New Harbor Charitable Foundation
New Harbor Charitable Foundation is a private foundation based in Chicago, Illinois. Its 2025 filing reports 20 grants totaling $36,800 to organizations in Illinois, Colorado, Indiana, and New York.
New Harbor Charitable Foundation at a glance
In short: New Harbor Charitable Foundation gave $37K across 20 grants in 2025 (avg $2K), mostly in Illinois. 55% of 2025 grantees were new. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $36,800
- +17.3% vs 2024
- Grants made (2025)
- 20
- +11.1% vs 2024
- Average grant
- $1,840
- +5.6% vs 2024
- Median grant
- $1,500
- Total assets
- $215,889
- -12.6% vs 2024
- New grantees (estimate)
- 55% first-time grantees (11 of 20, 2025; small sample)
- Primary geography
- Illinois (86% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to New Harbor Charitable Foundation
- How to Apply
-
The foundation’s 2025 filing says employees of New Harbor Capital Management, LP can submit distribution requests using a nomination form. The form asks for the organization’s name, size, focus, operating budget, 501(c)(3) status, and website; the nominator’s relationship to the organization; the requested amount; and the reason for the nomination. The filing says the foundation does not restrict giving to preselected organizations and lists no restrictions on awards.
- Review Cycle
- None listed.
- Deadline
- None listed.
- Contact
Application contact: Hayley Formolo
Mailing address: 500 W Madison St Suite 2830, Chicago, IL 60661
Phone: (312) 865-8605
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who New Harbor Charitable Foundation funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was Breakthrough ($3K). Together the top 10 received $24K.
Grant Size Distribution
53 grants across all recorded years
The most common grant size was under $50K: 53 grants of 53 (100%).
Geographic Focus
Where this funder awards grants
In 2025, 86% of grant dollars went to Illinois recipients, 7% to Colorado, 4% to Indiana, and 3% to New York.
Grant Distribution by State
Share of 2025 grant dollars across all 20 itemized grants.
Cities
Is New Harbor Charitable Foundation open to new grantees?
55%
first-time grantees, 2025
In 2025, 11 of 20 grantees (55%) were first-time recipients. With only 20 grantees, that is a small sample: one grantee more or less moves the share by about 5 points. First grants averaged $2K; repeat grants $2K. How we count
Medians: $2K first-time, $3K repeat.
- 45% of 2025 grantees were also funded in 2024. Method
- In 2025 it paid out 318% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2023–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2023 to 2025, annual grant giving ranged from $31K (2024) to $37K (2025). In 2025 it made 20 grants totaling $37K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Breakthrough Chicago, IL | Unrestricted | $2,500 |
| Kids First Chicago Chicago, IL | Unrestricted | $2,500 |
| Compudopt Downers Grove, IL | Unrestricted | $2,500 |
| Year Up United Chicago, IL | Unrestricted | $2,500 |
| Erie Family Health Center Chicago, IL | Unrestricted | $2,500 |
| Chicago's Sunshine Enterprises Inc Chicago, IL | Unrestricted | $2,500 |
| The Navigators Colorado Springs, CO | Unrestricted | $2,500 |
| Nourishing Hope Chicago Chicago, IL | unrestricted | $2,500 |
| Chicago Chess Foundation Chicago, IL | Unrestricted | $2,500 |
| The CARA Collective Chicago, IL | Unrestricted | $1,500 |
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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 | $215,889 | $9,305 | $40,352 | $36,800 | 20 | $36,800 | $5,753 | $11,556 |
| 2024 | $246,936 | $12,588 | $34,495 | $31,365 | 18 | $31,365 | $9,459 | $12,480 |
| 2023 | $270,748 | $4,947 | $36,104 | $31,500 | 15 | $31,500 | $343 | $14,114 |
| 2022 | $300,000 | $300,000 | — | — | — | — | — | $5,323 |
Under IRS private-foundation payout rules, New Harbor Charitable Foundation reported a distributable amount of $12K for 2025 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
No mission statement for the foundation is provided. Its 2025 grantees include organizations with varied missions. Erie Family Health Center describes its work as providing high-quality, affordable care and supporting healthier people, families, and communities. Chicago Chess Foundation says it provides Chicago youth equitable access to chess education and life skills. Chicago’s Sunshine Enterprises describes its mission as empowering entrepreneurs in under-resourced communities.
