The Penner Family Foundation is a grantmaking foundation with a focus on higher education and the environment. It was founded in 2015 by Carrie Walton Penner, an heir to the Walton family fortune, and her husband Gregory Penner, who was the chair of Walmart as of 2025. ^{1 2}

Background

The Penner Family Foundation is a grantmaking foundation with a focus on higher education and the environment. It was founded in 2015 by Carrie Walton Penner, an heir to the Walmart fortune, and her husband Gregory Penner, who was the chair of Walmart as of 2025. ^{1 2}

Carrie is the daughter of Rob Walton and his first wife Patricia. Rob is the oldest son of Walmart founder Sam Walton and took over as chairman when his father died in 1992. He retired from this position in 2015 and was succeeded by his son-in-law Gregory. Rob and other heirs of Sam Walton own a collective total of 45 percent of Walmart’s stock; in March 2025, Rob’s wealth was estimated to be around $106.3 billion. Rob was the leader of an investment group that purchased the Denver Broncos NFL team for $4.7 billion in 2022. In 2023, Rob transferred the controlling ownership of the franchise to Gregory. ³

The Penner Family Foundation is based in Bentonville, Arkansas, where Walmart’s global headquarters is located. ^{4 5} The foundation does not have a website, a trait shared by two similar foundations in the Walton family: the Town Branch Foundation and the Alumbra Innovations Foundation. ¹

Financials

In 2023, the Penner Family Foundation reported revenue of $3,892,554, total operating and administrative expenses of $1,105,734, total expenses and disbursements of $29,966,934, and net assets of $118,722,019. ⁶

In 2023, Walton Enterprises was listed as an independent paid contractor of the group, receiving $191,986 in administrative and management fees. Goldman Sachs received $166,447 for “investment management” services. ⁷

According to Inside Philanthropy, the Penners did not deposit any money into the foundation in five of the six years between 2019 and 2025. Its endowment in 2023 reached $119 million, which it reported was the lowest it had been in a decade; the outlet attributed this in part to its unprecedented expenditure of $29 million that year. ¹

Grantmaking

In 2019, the Penner Family Foundation bestowed a $10 million gift to Georgetown University, which both Carrie Penner and Greggory Penner attended, for its “commitment to educational access and affordability.” $8 million of the gift was allocated to the Penner Family Endowed Scholarship Fund to help students from low-income households, and the rest went to the Penner Family Endowed Experiences Fund to help first-generation college students and others to study abroad and work at unpaid internships. ⁸

In 2022, the Penner Family Foundation gave grants to the African American Community Service Agency ($50,000), the Aspen Center for Environmental Studies ($275,000), Aspen Journalism ($5,000 for “environment – general operating support”), to Brown University (more than $5 million) for various programs, the Environmental Working Group ($1,000), the KIPP Foundation ($580,000; Carrie Penner sits on the board ¹), the National Governors Association Center for Best Practices ($125,000), Protect Our Winters ($10,000), Teach for All ($1 million), Teach for America ($125,000), the Opportunity Trust ($500,000), and The Nature Conservancy California ($5,000). ⁹

In 2023, the Penner Family Foundation gave grants to dozens of organizations, including the Aspen Center for Environmental Studies ($275,000), the Environmental Working Group ($1,000), REDF ($600,000), Teach for All ($1,000,000), and The Nature Conservancy California ($5,000). ⁹

In 2023, the Penner Family Foundation bestowed a $20 million gift to Howard University’s Graduation Retention Access to Continued Excellence (GRACE) Grant Endowed Fund, its graduation retention program that matches the amount received by students earning the Pell Grant as well as additional funds when needed. ¹⁰

Leadership

In 2023, Carrie Walton Penner was listed as the director and president of the organization. Gregory B. Penner was listed as the vice president, a board member, and the board secretary and treasurer. As of March 2025, Gregory was the chairman of Walmart’s board of directors, as well as the general partner of Madrone Capital Partners and the CEO and owner of the Denver Broncos NFL team. ² Erron Smith was listed as an assistant secretary, and Luke Mitchell and Robert A. Smith were listed as assistant treasurers. ¹¹

1.  Kavate, Michael. “The Quiet Donors of America’s Richest Family: Three Low-Profile Walton Foundations.” Inside Philanthropy, February 25, 2025. Accessed March 10, 2025. https://www.insidephilanthropy.com/home/the-quiet-donors-of-americas-richest-family-three-low-profile-walton-foundations.
2. “Board of Directors.” Walmart Corporate. Accessed March 10, 2025. https://corporate.walmart.com/about/board-of-directors.
3. “Rob Walton.” Forbes. Accessed March 10, 2025. https://web.archive.org/web/20250310180916/https://www.forbes.com/profile/rob-walton/.
4. Return of Organization Exempt from Income Tax (Form 990). Penner Family Foundation. 2023. Line C.
5. “Company & Leadership.” Walmart. Accessed March 10, 2025. https://corporate.walmart.com/about/samsclub/company-and-leadership.
6. Return of Organization Exempt from Income Tax (Form 990). Penner Family Foundation. 2023. Part I, lines 12, 24, 26, 29.
7. Return of Organization Exempt from Income Tax (Form 990). Penner Family Foundation. 2023. Part VII – Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors (continued).
8. “$10M Gift Strengthens Georgetown’s Commitment to Access and Affordability.” Georgetown University, May 28, 2019. Accessed March 10, 2025. https://today.advancement.georgetown.edu/access-affordability/2019/penner-family-foundation-10-million-dollar-gift-strengthens-commitment-access-affordability-2/?_ga=2.10820276.1218135574.1741625306-445245344.1741625306.
9.  Return of Organization Exempt from Income Tax (Form 990). Penner Family Foundation. 2023. Part XIV – Supplementary Information. 3 – Grants and Contributions Paid During the Year or Approved for Future Payment.
10.  “Penner family presents $20M gift to Howard University’s GRACE Grant fund.” Howard.edu, December 13, 2023. Accessed March 10, 2025. https://president.howard.edu/from-the-president/viewpoints/penner-family-presents-20m-gift-howard-universitys-grace-grant-fund.
11. Return of Organization Exempt from Income Tax (Form 990). Penner Family Foundation. 2023. Part VII – Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors.