Tarrant and his wife created the Richard E. and Deborah L. Tarrant Foundation, which makes grants intended to enrich the quality of life in communities throughout Vermont. Its "primary areas of focus are basic human services, education and community-based grantmaking." In 2005, the Grantsmanship Center listed the foundation as one of the top 40 Vermont foundations in charitable giving. The foundation is prohibited from making any donations to
pro-choice groups. Tarrant's foundation later invested in the Milton public school system, providing monetary support for a pilot program ("Home School at School") that gave students an opportunity to learn at different paces. In 2007, Tarrant's foundation gave $1 million toward the creation of a $1.8 million community center in
Winooski, Vermont. On December 18, 2018, the University of Vermont announced that Tarrant and his family had given $15 million for its new multi-purpose center, which will house the
men's basketball team and be called the Tarrant Event Center. It is the second athletic-related facility that bears the Tarrant name in Vermont. In 1994, Tarrant donated $5 million toward the construction of St. Michael's College's student recreation center, which is named in honor of his parents. == 2006 campaign for U.S. Senate ==