grants helped to provide health and wellness programs, primarily to low-income, uninsured and under-insured citizens of the Greater Richmond area.  The Jenkins Foundation, one of TCF's supporting foundations, led funding in the health area, along with the Richmond Eye & Ear Foundation Fund and the Sheltering Arms Fund.
  • 2016 was the eleventh year of sponsorship support for the Richmond Folk Festival. The Festival draws 200,000 people to downtown Richmond, Virginia in early October, to celebrate world music, dance and cultures.
What is your passion? What would you like to do to change Richmond and Central Virginia for the better?
By partnering with The Community Foundation, you can help support your community in any of the following ways:
  • Establish a named charitable fund that will support your interests in perpetuity. 
  • Make a direct gift to an existing fund that matches your interests, or to TCF's unrestricted endowment that addresses community needs as they emerge and change over time.
  • Join a giving circle, which allows you to pool your knowledge and resources with your peers so that you can make a greater impact together.
The Community Foundation Serving Richmond and Central Virginia (TCF) has been active in our community since 1968.  A community foundation is a public charity that helps area citizens accomplish their philanthropic goals through named charitable funds and endowments. From these funds, grants and leadership initiatives are supported to help address the region's unmet and changing community needs and to strengthen and support nonprofit organizations and purposes of interest to our donor families. 
Today, TCF represents 800 donor established funds and six supporting grantmaking foundations and Partnership for Nonprofit Excellence.  Each year in our region, community philanthropy grows as new donors, new donor families and new planned and estate gifts add to this legacy of giving.  Beyond the lifetimes of family advisors, TCF's Board of Governors provides stewardship to address long-term community needs on an unrestricted basis or in broad areas of interest suggested by the donor, such as education, arts, health. 
Over the past four decades, we have worked together with our donors and supporting foundations to grant $640 million dollars to hundreds of nonprofits that make our common home a better place.
You will find the names of our supporting foundations and affiliated entities, which support TCF's community mission listed below. These organizations operate in conjunction with TCF through shared governance, common programmatic interests:
  • R.E.B. Foundation, 1988 
  • Jenkins Foundation, 1995
  • Commonwealth Foundations, I-V, 1997
  • Garland & Agnes Taylor Gray Foundation, 1998
  • Commonwealth Foundation for Cancer Research, 2002
  • Partnership for Nonprofit Excellence, 2006
  • The Stanley & Dorothy Pauley Family Foundation, 2011
  • Jane & Arthur Flippo Foundation, 2013
CEO Statement
Greater Richmond Community Foundation was formed in 1968 as a charitable trust.  The Community Foundation, Inc. was organized as a charitable corporation in 1993.  The Internal Revenue Service recognizes TCF as a consolidated organization operating under the name The Community Foundation Serving Richmond and Central Virginia (DBA).
Information on our regional programs to build philanthropy in rural communities are profiled as the River Counties Community Foundation, Mathews Community Foundation and Gloucester Community Foundation.   Legally, these programs are part of The Community Foundation Serving Richmond and Central Virginia, each of which are served by an advisory board of local community leaders.
Areas of Service
Areas Served
Metro Richmond
Tri-cities Region
Chesterfield County
Colonial Heights, City
Goochland County
Hanover County
Henrico County
Hopewell, City
Petersburg, City
Powhatan County
Charles City County
Richmond, City
TCF primarily serves the SMSA* of Greater Richmond and Petersburg.  This region in central Virginia has a population of approximately 1.1 million.  TCF's community grants are limited to this region.  TCF awards donor advised grants throughout the Commonwealth of Virginia and other parts of the U.S.  Each year, approximately 80% of TCF's total grant support is to organizations within the Commonwealth.
*U.S. Bureau of Census term to describe Standard Metropolitan Statistical Area (SMSA)
Board Chair
Board Chair Mr. Thomas S. Gayner
Company Affiliation Markel Corporation
Term Jan 2017 to Dec 2018
Board of Directors
Board Members
Ms. Maureen C. Ackerly Armstrong Bristow Farley & Schwarzschild
Mr. Michael S. Beall Davenport & Company, LLC
Mr. Austin Brockenbrough IVLowe Brockenbrough & Co.
Ms. Lissy S. Bryan Community volunteer
Mr. Thomas N. Chewning Dominion Resources
Ms. Christy Cottrell RetailData
Mr. Thomas S. Gayner Markel Corporation
Philip H. Goodpasture Esq.Williams Mullen
Mr. Lawrence L. Gray GrayCo, Inc.
Ms. Kristen Hager McGuireWoods LLP
Mr. John E. Kemper John E. Kemper LLC
Mr. John A. Luke Jr.MeadWestvaco Corporation
Ms. Dee Ann Remo Heritage Wealth Advisors
Dr. Dianne L. Reynolds-Cane Virginia Dept. of Health Professions
Dr. Pamela J. Royal Royal Dermatology and Skin Care
Mr. Stuart C. Siegel S&K Famous Brands, Inc., Retired
Mr. Robert C. Sledd Senior Economic Advisor to Governor
Mr. Thomas G. Snead Jr.Wellpoint Inc., SE Region, Retired
Mr. T. Kirk Tattersall 1607 Partners
Jamelle S. Wilson Ed.D.University of Richmond
Board Demographics - Ethnicity
African American/Black 3
Asian American/Pacific Islander 1
Caucasian 16
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 13
Female 7
Board Term Lengths 3
Board Term Limits 3
Board Meeting Attendance % 85
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 100
Percentage Making In-Kind Contributions 100
Number of Full Board Meetings Annually 4
Risk Management Provisions
Directors and Officers Policy
Disability Insurance
Employee Dishonesty
Commercial General Liability
General Property Coverage
Life Insurance
Workers Compensation and Employers' Liability
Medical Health Insurance
Standing Committees
Donor Services
Program / Program Planning
Board Governance
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Term limitations are in place for the Chairman and other Officers of the Board, as well as Committee Chairmen.  TCF's Executive Committee is comprised of the Officers of the Board and Committee Chairmen.
Executive Director
Executive Director Ms. Sherrie Armstrong

