Karen's Way

Foundation · Grantmaker Bay Village, OH EIN: 85-3807281

Karen's Way is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in Bay Village, OH. IRS filing data is available from 2021 through 2024. As of 2024, the organization holds $710K in total assets. In 2024, it awarded 4 grants totaling $12K. Net investment income was $5K.

Key facts about Karen's Way

EIN: 85-3807281
Latest 990 filing: Form 990-PF, 2024
Annual giving (2024): $12,397
Grants made (2024): 4
Average grant: $3,099
Median grant: $2,250
Total assets: $710,325
Primary geography: Ohio (76% of itemized 2024 grant dollars)

Data from IRS Form 990-PF, 2024; updated September 2026.

Who Karen's Way funds

By grant dollars, the top recipient states for Karen's Way's 4 itemized 2024 grants were Ohio (76%) and New York (20%). None of its 4 grants with a stated purpose were described as general or operating support.

How Karen's Way gives

Giving fell 69% from 2021 to 2024. Method
In 2024 it paid out 37% 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.

Next steps with Karen's Way

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Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$710K

-1.2% YoY

Annual Giving

$12K

-95.4% YoY

Grant Count

-20.0% YoY

Avg Grant Size

$3K

-94.2% YoY

Under IRS private-foundation payout rules, Karen's Way reported a distributable amount of $41K for 2024 — the minimum it must pay out in qualifying distributions.

About Karen's Way

Based on IRS filings

Focus Areas

Philanthropy, Voluntarism & Grantmaking

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

Ohio $9K (76%)

New York $3K (20%)

Iowa $500 (4%)

Share of all 4 itemized 2024 grant dollars.

States

District of Columbia Georgia Iowa New York Ohio

Cities

Bay VillageClevelandLakewoodWashingtonAtlantaAuroraHarlanNew YorkRye BrookSouth EuclidTroyUniversity HeightsWestlake

Financial History

Multi-year comparison from IRS filings

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$710,325	$719,009	$1,114,652
Revenue	$6,603	$5,562	$5,310
Expenses	$15,287	$271,313	$65,000
Qualifying Distributions	$15,087	$271,113	$65,000
Net Investment Income	$5,303	$5,362	$5,310
Distributable Amount	$41,055	$36,393	$50,095

Data update history

When this profile's IRS filing data changed on Grantable

March 3, 2026 IRS filings on file for fiscal years 2021–2024

Giving Over Time

Total grant dollars and number of grants per year

Grant Insights

How this funder distributes its grants

Top Recipients

Top 4 recipients in 2024

Grant Size Distribution

23 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest recipients include Norton Industries ($7,397), The Leukemia & Lymphoma Society Inc ($2,500), Run Univeristy ($2,000).

Recipient	Purpose	Amount
Norton Industries Lakewood, OH	Donation to repair rental for family in needfor use	$7,397
The Leukemia & Lymphoma Society Inc Rye Brook, NY	Student Visionaries Campaign 2024	$2,500
Run Univeristy Bay Village, OH	Amy Mihaljevic Memorial 5k Run &1 mile walk	$2,000
younglife Harlan, IA	Gift for to Cleveland WestshoreOperating expenses	$500

Leadership & Key People

Officers and directors from IRS filings

Compensation Overview

No officer or director reported compensation in the available filings.

From 2024 IRS filing

Name	Title	Hours	Compensation
Jack N Rhea	Secretary	0.25	—
Mary Patricia Rhea	President	1	—
Charles N Norton	Treasurer/director	0.25	—
Brooke N Rhea	Secretary	0.25	—
Erica Omojuannfo	Member	0.25	—

Subject Areas

Focus areas based on grantmaking activity

Philanthropy, Voluntarism & Grantmaking

Frequently Asked Questions

What is Karen's Way?

Karen's Way is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in Bay Village, OH. It holds $710K in total assets as of 2024.

How large is Karen's Way?

As of 2024, Karen's Way holds $710K in total assets with $7K in annual revenue. It awarded 4 grants totaling $12K in 2024.

Where does Karen's Way operate?

Karen's Way has awarded grants in District of Columbia, Georgia, Iowa, New York, Ohio.

What size grants does Karen's Way award?

In 2024, Karen's Way awarded 4 grants totaling $12K — an average of about $3K per grant, based on its IRS Form 990 filings.

How much is Karen's Way required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, Karen's Way reported a distributable amount of $41K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.