The Carmel Hill Fund
The Carmel Hill Fund is a private foundation headquartered in New York City, established in 1986 by William "Bill" Ruane, a successful investment banker and co-founder of the Sequoia Fund. The organization functions both as a grantmaker and operates its own education program across multiple cities in the United States.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$433.5M
+8.1% YoY
Annual Giving
$10.1M
+150.6% YoY
Grant Count
41
+583.3% YoY
Avg Grant Size
$247K
-63.3% YoY
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.
Mission & Focus Areas
The Fund's mission is to help young people, especially those growing up in vulnerable circumstances and communities facing systemic barriers, become voracious readers who also have the skills, relationships, nurturing environments, and supports to become emotionally thriving adults.
Primary funding areas include:
- Youth Literacy: Promoting reading ability and fostering a love of reading, particularly among at-risk youth in inner cities
- Youth Mental Health and Wellbeing: Supporting emotional thriving and mental health services for young people
- Education: Improving educational outcomes and addressing educational inequities
- Philanthropy and Grantmaking: Supporting other philanthropic initiatives
Grantmaking
Grant Range
**: $5,000 to $2.5 million
How to Apply
**: Relationship-based with no formal application process
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Geographic Focus
Where this funder awards grants
The Fund's primary geographic focus is New York City. The Carmel Hill Fund Education Program extends to three cities: New York, New York; Denver, Colorado; and Monroe, Louisiana. The education program reaches over 55,000 students across approximately 100 schools during the 2022-23 school year.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total Assets: $433,547,458
- Total Revenue: $55,140,787
- Total Expenses: $22,364,086
- Net Income: $32,776,701
- Total Liabilities: $0
As of 2023:
- Total Assets: $400,981,375
- Total Revenues: $10,306,355
- Total Expenses: $16,680,805
The foundation has experienced significant growth since its establishment, expanding from approximately $191 million in assets in 2011 to over $400 million in recent years.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $433,547,458 | $400,981,375 | $407,418,130 |
| Revenue | $55,140,787 | $10,306,355 | $11,882,919 |
| Expenses | $22,364,086 | $16,680,805 | $23,678,172 |
| Qualifying Distributions | $22,183,108 | $17,517,514 | $20,438,299 |
| Net Investment Income | $54,236,810 | $9,499,918 | $9,849,602 |
| Distributable Amount | $21,939,774 | $19,304,818 | $20,647,868 |
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 2024
Grant Size Distribution
127 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Rsf Social Finance ($2,191,571), Vermont Community Foundation ($2,191,571), Fund for Public Schools ($860,000).
| Recipient | Purpose | Amount |
|---|---|---|
| BEDFORD STUYVESANT NEW BEGINNINGS CHARTER SCHOOL BROOKLYN, NY | SUPPORT FOR STUDENT LITERACY & READING OUTCOMES | $20,000 |
| BOSTON MEDICAL CENTER BOSTON, MA | TEAM UP | $250,000 |
| BRAIN AND BEHAVIOR RESEARCH FOUNDATION NEW YORK, NY | YOUNG INVESTIGATORS PROGRAM AND RUANE PRIZE RESEARCH AWARDS | $550,000 |
| BROOKLYN PUBLIC LIBRARY BROOKLYN, NY | NYC READS INITIATIVE LITERACY ACTIVITIES | $54,500 |
| CHILDREN'S AID SOCIETY NEW YORK, NY | SCHOLARSHIPS, YOUTH MENTAL HEALTHCARE, AND AFTER-SCHOOL PROGRAMMING | $291,688 |
| CHOICE CHARTER SCHOOL BRONX, NY | SUPPORT FOR STUDENT LITERACY & READING OUTCOMES | $20,000 |
| CITIZENS COMMITTEE FOR CHILDREN OF NEW YORK NEW YORK, NY | CAMPAIGN FOR HEALTHY MINDS, HEALTHY KIDS | $100,000 |
| CITY YEAR BOSTON, MA | NYC READS INITIATIVE LITERACY ACTIVITIES | $155,000 |
| COLUMBIA UNIVERSITY NEW YORK, NY | DEPARTMENT OF PSYCHIATRY | $200,000 |
| CORNELIA CONNELLY CENTER NEW YORK, NY | SUPPORT FOR STUDENT LITERACY & READING OUTCOMES | $20,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
- Founder: William "Bill" Ruane (1925–2005)
- Executive Director: Itai Dinour
- Chief Operating Officer: Kate Garroway
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| ARLENE FARRAND-BORGERSON | FORMER EXECUTIVE DIRECTOR | — | $245,609 |
| ITAI DINOUR | EXECUTIVE DIRECTOR | 40 | $463,100 |
| SOPHIE BARRETT | TRUSTEE AS OF 2/23/24 | 2 | — |
| ROBERT D GOLDFARB | TRUSTEE | 2 | — |
| DANIEL LYNN MOSLEY | TRUSTEE | 2 | — |
| ELIZABETH A RUANE | TRUSTEE UNTIL 2/23/24 | 2 | — |
| KATE GARROWAY | CHIEF OPERATING OFFICER | 40 | $226,777 |
Frequently Asked Questions
What does The Carmel Hill Fund fund?
The Fund's mission is to help young people, especially those growing up in vulnerable circumstances and communities facing systemic barriers, become voracious readers who also have the skills, relationships, nurturing environments, and supports to become emotionally thriving adults. Primary funding areas include: • **Youth Literacy**: Promoting reading ability and fostering a love of reading, particularly among at-risk youth in inner cities • **Youth Mental Health and Wellbeing**: Supporting em…
How do I apply for a grant from The Carmel Hill Fund?
**Grant Range**: $5,000 to $2.5 million **Median Grant**: $775,000 **Annual Giving**: Approximately $10.6 million to $15 million annually **Application Process**: Relationship-based with no formal application process **Recent Grant Activity** (2024): • Total giving: $10,123,300 **Program Officers**: • Youth Literacy: Tarilyn Little (tlittle@carmelhill.net) • Youth Mental Health: Hazel Guzman, Ph.D. (hguzman@carmelhill.net)
Where does The Carmel Hill Fund make grants?
The Fund's primary geographic focus is New York City. The Carmel Hill Fund Education Program extends to three cities: New York, New York; Denver, Colorado; and Monroe, Louisiana. The education program reaches over 55,000 students across approximately 100 schools during the 2022-23 school year.
What size grants does The Carmel Hill Fund award?
In 2024, The Carmel Hill Fund awarded 41 grants totaling $10.1M — an average of about $247K per grant, based on its IRS Form 990 filings.
How much is The Carmel Hill Fund required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, The Carmel Hill Fund reported a distributable amount of $21.9M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
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.
Explore Open Grants
Browse active grant opportunities in The Carmel Hill Fund's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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