Tina and Richard V Carolan Foundation

MENDHAM, NJ EIN: 22-3085237 Website

The Tina and Richard V Carolan Foundation is a family foundation established in 1990 and located in Mendham, New Jersey. The foundation is a 501(c)(3) organization dedicated to providing charitable donations to nonprofit organizations that enhance technology, access, or well-being for individuals and communities.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$18.0M

-3.2% YoY

Annual Giving

$1.1M

+7.3% YoY

Grant Count

+11.8% YoY

Avg Grant Size

$58K

-4.0% YoY

Under IRS private-foundation payout rules, Tina and Richard V Carolan Foundation reported a distributable amount of $1.1M for 2024 — the minimum it must pay out in qualifying distributions.

Research compiled by Grantable AI from public sources. Last updated April 2026.

Mission & Focus Areas

Mission Statement: The foundation's mission is to provide charitable donations to nonprofit organizations that directly impact the lives of people and organizations while improving the technology, access, or well-being of those people.

Primary Funding Areas:

Medical field and medical research
Building development
Athletics
Humanitarian relief
Christian missionary work
Youth outreach initiatives
Education

Specific Organizations and Programs Supported:

Memorial Sloan Kettering Cancer Center
Morristown Memorial Hospital and Foundation for Morristown Medical Center
Miami School of Business
USA Cycling Development Foundation
New Jersey Interscholastic Mountain Bike League
Star Track
Brown Emergency Medicine (Brown University for Rwanda Medical Relief)
Siskin Children's Institute
Lebanon Relief
Armenian Apostolic Church of America
Everlasting Hope Ministries
Our Lady of Perpetual Help
University of Miami's Rescue a Reef program
Magic City K9
Best Buddies International
Stafford DARE Program

Grantmaking

The foundation made 19 grants in the most recent reporting year. Recent grants include:

Review Cycle

How to Apply

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Geographic Focus

Where this funder awards grants

The foundation primarily funds nonprofit organizations in New Jersey, with additional giving in California and New York.

Grant Distribution by State

New Jersey $1.5M (32%)

New York $985K (21%)

Florida $867K (18%)

Georgia $575K (12%)

Colorado $350K (7%)

District of Columbia $260K (6%)

California $150K (3%)

Kentucky $20K (0%)

+1 more states

States

California Colorado District of Columbia Florida Georgia Kentucky New Jersey New York South Carolina

Cities

AtlantaBernardsvilleBrant BeachChesterCologneColorado SpringsCoral GablesFt LauderdaleGlendaleHarvey CedersHilton HeadLouisvilleMaimiManahawkinMiamiMiami LakesMorristownNaplesNew YorkPennington

Financial History

Multi-year comparison from IRS filings

Most Recent Financial Data (2024):

Total assets: $17,985,016
Total revenues: $823,672
Total expenses: $1,421,205

Prior Financial Data (2023):

Total assets: $18,582,549
Total giving: $1,023,500

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$17,985,016	$18,582,549	$8,253,191
Revenue	$823,672	$11,526,545	$660,628
Expenses	$1,421,205	$1,197,187	$1,087,138
Qualifying Distributions	$1,153,632	$1,075,500	$947,800
Net Investment Income	$533,885	$10,404,858	$552,290
Distributable Amount	$1,141,467	$861,418	$958,138

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

91 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest include Best Buddies ($200,000), Team Type 1 Foundation ($125,000), Armenian Apostolic Church of America Eastern Prelacy ($100,000).