Sherrie Armstrong currently serves as the President and CEO of the The Community Foundation Serving Richmond and Central Virginia since July 2015. The Foundation holds nearly $700 million in assets with a staff of 25 and an impact focus on educational success, economic prosperity, health and wellness, and cultural vibrancy.

Prior experience includes 26 years with United Way in multiple leadership positions. In her more recent role as Executive Vice President of Investor Relations at United Way Worldwide she was responsible for scaling and executing strategic fund development practices to advance impact in education income and health in United Way communities around the world. Her work included managing the relationships with top multi-national companies who raised $1B annually and produced nearly 11 million donors for the United Way network. She also developed and implemented strategies to expand major donor and transformational giving programs, steward individual donor relationships, and sustain and grow endowments.
She also served as the CEO for United Way in Richmond for 11 years, transforming the focus to lead on critical community issues and improve outcomes for children and families. She led collaborative efforts with the private and public sector which led to positive systemic change in early childhood education, ending homelesness, and improving services for the elderly. The organization generated $20 million annually with nearly 40,000 donors and corporate partners.
She holds a Bachelor’s degree in Public Relations from West Virginia University.
Senior Staff
Mrs. Karen W. Hand Senior Vice President, Finance & Administration
Full Time Staff 23
Part Time Staff 2
Volunteers 235
Contractors 0
Retention Rate 95
Organization has a Fundraising Plan? Yes
Organization has a Strategic Plan? Yes
Years Strategic Plan Considers 3
Date Strategic Plan Adopted Nov 2009
Management Succession Plan? Yes
Organization Policy and Procedures Yes
Nondiscrimination Policy Yes
Whistleblower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
Bridging Richmond2009
Community Foundations of Virginia1999
HandsOn Greater Richmond2007
Northside Initiative for Older Youth2007
Older Dominion Partnership2008
Partnership for Nonprofit Excellence2006
Promise Neighborhoods2009
Virginia Consortium for Health Philanthropy2001
Virginia Network of Nonprofit Organizations2007
External Assessments and Accreditations
Council on Foundations National Standards for U.S. Based Community Foundations2011

The Community Foundation's grantmaking falls into two categories: grants awarded through an open application process (competitive grants), and those awarded in response to donor recommendation. Competitive grants are supported by unrestricted, field of interest and special funds. The latter category is supported by donor advised, designated and agency endowment funds.

In September 2012, The Community Foundation adopted a new results-based grantmaking framework. The framework allows TCF to not only make more focused funding decisions, but also more clearly measure and articulate its impact on issues that affect our region. The process was informed with input from nonprofits, TCF donors, and community partners to ensure our new results-based framework addresses the greatest needs and is coordinated with existing efforts. TCF’s competitive grantmaking focuses on four strategic areas, with an overarching goal of building a region that is healthy and vibrant and offers economic and cultural prosperity for all of its residents.
Our funding priorities include:
  • Educational Success
    Desired Result: Young people achieve in school, engage in their community and are prepared for the workforce.
  • Health & Wellness
    Desired Result: Community members are safe and healthy.
  • Cultural Vibrancy
    Desired Result: Community members have access to and an appreciation for arts and cultural opportunities. We seek these results in partnership with the Jenkins Foundation, Sheltering Arms Fund and the Medarva Foundation Fund.

  • Economic Prosperity
    Desired Result: The Region's resources are sustainable and its residents are economically stable and secure.

Grants to religious organizations and nonprofits that address other areas of concern are primarily supported by donor advised funds or designated funds. In 2013, TCF and its funding partners awarded $5.6 million through the competitive grant process. The remainder of TCF’s total grants were advised by a donor or designated for a named charity.
Population Served Poor,Economically Disadvantaged,Indigent
Budget $23,800,000.00

In addition to responsive grantmaking, our staff will seek to identify community initiatives that advance solutions to our community’s greatest challenges using innovative strategies and a collaborative spirit. Financial support for these initiatives is reported under Grantmaking.

