2024 Annual Report

Richard Stafford
President
TowerCares Foundation

MESSAGE FROM THE PRESIDENT

2024 was another impressive year for the TowerCares Foundation. We surpassed $3 million in grants, donations and scholarships to help our military heroes, Veterans, Department of Defense (DoD) civilian employees, and children in need!

A highlight of the year was the Foundation’s special $25,000 donation to four TowerCares Community Heroes—Camp Attaway, Casey Cares, Hero Dogs, and Hospice of the Chesapeake—in recognition of the services and support these remarkable organizations tirelessly provide every day for local Veterans and children in need. The $100,000 donation helped push our giving over the $3 million mark.

119 Partner Charities Supported

We continued to provide support year-round for 119 incredible charity partners, including 16 new organizations. I encourage you to get to know all of the incredible charities we support, and the work they are doing in our local communities to brighten the lives and futures of so many.

Supporting the next generation of STEM leaders

The TowerCares College Scholarship Program continues to make a lasting impact. In 2024, we awarded thirty $5,000 scholarships—totaling $150,000—to exceptional students pursuing degrees in STEM or Foreign Language Linguistics. Since 2018, TowerCares has invested over $500,000 in helping future leaders achieve their college dreams.

I am proud that TowerCares invests in the next generation of STEM leaders and is helping to relieve some of the financial burden of higher education for these exceptional men and women and their families, many of whom have served our country in the military and defense communities. In fact, over half of this year’s scholarship winners have military or DoD affiliation.

Tower Classic raises record amount

In June, we hosted our annual Tower Classic Charity Golf Tournament to benefit the Johns Hopkins Children’s Center, a local Children’s Miracle Network Hospital. Over 130 golfers and 50 sponsors participated in the Tower Classic, held at the beautiful Renditions Golf Course in Davidsonville, Maryland.

I’m excited to say that the tournament raised over $68,000—our new highest amount raised to date! Those funds go a long way toward helping critically ill children and their families. The Tower Classic has raised more than $1 million for the Children’s Center over the years.

Remembering the fallen through volunteer service

Tower Federal Credit Union employees have been ardent supporters of TowerCares since our founding in 2015. On September 11, dozens of Tower employees volunteered at four of our charity partners as part of the 9/11 Day of National Service and Remembrance. A highlight of the day was a surprise lunch delivery at six local firehouses to show appreciation for the outstanding service and dedication our first responders provide for the community.

Pennies for Change makes a significant impact

The Pennies for Change program continued strong throughout 2024. Through Pennies for Change, Tower Federal Credit Union donates one cent to the TowerCares Foundation every time a member swipes his or her Tower debit or credit card.

The program contributed $325,000 to TowerCares this year, which helped expand our reach within the community and was an integral part of our reaching the $3 million milestone. Since Pennies for Change launched in 2021, the program has generated over a million dollars for the TowerCares Foundation.

Helping stock food pantry shelves

In December, we ended the year on a positive note with donations to several area food banks to help restock and replenish pantry shelves depleted by the increased demand during the holidays.

TowerCares provided $5,000 each to the Anne Arundel County, Capital Area, and Howard County Food Banks. Each dollar donated equals about two meals, so the donations helped provide over 30,000 meals! We also provided $1,000 each to five local food banks recommended by Tower Federal Credit Union employees.

Thank you for your ongoing support

On behalf of the TowerCares Board of Directors and our dedicated volunteers, thank you for your support and your trust in us. None of what we do would be possible without the generosity of our donors. We are honored to help the heroic individuals and their families who sacrifice while protecting our freedom.

Together, we are truly making a difference in the lives of so many military families, Veterans, and children in need.

