The Carmel Hill Fund
The Carmel Hill Fund is a private foundation based in New York, New York, established by William “Bill” Ruane in 1986. It supports efforts to improve youth literacy and mental health and wellbeing, with a focus on young people growing up in New York City.
The Carmel Hill Fund at a glance
In short: The Carmel Hill Fund gave $10.1M across 41 grants in 2024 (avg $247K), top state New York. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $10,123,300
- +150.6% vs 2023
- Grants made (2024)
- 41
- +583.3% vs 2023
- Average grant
- $246,910
- -63.3% vs 2023
- Median grant
- $100,000
- Total assets
- $433,547,458
- +8.1% vs 2023
- Primary geography
- New York (49% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026.
How to apply to The Carmel Hill Fund
- Accepts unsolicited proposals
- No
- How to Apply
-
The Fund does not accept unsolicited requests for funds and says it makes contributions only to preselected charitable organizations. Its website invites organizations to explore grantmaking possibilities through a relationship-based process.
- Contact
Mailing address: 1 E 53Rd St 3Rd Fl, New York, NY 10022-4200
Phone: (347) 719-0755
Website: https://carmelhill.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who The Carmel Hill Fund funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was RSF Social Finance ($2.2M). Together the top 10 received $7.5M.
Organizations only. It also paid 3 grants to individuals ($74,585), which are not listed by name.
Grant Size Distribution
127 grants across all recorded years
The most common grant size was under $50K: 57 grants of 127 (45%).
Geographic Focus
Where this funder awards grants
The Fund’s website identifies young people growing up in New York City as the focus of its grantmaking. Its 2024 grant dollars went to recipients in New York (49%), California (23%), Virginia (22%), Massachusetts (4%), and Washington, D.C. (1%). Separately, the Fund’s education program supports independent reading efforts in schools in New York City, Denver, and Monroe, Louisiana.
Grant Distribution by State
Share of 2024 grant dollars across all 41 itemized grants.
States
Cities
How The Carmel Hill Fund gives
- Giving held roughly steady from 2021 to 2024 (−8%). Method
- In 2024 it paid out 101% of its IRS minimum distribution (the 5% rule). 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 2024, annual grant giving ranged from $4.0M (2023) to $11.1M (2020). In 2024 it made 41 grants totaling $10.1M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| RSF Social Finance San Francisco, CA | Donor advised fund - planned for gifts for donee's exempt purpose and cause | $2,191,571 |
| Vermont Community Foundation Middlebury, VA | Donor advised fund - planned for gifts for donee's exempt purpose and cause | $2,191,571 |
| Fund for Public Schools New York, NY | Support for student literacy & reading outcomes; nyc reads evaluation & family engagement activities | $860,000 |
| Brain and Behavior Research Foundation New York, NY | Young Investigators Program and Ruane Prize Research Awards | $550,000 |
| Read Alliance New York, NY | NYC Reads Initiative Literacy Activities | $299,500 |
| Children's Aid Society New York, NY | Scholarships, Youth Mental Healthcare, and After-School Programming | $291,688 |
| Reading Partners New York, NY | NYC Reads Initiative Literacy Activities | $287,750 |
| Madison Square Boys and Girls Club New York, NY | General Operating Expenses | $275,000 |
| Parentchild New York, NY | NYC Reads Initiative Literacy Activities | $271,000 |
| Literacy Inc New York, NY | NYC Reads Initiative Literacy Activities | $257,500 |
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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 |
|---|---|---|---|---|---|---|---|---|
| 2024 | $433,547,458 | $55,140,787 | $22,364,086 | $10,123,300 | 41 | $22,183,108 | $54,236,810 | $21,939,774 |
| 2023 | $400,981,375 | $10,306,355 | $16,680,805 | $4,038,888 | 6 | $17,517,514 | $9,499,918 | $19,304,818 |
| 2022 | $407,418,130 | $11,882,919 | $23,678,172 | $10,605,000 | 12 | $20,438,299 | $9,849,602 | $20,647,868 |
| 2021 | $417,510,770 | $52,940,362 | $19,937,657 | $11,050,482 | 37 | $16,953,480 | $50,236,326 | $24,052,955 |
| 2020 | $384,508,065 | $39,877,027 | $18,212,941 | $11,079,841 | 31 | — | $38,708,155 | $19,196,212 |
Under IRS private-foundation payout rules, The Carmel Hill Fund reported a distributable amount of $21.9M for 2024 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
The Fund says it invests in efforts that support young people’s mental health and wellbeing while nurturing reading proficiency and a love of learning. Its two focus areas are youth literacy and youth mental health. For literacy, it describes supporting reading skills, motivation, and access to meaningful, culturally affirming reading materials. For mental health, it supports programming in schools, clinics, and community spaces, including efforts to ensure culturally representative staffing and cost do not prevent access.
The Fund seeks partners with expertise in these areas and a commitment to collaboration, sustainability, transparency, and learning. Examples of grantees’ work include READ Alliance, which says it provides one-to-one literacy tutoring by teens to early elementary students in under-resourced communities, and Literacy Inc., which says it equips children with foundational literacy skills by empowering families and mobilizing communities. The Fund for Public Schools describes its role as supporting New York City public schools through private philanthropic investment.
Grantmaking
The Fund’s 2024 filing reports 41 grants totaling $10,123,300. Grant amounts ranged from $10,000 to $2,191,571, with a median of $100,000. The Fund’s website says it invests approximately $15 million annually and, in its strategy update, says it has committed to investing more than $8 million annually in each of its two focus areas.
