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Libra Foundation

Annual Giving
$6.1M
Grant Range
$5K - $0.0M

Libra Foundation (Owen W Wells Trustee)

Quick Stats

  • Annual Giving: $6,062,723 (2023)
  • Total Assets: $193,877,056 (2022)
  • Grant Range: Typically up to $25,000 per grant
  • Geographic Focus: Statewide (Maine only)
  • Application Status: Currently closed until September 2026
  • Annual Awards: 65 grants (2023)

Contact Details

Address: 3 Canal Plaza, Portland, ME 04101
Mailing Address: P.O. Box 17516, Portland, ME 04112-8516
Phone: (207) 879-6280
Website: https://librafoundation.org/
EIN: 046626994

Overview

The Libra Foundation is a private foundation established in June 1989 by Elizabeth B. Noyce, former wife of Intel co-founder Robert Noyce. With assets of nearly $194 million and annual grantmaking exceeding $6 million, the foundation has distributed over $200 million since its inception. Known for transformational investments alongside traditional grantmaking, Libra's major projects include the $110 million revitalization of Pineland Farms (a former psychiatric hospital campus now operating as an agricultural destination), over $30 million invested in the Maine Winter Sports Center, a 23-year commitment to the Raising Readers literacy program that distributed nearly 4 million books, and a $10+ million investment revitalizing the rural town of Monson through arts and community infrastructure. The foundation is currently pausing new applications to reconsider its grant-making priorities and guidelines, with applications expected to resume in September 2026.

Funding Priorities

Grant Programs

The foundation operates a single grant program with applications accepted on a rolling basis when open. Grants are typically awarded up to $25,000, though the foundation has made larger grants for strategic initiatives aligned with its priorities.

Priority Areas

Libra Foundation supports projects across nine categories:

  • Arts, Culture & Humanities ($973,890 in 2023) - Cultural institutions, arts programming, and creative economy initiatives
  • Public/Society Benefit ($4,716,042 in 2023) - Largest funding area, includes economic development, civic infrastructure, and community revitalization
  • Education ($177,792 in 2023) - K-12 education, STEM/science education, literacy programs
  • Environment ($75,000 in 2023) - Conservation, sustainable agriculture, land preservation
  • Health ($60,000 in 2023) - Healthcare access, medical facilities, wellness programs
  • Human Services ($60,000 in 2023) - Social services, community support programs
  • Justice - Criminal justice, legal aid, equity initiatives
  • Religion - Faith-based community programs
  • Other - Emerging or specialized nonprofit work

The foundation emphasizes projects that improve quality of life for Maine residents with particular interest in economic development, job creation, entrepreneurial activity, sustainable business initiatives, and programs benefiting children.

What They Don't Fund

  • Organizations without 501(c)(3) tax-exempt status
  • Private foundations (Section 509(a))
  • Organizations operating outside Maine
  • Annual operating campaigns or recurring expenses
  • Multi-year commitments (generally avoided)
  • Re-funding of identical purposes to the same organization
  • Grants to individuals
  • Fellowships or travel
  • Loans

Governance and Leadership

Board of Trustees

  • Pendred E. Noyce, M.D. - Chair of the Board, daughter of founder Elizabeth B. Noyce; Harvard biochemistry degree, Stanford M.D.; founding trustee of Noyce Foundation focusing on K-12 math/science education; published author and cofounder of Tumblehome Learning (science publishing for youth)
  • Owen W. Wells - Vice Chair, University of Maine graduate, George Washington Law School; Vietnam Army Captain (Bronze Star recipient); former Portland law firm partner; former Libra Foundation President/CEO; former Maine Medical Center board chair
  • Craig N. Denekas - CEO and Trustee, joined foundation in 2001, became CEO in 2012; Dartmouth economics degree (cum laude), University of Michigan Law School (cum laude); former Perkins Thompson law firm director/shareholder
  • Rhianon R. Liu - Trustee (joined 2025), founder's granddaughter; Stanford Human Biology degree, Johns Hopkins M.D.; palliative care physician at MaineHealth
  • William J. Ryan - Trustee, retired TD Bank, N.A. Chairman; oversaw bank growth from $2B to $45B through 29 acquisitions

Executive Officers

  • Jere G. Michelson - President, COO, and CFO; oversees all operating and financial aspects; former Baker Newman Noyes management consultant; joined Libra in 2001
  • Erik K. Hayward - Executive Vice President; joined 2004; manages Pineland Farms investment oversight; Yale economics graduate, CFA designation holder
  • Paul D. Pietropaoli - Executive Vice President and General Counsel; oversees real estate holdings; 25-year private law practice; University of Maine Law School J.D. (summa cum laude)

Leadership Philosophy

CEO Craig Denekas on the foundation's approach: "Betty's mantra was 'I can't do much about the problems of the world – war and peace, hunger – but I can help in my own backyard. Her love was the state of Maine. We try to support a wide range of projects throughout the state."

