Colonial Federal Savings Bank is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in QUINCY, MA. IRS filing data is available from 2022 through 2024. As of 2024, the organization holds $947K in total assets. In 2024, it awarded 1 grants totaling $57K. Net investment income was $273.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$947K
-14.5% YoY
Annual Giving
$57K
+0.9% YoY
Grant Count
1
-97.6% YoY
Avg Grant Size
$57K
+4036.3% YoY
Under IRS private-foundation payout rules, Colonial Federal Savings Bank reported a distributable amount of $49K for 2024 — the minimum it must pay out in qualifying distributions.
About Colonial Federal Savings Bank
Based on IRS filings
Colonial Federal Savings Bank is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in QUINCY, MA. IRS filing data is available from 2022 through 2024. As of 2024, the organization holds $947K in total assets. In 2024, it awarded 1 grants totaling $57K. Net investment income was $273.
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 | $946,885 | $1,106,900 | $1,317,227 |
| Revenue | $273 | $478 | $1,554,891 |
| Expenses | $61,628 | $61,251 | $63,275 |
| Qualifying Distributions | $61,621 | $61,243 | $63,275 |
| Net Investment Income | $273 | $478 | $561 |
| Distributable Amount | $48,962 | $55,594 | $69,249 |
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
83 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Toal Contributions Paid ($57,101).
| Recipient | Purpose | Amount |
|---|---|---|
| Toal Contributions Paid Quincy, MA | Exemt Purpose | $57,101 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Michael McFarland | President/Director | 1 | — |
| Susan Shea | Treasurer/Director | 1 | — |
| Joseph Shadduck | Secretary/Director | 1 | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is Colonial Federal Savings Bank?
Colonial Federal Savings Bank is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in QUINCY, MA. It holds $947K in total assets as of 2024.
How large is Colonial Federal Savings Bank?
As of 2024, Colonial Federal Savings Bank holds $947K in total assets with $273 in annual revenue. It awarded 1 grants totaling $57K in 2024.
Where does Colonial Federal Savings Bank operate?
Colonial Federal Savings Bank has awarded grants in Massachusetts.
What size grants does Colonial Federal Savings Bank award?
In 2024, Colonial Federal Savings Bank awarded 1 grants totaling $57K — an average of about $57K per grant, based on its IRS Form 990 filings.
How much is Colonial Federal Savings Bank required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Colonial Federal Savings Bank reported a distributable amount of $49K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Colonial Federal Savings Bank's EIN?
Colonial Federal Savings Bank's EIN (Employer Identification Number) is 87-4406794. IRS Form 990 filing data is available on this page for 2022–2024.
Explore Open Grants
Browse active grant opportunities in Colonial Federal Savings Bank'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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