Among the largest 2024 grants were $2,191,571 each to RSF Social Finance and the Vermont Community Foundation, both described in the filing as donor-advised funds planned for gifts supporting the donees’ exempt purposes and causes. Other grants included $860,000 to the Fund for Public Schools for student literacy and reading outcomes, NYC Reads evaluation, and family engagement activities; $550,000 to the Brain and Behavior Research Foundation for its Young Investigators Program and Ruane Prize research awards; and $299,500 to READ Alliance for NYC Reads literacy activities.
The Fund’s website describes a relationship-based process with no requests for proposals or strict funding deadlines, streamlined due diligence, and openness to emerging organizations. It also describes opportunities for grantees and the Fund to learn together and co-create low-burden reporting. Its stated expectations include a commitment to youth literacy and/or mental health outcomes for young people growing up in New York City, collaboration, and alignment in values and goals.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Itai Dinour as executive director and Kate Garroway as chief operating officer. It lists Sophie Barrett, Robert D. Goldfarb, and Daniel Lynn Mosley as trustees. Arlene Farrand-Borgerson is listed as former executive director, and Elizabeth A. Ruane as a trustee until February 23, 2024.
The Carmel Hill Fund is led by Itai Dinour, Executive Director on every filing since 2023; 3 of 7 officers listed in 2024 are compensated.
Officers on the 2024 filing
Itai Dinour
Executive Director
On filings since 2023
40 hrs/week
$434K (2023) → $463K (2024)
Daniel Lynn Mosley
Trustee
On filings since 2020
2 hrs/week
No compensation reported
Elizabeth A. Ruane
Trustee
On filings since 2020
2 hrs/week
No compensation reported
Robert D. Goldfarb
Trustee
On filings since 2020
2 hrs/week
No compensation reported
Sophie Barrett
Trustee
New on the 2024 filing
2 hrs/week
No compensation reported
Arlene Farrand-Borgerson
Former Executive Director
Executive Director → Former Executive Director, 2024
On filings since 2020
$363K (2020) → $246K (2024)
Kate Garroway
Chief Operating Officer
New on the 2024 filing
40 hrs/week
$227K (2024)
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $463K, to Itai Dinour (Executive Director). 3 officers or directors reported compensation on that filing.
Frequently asked questions about The Carmel Hill Fund
How much does The Carmel Hill Fund give each year?
The Carmel Hill Fund gave $10.1M across 41 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $4.0M across 6 grants.
What is The Carmel Hill Fund's typical grant size?
The Carmel Hill Fund's median grant in 2024 was $100,000, and its average grant was $246,910, across 41 grants on its 2024 IRS Form 990-PF.
Where does The Carmel Hill Fund give grants?
The Carmel Hill Fund's top state is New York, with 49% of the grant dollars itemized on its 2024 IRS Form 990-PF. The next largest states were California (23%) and Virginia (22%). The most frequent recipient cities were New York, NY (21 grants), Bronx, NY (6 grants), Boston, MA (3 grants) and San Francisco, CA (2 grants).
Does The Carmel Hill Fund give general operating support?
Occasionally: 7% of The Carmel Hill Fund's 2024 grants with a stated purpose (3 of 41) were for general or operating support, per its 2024 IRS Form 990-PF. Recurring purposes include "NYC Reads Initiative Literacy Activities" (10 grants) and "Support for Student Literacy & Reading Outcomes" (8 grants).
Who are The Carmel Hill Fund's largest grantees?
The Carmel Hill Fund's largest 2024 grantees include RSF Social Finance ($2,191,571), Vermont Community Foundation ($2,191,571) and Fund for Public Schools ($860,000), according to its 2024 IRS Form 990-PF. It also paid 3 grants to individuals ($74,585), which are not listed by name. Together they received 52% of its itemized 2024 grant dollars.
How large is The Carmel Hill Fund?
The Carmel Hill Fund reported $433.5M in total assets on its 2024 IRS Form 990-PF. It paid out $22.2M in qualifying distributions that year, against a required minimum of $21.9M (roughly 5% of its investment assets).
What does The Carmel Hill Fund fund?
The Fund says it invests in efforts that support young people’s mental health and wellbeing while nurturing reading proficiency and a love of learning. Its two focus areas are youth literacy and youth mental health. See mission & focus areas ↑
How do I apply for a grant from The Carmel Hill Fund?
The Fund does not accept unsolicited requests for funds and says it makes contributions only to preselected charitable organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is The Carmel Hill Fund's EIN?
The Carmel Hill Fund's EIN (Employer Identification Number) is 13-6881103. IRS Form 990 filing data is available on this page for 2020–2024.
Does The Carmel Hill Fund accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated October 2026.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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Browse active grant opportunities in The Carmel Hill Fund's focus areas in our free grants database
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Cite this profile
Grantable. (2026). The Carmel Hill Fund funder profile. GrantGraph. Retrieved October 11, 2026, from https://grantable.co/funders/the-carmel-hill-fund-morg_7e9f2d0bbe5249a7bf00b50a475a8efc
BibTeX
@misc{grantable_136881103_2026,
author = {{Grantable}},
title = {{The Carmel Hill Fund funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/the-carmel-hill-fund-morg_7e9f2d0bbe5249a7bf00b50a475a8efc},
note = {Accessed 2026-10-11. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from The Carmel Hill Fund'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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