Agena Foundation

The Agena Foundation is a private, family-connected funder with approximately $30 million in assets, based in the Hampton Roads area of Virginia (Virginia Beach / Chesapeake). Its mission is "distribution of funds for charitable and educational purposes, including those programs that improve the quality of young adults" — with a clear emphasis on direct-service organizations addressing homelessness, emergency shelter, youth development, and poverty in southeastern Virginia.

The most important fact for prospective grantees: this foundation does not accept unsolicited applications. There is no public RFP cycle, no online grant portal, and no posted deadlines. All grantmaking operates through a preselected model in which the board and executive director identify and invite organizations through their own networks and community knowledge. Relationship capital is the primary currency for consideration.

The foundation's governance is anchored by a tight inner circle: Christopher H. Russi (Secretary/Treasurer) and Kimberlee Russi (Vice President) serve alongside President Judy G. McReynolds — all without compensation. Executive Director Felicia Ford is the sole compensated officer, earning $123,492 in FY2023, up from $83,637 in FY2020. She has served in this capacity since at least FY2019 and manages day-to-day operations, making her the practical gateway to the foundation.

For first-time applicants, the pathway runs through peer organizations. FORkids, Seton Youth Shelters, Boys and Girls Club of Southeastern Virginia, The Salvation Army of Tidewater, The Union Mission, YOURS Ministry, and YWCA have all received multiple large grants and represent the foundation's inner circle of trusted partners. Developing professional relationships with leadership at these organizations — through Hampton Roads nonprofit convenings, United Way of South Hampton Roads events, or the Hampton Roads Community Foundation — and earning a personal introduction is far more productive than any direct cold outreach.

When contact is established, lead with hyperlocal impact in Hampton Roads and outcomes tied specifically to young adults. First-time awards typically fall in the $50,000–$125,000 range, with larger grants ($200,000–$323,000) reserved for multi-year partners with proven track records. Grant relationships at this foundation are sustained, multi-cycle commitments: FORkids has received $635,000 across two grants and Seton Youth Shelters $416,500 across two grants — demonstrating the foundation's preference for deepening rather than broadening its grantee portfolio.

The Agena Foundation's financial trajectory has been exceptional. Total assets grew from $3.9M (2011) to $30.1M (2023), a 7.7x increase in twelve years, driven almost entirely by investment performance. Net investment income reached $4.2M in FY2023, making the portfolio the primary lever on future grantmaking capacity. The foundation received no outside contributions in FY2023, operating entirely from investment returns.

Annual grants paid have grown in parallel: $403,650 (2011) → $663,000 (2015) → $1.39M–$1.83M (2019–2022) → $1.32M (FY2023 grants paid, $1.73M total giving). Third-party analysis of FY2024 990 filings shows a significant acceleration: $2.12M in total giving across 18 grants, a 60.9% year-over-year increase.

Grant size distribution: - Median grant (historical DB, 32 grants tracked): ~$50,000 - Average grant (historical DB): ~$94,954 - Average grant (FY2024 per Instrumentl): ~$118,000 - Observed range: $18,000 (Reach Foundation, literacy) to $415,000 (historical maximum) - 2024 largest awards: $323,000 (Boys & Girls Club), $305,000 (Seton Youth Shelters), $273,000 (FORkids), $262,000 (YWCA), $220,000 (Salvation Army)

Concentration among core grantees is pronounced. In historical data, the top three recipients — FORkids ($635,000), Seton Youth Shelters ($416,500), and The Salvation Army of Tidewater ($383,000) — account for approximately 47% of total tracked giving. In 2024, the top four grantees alone received an estimated $1.16M of the $2.12M total, or roughly 55%.

Estimated giving by program area: - Housing and homelessness services: ~50–55% (FORkids, Seton Youth Shelters, The Union Mission, Salvation Army) - Youth development and mentorship: ~20–25% (Boys & Girls Club, YOURS Ministry, Rise & Grow) - Independent living and human services: ~15–20% (Hope U Foundation, Tidewater Youth Services Commission, Together We Can) - Literacy, arts, and faith-based services: ~5–10% (The Muse Writing Center, Reach Foundation, St. Columbia Ecumenical)

All giving is concentrated in Hampton Roads — no out-of-state recipients appear in any available data. The strong FY2024 performance likely reflects the recovery in equity markets during calendar year 2023, which pushed FY2023 net investment income to $4.2M — enabling a correspondingly larger grantmaking deployment in 2024.

