Chartway Promise Foundation

Joy, Hope and Smiles

Virginia Beach, VA   |
GuideStar Charity Check

Chartway Promise Foundation

EIN: 20-3244422


OUR MISSION As Chartway Federal Credit Union’s charitable arm, Chartway Promise strengthens the communities we serve by partnering with companion charities, sponsors, and contributors to provide the financial support needed to make dreams and wishes come to life for children facing medical challenges. The foundation was originally launched as the We Promise Foundation in 2005 based on the enduring success of Chartway’s charitable events. In 2022, the foundation’s name was changed to Chartway Promise Foundation to better align with the Chartway brand. Since 1999, Chartway and Chartway Promise Foundation have raised over $13 million to help thousands of children through our partnerships.

Ruling year info


Executive Director

Karen Lane

Main address

5700 Cleveland Street Suite 101

Virginia Beach, VA 23462 USA

Show more contact info

Formerly known as

We Promise Foundation



Subject area info


Diseases and conditions

Population served info

Children and youth

People with diseases and illnesses

NTEE code info

Fund Raising and/or Fund Distribution (T12)

Fund Raising and/or Fund Distribution (G12)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Tax forms


Programs and results

What we aim to solve

SOURCE: Self-reported by organization

The Chartway Promise Foundation promises to provide medically fragile children and their families memorable experiences that bring joy, hope and smiles. Medically fragile children are children first and foremost and we provide opportunities for the families to forget about diagnoses and treatments, and concentrate on being a family and creating positive memories together.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Children's Hospital Toy bags

We procure items for children (crayons, coloring books, fidget toys, cars, animals, playdough etc.) and assemble them in bags for emergency rooms to give incoming children. Since communal toys are no longer allowed in waiting areas, these activity bags give the children something to do while waiting and can be easily closed and transported to various areas of the hospital.

Population(s) Served

By partnering with companion charities, we fund wish grants (trips to Disney or other locations like Hawaii or the Super Bowl, playground sets, shopping sprees, puppies, horses, hot tubs, etc.) to medically fragile children to create memorable experiences that bring joy, hope and smiles.

Population(s) Served
Children and youth
People with diseases and illnesses
People with disabilities
Children and youth
People with diseases and illnesses
People with disabilities

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Total dollar amount of grants awarded

This metric is no longer tracked.
Totals By Year
Population(s) Served

Children and youth, People with diseases and illnesses, People with disabilities

Type of Metric

Output - describing our activities and reach

Direction of Success


Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Our goal is to bring joy, hope and smiles to children battling serious medical illnesses in our community.

Chartway Promise Foundation hosts multiple events a year to raise funds for our Promise heroes. These events include golf tournaments, runs and auctions. We partner with companion charities and local children's hospitals to identify and help facilitate programming.

We are proud to say that we have a large group of volunteers that work tirelessly to help us organize and execute our various fund-raising events as well provide manpower to our partners in building playsets, assembling toy bags, cheering on children and hosting trunk or treats.

We have a robust fundraising program, which includes payroll deduction, online giving and events. Since 2005 we have raised nearly fourteen million dollars.

In addition to funding dozens of partners, we are creating heightened awareness around pediatric cancer awareness month and assisting grass-roots organizations in their professional development.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To strengthen relationships with the people we serve

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback


Chartway Promise Foundation
Fiscal year: Jan 01 - Dec 31

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2022 info

SOURCE: IRS Form 990


Average of 40.96 over 10 years

Months of cash in 2022 info

SOURCE: IRS Form 990


Average of 5.2 over 10 years

Fringe rate in 2022 info

SOURCE: IRS Form 990


Average of 0% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

Chartway Promise Foundation

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

Chartway Promise Foundation

Balance sheet

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

Chartway Promise Foundation

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of Chartway Promise Foundation’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