Statement of Activities

2024 2023

Revenue
Contributions Received $851,175 $766,124
Investment Return $8,882 $8,873
Total Revenue & Support $860,057 $774,997
Non-Grant/Scholarship Expenses ($117,781) ($108,545)
Expense Revenue & Support over expenses, before charitable donations $742,276 $666,452
Grants/Scholarships ($737,497) ($707,200)
Net Increase in Net Assets $4,779 ($40,748)
Net Assets, beginning of year $1,084,778 $1,125,526
Net Assets, end of year $1,089,557 $1,084,778

Statement of Financial Position

year-end 2024 year-end 2023

Assets
Cash & cash equivalents $1,094,988 $1,084,628
Other Assets $5,764 $6,416
Total Assets $1,100,752 $1,091,044
Total Liabilities $11,195 $6,266
Net Assets
Unrestricted net assets $1,089,557 $1,084,778
Temporary restricted net assets $0 $0
Total Net Assets $1,089,557 $1,084,778
Total Liabilities and Net Assets $1,100,752 $1,091,044

TowerCares Foundation Board of Directors

R. Allen Brisentine, III
Chairman

Richard Stafford
President

Tom Poe
Treasurer

Alvin W. Smith
Secretary

Kathryn A. Birge
Director

Martin M. Breland
Director

Monte Dzurenko
Director

Arland A. White, Jr.
Director

Organizations We Support

The TowerCares Foundation provided over $730,000 in grants and donations to our charity partners in 2024. Here are just a few of the year’s highlights. Click here to view more organizations we support.

Camp Attaway

 

The Foundation made a special $25,000 donation to TowerCares Community Hero Camp Attaway in November. Camp Attaway is a summer day camp program in Howard County, Maryland, for children with emotional and behavioral challenges. Camp Attaway Executive Director Sue Ann Shafley said of the surprise donation: “The TowerCares Foundation has been a steadfast ally in our mission. This unexpected, transformational gift is a testament to their unwavering conviction that all children deserve to be included and have the opportunity for personal growth while making friends and building summer memories that they will always treasure.”

Leveling The Playing Field

 

TowerCares welcomed Leveling the Playing Field as a new charity partner in 2024. The non-profit provides free sports equipment to kids in under-resourced communities in Baltimore, Maryland, so that more kids can enjoy the mental and physical benefits of sports and recreation. The TowerCares grant helped purchase 25 packs of jump ropes, soccer balls, basketballs, and other gym equipment for Physical Education teachers in Title I schools, benefiting approximately 5,000 children.

Maryland Therapeutic Riding


A team of Tower Federal Credit Union employees volunteered on September 11 at TowerCares charity partner Maryland Therapeutic Riding (MTR) in Crownsville, Maryland, as part of the 9/11 National Day of Remembrance and Service. The volunteers also presented MTR with a $20,000 grant from TowerCares! MTR’s innovative Therapeutic Riding Equine Services for Heroes program taps into the healing power of horses and provides equine therapy for active military and Veterans wounded in the line of duty.

Partners In Care


In June, we made a donation to our long-time TowerCares charity partner Partners in Care. Partners in Care provides a hands-on social support network for Veterans to deter isolation and depression. They provide older Veterans with mobility buses, house repair services, and the Ride Partners program. The TowerCares grant helped provide transportation for Veterans to medical services and recreational activities, and also helped with respite care for the Veterans’ caregivers and family members.

2024 TowerCares Foundation Scholarships

We awarded 30 $5,000 college scholarships to an impressive group of young men and women pursuing careers in STEM fields and Foreign Language Linguistics. Here are a few of this year’s winners.

Some of the appreciative responses we received from our winners:

“Thank you so much for this wonderful scholarship award. I never thought I could win an award like this and winning this award has taught me to never doubt myself. This award will definitely help relieve me and my family of the financial stress that comes with college.”

~Madison Harris, University of Maryland College Park

“Thank you so much for choosing me as a recipient for the TowerCares Foundation scholarship. I am honored to be selected, and I am incredibly grateful for your support of my higher education. I hope to one day contribute to science that will make our world a better place, and the support of this award puts me one big step closer to my goal. Thank you!

~Henry Gaston, California Institute of Technology

“I am beyond grateful to be selected as a recipient of the TowerCares Foundation Scholarship. I have been blessed with some incredible doctors and nurses throughout my life and hope to one day be able to give the same care back to my community.”

~Ashley Doyle, Virginia Commonwealth University