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
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
No grants recorded for .
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 |
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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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