Spring Foundation Inc.

Spring Foundation Inc. is a private, family-operated foundation headquartered in Atlanta, Georgia, incorporated in April 2010 and led by Suzanne Masters (President) and Michael Masters (Treasurer), both of whom serve without compensation. With approximately $120 million in assets as of fiscal year 2024, it ranks among the largest private independent foundations in Georgia. The foundation operates exclusively through preselected, invited grantmaking — it does not accept unsolicited proposals, operate a public application portal, or post grant guidelines. This is the single most important fact for prospective grantees to internalize before investing effort in outreach.

The giving philosophy that emerges from the grantee record centers on sustained organizational support for a small portfolio of trusted partners rather than project-based or competitive grants. Of the 21 documented grants in the top-grantee dataset totaling $14.25 million, nearly every grant is described simply as "organizational support" — a strong signal that the foundation values operational sustainability and institutional relationships over programmatic pilots or time-limited projects. The single largest relationship, with Greater Washington Community Foundation ($6.04M across 4 grants), reflects a commitment to re-granting vehicles that amplify philanthropic capacity in the Washington, D.C. metropolitan area.

First-time organizations should understand that cold outreach is unlikely to succeed. The Masters family has built relationships with their grantee portfolio over many years; Emory University, Partners in Health, and the Lymphatic Education & Research Network each appear in multiple grant cycles. The path to funding runs through existing grantees, shared civic or professional networks, or community intermediaries familiar with Suzanne and Michael Masters' philanthropic interests in the Atlanta, D.C., and Tennessee corridors.

For organizations in Georgia, D.C., New York, or Tennessee — the four documented geographic focus states — the most productive long-term strategy is to strengthen connections with anchor grantees already in the portfolio, particularly Greater Washington Community Foundation and Emory University, which could serve as natural introduction points. Organizations working in global health, education, anti-human trafficking, and community-strengthening initiatives align most closely with the documented grantee record. Any eventual introduction should lead with long-term organizational mission and demonstrated financial resilience rather than a specific project request.

Spring Foundation Inc. has maintained a consistent annual grantmaking pace of $2.4 million to $5.3 million in grants paid over the period 2019–2023, with total giving (which includes fees and other charitable disbursements) ranging from $3.1 million to $6.4 million annually. The foundation's asset base roughly doubled between fiscal year 2020 ($62.6 million) and fiscal year 2021 ($117.7 million), almost certainly reflecting a significant investment gain or capital event, and has stabilized near $104–120 million through fiscal year 2024.

From the 21 documented top grants totaling $14.25 million, the average grant is $678,794. The foundation's own records indicate a typical grant range of $100,000 to $1.94 million, with a median of $1.0 million and an average of $870,315. The largest cumulative recipient is Greater Washington Community Foundation at $6.04 million across 4 grants (averaging $1.51 million per grant). Ut Foundation received $3.5 million across 3 grants ($1.17M average), Partners in Health $1.37 million across 2 grants, and Marist School $1.22 million in a single grant. Smaller, multi-year commitments include the Lymphatic Education & Research Network and Emory University at $300,000 each over 3 grants ($100K/year).

Geographically, Georgia leads in grant count with 6 documented grants (28.6%), driven by Marist School, Emory University, and other Atlanta-area organizations. The Washington, D.C. area receives the largest share of total dollars due to the Greater Washington Community Foundation relationship. New York accounts for 4 grants (19%), Tennessee for 3 (14%), Massachusetts for 2 (10%), and Illinois for 1 (5%).

By focus area, community and philanthropic infrastructure absorbs the largest share — roughly 67% of cumulative documented giving. Healthcare and medical research (Partners in Health, Lymphatic Education & Research Network) accounts for approximately 12%. Education (Marist School, Emory University, Sigma Chi Foundation) contributes around 11%. International scholarly exchange (American Friends, $288K) and social services/anti-trafficking (Lifeway Network, $150K) together represent the remaining 10%. Year-over-year grants paid: $5.3M (2019), $2.4M (2020), $3.9M (2021), $4.4M (2022), $3.6M (2023).

