Carmax Foundation
Richmond, VA 23238 · IRS data through FY2024
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2024 | $10,080,818 | $7,910,898 | $7,978,068 |
| FY2023 | $7,627,457 | $8,192,178 | $5,775,648 |
| FY2022 | $9,797,991 | $7,431,057 | $6,340,369 |
| FY2021 | $9,417,378 | $5,751,891 | $3,973,435 |
| FY2020 | $7,568,452 | $7,910,624 | $307,948 |
| FY2016 | $1,606,733 | $6,395,977 | $2,860,455 |
| FY2015 | $4,803,744 | $5,588,636 | $7,649,699 |
| FY2014 | $4,004,963 | $4,968,675 | $8,434,591 |
| FY2013 | $4,012,225 | $3,676,154 | $9,398,303 |
| FY2012 | $6,006,270 | $2,657,665 | $9,062,232 |
Form 990 filings
The returns filed by Carmax Foundation (EIN 38-3681796), including Form 990-PF PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $9,700,000 | 96% |
| Other revenue | $380,818 | 4% |
Grants paid
Total contributions, gifts and grants paid by year, as reported on Form 990-PF. Individual recipients are not published. See private foundations in VA. See the largest grantmakers.
| Tax year | Grants paid |
|---|---|
| FY2024 | $7,234,486 |
| FY2023 | $7,465,717 |
| FY2022 | $7,001,326 |
| FY2021 | $5,430,012 |
| FY2020 | $7,505,885 |
| FY2016 | $5,881,591 |
| FY2015 | $5,170,607 |
| FY2014 | $4,691,681 |
| FY2013 | $3,386,550 |
| FY2012 | $2,482,892 |
What the numbers show
- Contributions & grants made up 96% of total revenue in FY2024.
- Net assets covered about 12.1 months of expenses at the end of the reporting year. That puts it in the 19th percentile among 1297 Philanthropy, Voluntarism & Grantmaking Foundations organizations in VA.
- Total revenue was higher than 97.1% of 1337 Philanthropy, Voluntarism & Grantmaking Foundations organizations in VA.
- Total revenue rose from $6,006,270 in FY2012 to $10,080,818 in FY2024. Revenue increased in 5 and decreased in 4 of 9 year-over-year comparisons.
- Expenses exceeded revenue in 5 of 10 reported years (FY2014, FY2015, FY2016, FY2020, FY2023).
- Net assets declined from $9,062,232 to $7,978,068 between FY2012 and FY2024.
- Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (private foundation).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
IRS status
| Ruling year | 2003 |
| Subsection | 501(c)(3) |
| Classification | Private foundation |
| Program area (NTEE) | T21 — Philanthropy, Voluntarism & Grantmaking Foundations (in VA) |
| Donations | Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (private foundation). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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