Twenty-one local good causes will now benefit from the Swans of Wells initiative.
The trustees have met for a second long meeting to choose from the huge number of applications for grants.
The grants will total about £47,000 and a presentation evening will be arranged in Wells for handing out the cheques.
The Swansong auction at the Bishop's Palace raised a gross total of £110,000 from which £27,500 went to the designers of the swans, said Swans of Wells director Danny Unwin. The other deductions were: £25,000 for administration costs which included three full-time staff, a part-time driver and £3,500 for repairing vandalised swans and £10,000 to the Bishop's Palace Trust for the use of premises and catering.
"I am really pleased to say that with the trustees I have finally been able to allocate the funds to various local organisations," said Mr Unwin.
"We have reached the last stage of the biggest public art exhibition ever seen in the city.
"The Swans of Wells doubled the visitor numbers to Wells over the summer months. We had more than 5,000 visitors when they were on view at the Bishop's Palace and more than 200 attended the auction which also took place there by kind permission of Bishop Peter Price.
"It was wonderful to see so many visitors and residents alike with their trail maps photographing and tracking down the various swans in and around the city.
"I am sure that this event will never be forgotten and it is good to know that there are still some swans in and around Wells.
"I would like to take this opportunity to thank all those who supported the Swans of Wells – visitors and sponsors alike. The event exceeded all my expectations and I am delighted we have been able to benefit so many good causes."
The charity shops in Wells will also benefit as they will be given 400 Swans of Wells T-shirts to sell to raise money for their own funds.
For a full list of recipients see page 5.