Heartstone Foundation

Heartstone Foundation is a deeply private, endowment-driven trust operating out of Brookline, MA, tax-exempt since October 2004. With approximately $13.7 million in assets and a single named trustee — Julie Swartz — this foundation functions as a classic one-person family trust. Decisions centralize entirely with the trustee rather than a formal board, making personal values alignment the single most critical factor in any successful approach. There are no paid staff members; officer compensation across all years on record is $0.

The foundation's giving philosophy is values-driven rather than RFP-driven. There is no public application portal, no documented grant guidelines on any accessible surface, and the website (heartstonefoundation.org) blocks external crawling entirely. Administrative correspondence routes through Deloitte Tax (c/o P. Crafton, 42 Fisher Ave, Brookline MA), a professional services intermediary typical of small family foundations with no dedicated program staff.

The grantee mix reveals two distinct philanthropic identities. First, elite New England independent schools: The Fessenden School (West Newton, MA; $200,000 across two grants), The Chestnut Hill School ($100,000), Concord Academy, and Bement School are all documented or named recipients. Second, Jewish humanitarian organizations: Friends of United Hatzalah ($500,000) and Magen David Adom — the Israeli Red Cross equivalent ($500,000) — represent some of the largest single-year awards on record. The $1,485,000 routed through Fidelity Charitable Fund over two grants suggests supplemental giving through a donor-advised fund, meaning the foundation's true philanthropic footprint is likely larger than the 990-PF record shows.

First-time applicants must understand that this is almost certainly an invitation-only funder. The 'accepting applications' flag in public databases reflects IRS tax-exempt classification data, not an open grant cycle. Realistic pathways in include: a warm introduction through the development office of The Fessenden School or The Chestnut Hill School; connection to the Jewish philanthropic ecosystem in Boston (Combined Jewish Philanthropies of Greater Boston, Friends of United Hatzalah donors); or a direct, highly personalized letter of inquiry mailed to the Deloitte Tax address.

Organizations that do secure a relationship typically receive mid-to-large grants in the $85,000–$760,000 range. The Fessenden School received $200,000 across two grants, suggesting the foundation revisits trusted partners annually. Budget for a 12–24 month relationship-building horizon before any grant materializes.

The foundation has distributed grants at a steadily escalating pace over the past decade. Grants paid rose from $738,803 in FY2011 to $1,000,000 in FY2023 — a 35% increase — and reached a documented record of $1,134,719 in FY2024. The consistent annual growth of $100,000–$200,000 in recent years suggests planned payout expansion rather than opportunistic giving.

Key grant metrics: - Typical grant range: $85,000 minimum to $760,000 maximum - Average grant (database sample of 7 awards): $397,857 - Total documented direct grants (5 named grantees): $2,785,000 - Smallest confirmed award: $100,000 (The Chestnut Hill School) - Largest confirmed single-organization award: $500,000 (Friends of United Hatzalah; Magen David Adom) - Fidelity Charitable Fund transfers: $1,485,000 across 2 grants (DAF pass-through, not direct program grants)

The foundation concentrates giving in large tranches. No micro-grants appear in the record — every documented award to a named organization is $100,000 or above. This compression of grant count (4–7 awards per year) against large individual amounts signals a funder that prioritizes depth of relationship over breadth of portfolio.

Annual giving trajectory: - FY2019: $565,000 - FY2020: $795,000 - FY2021: $825,000 - FY2022: $960,000 - FY2023: $1,000,000 (grants paid); $1,040,564 total giving - FY2024: $1,134,719 (4 grants; Instrumentl data) - FY2025: $881,458 disbursed (possible timing/year-end effect)

Sectoral breakdown: Education and Jewish humanitarian organizations together account for the dominant share of direct-to-organization giving. Health care is listed as a program area but has fewer documented grantees by name. The Philanthropy and Grantmaking Support category primarily reflects the Fidelity Charitable Fund DAF transfers.

Geography: Massachusetts is the primary state (3 of 6 named grantees); New York and international (Israel, Iceland per Instrumentl) round out the portfolio. Ohio is listed as a geographic focus, possibly reflecting trustee or family connections not yet evident in the grantee record.

Given total assets of $13.7M and an annual payout rate of approximately 7.5–8%, grant seekers should model future annual giving of $950,000–$1.1M in direct grants.

The five peer foundations in the database share nearly identical asset profiles, each holding between $13.685M and $13.694M in net assets as private grantmaking trusts under the Philanthropy & Grantmaking NTEE category. None of the peers has a documented public web presence, making Heartstone the most legible member of this asset-equivalent cohort.

