Watt Foster Family Foundation

The Watt Foster Family Foundation is a private nonprofit organization based in Brookneal, Virginia. It is primarily involved in providing grants to various organizations across the United States.

Mission and Activities

Although the specific mission statement of the Watt Foster Family Foundation is not widely detailed, the organization's activities suggest a focus on supporting diverse causes through grants. It has provided significant financial support to recipients such as the Academy Center of the Arts, YMCA of Central Virginia, and Sweet Briar College[2][5].

Financial Overview

In the fiscal year ending December 2023, the Watt Foster Family Foundation reported total revenues of approximately $310,838. This included investment income and dividends, as well as a net gain from the sale of non-inventory assets[2][3]. However, the foundation's expenses for the same period were $791,000, indicating a reliance on existing assets to fulfill its grant commitments[3]. It had total assets of about $13 million and no liabilities at the end of 2023[3].

Grants and Philanthropy

The Watt Foster Family Foundation has been active in grant-making, disbursing $724,473 in grants during 2023 alone[5]. Its grant recipients span a range of sectors, including arts, education, and community development[2][5].

Governance

Watt R. Foster serves as a trustee of the foundation, highlighting its familial structure and private nature[2].

While the Foster Foundation at foster-foundation.org and the Watt Foster Family Foundation share a similar name, they are distinct entities with different focuses. The Watt Foster Family Foundation's activities are more aligned with grant-making to specific organizations, whereas the Foster Foundation at foster-foundation.org emphasizes broader community development goals[1].