The Sarah G. McCarthy Memorial Foundation was established in 1948 in memory of the donor's mother. The foundation supports charitable organizations located in Peabody, Massachusetts, or those whose work directly benefits Peabody residents. Bank of America, N.A. serves as the trustee and administers the grant program through its Philanthropic Solutions division. The Massachusetts office of Bank of America Private Bank manages this and other similar grant programs.

The foundation focuses on funding in key areas, including education, housing and shelter, agriculture, food, health, and historical research. It considers grant requests for general operating support, specific programs, and program-enabling capital improvements. While grants are typically awarded on a year-to-year basis, a funding commitment can be extended for up to five years if a demonstrated need exists. On rare occasions, the trustees may also consider emergency grants. The foundation awards grants ranging from $2,000 to $15,000, with preference given to projects that demonstrate a quantifiable impact, collaboration, and alignment with the foundation’s priorities.

The foundation has two annual deadlines: March 31 and September 30, with funding decisions made in June and December. Organizations applying for grants should submit their applications online through Bank of America's Philanthropic Solutions portal. Applicants are encouraged to research foundation details, ensuring alignment with eligibility requirements and program focus areas before submitting their applications. Previous grantees must submit a one-page expenditure report before reapplying for additional funding.

Site visits may be conducted as part of the evaluation process before decision-making meetings. While general operating and program support requests are accepted, organizations should note that all applications are reviewed based on how well they address community needs and the potential impact on Peabody residents. Proposals should clearly outline the number of beneficiaries served and the measurable outcomes expected.

For any questions or assistance with the application process, organizations can contact ma.grantmaking@bofa.com and should reference the Sarah G. McCarthy Memorial Foundation in the subject line. The Massachusetts office does not accept emailed, mailed, or hand-delivered applications; all submissions must be completed online through the designated application portal.