Bay State Federal Savings Charitable Foundation
Quick Stats
- Annual Giving: ~$484,000 (2024)
- Total Assets: $16,253,139 (2024)
- Grant Range: $5,000 - $10,000 (typical)
- Number of Grants: 139 grants (2024)
- Geographic Focus: Principally Massachusetts
- Application Method: Letter/proposal (no deadline)
Contact Details
- Website: baystatecharitable.com
- Phone: (617) 225-2822
- Fax: (617) 225-6945
- Email: info@baystatecharitable.com
- Mailing Address: P.O. Box 1190, Sagamore Beach, MA 02562
- Alternative Address: 55 Cambridge Pkwy, Suite 105, Cambridge, MA 02142-1263
Overview
The Bay State Federal Savings Charitable Foundation was established in 1997 as a company-sponsored operating foundation associated with Bay State Federal Savings Bank, which merged with Compass Bank for Savings in 2003. Despite the bank's closure, the foundation continues its charitable mission. The foundation received 501(c)(3) tax-exempt status in March 1999 and is classified as a private grantmaking foundation (NTEE Code T20).
In fiscal year 2024, the foundation reported total assets of $16.25 million and distributed $484,100 in grants to 139 recipient organizations. Revenue that year was $3.55 million, primarily from investment income and asset sales. The foundation primarily funds general operating support for nonprofit organizations focused on youth services, education, healthcare, and community welfare in Massachusetts.
Funding Priorities
Grant Programs
The foundation primarily funds general operating support with typical grants ranging from $5,000 to $10,000, though amounts vary based on project scope and organizational need.
Priority Areas
- Youth Services: Programs serving children and young people
- Education: Educational institutions and programs
- Healthcare: Health associations, hospitals, and medical research
- Community Organizations: Organizations that enhance quality of life
- Social Services: Programs supporting community welfare
- Religious Organizations: Catholic and interfaith community organizations
What They Don't Fund
- Individuals: Grant requests from individuals are not accepted
- Only charitable organizations with 501(c)(3) status are eligible
Governance and Leadership
Board of Directors (2024)
| Position | Name | Compensation |
|---|---|---|
| President/Director | Denise M. Renaghan | $94,000 + $22,934 benefits |
| Chairman & CEO | John F. Murphy | — |
| Treasurer/Director | Michael O. Gilles | $30,000 |
| Secretary/Director | Anthony F. Caruso | $16,000 |
| Asst. Treasurer/Director | Brenda T. Harrington | $15,000 |
| Director | Phyllis M. Penta | — |
Contact Person: Denise Renaghan
Application Process & Timeline
How to Apply
The foundation accepts applications via letter or proposal. There is no formal application portal or online submission system.
Required Materials:
- Copy of IRS Determination Letter (501(c)(3) status verification)
- Detailed description of the project
- Amount of funding requested
Initial Approach: Submit by letter or proposal to the foundation's mailing address.
Decision Timeline
- Deadlines: None specified; applications accepted on a rolling basis
- Fiscal Year End: December
- Grant decisions are made at the discretion of the board
Recent Grant Recipients (2024)
- Sacred Heart Parish: $10,000
- Archdiocese for the Military Services USA: $10,000
- Interfaith Social Services: $8,000
Application Success Factors
Based on the foundation's giving patterns, successful applicants typically demonstrate:
- Massachusetts Focus: The foundation grants principally in Massachusetts, so organizations serving Massachusetts communities are prioritized
- 501(c)(3) Status: Verified tax-exempt status is mandatory
- Clear Project Description: Applications should include a detailed, specific description of the project or program needing funding
- Community Impact: Organizations that contribute to quality of life in their communities align with the foundation's mission
- Established Track Record: The foundation has supported Catholic parishes, healthcare organizations, interfaith services, and community organizations
Key Takeaways for Grant Writers
- No individuals: Only charitable organizations are eligible—no grants to individuals
- Letter approach: Initial contact should be via letter or proposal, not phone or email
- Massachusetts priority: Focus your application on impact within Massachusetts communities
- No deadline pressure: Rolling applications mean you can submit when ready, but allow reasonable processing time
- Include IRS letter: Always include your 501(c)(3) determination letter with your application
- General operating support: The foundation primarily funds general operating support, so this may be more feasible than project-specific grants
- Modest grant sizes: Expect grants in the $5,000-$10,000 range based on historical giving patterns
References
- ProPublica Nonprofit Explorer - Bay State Federal Savings Charitable Foundation - Financial data and Form 990 filings
- Cause IQ - Bay State Federal Savings Charitable Foundation - Organization profile and grant data
- Here-4-You Consulting Foundation Directory - Application requirements and contact information
- Charity Navigator Profile - Organization verification
- Bay State Charitable Foundation Website - Official foundation website
- US Bank Locations - Bay State Federal Savings Bank - Bank history information
Accessed December 2024