The Waterwheel Foundation
The WaterWheel Foundation is a private foundation based in New York, New York. Created by Phish in 1997 to oversee the band’s charitable activities, it supports nonprofits in communities where Phish tours and organizations in Vermont, with particular attention to work focused on the Lake Champlain watershed.
The Waterwheel Foundation at a glance
In short: The Waterwheel Foundation gave $4.0M across 75 grants in 2024 (avg $54K), mostly in Vermont. 53% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $4,024,071
- +95.2% vs 2023
- Grants made (2024)
- 75
- -7.4% vs 2023
- Average grant
- $53,654
- +110.8% vs 2023
- Median grant
- $10,000
- Total assets
- $15,615,283
- -4.8% vs 2023
- New grantees (estimate)
- 53% first-time grantees (40 of 75, 2024)
- Primary geography
- Vermont (83% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to The Waterwheel Foundation
- Accepts unsolicited proposals
- No
- How to Apply
-
The foundation states that it makes contributions only to preselected charitable organizations and does not accept unsolicited requests for funds.
- Contact
Mailing address: Co Bgco 420 Lexington Ave 2520, New York, NY 10170
Phone: (212) 582-9700
Website: https://waterwheelfoundation.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who The Waterwheel Foundation funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Vermont Community Foundation ($2.7M). Together the top 10 received $3.2M.
Grant Size Distribution
344 grants across all recorded years
The most common grant size was under $50K: 315 grants of 344 (92%).
Geographic Focus
Where this funder awards grants
The foundation says it supports nonprofits in Vermont and in communities where Phish tours, as well as organizations beyond those areas. In filing year 2024, Vermont recipients accounted for 83% of grant dollars; New York and California each accounted for 4%, Maine for 2%, and the District of Columbia for 1%.
Grant Distribution by State
Share of 2024 grant dollars across all 75 itemized grants.
States
Cities
Is The Waterwheel Foundation open to new grantees?
53%
first-time grantees, 2024
In 2024, 40 of 75 grantees (53%) were first-time recipients. First grants averaged $19K; repeat grants $93K. How we count
Medians: $9K first-time, $15K repeat.
- 32% of 2024 grantees were also funded in 2023. Method
- Giving grew 314% from 2021 to 2024. Method
- In 2024 it paid out 511% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $971K (2021) to $4.0M (2024). In 2024 it made 75 grants totaling $4.0M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Vermont Community Foundation Middlebury, VT | General | $2,690,000 |
| The Research Foundation for the SUNY Albany, NY | General | $97,750 |
| Kin BEH Education Center Foundation Los Altos, CA | General | $75,000 |
| Steps to End Domestic Violence Burlington, VT | General | $70,000 |
| Burlington City Arts Burlington, VT | General | $50,000 |
| The Flynn Center for Performing Arts Burlington, VT | General | $50,000 |
| Hope for the City Henderson, NV | General | $47,765 |
| Champlain Valley Office Burlington, VT | General | $40,000 |
| Divided Sky Foundation Ludlow, VT | General | $37,739 |
| Lake Champlain Community Sailing Center Burlington, VT | General | $37,535 |
Ready to take the next step with The Waterwheel Foundation?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $15,615,283 | $3,289,686 | $4,092,654 | $4,024,071 | 75 | $4,024,071 | $813,929 | $787,700 |
| 2023 | $16,407,951 | $6,953,692 | $2,105,482 | $2,061,967 | 81 | $2,061,967 | $428,730 | $650,160 |
| 2022 | $11,724,626 | $3,397,915 | $1,378,425 | $1,336,994 | 78 | $1,336,994 | $363,004 | $510,579 |
| 2021 | $9,985,840 | $3,043,142 | $1,019,286 | $970,933 | 54 | $970,933 | $661,372 | $499,632 |
| 2020 | $8,826,778 | $3,261,121 | $3,076,622 | $2,563,723 | 56 | — | $137,401 | $424,469 |
Under IRS private-foundation payout rules, The Waterwheel Foundation reported a distributable amount of $788K for 2024 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
The foundation’s mission is to create positive change by mobilizing the Phish fan community. Its website describes two parts of its giving: collecting donations for local nonprofits in tour-stop communities through its Touring Division, and supporting nonprofits based in Vermont, especially those focused on cleaning up the Lake Champlain watershed.
