Blue Foundry Charitable Foundation Inc
Blue Foundry Charitable Foundation is a corporate foundation established in July 2021 by Blue Foundry Bancorp, the parent company of Blue Foundry Bank. The Foundation supports philanthropic efforts in New Jersey communities where Blue Foundry Bank operates and its employees and customers live. The Foundation is committed to building strong communities by partnering with nonprofit organizations that address challenges faced by the Bank's customers, employees, and neighbors in local service areas.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$7.3M
-3.1% YoY
Annual Giving
$265K
-36.4% YoY
Grant Count
37
-43.9% YoY
Avg Grant Size
$7K
+13.5% YoY
Mission & Focus Areas
Mission Statement: The Blue Foundry Charitable Foundation is committed to building strong communities by partnering with non-profit organizations responsible for finding solutions to the challenges faced by Blue Foundry Bank customers and employees as well as our neighbors in the local communities we serve.
Key Giving Pillars:
- Affordable Housing – Programs that provide or encourage the creation of affordable and/or low-income housing in the community
- Education – Initiatives at primary, secondary, and post-secondary school levels that raise student aspirations and enhance knowledge in economics, communications, business, and public speaking; also supports initiatives that support the education process overall
- Youth Programs – Programs that improve the quality of life of children in the community or foster education, learning, and leadership
- Health and Human Services – Programs and institutions essential to medical care in the community, as well as initiatives focused on physical and mental wellness
Grantmaking
The Foundation offers three tiered grant levels:
Grant Range
$100–$100,000
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Geographic Focus
Where this funder awards grants
The Foundation funds nonprofit organizations in New Jersey communities served by Blue Foundry Bank and its affiliates. The service area includes all additional communities served by the Bank through expansion or acquisitions. Funding is restricted to in-state organizations only.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of Most Recent Filing (2023):
- Total Assets: $7,481,913
- Total Giving: $498,274
- Total Revenue: $15,273
- Total Expenses: $500,945
- Giving Rate: 5.6% of assets
- Number of Grants Awarded: 64–187 (varies by reporting source)
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $7,250,353 | $7,481,913 | $10,352,585 |
| Revenue | $9,885 | $15,273 | $1,061 |
| Expenses | $349,105 | $500,945 | $655,788 |
| Qualifying Distributions | $346,494 | $498,274 | $654,492 |
| Net Investment Income | $7,274 | $12,602 | — |
| Distributable Amount | $369,395 | $387,897 | $523,236 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
159 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Board Members:
- Patrice Picard – President (CEO at Cornerstone Family Programs and the Morristown Neighborhood House; 1 hour/week commitment)
- James D. Nesci – Vice President (1 hour/week commitment)
- Kenneth Grimbilas – Vice President and Treasurer (1 hour/week commitment)
- J. Christopher Ely – Secretary (1 hour/week commitment)
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| PATRICE PICARD | PRESIDENT | 1 | — |
| JAMES NESCI | VICE PRESIDENT | 1 | — |
| KENNETH GRIMBILAS | VICE PRESIDENT AND TREASURER | 1 | — |
| J CHRISTOPHER ELY | SECRETARY | 1 | — |
| SARA AITKEN | FOUNDATION MANAGER | 25 | $52,900 |
Recent News & Activity
Recent developments and announcements
**July 2025:** Blue Foundry Charitable Foundation awarded $63,750 in grants to nine New Jersey nonprofits in Q2 2025
Blue Foundry Charitable Foundation awards grants, donations to 11 N.J. nonprofits\**March 2025:** Foundation awarded $20,000 to nonprofits
Blue Foundry Charitable Foundation awards grants, donations to 11 N.J. nonprofits\**January 2025:** Over $48,000 awarded to nine New Jersey nonprofits in Q4 2024, bringing 2024 total to over $264,000
**Ongoing:** The Foundation continues to demonstrate commitment to New Jersey communities through quarterly grant awards across its four giving pillars
Blue Foundry Charitable Foundation awards grants, donations to 11 N.J. nonprofits\Contact Information
Address: 7 Sylvan Way Parsippany, NJ 07054
Email: info@bluefoundrycharitablefoundation.org
Phone: (202) 274-2027
Subject Areas
Focus areas based on grantmaking activity
Related Funders
Similar funders by location and focus area
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—
New Digital Trade Coalition Ndtc
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Stephen J Machuta Scholarship Trust
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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