Bay State Federal Savings Charitable Foundation
- Assets
- $14.3m
- Revenue
- $706.6k
- Investments
- $13.7m
- Employees
- 0
- Location
- Sagamore Beach, MA
- Founding
- 03/1999
- Data as of
- 12/2023
- EIN
- 04-3415547
Organization Overview
Bay State Federal Savings Charitable Foundation is located in Sagamore Beach, MA. The organization was established in 1999. 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. Bay State Federal Savings 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 12/2023, Bay State Federal Savings Charitable Foundation generated $706.6k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 16.1% each year . All expenses for the organization totaled $790.5k during the year ending 12/2023. While expenses have increased by 3.5% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Bay State Federal Savings Charitable Foundation has awarded 629 individual grants totaling $1,531,450. 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 |
|---|---|---|---|
Denise M Renaghan President/director | 30 | $85,000 | |
Anthony Caruso Secretary/director | 4 | $15,000 | |
Michael O Gilles Treasurer/director | 4 | $10,000 | |
Brenda T Harrington Director | 1 | $5,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Joan Murphy | 12/30/22 | $70,000 |
Bank Of America | 12/30/22 | $56,950 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $52,645 |
| Dividends & Interest | $251,062 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $402,869 |
| Capital Gain Net Income | $402,869 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $706,576 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $230,836 |
| Other employee salaries and wages | $9,318 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,208 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $29,954 |
| Total operating and administrative expenses | $331,662 |
| Contributions, gifts, grants paid | $458,800 |
| Total expenses and disbursements | $790,462 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,000 |
| Savings and temporary cash investments | $525,647 |
| 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 | $362,625 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $18,656 |
| Total assets | $14,282,747 |
| 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, Bay State Federal Savings Charitable Foundation has awarded $458,800 in support to 164 organizations.
| Grant Recipient | Amount |
|---|---|
ADULT & TEEN CHALLENGE NEW ENGLAND AND NEW JERSEY PURPOSE: GENERAL OPERATING SUPPORT | $2,500 |
ALS ASSOCIATION FLORIDA CHAPTER PURPOSE: GENERAL OPERATING SUPPORT | $1,000 |
ALZHEIMER'S ASSOCIATION PURPOSE: GENERAL OPERATING SUPPORT | $1,500 |
AMERICAN HEART ASSOCIATION PURPOSE: GENERAL OPERATING SUPPORT | $2,500 |
AMERICAN CANCER SOCIETY PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
AMERICAN INSTITUTE FOR CANCER RESEARCH PURPOSE: GENERAL OPERATING SUPPORT | $1,000 |