The four peer foundations identified by asset similarity all hold approximately $29–30M in assets and carry a Philanthropy & Grantmaking (NTEE T22) classification, making them structurally comparable to Agena. However, Agena stands out for its operational specificity and programmatic clarity.

Note: Estimated annual giving for peers is calculated at ~5% payout rate on assets (private foundation minimum); actual peer giving figures were not available in the research database.

Compared to its asset-similar peers, Agena is notable for three reasons. First, its hyperlocal geographic focus on a single metro area — Hampton Roads — is far more concentrated than typical foundations of this size, meaningfully reducing the competitive field for eligible organizations. Second, Agena's FY2024 payout rate of approximately 7% ($2.12M on $30M in assets) exceeds the 5% minimum, signaling an active board willing to deploy capital generously. Third, Agena has a well-defined programmatic identity (youth services and homelessness in Hampton Roads) rather than a broad philanthropic mandate, making fit assessment straightforward for prospective applicants.

No press releases, media coverage, or public announcements about the Agena Foundation were found for 2025 or 2026. The foundation maintains a deliberately low public profile, consistent with its preselected grantee model and the absence of an active public website as of mid-2026 — the listed URL (agena.org) returns an unrelated French organization.

The most significant verifiable recent activity comes from FY2024 990 data. The foundation awarded $2.12M across 18 grants in FY2024 — its highest recorded annual giving level — representing a 60.9% increase over FY2023. Top 2024 recipients included Boys and Girls Club of Southeastern Virginia ($323,000), Seton Youth Shelters ($305,000), FORkids ($273,000), YWCA ($262,000), and The Salvation Army of Tidewater ($220,000). The YWCA's appearance at $262,000 as a new major grantee is the most notable portfolio development in recent years.

Leadership has been stable. Executive Director Felicia Ford has served since at least FY2019, with compensation growing from $83,637 (FY2020) to $123,492 (FY2023). The Russi family and Judy McReynolds have held board positions consistently across at least five consecutive 990 filing periods — an unusual degree of continuity that reflects a tightly held, family-oriented foundation.

Financial position is strong. Net investment income reached $4.2M in FY2023 — a sharp recovery from $668,564 in FY2022 — and total assets hit $30.1M, up from $27.8M in FY2022. The foundation's self-sustaining, investment-only revenue model means grantmaking capacity will track market performance rather than fundraising cycles.

Given the preselected grantee model, the following guidance is specific to organizations seeking entry into the Agena Foundation's funding portfolio.

Network through current grantees — this is the only reliable path in. The foundation's known grantee community includes FORkids, Seton Youth Shelters, Boys and Girls Club of SE VA, The Salvation Army of Tidewater, The Union Mission, YOURS Ministry, Hope U Foundation, Together We Can, and YWCA. Cultivating relationships with program leaders at these organizations through Hampton Roads nonprofit convenings — United Way of South Hampton Roads annual events, Hampton Roads Community Foundation gatherings, local sector-specific coalitions — creates the connective tissue for an eventual introduction.

Use a warm channel to reach Felicia Ford. The Executive Director can be reached at (757) 414-7697 and is the operational gatekeeper. A cold call is unlikely to gain traction; a call preceded by a personal introduction from a current grantee or board member is the appropriate approach. A secondary contact name on IRS record is Linda Founds. Do not attempt to contact board members (the Russi family, Judy McReynolds) directly without an existing personal relationship.

Mirror the foundation's mission language exactly. The stated mission is "distribution of funds for charitable and educational purposes, including those programs that improve the quality of young adults." Every communication should tie your work directly to young adult quality-of-life improvement — even if your organization serves multiple populations or demographics.

Be hyperlocal and specific. Generic "Hampton Roads" framing is insufficient. Reference specific neighborhoods, zip codes, and localities within Norfolk, Virginia Beach, Chesapeake, Portsmouth, or Suffolk. The foundation's grantees serve clearly defined communities and the board likely knows those communities personally.

Target $50,000–$125,000 for a first request. Awards of $200,000–$323,000 are reserved for long-tenured, deeply trusted partners. Building a smaller initial relationship is the strategically correct approach.

Emphasize organizational sustainability and track record. Multi-year funding patterns strongly favor organizations with documented local impact and diversified funding. Organizations under three years old or without established Hampton Roads presence should focus on building that foundation before approaching this funder.

Ask about review cycles when contact is established. No application deadline is published. Based on historical 990 data, grants appear to be approved and disbursed primarily in the first half of the calendar year — suggesting board review likely occurs in the fall or winter prior.