Among this peer set, Heartstone stands out for three reasons. First, it has the most robust documented giving history — annual grant totals are consistently above $900,000, while peers have no comparable public record. Second, it has a specific, legible programmatic identity (New England independent schools and Jewish humanitarian organizations) rather than a generic grantmaking mandate. Third, its payout rate of 7–8% annually is meaningfully above the IRS-mandated 5% floor for private foundations, suggesting a trustee committed to active rather than passive stewardship of the endowment.

The Heather and Robert Keane Family Foundation (also Massachusetts-based, similar asset level) is the closest structural peer and may share overlapping donor networks in the Boston philanthropic community — a potential avenue for intelligence gathering on Heartstone's current priorities.

No press releases, media coverage, or public grant announcements were identified for Heartstone Foundation in 2025 or 2026. The foundation maintains an extremely low public profile consistent with its single-trustee, family trust structure — a deliberate posture, not an oversight.

The most recent public data point is the FY2025 Form 990-PF, filed May 13, 2026 with ProPublica. This filing documents net assets of $13,694,880, charitable disbursements of $881,458, and total revenue of $814,961 (split between dividends at $505,873 and capital gains at $309,088). No outside contributions were received, confirming the foundation's purely endowment-driven model.

FY2024 grantmaking of $1,134,719 across four awards (per Instrumentl) represents the highest annual total on record, suggesting the foundation was in an active expansion phase before the FY2025 disbursement moderated to $881,458. This dip may reflect timing differences between grant commitments and cash disbursement rather than a reduction in philanthropic intent.

Julie Swartz remains the sole named trustee across all filings from FY2011 through FY2025 — no leadership changes, trustee additions, or succession planning signals have appeared publicly. Past grantees Concord Academy and Bement School are specifically named in the foundation's own program descriptions, suggesting these relationships are considered representative of its educational grantmaking identity. The foundation's website has been active since at least 2004 but remains inaccessible to external crawling, making it impossible to assess any content updates or newly announced grant cycles without direct contact.

Given the complete absence of a public application process, the following tips are tailored specifically to Heartstone Foundation's private, single-trustee operating model.

Entry pathway — warm introduction is essential. This foundation does not respond to cold applications. Prioritize obtaining a warm introduction through: (1) development officers or board members at The Fessenden School, The Chestnut Hill School, Concord Academy, or Bement School; (2) the Combined Jewish Philanthropies of Greater Boston or allied organizations in the Boston Jewish philanthropic ecosystem; or (3) professionals with a Deloitte Tax relationship who interact with the Brookline office. An introduction from an existing grantee is worth more than any proposal document.

LOI format and routing. If contact is established, submit a 1–2 page letter of inquiry addressed to Julie Swartz (Trustee), Heartstone Foundation, 42 Fisher Ave, Brookline, MA 02445-5703. Physical mail is more reliable than email given the Deloitte Tax intermediary structure. Lead with mission alignment in the first paragraph; include the requested dollar amount and program description in paragraph two; close with a brief financial snapshot and 501(c)(3) confirmation.

Alignment language. Frame proposals around the foundation's three stated program areas: Education, Health Care, and Philanthropic Grantmaking Support. For education organizations, emphasize diverse and inclusive learning environments — The Fessenden School's documented grant purpose is 'to educate, inspire, and foster a diverse and safe environment for students,' signaling language the trustee responds to. For health-adjacent organizations, reference Jewish humanitarian or emergency medical contexts given the $500,000 awards to Magen David Adom and United Hatzalah.

Grant size expectations. Request within the documented range: $85,000 minimum, $760,000 maximum. First-time grants to new organizations likely land in the $85,000–$200,000 range (consistent with Chestnut Hill School and Fessenden precedents). Do not propose a micro-grant as a 'foot in the door' — this foundation does not appear to use small discovery grants.

Timing. The fiscal year ends December 31. Grant decisions likely occur in Q4 (October–December) or Q1 (January–March). Establish contact by September to be considered in that cycle. The foundation files its 990-PF in May–November, suggesting a Q1 close on the prior year's grantmaking.

Common mistakes to avoid. Sending unsolicited full proposals without LOI contact first; requesting amounts outside the $85,000–$760,000 documented band; omitting Jewish philanthropic or New England independent school framing for education/health organizations; and generic proposal language — this trustee has a specific, values-driven worldview that requires direct alignment, not broad appeals to 'community benefit.'