Karp Family Foundation Stephen R and
The Karp Family Foundation is a private family foundation established in 1994 and based in Boston, Massachusetts. It serves as the primary philanthropic vehicle for Stephen R. Karp, founder and CEO of New England Development, and his wife Jill E. Karp. The foundation operates with no paid staff, with Stephen and Jill Karp serving as the sole trustees.
Financial Overview
From 2025 IRS Form 990-PF · View filing
Total Assets
$918K
+71.0% YoY
Annual Giving
$2.0M
-51.4% YoY
Grant Count
31
-59.7% YoY
Avg Grant Size
$65K
+20.6% YoY
Mission & Focus Areas
The foundation gives primarily for:
- Health organizations (including children's hospitals and medical centers)
- Education
- Human services
- Youth programs
- Arts and culture
- Jewish organizations and causes
The foundation does not operate formal grant programs but supports organizations across these key areas based on the trustees' personal involvement on nonprofit boards and relationships within Boston's philanthropic community.
Grantmaking
The foundation does not accept unsolicited proposals. Grantmaking is by invitation only, with funding decisions based on the trustees' personal interests and relationships. The foundation maintains no website or published grantmaking guidelines.
Grant Range
s:**
Average Grant
approximately $10,000
How to Apply
**
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Geographic Focus
Where this funder awards grants
Primary focus on Greater Boston and Massachusetts, with some national giving. Recent grantmaking has been expanding across Massachusetts. The foundation also supports work focused on Israel.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
FY 2024:
- Total assets: $536,800
- Total revenues: $3,937,344
- Total expenses: $4,239,326
- Annual giving: $4,144,929
- Number of employees: 0
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $917,856 | $536,800 | $852,467 |
| Revenue | $2,453,707 | $3,937,344 | $4,742,051 |
| Expenses | $2,065,651 | $4,239,326 | $4,497,454 |
| Qualifying Distributions | $2,012,884 | $4,144,929 | $4,426,490 |
| Net Investment Income | $1,316,912 | $2,563,126 | $3,062,763 |
| Distributable Amount | $7,213 | — | $43,710 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
Grant Size Distribution
154 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Trustees:
- Stephen R. Karp (Founder, Chairman, and CEO of New England Development)
- Jill E. Karp
Stephen R. Karp is a prominent real estate developer who entered the shopping center business in the late 1960s, developing one of the first enclosed malls in the Northeast. He founded New England Development in Boston and has built a national portfolio of retail destinations, mixed-use developments, and luxury hospitality properties. Karp serves as trustee and immediate past chair of Boston Children's Hospital's Board of Trustees.
Compensation Overview
From 2025 IRS filing
From 2025 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| STEPHEN R KARP | TRUSTEE | 0.2 | — |
| JILL E KARP | TRUSTEE | 0.2 | — |
Contact Information
Address: c/o New England Development, 75 Park Plaza, Third Floor, Boston, MA 02116
Phone: (617) 965-8700
EIN: 04-3226725
Subject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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