Massmutual Foundation Inc
The MassMutual Foundation Inc is a corporate foundation based in Springfield, Massachusetts, established in 2016. It is a 501(c)(3) organization supported by Mass Mutual Life Insurance Company. The foundation operates as a grantmaking organization focused on addressing barriers to financial well-being and strengthening communities through philanthropic investments.
Key facts about Massmutual Foundation Inc
- EIN
- 47-4967720
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $24,442,629
- Grants made (2024)
- 5
- Average grant
- $4,888,526
- Median grant
- $896,000
- Total assets
- $34,302,568
- Primary geography
- Delaware (89% of itemized 2024 grant dollars)
Data from IRS Form 990-PF, 2024; updated June 2026.
Who Massmutual Foundation Inc funds
By grant dollars, the top recipient states for Massmutual Foundation Inc's 5 itemized 2024 grants were Delaware (89%) and Massachusetts (10%). The most frequent recipient cities were Springfield, MA (2 grants). None of its 5 grants with a stated purpose were described as general or operating support. Recurring purposes include "Exempt Purpose" (5 grants).
How Massmutual Foundation Inc gives
- Giving grew 154% from 2021 to 2024. Method
- In 2024 it paid out well above its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Next steps with Massmutual Foundation Inc
- How to evaluate Massmutual Foundation Inc as a funder
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Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$34.3M
+301.0% YoY
Annual Giving
$24.4M
+102.5% YoY
Grant Count
5
-95.2% YoY
Avg Grant Size
$4.9M
+4112.0% YoY
Under IRS private-foundation payout rules, Massmutual Foundation Inc reported a distributable amount of $34K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The MassMutual Foundation's philosophy centers on the belief that great things can happen when communities come together. The foundation operates across three primary focus areas:
Building Networks — Connecting people to build social capital, which creates financially strong communities where people can support each other.
Fostering Financial Health — Supporting initiatives that help people experience less debt, more savings, and improved credit, enabling them to take advantage of future opportunities.
Fulfilling Basic Financial Needs — Ensuring people's most basic needs are met so they can focus on building financial stability and long-term wealth.
The foundation also supports financial education programs for middle school students and volunteer program partnerships.
Grantmaking
The MassMutual Foundation made 96 grants in 2023, with total giving of $24,442,629 according to the most recent IRS Form 990 filing. Grant amounts typically range from $1,000 to $21,773,971.
Ready to take the next step with Massmutual Foundation Inc?
Geographic Focus
Where this funder awards grants
The MassMutual Foundation funds organizations across the United States, with particular emphasis on Massachusetts, Delaware, and Connecticut. Recent activity shows significant focus on Springfield, Massachusetts and the surrounding region, including Hampden, Hampshire, and Franklin counties in Western Massachusetts.
Grant Distribution by State
Share of all 5 itemized 2024 grant dollars.
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2023:
- Total Assets: $8,554,000
- Total Revenue: $820,000
- Total Expenses: $27,563,000
- Total Liabilities: $11,600,000
As of 2024 (most recent filing):
- Total Assets: $34,302,568
- Total Giving: $24,442,629
The foundation's expenses significantly exceed its annual revenue, reflecting substantial investment in philanthropic activities.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $34,302,568 | $8,554,000 | $31,299,000 |
| Revenue | $58,873,009 | $820,000 | $36,320,000 |
| Expenses | $48,480,876 | $27,563,000 | $18,770,000 |
| Qualifying Distributions | $33,252,171 | $29,816,513 | $25,075,034 |
| Net Investment Income | — | — | — |
| Distributable Amount | $33,939 | $48,143 | $138,628 |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 5 recipients in 2024
Grant Size Distribution
367 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest recipients include American Online Giving Foundation ($21,773,971), University of Massachusetts Amherst Foundation Inc ($1,500,000), Community Foundation of Western Massachusetts ($896,000).
| Recipient | Purpose | Amount |
|---|---|---|
| AMERICAN ONLINE GIVING FOUNDATION Newark, DE | EXEMPT PURPOSE | $21,773,971 |
| UNIVERSITY OF MASSACHUSETTS AMHERST FOUNDATION INC Memorial Hall, MA | EXEMPT PURPOSE | $1,500,000 |
| COMMUNITY FOUNDATION OF WESTERN MASSACHUSETTS Springfield, MA | EXEMPT PURPOSE | $896,000 |
| SAINT FRANCIS HOSPITAL & MEDICAL CENTER FOUNDATION INC Hartford, CT | EXEMPT PURPOSE | $250,000 |
| COMMUNITY UNITED WAY OF PIONEER VALLEY INC Springfield, MA | EXEMPT PURPOSE | $22,658 |
Leadership & Key People
Leadership team and compensation from IRS filings
Dennis Duquette — President and Chief Executive Officer
Compensation Overview
No officer or director reported compensation in the available filings.
