Red Gates Foundation
- Assets
- $1.4b
- Revenue
- $38.2m
- Investments
- $1.3b
- Employees
- 0
- Location
- Richmond, VA
- Founding
- Data as of
- 12/2023
- EIN
- 30-1201296
Organization Overview
Red Gates Foundation is located in Richmond, VA. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Red Gates Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Red Gates Foundation generated $38.2m in total revenue.
Since 2020, Red Gates Foundation has awarded 64 individual grants totaling $314,934,718. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William H Goodwin Jr Chairman | 1 | $0 | |
Matthew T Goodwin Vice Chairman | 1 | $0 | |
Richard J Higgerson Board Member | 1 | $0 | |
Jeff Galanti Executive Director | 40 | $471,250 | |
Mark Smith Director Of Investme | 40 | $222,872 | |
Stephanie Hicks Dir Of Finance And A | 40 | $183,751 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $584,741 |
| Dividends & Interest | $5,306,872 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $29,468,342 |
| Capital Gain Net Income | $29,468,342 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $2,889,402 |
| Total Revenue | $38,249,357 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $877,872 |
| Pension plans, employee benefits | $118,081 |
| Interest | $3,253,150 |
| Taxes | $1,018,402 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $8,176 |
| Printing and publications | $0 |
| Other expenses | $937,992 |
| Total operating and administrative expenses | $7,361,978 |
| Contributions, gifts, grants paid | $146,858,277 |
| Total expenses and disbursements | $154,220,255 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,851,352 |
| Savings and temporary cash investments | $5,070 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $12,378,738 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,343,052,872 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $7,628,744 |
| Total assets | $1,367,916,776 |
| Accounts payable and accrued expenses | $1,053,032 |
| Grants payable | $148,305,215 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $102,075,000 |
| Total liabilities | $251,433,247 |
Grants Awarded
Over the last fiscal year, Red Gates Foundation has awarded $228,622,821 in support to 44 organizations.
| Grant Recipient | Amount |
|---|---|
CROSSOVER HEALTHCARE MINISTRY PURPOSE: GENERAL SUPPORT | $1,000,000 |
ELIJAH HOUSE ACADEMY PURPOSE: GENERAL SUPPORT | $225,000 |
FOCUSED ULTRASOUND FOUNDATION PURPOSE: GENERAL SUPPORT | $789,371 |
ANNA JULIA COOPER SCHOOL PURPOSE: GENERAL SUPPORT | $187,500 |
FIRST TEE GREATER RICHMOND PURPOSE: GENERAL SUPPORT | $500,000 |
CRISTO REY PURPOSE: GENERAL SUPPORT | $600,000 |