BankNewport Charitable Foundation Inc
BankNewport Charitable Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in NEWPORT, RI. IRS filing data is available from 2022 through 2024. As of 2024, the organization holds $12.5M in total assets. In 2024, it awarded 1 grants totaling $584K. Net investment income was $348K.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$12.5M
+1.4% YoY
Annual Giving
$584K
+1067.0% YoY
Grant Count
1
-85.7% YoY
Avg Grant Size
$584K
+8069.0% YoY
Under IRS private-foundation payout rules, BankNewport Charitable Foundation Inc reported a distributable amount of $605K for 2024 — the minimum it must pay out in qualifying distributions.
About BankNewport Charitable Foundation Inc
Based on IRS filings
BankNewport Charitable Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in NEWPORT, RI. IRS filing data is available from 2022 through 2024. As of 2024, the organization holds $12.5M in total assets. In 2024, it awarded 1 grants totaling $584K. Net investment income was $348K.
Focus Areas
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $12,454,686 | $12,278,893 | $12,000,132 |
| Revenue | $365,620 | $330,898 | $12,000,132 |
| Expenses | $602,595 | $52,137 | — |
| Qualifying Distributions | $593,762 | $51,637 | — |
| Net Investment Income | $348,046 | $330,898 | $132 |
| Distributable Amount | $604,985 | $590,398 | $49,222 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 1 recipients in 2024
Grant Size Distribution
8 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Grants & Contributions Paid ($583,500).
| Recipient | Purpose | Amount |
|---|---|---|
| Grants & Contributions Paid newport, RI | Exempt Purpose | $583,500 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| JOHN F MURPHY | President/DIRECTOR | 1 | — |
| Gregory Derderian | Treasurer | 1 | — |
| Hollie Lussier | Secretary | 1 | — |
| Kathleen Charbonneau | Vice President | 1 | — |
| ROGER NOLAN | DIRECTOR | 1 | — |
| JAMES WRIGHT | DIRECTOR | 1 | — |
| TIMOTHY BURNS | DIRECTOR | 1 | — |
| PETER CAPODILUPO | DIRECTOR | 1 | — |
| MARYJO CARR | DIRECTOR | 1 | — |
| Thomas Iannotti | Director (as of 4/24/2024) | 1 | — |
| David G Bazarsky | Director | 1 | — |
| Colin P Kane | Director | 1 | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is BankNewport Charitable Foundation Inc?
BankNewport Charitable Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in NEWPORT, RI. It holds $12.5M in total assets as of 2024.
How large is BankNewport Charitable Foundation Inc?
As of 2024, BankNewport Charitable Foundation Inc holds $12.5M in total assets with $366K in annual revenue. It awarded 1 grants totaling $584K in 2024.
Where does BankNewport Charitable Foundation Inc operate?
BankNewport Charitable Foundation Inc has awarded grants in Rhode Island.
What size grants does BankNewport Charitable Foundation Inc award?
In 2024, BankNewport Charitable Foundation Inc awarded 1 grants totaling $584K — an average of about $584K per grant, based on its IRS Form 990 filings.
How much is BankNewport Charitable Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, BankNewport Charitable Foundation Inc reported a distributable amount of $605K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
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 2022–2024.
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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