From 2024 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Dennis Duquette | President/CEO | 3 | — |
| James Paul Puhala III | Clerk | 2 | — |
| Alison Mathias | Vice President | 3 | — |
| Pablo Cabrera | Treasurer | 3 | — |
| Brian Finucane | Assistant Treasurer | 2 | — |
| Christine Gouine | Associate Clerk | 2 | — |
| Noell Tuesta | Associate Clerk | 2 | — |
| Sherriff Balogun | Director | 2 | — |
| Shefali Desai | Director (Joined 11/11/2024) | 2 | — |
| Amy Dias | Director | 2 | — |
| Joshua Lubas | Director (Joined 11/11/2024) | 2 | — |
| Michael Morrissey | Director | 2 | — |
| Frances Thomas | Director (Joined 11/11/2024) | 2 | — |
| Sucharita Varanasi | Director | 2 | — |
| Dorothy Varon | Director | 2 | — |
Recent News & Activity
Recent developments and announcements
**January 2025** — The MassMutual Foundation provided $560,000 to the Community Foundation of Western Massachusetts to support Flexible Funding grants. This partnership enabled the Community Foundation to award $3,202,800 in Flexible Funding grants to 109 nonprofit organizations in Hampden, Hampshire, and Franklin counties, representing an increase of over $900,000 in grant support compared to the previous year.
Community Foundation Strengthens Impact Through Flexible Funding Opportunity**October 2024** — The foundation awarded $2,000,000 to Way Finders to support expansion of the City of Homes homeownership program in Springfield. This represents a second major investment in the initiative, following an initial $2,000,000 grant two years prior. Way Finders expects to develop up to 10 additional homes through this grant.
Community Foundation Strengthens Impact Through Flexible Funding Opportunity**July 2024** — The MassMutual Foundation distributed $275,000 in donations to nonprofit organizations to honor the dedication of financial professionals.
MassMutual Foundation funds expansion of Way Finders City of Homes homeownershipThe foundation maintains a national partnership with Opportunity Finance Network and has launched the CDFI Innovation Initiative, designed to drive and invest in new business solutions, scale efficiency, and maximize impact for the Community Development Financial Institution industry.
Community Foundation Strengthens Impact Through Flexible Funding OpportunitySubject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Massmutual Foundation Inc fund?
The MassMutual Foundation's philosophy centers on the belief that great things can happen when communities come together. The foundation operates across three primary focus areas: **Building Networks** — Connecting people to build social capital, which creates financially strong communities where people can support each other. **Fostering Financial Health** — Supporting initiatives that help people experience less debt, more savings, and improved credit, enabling them to take advantage of futur…
How do I apply for a grant from Massmutual Foundation Inc?
The MassMutual Foundation made 96 grants in 2023, with total giving of $24,442,629 according to the most recent IRS Form 990 filing. Grant amounts typically range from $1,000 to $21,773,971. Recent significant grants include: • $2,000,000 to Way Finders for expansion of the City of Homes homeownership program in Springfield (2024) • $1,500,000 to University of Massachusetts Amherst Foundation (2023) • $1,050,000 to Baystate Health (2023) • $894,028 to Boston Medical Center Corporation (2023) • …
Where does Massmutual Foundation Inc make grants?
The MassMutual Foundation funds organizations across the United States, with particular emphasis on Massachusetts, Delaware, and Connecticut. Recent activity shows significant focus on Springfield, Massachusetts and the surrounding region, including Hampden, Hampshire, and Franklin counties in Western Massachusetts.
What size grants does Massmutual Foundation Inc award?
In 2024, Massmutual Foundation Inc awarded 5 grants totaling $24.4M — an average of about $4.9M per grant, based on its IRS Form 990 filings.
How much is Massmutual Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Massmutual Foundation Inc reported a distributable amount of $34K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Massmutual Foundation Inc's EIN?
Massmutual Foundation Inc's EIN (Employer Identification Number) is 47-4967720. IRS Form 990 filing data is available on this page for 2020–2024.
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.