The McCarthy Family Foundation Charity Fund, established in 1956, supports programs in education, food, health, housing, and shelter. It has a preference for agencies operating north of Boston, particularly in communities such as Lynn, Salem, Beverly, Peabody, Gloucester, Ipswich, Newburyport, and Salisbury. The fund considers requests for general operating support, program support, and capital improvements, and occasionally emergency grants. Site visits may be conducted, and prior grantees must submit expenditure reports for subsequent grants.

Applications are due biannually on March 31 and September 30, with decisions made in June and December. Bank of America co-trustees the fund alongside Elton McCausland, Claudia Luck, David Moran, Esq., and Kevin Stiles, Esq. Grants may be subject to matching obligations and payable over multiple years.