 Staff co-chaired the Heathy Community work group of the Capital Region Collaborative, a cooperative effort between the Richmond Regional Planning District Commission and the Greater Richmond Chamber of Commerce to engage government, business, and community stakeholders in a process of identifying, prioritizing, and implementing actions that will enhance the quality of life in the Greater Richmond region.
Budget $1,250,000.00

Our goal related to promoting philanthropy is to encourage and support networking, shared learning and emerging models for engaging citizens in philanthropy. Initiatives that advance this goal include:

  • Partnership for Nonprofit Excellence, an affiliation of four programs that provide nonprofits in Central Virginia with the tools they need to improve their effectiveness and efficiency for greater impact.
  • GiveRichmond ( and GiveSouthside (, a free online resource that encourages charitable giving from Richmond to Petersburg to the Northern Neck and provides in-depth organizational profiles that benefit donors, nonprofits and the community at large.

Budget $750,000.00

The Community Foundation seeks to enhance public education and strengthen the nonprofit sector through three special grant programs that offer opportunities for individuals to pursue professional development activities of their own design. Individuals are recognized for their leadership skills and demonstrated ability to make a difference in the lives of others. Each program follows a competitive process, in which eligible candidates will be selected from a larger pool based on written nominations and, in some cases, their participation in a panel interview.

TCF supports 60 scholarship funds that provide financial support to help area students attain their postsecondary education dreams. A limited number of scholarships also support adult learners.
The R.E.B. Awards for Teaching Excellence has supported outstanding public school classroom teachers, including teachers housed within the Department of Corrections, by providing grants to support professional development opportunities of their own design since 1988. Nominations are accepted from the public-at-large and extended school community after the New Year and culminate in a recognition program in November of each year. In 2012, we celebrated the 25th year of the R.E.B. Awards for Teaching Excellence.
The R.E.B. Awards for Distinguished Educational Leadership was launched in 2005 to recognize outstanding public school principals. Each of the region's four public school districts advance final candidates to a selection committee comprised of area superintendents, community and foundation leaders.
Stettinius Awards for Nonprofit Leadership was created to help develop effective organizational leadership within the local charitable sector by providing professional development opportunities to nonprofit professionals who have demonstrated the potential to become the future leaders of the community.
Budget $750,000.00


  • Impact 100 Richmond, a women's giving imitative to promote transformational giving
  • neXt, a network of next generation professional advisors in the fields of estate and tax planning
  • Richmond Giving Circle that enables next generation professionals to pool resources for high-impact giving
  • Youth Philanthropy Project ( a partnership with HandsOn Greater Richmond, engages regional high school students. Leadership roles within Community Foundations of Virginia, Southeastern Council of Foundation and Council on Foundations and Virginia Consortium for Health Philanthropy.
  • Ujima Legacy Fund supports nonprofits that empower youth through education related initiatives.
  • GiveRichmond hosts the annual 36-hour online community-wide giving event known as the Amazing Raise.


CEO/ED/Board Comments
Go to for additional information and deadlines for TCF's grant, scholarship and awards programs.
Fiscal Year
Projected Revenue $40,000,000.00
Projected Expenses $35,000,000.00
Endowment Value $166,000,000.00
Spending Policy Percentage
Percentage (if selected) 4.25
Form 990s
IRS Letter of Exemption
Detailed Financials
Revenue SourcesHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201520142013
Foundation and
Corporation Contributions
Government Contributions$0$0$0
Individual Contributions$38,533,447$12,449,634$19,123,185
Investment Income, Net of Losses$13,737,496$23,028,781$12,525,021
Membership Dues------
Special Events------
Revenue In-Kind$50,188,237$18,092,579$30,244,143
Expense Allocation
Fiscal Year201520142013
Program Expense$35,757,886$26,336,792$26,730,706
Administration Expense$4,850,101$4,483,196$4,701,305
Fundraising Expense$636,765$585,223$524,598
Payments to Affiliates------
Total Revenue/Total Expenses2.481.711.94
Program Expense/Total Expenses87%84%84%
Fundraising Expense/Contributed Revenue2%5%3%
Assets and Liabilities
Fiscal Year201520142013
Total Assets$481,484,377$424,732,549$403,118,648
Current Assets$31,019,061$102,899,372$110,024,003
Long-Term Liabilities$0--$56,848,828
Current Liabilities$61,327,773$66,857,548$6,870,642
Total Net Assets$420,156,604$357,875,000$339,399,178
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities0.511.5416.01
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets0%0%14%
Capital Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? No
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit Application Confirmation 01/2017View
Organization Comments
  • Financial data reported here is for TCF only.  See audited statements for combined financial data.
  • Total assets are reported on a market value basis; TCF uses accrual accounting.
  • "Other" revenue reflects realized gains only; unrealized gains and losses are not reported on IRS Form 990.
  • The spending rate of 4.25% on most endowments is inclusive of unrestricted support to TCF.
  • Individual contributions include those contributions received from living individuals, trusts created by individuals, and planned gifts and estates from individuals.
  • Long term liabilities are related to split-interest trusts and charitable gift annuities.