The Eastern Bank Foundation is the philanthropic arm of Eastern Bank, a Massachusetts-based financial institution. Established in 1994, it is one of the region's largest corporate foundations and has distributed over $240 million in donations to charities and causes since its inception. The foundation operates as a 501(c)(3) private grantmaking foundation based in Lynn, Massachusetts.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$249.7M
+11.0% YoY
Annual Giving
$14.7M
+22.3% YoY
Grant Count
1
-99.9% YoY
Avg Grant Size
$14.7M
+169719.0% YoY
Under IRS private-foundation payout rules, Eastern Bank Foundation reported a distributable amount of $11.5M for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation's mission centers on building stronger communities and addressing pressing social issues through philanthropy, volunteerism, and advocacy. The foundation describes its approach as combining these three elements to change broken systems and advance community vibrancy, economic inclusion, and economic mobility.
Primary funding areas include:
- Education (including early childhood education)
- Health and mental health care
- Community and economic development
- Employment and workforce development
- Housing development
- Human services
- Children and youth services
- Suicide prevention and violence prevention
- Domestic violence prevention and abuse services
- Disaster relief and emergency management
- Entrepreneurship and business development
- Support for economically disadvantaged and low-income populations
Grantmaking
The foundation offers multiple grant programs:
How to Apply
** The foundation invites applicants to contact them with questions or to discuss proposals before submitting formal applications.
Ready to take the next step with Eastern Bank Foundation?
Geographic Focus
Where this funder awards grants
The foundation's primary funding area encompasses:
- Eastern Massachusetts
- Southern New Hampshire
- Rhode Island
The foundation also funds projects across the United States more broadly.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Total Assets: $249,698,317 (as of 2023)
Total Liabilities: $0 (as of 2023)
Annual Revenue: $13,756,626 to $13.8M (2023)
Annual Expenses: $16,617,121 to $16.6M (2023)
Tax Status: Tax-exempt since May 1995; EIN: 22-3317340
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $249,698,317 | $224,864,419 | $232,137,464 |
| Revenue | $12,733,459 | $13,756,626 | $22,964,256 |
| Expenses | $19,580,366 | $16,617,121 | $18,614,609 |
| Qualifying Distributions | $18,976,973 | $15,883,966 | $18,050,637 |
| Net Investment Income | $12,028,591 | $15,013,054 | $38,194,088 |
| Distributable Amount | $11,539,065 | $10,553,981 | $12,340,580 |
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
201 grants across all recorded years
Open Grants
4 open opportunities from Eastern Bank Foundation
EBCF: CITC Grants
Eastern Bank Foundation
Amount
Up to US $15,000
Deadline
Rolling / Open
EBCF: Community Donations Grant
Eastern Bank Foundation
Amount
US $1,000 - US $10,000
Deadline
Rolling / Open
EBCF: Impact Grants
Eastern Bank Foundation
Amount
US $50,000 - US $150,000
Deadline
Rolling / Open
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Total Grants & Contributions Paid ($14,699,750).
| Recipient | Purpose | Amount |
|---|---|---|
| Total Grants & Contributions Paid LYNN, MA | EXEMPT PURPOSE | $14,699,750 |
Leadership & Key People
Leadership team and compensation from IRS filings
The foundation's board of trustees includes:
- Joseph T. Chung
- Bari A. Harlam
- Carol N. Fulp
- Deborah C. Jackson
- Robert F. Rivers
- James Rudolph
- James Canales
All board members serve without compensation.
Nancy Huntington Stager served in a leadership capacity for 30 years with Eastern Bank before retiring in July 2025.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Bari A Harlam | Trustee | 1 | — |
| Carol N Fulp | Trustee | 1 | — |
| Deborah C Jackson | Trustee | 1 | — |
| Robert F Rivers | trustee | 1 | — |
| James Rudolph | Trustee | 1 | — |
| James Canales | trustee | 1 | — |
| Denis Sheahan | 0 | 1 | — |
| Cathy Schmidt | 0 | 1 | — |
Recent News & Activity
Recent developments and announcements
**English-Language Training Initiative (2025):** The foundation committed $10 million to support English-language training programs for immigrants.
Eastern Bank Foundation commits $10 million to English-language training**Equality Fund Grant (2025):** The foundation awarded $1 million to the Equality Fund to expand its grantmaking capacity.
Eastern Bank Foundation commits $10 million to English-language training**Asian Business Empowerment Council:** The foundation provided seed funding to support the Asian Business Empowerment Council, a new venture incubated by the Asian Community Fund that assists Asian American Pacific Islander (AAPI) businesses in overcoming historic inequities in access to capital and contracting opportunities.
**2025 Community Advocates Recognition:** The foundation recognized 2025 Eastern Bank Foundation Community Advocates.
Eastern Bank Foundation commits $10 million to English-language trainingSubject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Eastern Bank Foundation fund?
The foundation's mission centers on building stronger communities and addressing pressing social issues through philanthropy, volunteerism, and advocacy. The foundation describes its approach as combining these three elements to change broken systems and advance community vibrancy, economic inclusion, and economic mobility. Primary funding areas include: • Education (including early childhood education) • Health and mental health care • Community and economic development • Employment and workfo…
How do I apply for a grant from Eastern Bank Foundation?
The foundation offers multiple grant programs: • **CITC Grants** (Community Investment Tax Credit) • **Community Donations** • **Impact Grants** • **Neighborhood Donations** **Grant Amounts:** Typical awards range from $100 to $150,000, with historical data showing a range of $15 to $14,699,750. **Annual Giving:** $14,699,750 (2024) **Decision Timeline:** Approximately 60 days for Community Grants; 90+ days for Impact Grants **Volume:** The foundation makes over 1,000 grants annually. **Applica…
Where does Eastern Bank Foundation make grants?
The foundation's primary funding area encompasses: • Eastern Massachusetts • Southern New Hampshire • Rhode Island The foundation also funds projects across the United States more broadly.
What size grants does Eastern Bank Foundation award?
In 2024, Eastern Bank Foundation awarded 1 grants totaling $14.7M — an average of about $14.7M per grant, based on its IRS Form 990 filings.
How much is Eastern Bank Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Eastern Bank Foundation reported a distributable amount of $11.5M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Eastern Bank Foundation's EIN?
Eastern Bank Foundation's EIN (Employer Identification Number) is 22-3317340. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Eastern Bank Foundation's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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