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.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$710K
-1.2% YoY
Annual Giving
$12K
-95.4% YoY
Grant Count
4
-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
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.
Focus Areas
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
| 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 |
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 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 |
| younglife Harlan, IA | Gift for to Cleveland WestshoreOperating expenses | $500 |
| Run Univeristy Bay Village, OH | Amy Mihaljevic Memorial 5k Run &1 mile walk | $2,000 |
| The Leukemia & Lymphoma Society Inc Rye Brook, NY | Student Visionaries Campaign 2024 | $2,500 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 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
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.
What is Karen's Way's EIN?
Karen's Way's EIN (Employer Identification Number) is 85-3807281. IRS Form 990 filing data is available on this page for 2021–2024.
Explore Open Grants
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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