The Bay State Federal Savings
The Bay State Federal Savings Charitable Foundation is a private grantmaking foundation established in 1997 in Massachusetts and granted 501(c)(3) tax-exempt status in 1999. Originally established as a company-sponsored operating foundation associated with Bay State Federal Savings Bank, the foundation continues its charitable mission independently. The foundation is classified as a private foundation (NTEE Code T20) and operates from Sagamore Beach, Massachusetts.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$16.3M
+13.8% YoY
Annual Giving
$484K
+5.5% YoY
Grant Count
144
-12.2% YoY
Avg Grant Size
$3K
+20.2% YoY
Mission & Focus Areas
The foundation's mission centers on giving for:
- Youth services
- Education
- Health associations and healthcare, including hospitals and medical research
- Community organizations that contribute to the quality of life
- Social services
The foundation primarily funds general operating support for nonprofit organizations aligned with these priorities.
Grantmaking
Grant Range
$5,000–$10,000
Review Cycle
**Recent Grant Recipients (2024)**
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Geographic Focus
Where this funder awards grants
The foundation's giving is principally focused on Massachusetts, with some grants extending to Florida and Illinois.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total assets: $16,253,139
- Total revenues: $3,550,024
- Total expenses: $834,952
- Annual giving: approximately $484,100
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $16,253,139 | $14,282,747 | $12,370,810 |
| Revenue | $3,550,024 | $706,576 | $940,657 |
| Expenses | $834,952 | $790,462 | $841,370 |
| Qualifying Distributions | $682,086 | $737,381 | $774,140 |
| Net Investment Income | $3,509,454 | $651,921 | $878,881 |
| Distributable Amount | $716,728 | $643,866 | $656,586 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Denise M Renaghan — President (compensation: $94,000 as of 2025)
The foundation operates with one employee.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Denise M Renaghan | President/Director | 30 | $94,000 |
| Michael O Gilles | Treasurer/Director | 20 | $30,000 |
| Anthony F Caruso | Secretary/Director | 10 | $16,000 |
| Brenda T Harrington | Asst. Treasurer/Director | 20 | $15,000 |
Contact Information
- Mailing Address: P.O. Box 1190, Sagamore Beach, MA 02562-1190
- Alternative Address: 55 Cambridge Parkway, Suite 105, Cambridge, MA 02142-1263
- Phone: (617) 225-2822
- Fax: (617) 225-6945
- Email: info@baystatecharitable.com
- Website: baystatecharitable.com
Subject Areas
Focus areas based on grantmaking activity
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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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