Eastern Bank Charitable Foundation
- Assets
- $286.6m
- Revenue
- $18.4m
- Investments
- $282.8m
- Employees
- 0
- Location
- Lynn, MA
- Founding
- 05/1995
- Data as of
- 12/2021
- EIN
- 22-3317340
Organization Overview
Eastern Bank Charitable Foundation is located in Lynn, MA. The organization was established in 1995. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Eastern Bank Charitable Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Eastern Bank Charitable Foundation generated $18.4m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $18.4m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Eastern Bank Charitable Foundation has awarded 3,009 individual grants totaling $37,228,550. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph T Chung Trustee | 1 | $0 | |
Bari A Harlam Trustee | 1 | $0 | |
Deborah C Jackson Trustee | 1 | $0 | |
Carol N Fulp Trustee | 1 | $0 | |
James L Rudolph Trustee | 1 | $0 | |
Greg A Shell Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eastern Bank | 12/30/20 | $1,000,000 |
Eastern Bank Wealth Management | 12/30/20 | $516,240 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $5,259,090 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $12,999,396 |
| Capital Gain Net Income | $16,054,396 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $94,142 |
| Total Revenue | $18,352,628 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $248,452 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $174,646 |
| Total operating and administrative expenses | $2,776,221 |
| Contributions, gifts, grants paid | $15,664,049 |
| Total expenses and disbursements | $18,440,270 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,816,141 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $286,575,476 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Eastern Bank Charitable Foundation has awarded $15,664,049 in support to 1,284 organizations.
| Grant Recipient | Amount |
|---|---|
Boston, MA PURPOSE: EXEMPT PURPOSE | $1,345,025 |
Danvers, MA PURPOSE: EXEMPT PURPOSE | $1,015,050 |
NEW COMMONWEALTH RACIAL EQUITY AND SOCIAL JUSTICE FUND PURPOSE: EXEMPT PURPOSE | $1,000,000 |
Boston, MA PURPOSE: EXEMPT PURPOSE | $960,000 |
Chelsea, MA PURPOSE: EXEMPT PURPOSE | $575,000 |
Boston, MA PURPOSE: EXEMPT PURPOSE | $500,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Eastern Bank Charitable Foundation has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
The Fund For Parks And Recreation In Boston Boston, MA PURPOSE: ROSE GARDEN PARTY SPONSORSHIP | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arnhold Foundation Inc New York, NY | $497,481,101 | $53,665,580 |
The Morningside Foundation Newton Centre, MA | $22,445,720 | $11,895,776 |
The Grace And Mercy Foundation Inc New York, NY | $617,102,449 | $100,220,039 |
The Patrick J Mcgovern Foundation Inc Boston, MA | $1,660,673,846 | $20,910,577 |
One8 Foundation Boston, MA | $488,764,350 | $32,279,319 |
Peter G Peterson Foundation New York, NY | $1,055,700,983 | $50,280,779 |
Leon Levy Foundation New York, NY | $614,122,389 | $121,596,253 |
Shubert Foundation Inc New York, NY | $671,108,588 | $57,657,953 |
Hauser Foundation Inc New York, NY | $0 | $9,971,722 |
Pinkerton Foundation New York, NY | $0 | $34,479,499 |
Jerome L Greene Foundation Inc New York, NY | $761,173,462 | $44,061,271 |
Howard Gilman Foundation Inc New York, NY | $600,733,170 | $27,754,418 |