Carol Foundation
Carol Foundation is a private foundation, based in Gallatin, TN. IRS filing data is available from 2020 through 2025. As of 2025, the organization holds $2.0M in total assets. In 2025, it awarded 9 grants totaling $68K. Net investment income was $146K.
Carol Foundation at a glance
In short: Carol Foundation gave $68K across 9 grants in 2025 (avg $8K), mostly in Tennessee. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $68,000
- +21.4% vs 2024
- Grants made (2025)
- 9
- +12.5% vs 2024
- Average grant
- $7,556
- +7.9% vs 2024
- Median grant
- $7,000
- Total assets
- $2,044,497
- +2.1% vs 2024
- Primary geography
- Tennessee (53% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated September 2026.
Who Carol Foundation funds
How this funder distributes its grants
Top Recipients
Top 9 recipients in 2025
The largest 2025 recipient was Got Questions Ministries ($10K). Together the top 9 received $68K.
Grant Size Distribution
44 grants across all recorded years
The most common grant size was under $50K: 44 grants of 44 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2025 grant dollars across all 9 itemized grants.
Cities
How Carol Foundation gives
- Giving held roughly steady from 2022 to 2025 (−15%). Method
- In 2025 it paid out 93% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2025, annual grant giving ranged from $52K (2020) to $80K (2022). In 2025 it made 9 grants totaling $68K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Got Questions Ministries Colorado Springs, CO | Fund Opertations | $10,000 |
| Men of Valor Antioch, TN | Operating Expenses | $10,000 |
| Hannahs Haven Greenville, NC | Operating Funds | $10,000 |
| Mission Pre Born Lebanon, TN | Care for babies and young mothers | $10,000 |
| Child Evangalism Fellowship Coatsville, PA | Trainin g And Salaries | $7,000 |
| Childrens Bible Ministries Townsend, TN | Train Missionaries | $6,000 |
| Samaritans Purse Boone, NC | Hurricane Relief | $5,000 |
| Cumberland Chrisis Pregnancy Center Hendersonville, TN | Care for young mothers and babies | $5,000 |
| Mercy Multiplied Nashville, TN | Fund operations | $5,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2025 | $2,044,497 | $181,375 | $136,405 | $68,000 | 9 | $101,116 | $146,086 | $108,365 |
| 2024 | $2,001,559 | $199,529 | $130,007 | $56,000 | 8 | $94,067 | $163,589 | $102,068 |
| 2023 | $1,935,919 | $365,345 | $134,465 | $67,000 | 8 | $100,650 | $331,530 | $93,148 |
| 2022 | $1,709,743 | $245,385 | $156,561 | $80,000 | 9 | $119,076 | $207,900 | $100,606 |
| 2021 | $1,622,102 | $85,117 | $116,407 | $56,500 | 10 | $94,394 | $63,104 | $117,627 |
| 2020 | $1,654,269 | $46,462 | $104,373 | $52,000 | 9 | — | $28,719 | $95,233 |
Under IRS private-foundation payout rules, Carol Foundation reported a distributable amount of $108K for 2025 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
Carol Foundation is led by Joy Henderson, President on every filing since 2020; all 5 officers listed in 2025 are compensated.
Officers on the 2025 filing
Joy Henderson
President
On filings since 2020
6 hrs/week
$10K (2020) → $10K (2025)
Carol Martin
Trustee
On filings since 2020
4 hrs/week
$5K (2020) → $5K (2025)
Lorrie Gideon
Trustee
Vice President → Trustee, 2022
On filings since 2020
4 hrs/week
$5K (2020) → $5K (2025)
Melissa Black
Trustee
Ggrant Manager → Trustee, 2022
On filings since 2020
4 hrs/week
$5K (2020) → $5K (2025)
Dwight Martin
Secretary Treasurer
Secretary → Secretary Treasurer, 2021
On filings since 2020
12 hrs/week
$15K (2020) → $15K (2025)
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $15K, to Dwight Martin (Sec Treas). 5 officers or directors reported compensation on that filing.
Frequently asked questions about Carol Foundation
How much does Carol Foundation give each year?
Carol Foundation gave $68K across 9 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $56K across 8 grants.
What is Carol Foundation's typical grant size?
Carol Foundation's median grant in 2025 was $7,000, and its average grant was $7,556, across 9 grants on its 2025 IRS Form 990-PF.
Where does Carol Foundation give grants?
Carol Foundation gives mostly in Tennessee: 53% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there. The next largest states were North Carolina (22%) and Colorado (15%).
Does Carol Foundation give general operating support?
Yes: 22% of Carol Foundation's 2025 grants with a stated purpose (2 of 9) were for general or operating support, per its 2025 IRS Form 990-PF.
Who are Carol Foundation's largest grantees?
Carol Foundation's largest 2025 grantees include Got Questions Ministries ($10,000), Men of Valor ($10,000) and Hannahs Haven ($10,000), according to its 2025 IRS Form 990-PF. Together they received 44% of its itemized 2025 grant dollars.
How large is Carol Foundation?
Carol Foundation reported $2.0M in total assets on its 2025 IRS Form 990-PF. It paid out $101K in qualifying distributions that year, against a required minimum of $108K (roughly 5% of its investment assets). Falling short in one year is not a violation: foundations have until the end of the next year to meet the minimum.
What is Carol Foundation's EIN?
Carol Foundation's EIN (Employer Identification Number) is 26-0053395. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(7)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2020 (received by the IRS March 24, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS March 25, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS March 15, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS March 21, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS January 22, 2025)
- Updated Form 990-PF for fiscal year 2025 (received by the IRS January 8, 2026)
- IRS filings on file for fiscal years 2020–2025
Live grants for the work Carol Foundation funds
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