Norwin S. and Elizabeth N. Bean Foundation

The Norwin S. and Elizabeth N. Bean Foundation is a private, independent charitable organization established in 1967 in New Hampshire. It was founded as per the wishes of Norwin S. Bean and Elizabeth N. Bean, who aimed to benefit the communities of Manchester and Amherst, where they lived and were born.

Founders

• Norwin S. Bean was born in Manchester, New Hampshire in 1873. He graduated from the Massachusetts Institute of Technology with a degree in electrical engineering but spent most of his career in the banking industry. He was Treasurer and CEO of Manchester Savings Bank for twenty-five years and served as a director of several prominent companies, including Amoskeag Industries and the Public Service Company of New Hampshire. During his lifetime, he supported various charities, including the Manchester Community Chest and the Currier Gallery.
• Elizabeth N. Bean was born in Amherst, New Hampshire in 1874. She was active in local charitable organizations such as the Amherst Visiting Nurse Association and the Amherst Historical Society.

Establishment and Funding

The foundation was established under Norwin Bean's will in 1957 but became active after Elizabeth Bean's death in 1967. Initially, it had assets of nearly $4 million, significantly augmented by Elizabeth's contributions during her lifetime. The foundation does not accept donations from the public, as its operations are primarily funded through the income generated from its endowment.

Focus Areas

The Norwin S. and Elizabeth N. Bean Foundation supports a wide range of initiatives, including:

• Arts and Humanities
• Education
• Environment
• Health
• Human Services
• Public Benefit

It specifically supports low-income housing programs and youth initiatives within the human services sector[5]. Grants are awarded annually to nonprofit organizations and public agencies that benefit the Manchester and Amherst communities.

Governance

The foundation is governed by a five-member board of trustees. Three of these members serve as term trustees, appointed by the Judge of Probate for a three-year term, while two members serve as senior trustees with a term of fifteen years. New trustees are prohibited from voting during their first year to ensure familiarity with the foundation's policies.

Assets and Grants

As of recent financial data, the foundation holds total assets of approximately $12.8 million[3]. It annually awards grants totaling around $700,000, making it one of the top-giving foundations in New Hampshire[1]. The foundation allocates about 90% of these grants to Manchester organizations and the remaining 10% to Amherst organizations, reflecting the population ratio of these communities[1].

[1] https://en.wikipedia.org/wiki/Norwin_S._and_Elizabeth_N._Bean_Foundation [2] https://beanfoundation.org [3] https://projects.propublica.org/nonprofits/organizations/26013381 [4] https://beanfoundation.org/about-us/our-history.aspx [5] https://fconline.foundationcenter.org/fdo-grantmaker-profile/?key=BEAN001