Banknewport Charitable Foundation Inc
Banknewport Charitable Foundation Inc is a private foundation based in Newport, Rhode Island. Its 2025 filing says it makes grants to eligible 501(c)(3) nonprofits for specific programs or capital fund requests, including essential health and human services and community development programs.
Key facts about Banknewport Charitable Foundation Inc
In short: Banknewport Charitable Foundation Inc gave $614K across 106 grants in 2025 (avg $6K), mostly in Rhode Island. Source: 2025 IRS Form 990-PF.
- EIN
- 88-2461260
- Latest 990 filing
- Form 990-PF, 2025
- Annual giving (2025)
- $614,000
- Grants made (2025)
- 106
- Average grant
- $5,792
- Median grant
- $5,000
- Total assets
- $13,478,372
- Primary geography
- Rhode Island (99% of itemized 2025 grant dollars)
- How to apply
- The foundation states that it does not restrict giving to preselected organizations. Full details ↓
Data from IRS Form 990-PF, 2025; updated October 2026. Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Financial Overview
From 2025 IRS Form 990-PF · View filing
Total Assets
$13.5M
+8.2% YoY
Annual Giving
$614K
+5.2% YoY
Grant Count
106
+10500.0% YoY
Avg Grant Size
$6K
-99.0% YoY
Under IRS private-foundation payout rules, Banknewport Charitable Foundation Inc reported a distributable amount of $642K for 2025 — the minimum it must pay out in qualifying distributions.
How Banknewport Charitable Foundation Inc gives
- In 2025 it paid out 97% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method
From the foundation's IRS Form 990-PF filings. Methodology.
Mission & Focus Areas
The foundation’s filing describes support for specific programs or capital fund requests by 501(c)(3) nonprofit organizations eligible to receive tax-deductible charitable donations. It identifies essential health and human services and community development programs as examples. Requests for annual operating support, including salaries and stipends, will not ordinarily meet its funding criteria.
The grantees’ stated missions illustrate the range of organizations supported. The Rhode Island Community Food Bank says its mission is to improve the quality of life for Rhode Islanders by advancing solutions to hunger. Hope & Main says it helps local entrepreneurs start food and food-related businesses through access to shared commercial kitchens and technical resources. Bike Newport says it works to make bicycling a viable, safe, and comfortable choice for transportation and recreation. Salve Regina University says it seeks wisdom and promotes universal justice through teaching and research.
Grantmaking
In filing year 2025, the foundation reported 106 grants totaling $614,000. Grant amounts ranged from $500 to $25,000, with a median of $5,000.
Among its largest 2025 grants were $25,000 to Rhode Island Community Food Bank; $20,000 each to Hasbro Children’s Hospital, Local Initiatives Support Corporation, and Potter League for Animals; and $15,000 each to Child & Family Services, Hope & Main, Pawtucket Central Falls Development, Project Goal, Salve Regina University, and Star Kids Scholarship Program. Other listed grants included $12,000 to Bike Newport and $11,000 to Federal Hill House Association.
How to Apply
The foundation states that it does not restrict giving to preselected organizations. Its filing says proposals are intended to be considered quarterly; application materials and deadlines are specified in the application. The board will review no more than one submission from an organization in a 12-month period. Grants require a final report, and submitting a request does not guarantee funding. The board determines awards based on need and alignment with the foundation’s purpose. Requests should be for specific programs or capital fund requests; annual operating support, including salaries and stipends, will not ordinarily meet funding criteria.
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Geographic Focus
Where this funder awards grants
In filing year 2025, 99% of grant dollars went to recipients in Rhode Island and 1% to recipients in Massachusetts. The listed grants were concentrated in Rhode Island communities, including Providence, Newport, Middletown, Warren, Pawtucket, and Portsmouth.
Grant Distribution by State
Share of 2025 grant dollars across all 106 itemized grants.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2023 to 2025, annual grant giving ranged from $50K (2023) to $614K (2025). In 2025 it made 106 grants totaling $614K.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was Rhode Island Community Food Bank ($25K). Together the top 10 received $175K.