Spring Foundation Inc. sits within a peer cluster of private foundations with assets clustered tightly between $119.6 million and $120.5 million, all classified under the Philanthropy & Grantmaking NTEE category. The comparison below uses asset-peer data from the same database; annual giving and application details for peers are not publicly available at this level of granularity.

Among this asset-equivalent peer set, Spring Foundation Inc. is distinctive in two ways. First, it is the only peer for which grantmaking patterns are publicly documented in sufficient detail to confirm a multi-year, relationship-driven portfolio strategy centered on a small number of large organizational-support grants. Second, its grantmaking pace of $3.6 million in FY2023 against $120 million in assets represents a payout rate of approximately 3%, below the 5% minimum required distribution threshold — suggesting that additional charitable disbursements (not captured in grants-paid) make up the remainder. Grant seekers evaluating this peer group should note that Southern Company Gas Charitable Foundation, as a corporate foundation, is likely to have a more structured and publicly accessible application process than the family-operated Spring Foundation.

Web searches conducted in April 2026 returned no news articles, press releases, or grant announcements specifically attributable to Spring Foundation Inc. (EIN 27-1498037, Atlanta, GA) in the 2025–2026 period. The foundation maintains a deliberate low public profile consistent with its invitation-only grantmaking structure and does not issue public calls for proposals or media announcements.

The most recent IRS data available via ProPublica (fiscal year 2024) shows the foundation holding $120.1 million in total assets with $19.0 million in total revenue and $2.7 million in charitable disbursements — a decline from the $3.6 million in grants paid in FY2023 and $4.4 million in FY2022. This may reflect a natural variation in payout timing rather than a strategic reduction, but it bears watching over the next filing cycle.

Leadership has remained entirely stable throughout the foundation's documented history: Suzanne Masters has served as President and Michael Masters as Treasurer since at least FY2011, with no compensation reported in any year. This leadership continuity over 15+ years is consistent with a closely held family foundation where grantmaking decisions are personal and relational. No board expansions, staff hires, or programmatic pivots have been publicly announced. The foundation was ruled tax-exempt in April 2010 and has operated continuously since.

Spring Foundation Inc. explicitly does not accept unsolicited applications. The foundation's application instructions are listed as none in grantmaker databases, and its profile is flagged as preselected-only, meaning all grants are made at the initiative of Suzanne and Michael Masters based on existing relationships and personal priorities. The following tips are therefore oriented toward the multi-year relationship-building process that precedes any funding conversation.

Establish indirect connections first. The most direct path runs through Greater Washington Community Foundation (which has received $6.04M from Spring Foundation) or Emory University ($300K, 3 grants). If your organization has board members, advisors, or institutional relationships with these organizations, leverage those connections to secure a warm introduction.

Align with documented cause areas. The grantee record points clearly to: community philanthropic infrastructure (DAFs and community foundations), global health, K-12 and higher education in the Southeast, anti-human trafficking, and international scholarly exchange. Organizations outside these categories face a steeper climb regardless of relationship quality.

Lead with mission and financial strength, not programs. Every documented grant is for "organizational support" — not for a specific project, capital campaign, or pilot. Prepare a concise organizational overview that emphasizes your mission track record, leadership stability, financial health, and long-term sustainability.

Target Georgia, D.C., New York, and Tennessee. These are the four documented geographic focus states. Organizations headquartered elsewhere should have a compelling programmatic reason to connect — e.g., national scope with strong southeastern roots.

Maintain patience and consistency. Partners in Health, Lymphatic Education & Research Network, and Emory University each appear in 2–3 grant cycles, suggesting the foundation builds incrementally over years. An introduction today may not produce funding for 12–24 months or longer.

Do not cold-call or email. The foundation's phone number (770-396-1100) is a registered office line, not a program officer's direct line. Unsolicited outreach may damage rather than help your standing.