The Thomas and Agnes Carvel Foundation
The Thomas and Agnes Carvel Foundation is a private 501(c)(3) foundation established in 1976 and based in Yonkers, New York. The foundation was founded by Thomas and Agnes Carvel. Thomas Carvel founded the soft ice cream brand Carvel in 1936, beginning with a borrowed $15 from his future wife Agnes to sell ice cream from his truck. He later expanded to retail locations and pioneered the franchising model for ice cream, becoming recognized as a father of modern franchising.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$49.2M
+8.8% YoY
Annual Giving
$3.1M
-8.7% YoY
Grant Count
155
-8.3% YoY
Avg Grant Size
$20K
-0.4% YoY
Mission & Focus Areas
The foundation's mission centers on giving primarily for health care, including hospitals and children's hospitals. Funding also supports the arts, children and youth services, social services, and higher education.
Primary focus areas include:
- Arts and culture, particularly performing arts and music
- Education at elementary, secondary, and higher education levels
- Health care, including in-patient medical care, hospital care, and specialty hospital care
- Diseases and conditions, including cancer research and treatment
- Human services, with emphasis on family services and child welfare
Grantmaking
Grant Range
s and Activity:**
Average Grant
amount varies by funding cycle
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Geographic Focus
Where this funder awards grants
The foundation primarily funds organizations in New York, New Jersey, and Connecticut. Grant recipients are concentrated in cities including New York, Yonkers, and White Plains, with additional funding extending to states including California and Georgia.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total Assets: $49,177,623
- Total Revenue: $2,435,283
- Total Expenses: $3,806,200
- Net Income: -$1,370,917
- Total Liabilities: $268,000
Staffing:
- 2 employees
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $49,177,623 | $45,190,003 | $46,557,183 |
| Revenue | $2,435,283 | $3,259,155 | $2,031,963 |
| Expenses | $3,806,200 | $4,105,811 | $3,290,700 |
| Qualifying Distributions | $3,245,473 | $3,543,897 | $2,728,774 |
| Net Investment Income | $1,875,362 | $2,698,101 | $1,470,805 |
| Distributable Amount | $2,308,613 | $2,196,869 | $2,406,638 |
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
250 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
- Joan Magoolaghan - Interim President
- Peter Smith - Former President
- Marie Holcombe - Treasurer
- Karen Springfield - Secretary
- Daniel H Harris - Director
- Richard Hans - Director
- Nicola Lee - Director
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| PETER SMITH | FORMER PRESIDENT | 25 | $85,054 |
| NICOLA LEE | DIRECTOR | 1 | $3,834 |
| DANIEL H HARRIS | DIRECTOR | 1 | $25,585 |
| JOAN MAGOOLAGHAN | INTERIM PRESIDENT | 25 | $49,782 |
| MARIE HOLCOMBE | TREASURER | 1 | $27,502 |
| RICHARD HANS | DIRECTOR | 1 | $3,834 |
Recent News & Activity
Recent developments and announcements
Recent grant recipients and announcements include:
Mercy College received $35,000 to support the Student Emergency Fund
Mercy College Receives $35,000 Donation from the Thomas and Agnes CarvelBurke Rehabilitation received grants to enhance patient care
Three Grants to Enhance Patient Care - Burke RehabilitationLegal Services of the Hudson Valley received $10,000
Legal Services of the Hudson Valley receives $10,000 grant from The ThomasWestchester Disabled on the Move received a grant from the foundation
Westchester Disabled on the Move Receives Grant from Carvel Foundation |**Contact Information:**
Address: 35 E Grassy Sprain Rd, Yonkers, NY 10710-4620
Telephone: 914-793-7300
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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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