Created in partnership with

Business model indicators

Profitability info 2018 2019 2020 2021 2022
Unrestricted surplus (deficit) before depreciation -$20,991 $98,885 -$82,072 $7,838 $42,262
As % of expenses -2.8% 11.3% -13.2% 1.1% 4.9%
Unrestricted surplus (deficit) after depreciation -$21,791 $98,085 -$82,872 $7,038 $41,462
As % of expenses -2.9% 11.2% -13.3% 1.0% 4.8%
Revenue composition info
Total revenue (unrestricted & restricted) $733,347 $976,015 $541,900 $700,259 $898,239
Total revenue, % change over prior year -12.3% 33.1% -44.5% 29.2% 28.3%
Program services revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Membership dues 5.3% 4.4% 3.0% 5.2% 19.3%
Investment income 0.1% 0.1% 0.1% 0.0% 0.0%
Government grants 0.0% 0.0% 0.0% 0.0% 0.0%
All other grants and contributions 94.5% 95.5% 96.9% 94.7% 80.7%
Other revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Expense composition info
Total expenses before depreciation $760,338 $877,130 $623,972 $692,421 $855,977
Total expenses, % change over prior year -6.0% 15.4% -28.9% 11.0% 23.6%
Personnel 0.0% 0.0% 0.0% 0.0% 0.0%
Professional fees 6.2% 2.1% 1.4% 0.8% 0.8%
Occupancy 0.0% 0.0% 0.0% 0.0% 0.0%
Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Pass-through 87.1% 95.2% 96.1% 95.4% 91.7%
All other expenses 6.7% 2.7% 2.6% 3.8% 7.4%
Full cost components (estimated) info 2018 2019 2020 2021 2022
Total expenses (after depreciation) $761,138 $877,930 $624,772 $693,221 $856,777
One month of savings $63,362 $73,094 $51,998 $57,702 $71,331
Debt principal payment $0 $0 $0 $0 $0
Fixed asset additions $6,000 $0 $0 $0 $0
Total full costs (estimated) $830,500 $951,024 $676,770 $750,923 $928,108

Capital structure indicators

Liquidity info 2018 2019 2020 2021 2022
Months of cash 0.6 1.5 1.1 11.6 11.7
Months of cash and investments 0.6 1.5 1.1 11.6 11.7
Months of estimated liquid unrestricted net assets 0.6 1.9 1.1 1.1 1.5
Balance sheet composition info 2018 2019 2020 2021 2022
Cash $39,214 $113,099 $56,715 $671,563 $831,384
Investments $0 $0 $0 $0 $0
Receivables $0 $25,000 $118 $52,205 $44,743
Gross land, buildings, equipment (LBE) $8,000 $8,000 $8,000 $8,000 $8,000
Accumulated depreciation (as a % of LBE) 35.0% 45.0% 55.0% 65.0% 75.0%
Liabilities (as a % of assets) 0.0% 0.0% 1.3% 90.8% 87.7%
Unrestricted net assets $44,414 $142,499 $59,627 $66,665 $108,127
Temporarily restricted net assets $0 N/A N/A N/A N/A
Permanently restricted net assets $0 N/A N/A N/A N/A
Total restricted net assets $0 $0 $0 $0 $0
Total net assets $44,414 $142,499 $59,627 $66,665 $108,127

Key data checks

Key data checks info 2018 2019 2020 2021 2022
Material data errors No No No No No


The people, governance practices, and partners that make the organization tick.

Letter of Determination is not available for this organization
Form 1023/1024 is not available for this organization

Executive Director

Karen Lane

Number of employees

Source: IRS Form 990

Chartway Promise Foundation

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

There are no highest paid employees recorded for this organization.

Chartway Promise Foundation

Board of directors
as of 07/14/2023
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Mr Wayne Foshay

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Not applicable
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes

Organizational demographics

SOURCE: Self-reported; last updated 6/9/2023

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.


The organization's leader identifies as:

Race & ethnicity
Decline to state
Gender identity
Sexual orientation
Decline to state
Disability status
Decline to state

Race & ethnicity

Gender identity


Sexual orientation

No data


Equity strategies

Last updated: 07/14/2023

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We have a promotion process that anticipates and mitigates implicit and explicit biases about people of color serving in leadership positions.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.