Brace Cove Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in GLOUCESTER, MA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $2.4M in total assets. In 2024, it awarded 16 grants totaling $192K. Net investment income was $114K.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$2.4M
+0.5% YoY
Annual Giving
$192K
+0.5% YoY
Grant Count
16
+33.3% YoY
Avg Grant Size
$12K
-24.6% YoY
Under IRS private-foundation payout rules, Brace Cove Foundation Inc reported a distributable amount of $242K for 2024 — the minimum it must pay out in qualifying distributions.
About Brace Cove Foundation Inc
Based on IRS filings
Brace Cove Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in GLOUCESTER, MA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $2.4M in total assets. In 2024, it awarded 16 grants totaling $192K. Net investment income was $114K.
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 | $2,397,429 | $2,385,673 | $2,363,600 |
| Revenue | $113,086 | $255,159 | $113,686 |
| Expenses | $243,096 | $239,605 | $264,979 |
| Qualifying Distributions | $235,561 | $236,654 | $210,034 |
| Net Investment Income | $113,701 | $255,159 | $113,686 |
| Distributable Amount | $242,386 | $203,176 | $202,569 |
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
69 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Gloucester Public Schools ($100,000), Hawc ($70,000), Lifebridge North Shore ($5,000).
| Recipient | Purpose | Amount |
|---|---|---|
| BIOMIMICRY NEW ENGLAND GLOUCESTER, MA | FOR DONEE'S EXEMPT PURPOSE | $1,000 |
| CAPE ANN VERNAL POND TEAM GLOUCESTER, MA | FOR DONEE'S EXEMPT PURPOSE | $1,000 |
| FILMMAKERS COLLABORATIVE MELROSE, MA | FOR DONEE'S EXEMPT PURPOSE | $500 |
| GLOUCESTER FRATERNITY CLUB GLOUCESTER, MA | FOR DONEE'S EXEMPT PURPOSE | $1,000 |
| GLOUCESTER MEETING HOUSE FOUNDATION GLOUCESTER, MA | FOR DONEE'S EXEMPT PURPOSE | $500 |
| GLOUCESTER PUBLIC SCHOOLS GLOUCESTER, MA | FOR DONEE'S EXEMPT PURPOSE | $100,000 |
| HAMMOND CASTLE MUSEUM GLOUCESTER, MA | FOR DONEE'S EXEMPT PURPOSE | $500 |
| HAWC SALEM, MA | FOR DONEE'S EXEMPT PURPOSE | $70,000 |
| LIFEBRIDGE NORTH SHORE SALEM, MA | FOR DONEE'S EXEMPT PURPOSE | $5,000 |
| MAGNOLIA LIBRARY MAGNOLIA, MA | FOR DONEE'S EXEMPT PURPOSE | $500 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| WALTER HERLIHY | DIRECTOR | 1 | — |
| NANCY LEGENDRE | DIRECTOR | 1 | — |
| LIANNA SOURS | MANAGER OF OPERATIONS | 20 | $37,029 |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is Brace Cove Foundation Inc?
Brace Cove Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in GLOUCESTER, MA. It holds $2.4M in total assets as of 2024.
How large is Brace Cove Foundation Inc?
As of 2024, Brace Cove Foundation Inc holds $2.4M in total assets with $113K in annual revenue. It awarded 16 grants totaling $192K in 2024.
Where does Brace Cove Foundation Inc operate?
Brace Cove Foundation Inc has awarded grants in Massachusetts.
What size grants does Brace Cove Foundation Inc award?
In 2024, Brace Cove Foundation Inc awarded 16 grants totaling $192K — an average of about $12K per grant, based on its IRS Form 990 filings.
How much is Brace Cove Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Brace Cove Foundation Inc reported a distributable amount of $242K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Brace Cove Foundation Inc's EIN?
Brace Cove Foundation Inc's EIN (Employer Identification Number) is 81-0865242. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Brace Cove Foundation Inc's focus areas in our free grants database
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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