Other 2025 grantees include National Louis University, which describes its mission as providing educational opportunities; Exodus World Service, which connects volunteers with refugees through practical service projects; and Share Our Spare, which provides families with essentials for children’s first years. These are the grantees’ stated missions, not the foundation’s.
Grantmaking
In 2025, the foundation reported 20 grants totaling $36,800. Grant amounts ranged from $300 to $2,500, with a median of $1,500. Grants were reported as unrestricted.
Largest reported grants included $2,500 each to Breakthrough, Kids First Chicago, Compudopt, Year Up United, Erie Family Health Center, Chicago’s Sunshine Enterprises, The Navigators, Nourishing Hope Chicago, and Chicago Chess Foundation. The CARA Collective, Aspire, and Chicago Parks Foundation each received $1,500. Other 2025 grantees described in the available information include National Louis University, Exodus World Service, and Share Our Spare, each of which received $1,500, and Forever Fortunate Felines, which received $300.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Hayley Formolo as president, Edward Lhee as treasurer, and Thomas Formolo as secretary.
New Harbor Charitable Foundation is led by Hayley Formolo, President on every filing since 2022; none of the 3 officers listed in 2025 report compensation.
Officers on the 2025 filing
Hayley Formolo
President
On filings since 2022
No compensation reported
Edward Lhee
Treasurer
On filings since 2022
No compensation reported
Thomas Formolo
Secretary
On filings since 2022
No compensation reported
Data from IRS Form 990 filings, 2022–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about New Harbor Charitable Foundation
How much does New Harbor Charitable Foundation give each year?
New Harbor Charitable Foundation gave $37K across 20 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $31K across 18 grants.
What is New Harbor Charitable Foundation's typical grant size?
New Harbor Charitable Foundation's median grant in 2025 was $1,500, and its average grant was $1,840, across 20 grants on its 2025 IRS Form 990-PF. Organizations receiving their first grant from New Harbor Charitable Foundation that year got $2K on average.
Where does New Harbor Charitable Foundation give grants?
New Harbor Charitable Foundation gives mostly in Illinois: 86% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there. The next largest state was Colorado (7%). The most frequent recipient cities were Chicago, IL (12 grants).
Does New Harbor Charitable Foundation give general operating support?
Yes: 100% of New Harbor Charitable Foundation's 2025 grants with a stated purpose (20 of 20) were for general or operating support, per its 2025 IRS Form 990-PF.
Who are New Harbor Charitable Foundation's largest grantees?
New Harbor Charitable Foundation's largest 2025 grantees include Breakthrough ($2,500), Kids First Chicago ($2,500) and Compudopt ($2,500), according to its 2025 IRS Form 990-PF. Together they received 20% of its itemized 2025 grant dollars.
How large is New Harbor Charitable Foundation?
New Harbor Charitable Foundation reported $216K in total assets on its 2025 IRS Form 990-PF. It paid out $37K in qualifying distributions that year, against a required minimum of $12K (roughly 5% of its investment assets).
What does New Harbor Charitable Foundation fund?
No mission statement for the foundation is provided. Its 2025 grantees include organizations with varied missions. Erie Family Health Center describes its work as providing high-quality, affordable care and supporting healthier people, families, and communities. See mission & focus areas ↑
How do I apply for a grant from New Harbor Charitable Foundation?
The foundation’s 2025 filing says employees of New Harbor Capital Management, LP can submit distribution requests using a nomination form. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is New Harbor Charitable Foundation's EIN?
New Harbor Charitable Foundation's EIN (Employer Identification Number) is 88-1822631. IRS Form 990 filing data is available on this page for 2022–2025.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(2)
When this profile's IRS filing data changed on Grantable
- Added Form 990-PF for fiscal year 2025 (received by the IRS May 14, 2026)
- IRS filings on file for fiscal years 2022–2024
Explore Open Grants
Browse active grant opportunities in New Harbor Charitable Foundation's focus areas in our free grants database
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Figures come from New Harbor Charitable Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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