The FB Heron Foundation

Foundation · Grantmaker New Haven, CT EIN: 13-3647019 Website

The F.B. Heron Foundation is a private philanthropic foundation established in 1992 and based in New Haven, Connecticut. Operating as a 501(c)(3) organization, Heron has fundamentally reimagined its approach to philanthropy by investing 100% of its endowment for mission-aligned impact since December 2016. Rather than functioning as a traditional funder, Heron partners directly with communities to provide financial support, research, learning collaboratives, narrative reclamation, and long-term capacity building.

Key facts about The FB Heron Foundation

EIN: 13-3647019
Latest 990 filing: Form 990-PF, 2024
Annual giving (2024): $14,786,601
Grants made (2024): 77
Average grant: $192,034
Median grant: $2,500
New grantees (estimate): 38% first-time grantees (23 of 60, 2024)
Total assets: $349,260,826
Primary geography: Kentucky (70% of itemized 2024 grant dollars)

Data from IRS Form 990-PF, 2024; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).

Who The FB Heron Foundation funds

By grant dollars, the top recipient states for The FB Heron Foundation's 77 itemized 2024 grants were Kentucky (70%) and Arkansas (27%). The most frequent recipient cities were New York, NY (11 grants), Berea, KY (4 grants), Northeast Harbor, ME (4 grants) and Ponte Vedra, FL (3 grants). 94% of grants with a stated purpose were for general or operating support. Recurring purposes include "Project-Based" (3 grants).

Is The FB Heron Foundation open to new grantees?

38%

first-time grantees, 2024

In 2024, 23 of 60 grantees (38%) were first-time recipients. First grants averaged $6K; repeat grants $396K. How we count

Medians: $3K first-time, $3K repeat.

45% of 2024 grantees were also funded in 2023. Method
Giving grew 45% from 2021 to 2024. Method
In 2024 it paid out 87% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method

Estimate from itemized IRS Form 990-PF grant lists (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.

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Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$349.3M

+6.8% YoY

Annual Giving

$14.8M

-24.1% YoY

Grant Count

-41.2% YoY

Avg Grant Size

$192K

+29.1% YoY

Under IRS private-foundation payout rules, The FB Heron Foundation reported a distributable amount of $23.8M for 2024 — the minimum it must pay out in qualifying distributions.

Research compiled by Grantable AI from public sources. Last updated April 2026.

Mission & Focus Areas

The foundation's core beliefs include:

The welfare of people and society depends upon the health and resilience of communities
Financial and other capital must move more effectively into disadvantaged communities
The power to control and deploy funds for community welfare must reside in communities themselves
Power must be held collectively by an engaged citizenry
Understanding a community's history, current health, and external trends is necessary to guide decision-making

Heron works primarily in rural communities experiencing persistent poverty, systemic challenges, historic disinvestment, and a legacy of disenfranchisement, though the foundation believes this model is applicable across all geographic regions and socio-economic classes.

Grantmaking

Grant Range

$148,704

Average Grant

$148,704

Invitation Only

is relationship-based and invitation-driven rather than through a public application process. Given the small team size, Heron receives more requests for information and individual guidance than they can respond to, though contact is welcomed.

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Geographic Focus

Where this funder awards grants

Heron supports communities across the United States with a domestic poverty focus. The foundation's geographic reach includes Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, and additional states.

Grant Distribution by State

Kentucky $10.4M (70%)

Arkansas $4.0M (27%)

Massachusetts $145K (1%)

New York $87K (1%)

Alabama $44K (0%)

All other $159K (1%)

Share of all 77 itemized 2024 grant dollars.

