In addition to its main fund, the Lyme Foundation oversees several focused funds.
- The Pearl Dimick Fund provides assistance to people having financial need in the Town of Lyme.
- The Dorcas D. Chaffee Fund is an unrestricted fund with a preference that the fund be administered according to the same guidelines and goals as the Pearl Dimick Fund, with the exception that the Dorcas D. Chaffee Fund may be used for recipients who are former residents of Lyme who had or still maintain significant contacts with the community."
- The Lyme Innovation for Education (LIFE) Fund provides grants "to create opportunities to enhance the educational experience for Lyme children by providing financial support for programs that directly benefit students."
- The Rachel Miller Gift recognizes Citizens of the Year to persons who have rendered outstanding service as citizens of the Town of Lyme.
- The Breck Whitman Memorial Fund awards a monetary gift each year to the Lyme School eighth grader exhibiting the most promise in art.
- The William and Justine Griffith Memorial Scholarship Fund provides financial assistance in the form of grants or of loans at interest rates and on other terms below the generally prevailing rates to needy residents of Lyme who are: 1) United States citizens, 2) under the age of 30 years, and 3) enrolled in an undergraduate college, university, or vocational or technical school, or other educational program.
- The Ackerly Fund, made in memory of longtime Lyme residents Bill and Fran Ackerly, supports initiatives in Lyme that promote the natural environment, education, and aging in place. This is a spend-down fund which welcomes grant proposals that support its priorities.