The Frank Reed & Margaret Jane Peters Memorial Fund was established in 1934 and 1935 to support and promote quality educational, human services, and health care programming for underserved populations. The fund prioritizes charitable organizations that serve youth and children, ensuring access to necessary services and resources. Managed by Bank of America’s Philanthropic Solutions division, the fund continues to provide substantial financial support to organizations working within these focus areas.

The fund provides grants primarily for general operating support, though program support is also considered. Small program-related capital expenses may be included within general operating or program requests. The majority of grants are awarded for a one-year duration, though multi-year funding may be granted on occasion. A significant portion of the fund supports the Summer Fund, a donor collaborative led by Philanthropy Massachusetts that aids summer camps for low-income urban youth in Boston, Cambridge, Chelsea, and Somerville.

Grants typically range from $10,000 to $40,000, excluding contributions to the Summer Fund. There are no stated restrictions on applicants beyond the focus on education, human services, and healthcare, and there are no geographical limitations beyond the requirement that applicants serve populations within Massachusetts.

The application process is managed by Bank of America’s Massachusetts office. The application deadline is March 1 each year, and applicants are notified of decisions by July 31. Interested organizations can apply online, and additional guidance on application procedures is available through the bank’s provided documentation.

For questions or assistance regarding the application process, organizations can contact the grant administration team via email at ma.grantmaking@bofa.com. Applicants are encouraged to include the foundation name in the subject line when reaching out for support.