Its 2024 grantees illustrate a range of work. For example, Steps to End Domestic Violence says it assists people affected by domestic abuse in moving toward safe, independent lives. Friends of the Winooski River says it works to protect and restore the river, reduce pollution, and improve habitat. King Street Center says it empowers youth through learning, play, and opportunity. Vermont Journalism Trust says it works to make public-policy information accessible and hold government accountable. Other 2024 recipients included organizations whose stated missions address local journalism, children’s needs, disaster response, and childhood hunger.
Grantmaking
In filing year 2024, the foundation reported 75 grants totaling $4,024,071. Grant amounts ranged from $800 to $2,690,000, with a median of $10,000.
The largest reported grant was $2,690,000 to Vermont Community Foundation for general purposes. Other notable grants included $97,750 to The Research Foundation for the SUNY; $75,000 to Kin Beh Education Center Foundation; $70,000 to Steps to End Domestic Violence; and $50,000 each to Burlington City Arts and The Flynn Center for Performing Arts. The filing listed these grants as for general purposes.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing listed Ernest Anastasio III as president; Michael Gordon, Page McConnell, and Jonathan Fishman as vice presidents; Beth Montuori Rowles as secretary; and Burton Goldstein as treasurer.
The Waterwheel Foundation is led by Ernest Anastasio III, President on every filing since 2020; none of the 6 officers listed in 2024 report compensation.
Officers on the 2024 filing
Ernest Anastasio III
President
On filings since 2020
1 hr/week
No compensation reported
Jonathan Fishman
Vice President
On filings since 2020
1 hr/week
No compensation reported
Michael Gordon
Vice President
Treasurer → Vice President, 2021
On filings since 2020
1 hr/week
No compensation reported
Page McConnell
Vice President
Secretary → Vice President, 2021
On filings since 2020
1 hr/week
No compensation reported
Beth Montuori Rowles
Secretary
On filings since 2021
6 hrs/week
No compensation reported
Burton Goldstein
Treasurer
On filings since 2021
2 hrs/week
No compensation reported
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about The Waterwheel Foundation
How much does The Waterwheel Foundation give each year?
The Waterwheel Foundation gave $4.0M across 75 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $2.1M across 81 grants.
What is The Waterwheel Foundation's typical grant size?
The Waterwheel Foundation's median grant in 2024 was $10,000, and its average grant was $53,654, across 75 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from The Waterwheel Foundation that year got $19K on average.
Where does The Waterwheel Foundation give grants?
The Waterwheel Foundation gives mostly in Vermont: 83% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Burlington, VT (13 grants), Montpelier, VT (4 grants), Washington, DC (2 grants) and So Burlington, VT (2 grants).
Does The Waterwheel Foundation give general operating support?
Yes: 93% of The Waterwheel Foundation's 2024 grants with a stated purpose (70 of 75) were for general or operating support, per its 2024 IRS Form 990-PF. Recurring purposes include "Generalgeneral" (4 grants).
Who are The Waterwheel Foundation's largest grantees?
The Waterwheel Foundation's largest 2024 grantees include Vermont Community Foundation ($2,690,000), The Research Foundation for the SUNY ($97,750) and Kin BEH Education Center Foundation ($75,000), according to its 2024 IRS Form 990-PF. Together they received 71% of its itemized 2024 grant dollars.
How large is The Waterwheel Foundation?
The Waterwheel Foundation reported $15.6M in total assets on its 2024 IRS Form 990-PF. It paid out $4.0M in qualifying distributions that year, against a required minimum of $788K (roughly 5% of its investment assets).
What does The Waterwheel Foundation fund?
The foundation’s mission is to create positive change by mobilizing the Phish fan community. See mission & focus areas ↑
How do I apply for a grant from The Waterwheel Foundation?
The foundation states that it makes contributions only to preselected charitable organizations and does not accept unsolicited requests for funds. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is The Waterwheel Foundation's EIN?
The Waterwheel Foundation's EIN (Employer Identification Number) is 13-3948773. IRS Form 990 filing data is available on this page for 2020–2024.
Does The Waterwheel Foundation accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in The Waterwheel Foundation's focus areas in our free grants database
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Cite this profile
Grantable. (2026). The Waterwheel Foundation funder profile. GrantGraph. Retrieved October 11, 2026, from https://grantable.co/funders/the-waterwheel-foundation-morg_ca35a02d46014d65b9e0bc4c6c3cb489
BibTeX
@misc{grantable_133948773_2026,
author = {{Grantable}},
title = {{The Waterwheel Foundation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/the-waterwheel-foundation-morg_ca35a02d46014d65b9e0bc4c6c3cb489},
note = {Accessed 2026-10-11. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from The Waterwheel Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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