Salem Five Charitable Foundation Inc
Salem Five Charitable Foundation Inc is a corporate foundation based in Salem, Massachusetts. The foundation is affiliated with Salem Five Bank, a mutual bank founded in 1855 that operates as a full-service financial services company with over 30 retail branches and $8 billion in assets across New England.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$15.3M
+1.9% YoY
Annual Giving
$974K
+66.8% YoY
Grant Count
1
-99.6% YoY
Avg Grant Size
$974K
+46762.4% YoY
Under IRS private-foundation payout rules, Salem Five Charitable Foundation Inc reported a distributable amount of $1.0M for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation's primary purpose is to provide funding for exempt purposes. Grant funding focuses on:
- Education
- Philanthropy, Voluntarism & Grantmaking
- Human Services
The foundation supports a broad range of causes including churches, student clubs, food pantries, animal shelters, private schools, and youth development organizations.
Grantmaking
Grant Range
$1,000 to $30,000
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in Massachusetts, though grants have been awarded to organizations in California, Texas, Florida, Illinois, Maryland, and New York.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of December 2024:
- Total assets: $15,265,023
- Total giving: $974,342
- Total revenues: $1,401,252
- Total expenses: $1,120,808
As of December 2023:
- Total assets: $14,984,579
- Total giving: $582,293
- Total revenues: $3,917,754
- Total expenses: $653,700
Revenue Breakdown (2024):
- Investment income and dividends: $390,947
- Net gain from sale of non-inventory assets: $938,205
- Total grants and contributions: $72,100
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $15,265,023 | $14,984,579 | $11,720,525 |
| Revenue | $1,401,252 | $3,917,754 | $534,111 |
| Expenses | $1,120,808 | $653,700 | $607,943 |
| Qualifying Distributions | $976,954 | $582,293 | $536,296 |
| Net Investment Income | $1,423,275 | $1,887,970 | $524,702 |
| Distributable Amount | $1,001,710 | $757,051 | $727,220 |
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 Salem Five Charitable Foundation Inc
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Total Contributions Paid ($974,342).
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- Ping Yin Chai – President
- Donald A Sadoski, DMD – Director
- Brian W Shaughnessy – Clerk/Treasurer
- Daniel E Clasby – Director
- Catherine L Oatway – Director
- Joseph M Gibbons – Director
- Peter C Gourdeau – Director
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| PING YIN CHAI | PRESIDENT | 1 | — |
| DONALD A SADOSKI D M D | DIRECTOR | 1 | — |
| Brian W Shaughnessy | CLERK/TREASURER | 1 | — |
| daniel e clasby | DIRECTOR | 1 | — |
| catherine l oatway | DIRECTOR | 1 | — |
| joseph m gibbons | DIRECTOR | 1 | — |
| Peter C Gourdeau | Director | 1 | — |
Recent News & Activity
Recent developments and announcements
The foundation has announced surprise donations to nonprofits in recent years, including a 2023 announcement of donations to 13 nonprofits. Notable past grantees include Stoneham Theatre Corp.
Salem Five Charitable Foundation Surprises Non-ProfitsSubject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Salem Five Charitable Foundation Inc fund?
The foundation's primary purpose is to provide funding for exempt purposes. Grant funding focuses on: • Education • Philanthropy, Voluntarism & Grantmaking • Human Services The foundation supports a broad range of causes including churches, student clubs, food pantries, animal shelters, private schools, and youth development organizations.
How do I apply for a grant from Salem Five Charitable Foundation Inc?
**Grant Amounts:** • Typical awards range from $100 to $974,342 • Median grant amount: $1,946 • Grant range: $1,000 to $30,000 **Recent Activity:** • Made 256 grants in 2024 • Made 555 grants in 2023 • Operates the Salem Five Community Donations Program Grant **Giving Rate:** 4.4% of assets
Where does Salem Five Charitable Foundation Inc make grants?
The foundation primarily funds organizations in Massachusetts, though grants have been awarded to organizations in California, Texas, Florida, Illinois, Maryland, and New York.
What size grants does Salem Five Charitable Foundation Inc award?
In 2024, Salem Five Charitable Foundation Inc awarded 1 grants totaling $974K — an average of about $974K per grant, based on its IRS Form 990 filings.
How much is Salem Five Charitable Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Salem Five Charitable Foundation Inc reported a distributable amount of $1.0M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Salem Five Charitable Foundation Inc's EIN?
Salem Five Charitable Foundation Inc's EIN (Employer Identification Number) is 04-3342405. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Salem Five Charitable 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. Research dossier generated April 2026.
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