The Fb Heron Foundation
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.
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
77
-41.2% YoY
Avg Grant Size
$192K
+29.1% YoY
Mission & Focus Areas
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 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
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.
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
States
Cities
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
| 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 |
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
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
From 2024 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
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 InstitutionsThe 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 InstitutionsRelated Funders
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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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