On decision-making: "I can't give you a recipe on how it works. Sometimes we change the portfolio to keep things current and fresh."

On sustainability: "All projects need to find a way to be sustainable. They've made great progress over the past 15 years and it's time for them to envision what the next 15 years can look like."

Application Process & Timeline

How to Apply

CURRENT STATUS: Effective June 20, 2025, the Libra Foundation is not accepting new applications for a period expected to continue for one year as grant-making priorities and guidelines are reconsidered.

Expected Resumption: New applications are anticipated to resume in September 2026, with a deadline of August 15, 2026 for consideration at the first meeting.

When Applications Are Open:

  • Applications accepted on a rolling basis
  • Must submit documentation of 501(c)(3) tax-exempt status
  • Detailed application procedures available on the foundation website
  • Online application system through librafoundation.org

Check for Updates: Monitor the foundation website at https://librafoundation.org/application-procedures for the latest information on when applications will reopen.

Decision Timeline

When applications are open, the foundation reviews submissions on a rolling basis. Specific decision timelines vary by project scope and complexity. The foundation's board of four trustees makes final grant decisions.

Success Rates

With 65 awards made in 2023 and approximately $6 million distributed annually, the foundation maintains selective grantmaking. The foundation reviews numerous applications across nine funding categories statewide.

Reapplication Policy

The foundation generally does not re-fund organizations for identical purposes, though organizations may apply for different projects. Multi-year commitments are typically avoided, encouraging sustainability planning by grantees.

Application Success Factors

Foundation-Specific Insights

Strategic vs. Traditional Grantmaking: Libra operates on two tracks - traditional grants (typically up to $25,000) and major strategic investments (millions of dollars for transformational projects). Understanding which track fits your project is critical.

Examples of Funded Projects:

  • Large-Scale Strategic Investments: $110 million Pineland Farms revitalization; $30+ million Maine Winter Sports Center; $10+ million Monson Arts and community revitalization; 23-year commitment to Raising Readers literacy program (4 million books distributed)
  • Traditional Grant Areas: Arts and cultural programming, educational initiatives, environmental conservation, healthcare access, human services

Sustainability Expectations: The foundation's CEO emphasizes that "all projects need to find a way to be sustainable." Libra views its funding as catalytic, expecting organizations to develop long-term sustainability plans. The transition away from Raising Readers after 23 years exemplifies this philosophy.

Geographic Commitment: As founder Elizabeth B. Noyce said, "I can't do much about the problems of the world... but I can help in my own backyard." Projects must demonstrate clear benefit to Maine residents and operate exclusively within state borders.

Economic Development Focus: The foundation shows particular interest in projects that create jobs, support entrepreneurial activity, and build sustainable Maine-based businesses. CEO Denekas stated: "What we're trying to do is accelerate the notion of Maine as a food cluster, the way Hollywood makes movies or Detroit made cars."

Community Revitalization Model: Libra's approach in Monson and Pineland demonstrates interest in comprehensive community development combining arts, agriculture, infrastructure, and economic opportunity. Projects demonstrating multi-faceted community impact align well with this model.

Flexibility in Approach: "I can't give you a recipe on how it works. Sometimes we change the portfolio to keep things current and fresh," notes CEO Denekas. This suggests the foundation values innovation and adapts its priorities based on emerging needs.

Key Takeaways for Grant Writers

  • Wait Until September 2026: Applications are currently closed during a strategic review period; monitor the website for updates on the August 15, 2026 anticipated deadline
  • Maine-Only Focus: Your organization must operate exclusively within Maine's borders - this is an absolute requirement
  • Demonstrate Sustainability: Show clear plans for how your project will continue beyond Libra's funding; the foundation expects grantees to develop long-term viability
  • Economic Impact Matters: Projects with job creation, entrepreneurial support, or economic development components align strongly with foundation priorities, particularly the large Public/Society Benefit category ($4.7M in 2023)
  • Think Beyond $25,000: While most grants cap at $25,000, the foundation has made multi-million dollar strategic investments in transformational projects that align with its mission
  • Consider Community Impact: Projects demonstrating comprehensive community benefit (combining multiple elements like arts, education, economic development) resonate with Libra's holistic approach
  • One-Time Funding: Plan for single grants rather than multi-year commitments; reapplications for identical purposes are generally not funded

References

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