Grant Size Distribution
114 grants across all recorded years
The most common grant size was under $50K: 113 grants of 114 (99%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Rhode Island Community Food Bank Providence, RI | Exempt Purpose | $25,000 |
| Hasbro Children's Hospital Providence, RI | Exempt Purpose | $20,000 |
| Local Initiatives Support Corporation (Lisc) Providence, RI | Exempt Purpose | $20,000 |
| Potter League for Animals Middletown, RI | Exempt Purpose | $20,000 |
| Child & Family Services Middletown, RI | Exempt Purpose | $15,000 |
| Hope & Main Warren, RI | Exempt Purpose | $15,000 |
| Pawtucket Central Falls Development Pawtucket, RI | Exempt Purpose | $15,000 |
| Project Goal Inc Providence, RI | Exempt Purpose | $15,000 |
| Salve Regina University Newport, RI | Exempt Purpose | $15,000 |
| Star Kids Scholarship Program Middletown, RI | Exempt Purpose | $15,000 |
Financial History
Multi-year comparison from IRS filings
| Filing year | Assets | Revenue | Expenses | Grants |
|---|---|---|---|---|
| 2025 | $13,478,372 | $990,759 | $705,154 | $614,000 |
| 2024 | $12,454,686 | $365,620 | $602,595 | $583,500 |
| 2023 | $12,278,893 | $330,898 | $52,137 | $50,000 |
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $13,478,372 | $12,454,686 | $12,278,893 |
| Revenue | $990,759 | $365,620 | $330,898 |
| Expenses | $705,154 | $602,595 | $52,137 |
| Qualifying Distributions | $623,858 | $593,762 | $51,637 |
| Net Investment Income | $363,879 | $348,046 | $330,898 |
| Distributable Amount | $642,236 | $604,985 | $590,398 |
Data update history
When this profile's IRS filing data changed on Grantable
- Added Form 990-PF for fiscal year 2025 (received by the IRS May 15, 2026)
- IRS filings on file for fiscal years 2022–2024
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists John F. Murphy as president and director; Gregory Derderian as treasurer; Hollie Lussier as secretary; James Wright as chairperson; and David Bazarsky, Timothy Burns, Peter Capodilupo, Maryjo Carr, and Thomas Iannotti as directors. Roger Nolan is listed as a director whose term ended March 26, 2025.
Banknewport Charitable Foundation Inc is led by John F. Murphy, President & Director on every filing since 2022; none of the 11 officers listed in 2025 report compensation.
Officers on the 2025 filing
John F. Murphy
President & Director
On filings since 2022
1 hr/week
No compensation reported
James Wright
Chairperson
Director → Chairperson, 2025
On filings since 2022
1 hr/week
No compensation reported
David G Bazarsky
Director
On filings since 2022
1 hr/week
No compensation reported
Maryjo Carr
Director
On filings since 2022
1 hr/week
No compensation reported
Peter Capodilupo
Director
On filings since 2022
1 hr/week
No compensation reported
Roger Nolan
Director
On filings since 2022
1 hr/week
No compensation reported
Timothy Burns
Director
On filings since 2022
1 hr/week
No compensation reported
Colin P. Kane
Director
On filings since 2024
1 hr/week
No compensation reported
Thomas Iannotti
Director
On filings since 2024
1 hr/week
No compensation reported
Gregory Derderian
Treasurer
On filings since 2022
1 hr/week
No compensation reported
Hollie Lussier
Secretary
On filings since 2022
1 hr/week
No compensation reported
Former officers (3)
- Former: Kathleen Charbonneau (2024) — Vice President
- Former: Kathy Charbonneau (2022–2023) — Vice President
- Former: Wendy Kagan (2022–2023) — Executive Vice President
Data from IRS Form 990 filings, 2022–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Contact
Application contact: Kathy Charbonneau
Mailing address: 184 John Clarke Road, Middletown, RI 02840
Phone: (877) 829-5500
Email: kathleen.charbonneau@banknewport.com
Frequently asked questions about Banknewport Charitable Foundation Inc
How much does Banknewport Charitable Foundation Inc give each year?
Banknewport Charitable Foundation Inc gave $614K across 106 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $584K across 1 grant.
What is Banknewport Charitable Foundation Inc's typical grant size?
Banknewport Charitable Foundation Inc's median grant in 2025 was $5,000, and its average grant was $5,792, across 106 grants on its 2025 IRS Form 990-PF.
Where does Banknewport Charitable Foundation Inc give grants?
Banknewport Charitable Foundation Inc gives mostly in Rhode Island: 99% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Providence, RI (44 grants), Newport, RI (17 grants), Middletown, RI (5 grants) and Cranston, RI (5 grants).
Who are Banknewport Charitable Foundation Inc's largest grantees?
Banknewport Charitable Foundation Inc's largest 2025 grantees include Rhode Island Community Food Bank ($25,000), Hasbro Children's Hospital ($20,000) and Local Initiatives Support Corporation (Lisc) ($20,000), according to its 2025 IRS Form 990-PF. Together they received 11% of its itemized 2025 grant dollars.
How large is Banknewport Charitable Foundation Inc?
Banknewport Charitable Foundation Inc reported $13.5M in total assets on its 2025 IRS Form 990-PF. It paid out $624K in qualifying distributions that year, against a required minimum of $642K (roughly 5% of its investment assets). Falling short in one year is not a violation: foundations have until the end of the next year to meet the minimum.
What does Banknewport Charitable Foundation Inc fund?
The foundation’s filing describes support for specific programs or capital fund requests by 501(c)(3) nonprofit organizations eligible to receive tax-deductible charitable donations. It identifies essential health and human services and community development programs as examples. See mission & focus areas ↑
How do I apply for a grant from Banknewport Charitable Foundation Inc?
The foundation states that it does not restrict giving to preselected organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Banknewport Charitable Foundation Inc's EIN?
Banknewport Charitable Foundation Inc's EIN (Employer Identification Number) is 88-2461260. IRS Form 990 filing data is available on this page for 2022–2025.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
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