The Caruso Foundation, also known as the Caruso Entrepreneurship Initiative, is a private grantmaking foundation established in 2015 by Dan and Cindy Caruso. Based in Boulder, Colorado, the foundation operates as a 501(c)(3) organization and focuses on promoting and growing the entrepreneurial and innovative community through strategic philanthropic investments.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$41.0M
+4.2% YoY
Annual Giving
$1.5M
-14.1% YoY
Grant Count
32
-13.5% YoY
Avg Grant Size
$46K
-0.7% YoY
Under IRS private-foundation payout rules, The Caruso Foundation reported a distributable amount of $2.4M for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation's vision is to promote and grow the innovative and creative community, particularly in Colorado. The foundation accomplishes this by:
- Advancing the growth of business startups and entrepreneurs
- Building infrastructure to support breakthrough endeavors and ideas
- Supporting human progress and inclusion in the tech ecosystem
- Fostering entrepreneurship and innovation initiatives
Grantmaking
The foundation funds its charitable work through dividend income earned on cash balances and capital gain income from the sale of securities.
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Geographic Focus
Where this funder awards grants
The foundation's primary geographic focus is Colorado, with particular emphasis on the Boulder area. However, the foundation also supports organizations in other states, including the University of Chicago and the University of Illinois.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total Assets: $41 million
- Annual Revenue: $3.82 million
- Annual Expenses: $2.17 million
- Total Liabilities: $551,000
As of 2023:
- Total Assets: $39.35 million
- Total Revenue: $2.57 million
- Total Expenses: $2.05 million
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $40,997,866 | $39,349,328 | $38,547,603 |
| Revenue | $3,824,840 | $2,572,463 | $-982,337 |
| Expenses | $2,173,398 | $2,047,908 | $2,072,072 |
| Qualifying Distributions | $1,482,191 | $1,726,200 | $1,810,750 |
| Net Investment Income | $3,175,287 | $2,288,157 | $1,225,670 |
| Distributable Amount | $2,357,835 | $2,373,332 | $2,618,178 |
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
148 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include University of Colorado Foundation ($355,000), University of Chicago Booth School of Business ($250,000), University of Illinois ($225,000).
| Recipient | Purpose | Amount |
|---|---|---|
| Access Opportunity Boulder, CO | Program Funding | $40,000 |
| Boulder Cancer Fighters Boulder, CO | Program Funding | $15,000 |
| Boulder Community Health Foundation Boulder, CO | Program Funding | $10,000 |
| Breakthrough Alliance of Colorado Denver, CO | Program Funding | $10,000 |
| Camp Kesem Covina, CA | Program Funding | $1,018 |
| Boulder Police Foundation Boulder, CO | Program Funding | $111,000 |
| Denver Civic Ventures Denver, CO | Program Funding | $8,000 |
| El Dorado Foundation Inc Scottsdale, AZ | Program Funding | $10,000 |
| Evans Scholars Foundation Glenview, IL | Program Funding | $25,000 |
| Glider Boulder, CO | Program Funding | $2,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
The foundation was established by Dan and Cindy Caruso.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Daniel P Caruso | President | — | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does The Caruso Foundation fund?
The foundation's vision is to promote and grow the innovative and creative community, particularly in Colorado. The foundation accomplishes this by: • Advancing the growth of business startups and entrepreneurs • Building infrastructure to support breakthrough endeavors and ideas • Supporting human progress and inclusion in the tech ecosystem • Fostering entrepreneurship and innovation initiatives
How do I apply for a grant from The Caruso Foundation?
The foundation funds its charitable work through dividend income earned on cash balances and capital gain income from the sale of securities. **Recent Grant Activity (2023):** • Total grants distributed: Approximately $1.09 million across 29+ grants • Notable recipients include: • University of Colorado Foundation: $470,000 • Civico: $200,000 • Greenhouse Scholars: $100,450 The foundation supports a diverse portfolio of organizations focused on entrepreneurship, education, and community develop…
Where does The Caruso Foundation make grants?
The foundation's primary geographic focus is Colorado, with particular emphasis on the Boulder area. However, the foundation also supports organizations in other states, including the University of Chicago and the University of Illinois.
What size grants does The Caruso Foundation award?
In 2024, The Caruso Foundation awarded 32 grants totaling $1.5M — an average of about $46K per grant, based on its IRS Form 990 filings.
How much is The Caruso Foundation required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, The Caruso Foundation reported a distributable amount of $2.4M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is The Caruso Foundation's EIN?
The Caruso Foundation's EIN (Employer Identification Number) is 84-1559444. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in The Caruso Foundation'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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