Institution for Savings in Newburyport &
The Institution for Savings in Newburyport and Its Vicinity Charitable Foundation is a corporate foundation established in 1997 by the Institution for Savings, one of the oldest and most stable mutual banks in the United States. Founded in 1820, the parent bank is widely recognized as the third savings bank chartered in Massachusetts and remains one of the largest mutual banks on the North Shore of Massachusetts.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$14.8M
+4.5% YoY
Annual Giving
$2.3M
+16.2% YoY
Grant Count
1
-99.6% YoY
Avg Grant Size
$2.3M
+31634.7% YoY
Mission & Focus Areas
The Foundation's purpose is to share the Institution for Savings' financial success with the communities it serves. The Foundation supports nonprofit organizations across its service region with a focus on:
- Education
- Human Services
- Economic and Community Empowerment (including programs that promote and develop access to safe and affordable housing)
- Philanthropy, Voluntarism & Grantmaking
Grantmaking
Additional recent grantees include 1st Lt. Derek Hines Soldier Assistance Fund, Acord Food Pantry, American Yacht Club Foundation, Amesbury Lions Club, Among Friends Meal Program at St. Paul's Church, Anna Jaques Hospital, Bass Rocimicry New England, Boxford Firefighters Relief Association, Boys and Girls Club of Greater Salem, Building a Better Beverly, Caidens Crusaders, Care Dimensions, City of Amesbury, and Community Action.
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Geographic Focus
Where this funder awards grants
The Foundation supports nonprofit organizations in the following Massachusetts communities: Amesbury, Beverly, Boxford, Byfield, Gloucester, Groveland, Hamilton, Ipswich, Middleton, Newburyport, Newbury, Rockport, Rowley, Salem, Salisbury, Topsfield, Wenham, and West Newbury.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of December 2024:
- Total Assets: $14,836,602
- Total Giving: $2,309,987
- Total Revenues: $2,851,431
- Total Expenses: $2,332,348
Revenue Breakdown (FY 2024):
- Total grants and contributions: $1,487,655
- Investment income and dividends: $369,785
- Net gain from sale of non-inventory assets: $993,715
- Miscellaneous revenues: $276
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $14,836,602 | $14,202,698 | $16,132,654 |
| Revenue | $2,851,431 | $998,506 | $1,229,352 |
| Expenses | $2,332,348 | $2,043,490 | $2,369,463 |
| Qualifying Distributions | $2,313,481 | $1,989,915 | $2,351,577 |
| Net Investment Income | $2,166,184 | $1,231,979 | $1,882,621 |
| Distributable Amount | $1,312,490 | $698,166 | $822,302 |
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
1 open opportunity from Institution for Savings in Newburyport &
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Officers:
- Michael J. Jones, President and Chief Executive Officer
- Stephen P. Cote, Treasurer
- Kimberly A. Rock, Clerk
- Amy L. Smith, Assistant Treasurer
Board of Directors: Freeman J. Condon, James V. Ellard, Saira Naseer Ghiasuddin, Ellen G. Nich, Stuart E. Winfrey, Michael J. Jones, John F. Leary III, Kevin M. Gasiorowski, Cindy M. Johnson, Richard J. Silverman, and R. Drew Marc-Aurele.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| CINDY M JOHNSON | TRUSTEE | 0.25 | — |
| JOHN F LEARY III | TRUSTEE | 0.25 | — |
| MICHAEL J JONES | PRESIDENT/TRUSTEE | 0.25 | — |
| JEREMIAH T LEWIS | TRUSTEE | 0.25 | — |
| R DREW MARC-AURELE | TRUSTEE | 0.25 | — |
| ELLEN G NICH | TRUSTEE | 0.25 | — |
| ELLEN MACKEY ROSE | TRUSTEE | 0.25 | — |
| RICHARD J SILVERMAN | TRUSTEE | 0.25 | — |
| KIMBERLY A ROCK | CLERK/TRUSTEE | 0.25 | — |
| STEPHEN P COTE | TREASURER | 0.25 | — |
| JAMES V ELLARD | TRUSTEE | 0.25 | — |
| KEVIN M GASIOROWSKI | TRUSTEE | 0.25 | — |
| SAIRA NASEER-GHIASUDDIN | TRUSTEE | 0.25 | — |
| AMY L SMITH | ASST. TREASURER | 0.25 | — |
| Kerri S Perry | TRUSTEE | 0.25 | — |
Recent News & Activity
Recent developments and announcements
The Foundation continues to be an active grantmaker in its region. In 2025, Foundation leadership noted receiving over 140 applications in a single quarter, reflecting strong demand from the nonprofit community. Leadership emphasized the Foundation's commitment to supporting essential services during challenging times, stating that the Foundation received more applications than it could fund and wished it could support every request.
The parent Institution for Savings bank operates 13 full-service offices across the North Shore region and maintains a strong commitment to community financial education and volunteerism through its #Giving for Good program.
Institution for Savings grants nearly $475k to local nonprofits | Local NewsSubject Areas
Focus areas based on grantmaking activity
Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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