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Boston Foundation INC EIN 04-2104021

Boston Foundation INC

EIN  04-2104021 Public foundation / grantmaker Boston, MA Founded 1915
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 7/3/26 · see original filing: IRS
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Size
$100M+
What they do
Grants funds, partners with donors, and uses civic advocacy to reduce disparities and build equitable communities throughout the Greater Boston area.
Leadership
M Lee Pelton · President & CEO · $844K
Money in and out
$426.7M revenue, $279.9M expenses
Bottom line
92% program efficiency

Grants funds, partners with donors, and uses civic advocacy to reduce disparities and build equitable communities throughout the Greater Boston area. For fiscal year 2024 it reported $426.7M in revenue, $279.9M in expenses, and $2.1B in net assets.Pt I

Grants paid & assets · FY2024
Total revenue
$426.7M
Pt VIII · Ln 12
Total expenses
$279.9M
Pt IX · Ln 25
Net assets
$2.1B
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $146.8M
Where spending went · Part IX cols B–D
Program services $0.92 Management & general $0.06 Fundraising $0.01
Program efficiency
92%
of spending reaches programs▲ +3% vs prior filing year
Operating runway
215.8mo
months of highly liquid reserves at operating expense rate▲ +36% vs prior filing year
Surplus margin
+34%
revenue over expenses, this year▲ ×17 vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$426.7M
FY2024▲ +103%
Expenses
$279.9M
FY2024▲ +30%
Total assets
$2.1B
FY2024▲ +16%
Total liabilities
$15.4M
FY2024▼ -12%
Total revenue
$426.7M
Pt VIII · Ln 12
Total expenses
$279.9M
Pt IX · Ln 25
Net assets
$2.1B
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$146.8M
Total assetsPt X · Ln 16$2.1B
Program-expense ratioPt IX · col B92%
Voting members of governing bodyPt I · Ln 320
Independent voting membersPt I · Ln 420
Mission & Programs · Part III

Where the work happens

2 program services account for $257.8M of program spending, described in the organization's own filed words · FY2024.
01

Major Goals and Objectives

We have chosen four interconnected pathways to equity where we believe we can have the greatest impact. See Schedule O-Child Well Being: Ensure that children are physically and emotionally healthy, developmentally on track and well prepared to thrive in school and adulthood.-Economic Opportunity: Every resident will have equitable access…

$257.8Mprogram expense
02

Carry out and evaluate philanthropic programs for individual donors, families, foundations, and corporations. Encourage a positive climate for philanthropy and actively promote effective giving through work with community foundations, Regional Associations of Grantmakers and others.

Pt IX · col B

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CBoston Foundation INC
EINHdr · item D04-2104021
Principal addressHdr · item CBoston, MA
WebsiteHdr · item Jwww.tbf.org
Year of formationHdr · item L1915
State of legal domicileHdr · item MMA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFoundations & Grantmakers (T310)
Ruling yearIRS BMFDec 1997

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a20
Independent voting membersPt VI · Ln 1b20
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
M Lee Pelton
President & CEO
$844,144Pt VII · Sec A
Alfred F Van Ranst JR
Frmr Cfo&treasurer
$442,569Pt VII · Sec A
George C Wilson
Assistant Treasurer
$409,291Pt VII · Sec A
Kate Guedj
SVP and Chief Phil. Off.
$400,579Pt VII · Sec A
Brian Douglas
CFO & Treasurer
$394,571Pt VII · Sec A
Orlando Watkins
VP & Chief Prog. Officer
$341,254Pt VII · Sec A
Keith Mahoney
VP, Comm. & Public Affairs
$308,118Pt VII · Sec A
Jane Dixon
VP, HR & Culture and Talent
$258,322Pt VII · Sec A

M Lee Pelton’s $844K as President & CEO is at the 86th percentile of top reported officer pay among 129 $100M+ philanthropy & grantmaking nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
M Lee Pelton$844,144$806,009$746,956$419,978——
Paul S Grogan———$636,389$605,661$694,127
Alfred F Van Ranst JR$442,569$400,830$400,440$408,505$386,671$379,747
George C Wilson$409,291$392,677$388,767$390,256$367,418$362,436
Kate Guedj$400,579$392,052$381,676$354,585$307,334$319,633
Brian Douglas$394,571—————
Makeeba McCreary—$174,210$343,379———
Orlando Watkins$341,254$335,194$319,716$284,903$259,658$247,166