Cities

New YorkBrooklynPortlandWashingtonNew MilfordCalumetFresnoHancockOaklandMaplewoodPonte VedraSan FranciscoStamfordNew HavenJacksonMinneapolisBereaSelmaBostonNekoosa

Financial History

Multi-year comparison from IRS filings

As of December 2023:

Total Assets: $326.9 million
Total Revenue: $8.39 million
Total Expenses: $24.9 million
Total Liabilities: $1.41 million
Annual Giving: $19.5 million

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$349,260,826	$326,924,230	$311,913,606
Revenue	$15,317,344	$8,390,805	$33,774,082
Expenses	$19,822,923	$24,916,796	$36,349,061
Qualifying Distributions	$20,648,448	$26,877,689	$38,286,599
Net Investment Income	$13,560,994	$8,429,454	$31,695,635
Distributable Amount	$23,840,795	$19,061,732	$19,605,642

Data update history

When this profile's IRS filing data changed on Grantable

March 1, 2026 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 10 recipients in 2024

Grant Size Distribution

728 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest recipients include Federation of Appalachian Housing Enterprises Inc ($10,401,292 across 4 grants), Communities Unlimited Inc ($3,950,000 across 2 grants), The Lincoln Institute of Land Policy ($75,000).

Recipient	Purpose	Amount
Federation of Appalachian Housing Enterprises Inc Berea, KY	Project-Based	$10,000,000
Communities Unlimited Inc Fayetteville, AR	Project-Based	$3,750,000
Communities Unlimited Inc Fayetteville, AR	General Support	$200,000
Federation of Appalachian Housing Enterprises Inc Berea, KY	Pass-Through	$200,000
Federation of Appalachian Housing Enterprises Inc Berea, KY	General Support	$200,000
The Lincoln Institute of Land Policy Cambridge, MA	Project-Based	$75,000
Mission Investors Exchange New York, NY	Mem/Sub/Spon	$60,000
The Nonprofit Information Networking Association dba The Nonprofit Quarterl Boston, MA	General Support	$25,000
Appalachian African-American Cultural Center Pennington Gap, VA	General Support	$20,000
Appalachian African-American Cultural Center Pennington Gap, VA	General Support	$20,000

Leadership & Key People

Leadership team and compensation from IRS filings

Felecia Lucky - President (appointed October 2025)

Mary Jo Mullan - Former President

Enrique Virgil - Treasurer

The foundation employs 13 staff members.

Compensation Overview

From 2024 IRS filing

Name	Title	Hours	Compensation
Paul Costello	Director	3	—
John C Weiler	Treasurer	40	$156,667
Buzz Schmidt	Chairman	4	—
Jim King	Director	3	—
Felecia Lucky	Director	3	—
DAN McKAY	Director	3	—
Greg Watson	Director	3	—
Enrique Virgil	Former Treasuer	40	$17,722
Kelly Donnelly	Secretary	40	$218,667

Recent News & Activity

Recent developments and announcements

2025

The F.B. Heron Foundation announced a significant leadership transition in October 2025, naming Felecia Lucky as its new President. This transition reflects the foundation's evolution as it moves from a traditional grantmaking private foundation toward a rural community advancement agency model.

Heron Foundation - Empowering People and Institutions

The foundation is currently focused on empowering distressed rural communities across the United States through a network-based model centered on Community Capitals Partners (CCPs). Heron is recognized as a leader in impact investing, general operating support, and enterprise capital grants, with a distinctive philosophy of ceding decision-making power to communities themselves.

Heron Foundation - Empowering People and Institutions

Frequently Asked Questions

What does The FB Heron Foundation fund?

Heron's mission is to help people and communities help themselves out of poverty and thrive. The foundation champions people who believe in the promise of their community and dare to pursue shared dreams for their place. The foundation's core beliefs include: • The welfare of people and society depends upon the health and resilience of communities • Financial and other capital must move more effectively into disadvantaged communities • The power to control and deploy funds for community welfare…

How do I apply for a grant from The FB Heron Foundation?

Heron does not operate traditional grant programs. Instead, the foundation employs a community-led decision structure with foundation support. The foundation provides general operating support and enterprise capital grants. **Recent Grant Activity (2023):** • Total grants awarded: approximately $19.5 million across 131 grants • Average grant size: $148,704 • Notable grants include $15 million to The Black Belt Community Foundation (general support) and $2 million (project-based) The foundation'…

Where does The FB Heron Foundation make grants?

What size grants does The FB Heron Foundation award?

In 2024, The FB Heron Foundation awarded 77 grants totaling $14.8M — an average of about $192K per grant, based on its IRS Form 990 filings.

How much is The FB Heron Foundation required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, The FB Heron Foundation reported a distributable amount of $23.8M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.