The Peaks Island Fund at the Maine Community Foundation has awarded a total of $50,203 in grants to seven nonprofit organizations that assist the island community. The fund was created in 2004 and is supported through the generosity of Peaks Island residents.
- Fifth Maine Regiment Museum, to provide funding to maintain the museum's operations due to the pending severe impact of the COVID-19 pandemic on organizational funding options (fundraising events, rentals, etc.)
- Home Start, to renovate existing affordable rental property to improve the quality of the living experience of tenants
- Brackett Memorial United Methodist Church, to complete building renovations to make the buildings safer and prepare them to become accessible to all and update the generator system to improve winter sheltering.