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Contributions & grants$388.6M · 91%
Investment income$34.0M · 8%
Program service revenue$4.0M · 1%
Contributions & grants91%$388.6M
Investment income8%$34.0M
Program service revenue1%$4.0M
Other revenue$58K
Total revenueLn 12$426.7M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.92 Management & general $0.06 Fundraising $0.01
Program services92%$257.8M
Management & general6%$18.0M
Fundraising1%$4.0M
Total functional expensesLn 25$279.9M

Balance Sheet

Part X · end of year
CashLn 1$55.2M
Total assetsLn 16$2.1B
Total liabilitiesLn 26$15.4M
Total net assetsLn 32$2.1B
Months of cash on handcomputed2.4

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $2.1B · Operating expenses (Pt IX) $279.9M · Less non-cash grants $162.3M · Cash operating expenses/yr $117.6M
215.8 months
Where the money goes
Program services
Program services $257.8M · Total expenses $279.9M
92%
Management & General
Management & general $18.0M · Total expenses $279.9M
6%
Fundraising
Fundraising $4.0M · Total expenses $279.9M
1%
Cost to raise $1
Fundraising expense (3-yr avg) $3.7M · Solicited contributions (3-yr avg) $236.7M
$0.02 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $388.6M · Total revenue $426.7M
91%
Government reliance
Government grants — · Total revenue $426.7M
—
Earned-income share
Program service revenue $4.0M · Total revenue $426.7M
1%
Investment reliance
Investment income $34.0M · Total revenue $426.7M
+8%
Program self-sufficiency
Program service revenue $4.0M · Total expenses $279.9M
1%
Growth & trend
Revenue growth (YoY)
This year $426.7M · Prior year $210.4M
+103%
Revenue CAGR
FY2019 $182.8M · FY2024 $426.7M
+18%
Net-asset trend (YoY)
End of year $2.1B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $426.7M · Expenses $279.9M
+34%
Liabilities-to-Assets
Total liabilities — · Total assets $2.1B
—
Net-asset ratio
Net assets $2.1B · Total assets $2.1B
99%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $1.2B · Other securities (Pt X, ln 12) $837.3M · Total assets (Pt X, ln 16) $2.1B
96%
People & payroll
Highest Reported Total Compensation
Individual M Lee Pelton · Reported title President & CEO · Highest reported compensation $844K · Total expenses $279.9M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $20.2M · Total expenses $279.9M
7%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 92%——
Overhead ratio 6%——
Fundraising cost ratio 1%——
Revenue growth 103%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Strivetogether INCFY2025$200K
Colins Joy Project INCFY2025$100K
Movement Arts Creation Studio INCFY2025$50K
National Skills CoalitionFY2025$25K
Black Economic Council of Massachusetts INCFY2025$10K
Total grants receivedfrom 5 funders$385K
See all 5 funders →
Grants paid · 13,735 grants · $1.2B · 2019–2024
Unitemized GrantFY2024$8,844,437
Bank of America Charitable Gift FundMA · FY2024$6,645,940
Partners Healthcare System INCMA · FY2024$5,603,180
Fidelity Investments Charitable Gift FundMA · FY2024$5,376,841
Trustees of Tufts CollegeMA · FY2024$5,005,000
McLean HospitalMA · FY2024$4,250,000
United Negro College Fund INCDC · FY2024$4,003,770
The Barack Obama FoundationIL · FY2024$2,650,000
New Profit INCMA · FY2024$2,601,500
Embrace Boston INCMA · FY2024$2,543,023
Justice Catalyst INCNY · FY2024$2,500,000
Carbon Mapper INCCA · FY2024$2,500,000
United Way of Massachusetts Bay INCMA · FY2024$2,273,084
Social Finance INCMA · FY2024$2,120,000
Greenlight Fund INCMA · FY2024$2,096,500
President and Fellows of Harvard CollegeMA · FY2024$2,050,763
Massachusetts Housing Partnership Fund BoardMA · FY2024$2,000,000
Boston Ballet INCMA · FY2024$1,968,421
See all 13,735 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$210.4M revenue · ⤓ 990 PDF
FY2023$161.3M revenue · ⤓ 990 PDF
FY2022$324.7M revenue · ⤓ 990 PDF
FY2021$325.6M revenue · ⤓ 990 PDF
FY2020$182.8M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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