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T. Rowe Price Foundation

Annual Giving
$12.6M
Grant Range
$3K - $6.5M

Quick Stats

  • Annual Giving: $12.6 million (2024)
  • Total Assets: $93.3 million (2024)
  • Grant Range: $3,000 - $6,500,000
  • Median Grant: $10,000
  • Number of Grants: Approximately 249 annually
  • Geographic Focus: Baltimore (primary), Colorado Springs, San Francisco, New York
  • Founded: 1981

Contact Details

Email: trowepricefoundation@troweprice.com

Website: https://www.troweprice.com/corporate/us/en/what-sets-us-apart/corporate-responsibility/community-commitment/trp-foundation.html

Primary Contact: Prospective grantees should contact the foundation directly via email or through their contact form to begin exploring partnership opportunities.

Overview

The T. Rowe Price Foundation was established in 1981 and has distributed more than $194 million in direct grants and matching gift contributions since its founding. As one of the largest corporate philanthropies in Baltimore and Maryland, the foundation is deeply committed to pursuing the long-term success of communities where T. Rowe Price associates live and work. The foundation employs a community-centric approach that emphasizes listening, responsiveness, and co-creating solutions that create impact in partner communities. Led by President Raymone Jackson, CLU®, who also serves as the head of Community Investment and Diversity, Equity, and Inclusion, the foundation has recently expanded its commitment with a landmark $6.5 million, three-year grant initiative announced in 2024—its largest commitment to date—focused on strengthening Baltimore's nonprofit sector.

Funding Priorities

Grant Programs

Impact Grants: Multi-year commitments to organizations focused on systemic change and capacity building

  • Recent examples: $450,000 (Coppin State University), $300,000 (Baltimore Nonprofit Finance Fund), $225,000 (Arts Every Day)
  • Typically structured as three-year grants with annual disbursements

East Side Impact Grants (2025): $1.25 million over three years supporting eight community-based organizations and neighborhood associations in East Baltimore

  • Grant amounts range from $125,000 to $150,000 per organization over three years

General Operating Grants: Unrestricted funding to support organizational operations

  • Over 140 nonprofits received multi-year general operating grants as part of the 2024 $6.5 million commitment
  • More than $3 million allocated to this category

Capacity Building Support: Free workshops, trainings, cohorts, webinars, and organizational health assessments

  • Engaged over 5,000 organizational leaders in Baltimore (2022)

Geographic-Specific Grants:

  • Colorado Springs: $550,000 commitment (2024)
  • Grants also awarded in San Francisco and New York

Priority Areas

  • Youth Empowerment: Programs advancing opportunities for young people
  • Creativity and Innovation: Supporting creative approaches to community challenges and arts education
  • Financial Wellbeing: Initiatives promoting economic security and financial literacy
  • Racial Equity: Advancing equity through community investment and systemic change
  • Social Entrepreneurship: Supporting innovative nonprofit models

What They Don't Fund

Specific exclusions are not publicly documented. The foundation primarily supports 501(c)(3) nonprofit organizations or fiscally sponsored projects by 501(c)(3) public charities in their four geographic focus areas. Organizations outside of Baltimore, Colorado Springs, San Francisco, and New York, or working outside the foundation's priority areas, are unlikely to be funded.

Governance and Leadership

President: Raymone Jackson, CLU®, who also serves as head of Community Investment and Diversity, Equity, and Inclusion at T. Rowe Price. Jackson champions progressive community engagement and inclusion strategies. He has stated: "We pride ourselves on supporting the communities where associates live and work," and "I'm a passionate believer in the critical role that D&I plays in facilitating a culture of inclusion and belonging, advancing an organization's priorities while meeting the needs of its clients, and positively impacting the lives of others."

Trustee: Vanessa Eluma, who is also chief of staff to the CEO of T. Rowe Price and a vice president of T. Rowe Price Group, Inc.

Senior Director: Stacey Van Horn

Application Process & Timeline

How to Apply

The T. Rowe Price Foundation operates primarily through a relationship-driven model. For most grants, the foundation's team will approach organizations directly to invite them to submit a grant proposal. However, they also review unsolicited grant proposals throughout the year that align with their giving areas.