Recipient	Purpose	Amount
ARMENIAN APOSTOLIC CHURCH OF AMERICA EASTERN PRELACY NEW YORK, NY	EARTHQUAKE RELIEF EFFORT	$100,000
BEST BUDDIES MIAMI, FL	SUPPORT BEST BUDDIES LIVING	$200,000
BIG BROTHERS BIG SISTERS OF BROWARD FT LAUDERDALE, FL	YOUTH OUTREACH THROUGH SUITES AT THE MIAMI MARLINS GAMES	$25,000
FOUNDATION CYCLING FOUNDATION INC SAFETY HARBOR, FL	CONTRIBUTE TO THE AMERICAN CYCLING ELITE TEAM	$20,000
FOUNDATION FOR MORRISTOWN MEDICAL CENTER MORRISTOWN, NJ	PURCHASE OF A ZEISS KINEVO 900 ROBOTIC VISUALIZATION SYSTEM	$100,000
LONG BEACH TOWNSHIP PBA 373 BRANT BEACH, NJ	SUPPORT COMMUNITY POLICE SERVICES	$36,832
MAGIC CITY K9 INC MIAMI, FL	SUPPORT AND EXPAND SERVICES AND EQUIPMENT NEEDS FOR THE PRISONERS AND DOGS	$25,000
MEMORIAL SLOAN KETTERING CANCER CENTER NEW YORK, NY	THE FIFTH INSTALLMENT OF A FIVE YEAR PLEDGE FOR BIOMARKER DEVELOPMENT RESEARCH	$75,000
NEW JERSEY INTERSCHOLASTIC CYCLING LEAGUE COLOGNE, NJ	EQUIPMENT PURCHASES AND UPGRADES	$50,000
STAFFORD TOWNSHIP PBA LOCAL 297 MANAHAWKIN, NJ	DARE PROGRAM	$10,000

Leadership & Key People

Leadership team and compensation from IRS filings

Tina Carolan — President
Richard Carolan — Executive Director and Vice President
Kim Carolan — Secretary
Alana Carolan — Director of Donor Relations

Compensation Overview

From 2024 IRS filing

From 2024 filing

Name	Title	Hours	Compensation
TINA CAROLAN	PRESIDENT	0.25	—
RICHARD C CAROLAN	VICE-PRESIDENT AND TREASURER	0.5	$50,000
KIMBERLY CAROLAN-FAGA	VICE PRESIDENT AND SECRETARY	0.25	—
ALANA CAROLAN	DIRECTOR OF DONOR RELATIONS	0.5	$25,000

Contact Information

Address: 88 E Main Street, Suite 507, Mendham, NJ 07945-1832
Phone: 908-766-1040
Email: carolanfoundation@gmail.com
Website: www.carolanfoundation.com

Frequently Asked Questions

What does Tina and Richard V Carolan Foundation fund?

**Mission Statement:** The foundation's mission is to provide charitable donations to nonprofit organizations that directly impact the lives of people and organizations while improving the technology, access, or well-being of those people. **Primary Funding Areas:** • Medical field and medical research • Building development • Athletics • Humanitarian relief • Christian missionary work • Youth outreach initiatives • Education **Specific Organizations and Programs Supported:** • Memorial Sloan K…

How do I apply for a grant from Tina and Richard V Carolan Foundation?

**Grant Activity:** The foundation made 19 grants in the most recent reporting year. Recent grants include: • $200,000 to Best Buddies International for Support Best Buddies Living (2024) • $100,000 to Foundation for Morristown Medical Center for Purchase of A Zeiss Kinevo 900 Robotic Visualization System (2024) • $75,000 to Memorial Sloan Kettering Cancer Center for The Fifth Installment of A Five Year Pledge for Biomarker Development Research (2024) **Types of Support:** • Computer software a…

Where does Tina and Richard V Carolan Foundation make grants?

The foundation primarily funds nonprofit organizations in New Jersey, with additional giving in California and New York.

What size grants does Tina and Richard V Carolan Foundation award?

In 2024, Tina and Richard V Carolan Foundation awarded 19 grants totaling $1.1M — an average of about $58K per grant, based on its IRS Form 990 filings.

How much is Tina and Richard V Carolan Foundation required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, Tina and Richard V Carolan Foundation reported a distributable amount of $1.1M on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.

What is Tina and Richard V Carolan Foundation's EIN?

Tina and Richard V Carolan Foundation's EIN (Employer Identification Number) is 22-3085237. IRS Form 990 filing data is available on this page for 2020–2024.