Application Steps:

  1. Initial Contact: Prospective grantees should contact the foundation directly at trowepricefoundation@troweprice.com. While the foundation previously used an eligibility questionnaire, as of 2025, this is not active, and direct contact is recommended.

  2. Exploratory Call: Qualifying organizations may schedule a call with foundation staff to explore grantmaking opportunities and ensure alignment with foundation priorities.

  3. Formal Proposal: Organizations invited to apply will receive guidance on submitting a formal grant proposal. The foundation has a standard grant application form, though preview versions suggest applications are customized based on the grant type and amount.

  4. Information Sessions: The foundation recommends attending an information session when available to learn more about their approach and priorities.

Decision Timeline

Specific decision timelines are not publicly documented. Given the foundation's relationship-driven approach and multi-year grant commitments, prospective applicants should expect a thorough review process.

Success Rates

The foundation does not publish application acceptance or success rates. With approximately 249 grants awarded annually and a median grant size of $10,000, the foundation maintains a portfolio of ongoing partnerships alongside new grant awards.

Reapplication Policy

The foundation does not publicly document a reapplication policy for unsuccessful applicants. Organizations should contact the foundation directly to understand options for reapplication.

Application Success Factors

Based on the foundation's stated priorities and recent grant awards, successful applicants typically demonstrate:

Geographic and Mission Alignment: Organizations must be located in or serve communities in Baltimore (primary focus), Colorado Springs, San Francisco, or New York, and work in youth empowerment, creativity and innovation, financial wellbeing, or racial equity.

Capacity and Long-Term Vision: The foundation emphasizes long-term partnerships and organizational sustainability. Recent major grants support capacity building initiatives, including the Baltimore Nonprofit Finance Fund launch and Coppin State University's nonprofit sector hub. Organizations demonstrating readiness to scale impact or strengthen operational foundations are well-positioned.

Community-Centric Approach: As the foundation states, they "listen, are responsive, and co-create solutions that support communities." Applications that demonstrate deep community connections, responsiveness to community needs, and collaborative approaches align with this philosophy.

Systemic Change Focus: The foundation's largest commitments target "critical gaps of Baltimore's nonprofit sector" and initiatives that strengthen the broader nonprofit ecosystem. Projects addressing root causes and systemic barriers, rather than only providing direct services, appear to resonate.

Unrestricted Funding Preference: The foundation emphasizes general operating support, with more than $3 million of their 2024 commitment allocated to unrestricted grants across 140+ nonprofits. Organizations seeking flexible funding for core operations may find receptive partners.

Engagement with Capacity Building: The foundation offers extensive capacity building programming, engaging over 5,000 organizational leaders annually. Organizations that participate in these programs—available to both grantees and non-grantees—may strengthen relationships and demonstrate commitment to organizational excellence.

Multi-Year Commitment Readiness: Recent grants are structured as three-year commitments. Organizations should be prepared to articulate multi-year goals and demonstrate capacity to manage sustained partnerships.

Key Takeaways for Grant Writers

  • Relationship building is essential: With most grants awarded by invitation, establishing contact with foundation staff early is critical. Attend information sessions and engage with capacity building programs to get on their radar.

  • Think multi-year and systems-level: The foundation's recent $6.5 million commitment reflects a preference for sustained partnerships and systemic change. Frame proposals around long-term impact and ecosystem strengthening.

  • Geographic focus is narrow but deep: If your organization operates in Baltimore, Colorado Springs, San Francisco, or New York, you're in the target zone. Baltimore receives the majority of funding (over half).

  • General operating support is available: Unlike many funders, the foundation prioritizes unrestricted grants. Don't hesitate to request funding for core operations and organizational health.

  • Leverage capacity building resources: Even before receiving a grant, engage with the foundation's workshops, trainings, and organizational health assessments. This demonstrates commitment to excellence and builds familiarity with foundation staff.

  • Align with D&I and equity priorities: Under President Raymone Jackson's leadership, the foundation emphasizes diversity, equity, inclusion, and racial equity. Applications should demonstrate how these values are integrated into organizational culture and programming.

  • Contact directly: With the eligibility questionnaire inactive as of 2025, email trowepricefoundation@troweprice.com to explore opportunities and ensure your organization aligns with current priorities.

References

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