Tina and Richard V Carolan Foundation
The Tina and Richard V Carolan Foundation is a private foundation based in Mendham, New Jersey. Its stated mission is to provide charitable donations to nonprofit organizations that directly affect people and organizations by improving technology, access, or well-being.
Tina and Richard V Carolan Foundation at a glance
In short: Tina and Richard V Carolan Foundation gave $1.1M across 19 grants in 2024 (avg $58K), top state Florida. 16% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $1,098,632
- +7.3% vs 2023
- Grants made (2024)
- 19
- +11.8% vs 2023
- Average grant
- $57,823
- -4.0% vs 2023
- Median grant
- $48,000
- Total assets
- $17,985,016
- -3.2% vs 2023
- New grantees (estimate)
- 16% first-time grantees (3 of 19, 2024; small sample)
- Primary geography
- Florida (33% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Tina and Richard V Carolan Foundation
- Review Cycle
- No submission deadlines.
- Deadline
- No submission deadlines.
- Contact
Application contact: Tina And Richard V Carolan
Mailing address: 88 East Main Street Suite 507, Mendham, NJ 07945
Phone: (908) 766-4010
Website: https://carolanfoundation.com
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Tina and Richard V Carolan Foundation funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Best Buddies ($200K). Together the top 10 received $887K.
Grant Size Distribution
91 grants across all recorded years
The most common grant size was under $50K: 47 grants of 91 (52%).
Geographic Focus
Where this funder awards grants
In 2024, the largest shares of grant dollars went to recipients in Florida (33%), New Jersey (25%), New York (18%), Georgia (11%), and Colorado (7%).
Grant Distribution by State
Share of 2024 grant dollars across all 19 itemized grants.
Cities
Is Tina and Richard V Carolan Foundation open to new grantees?
16%
first-time grantees, 2024
In 2024, 3 of 19 grantees (16%) were first-time recipients. With only 19 grantees, that is a small sample: one grantee more or less moves the share by about 5 points. First grants averaged $36K; repeat grants $62K. How we count
Medians: $25K first-time, $49K repeat.
- 68% of 2024 grantees were also funded in 2023. Method
- Giving held roughly steady from 2021 to 2024 (+18%). Method
- In 2024 it paid out 101% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $740K (2020) to $1.1M (2024). In 2024 it made 19 grants totaling $1.1M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Best Buddies Miami, FL | Support Best Buddies Living | $200,000 |
| Team Type 1 Foundation Atlanta, GA | Team Support and Global Ambassador Scholarship Program | $125,000 |
| Armenian Apostolic Church of America Eastern Prelacy New York, NY | Earthquake Relief Effort | $100,000 |
| Foundation for Morristown Medical Center Morristown, NJ | Purchase of a zeiss kinevo 900 robotic visualization system | $100,000 |
| Memorial Sloan Kettering Cancer Center New York, NY | The fifth installment of a five year pledge for biomarker development research | $75,000 |
| USA Cycling Foundation Colorado Springs, CO | Support the usa cycling team van and centers of excellence | $75,000 |
| University of Maimi Coral Gables, FL | Charitable | $63,800 |
| New Jersey Interscholastic Cycling League Cologne, NJ | Equipment Purchases and Upgrades | $50,000 |
| Armenian National Committee of America Washington, DC | Charitable | $50,000 |
| Southern Ocean Medical Center Foundation West Manahawkin, NJ | Charitable | $48,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $17,985,016 | $823,672 | $1,421,205 | $1,098,632 | 19 | $1,153,632 | $533,885 | $1,141,467 |
| 2023 | $18,582,549 | $11,526,545 | $1,197,187 | $1,023,500 | 17 | $1,075,500 | $10,404,858 | $861,418 |
| 2022 | $8,253,191 | $660,628 | $1,087,138 | $922,800 | 21 | $947,800 | $552,290 | $958,138 |
| 2021 | $8,679,701 | $2,110,367 | $1,080,245 | $928,000 | 15 | — | $2,043,994 | $1,028,691 |
| 2020 | $7,656,517 | $448,005 | $879,914 | $739,500 | 19 | — | $388,992 | $898,716 |
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 September 2026.
Mission & Focus Areas
The foundation’s mission is to provide charitable donations to nonprofit organizations that directly impact the lives of people and organizations while improving technology, access, or well-being.
Its website names support for medical organizations and programs, building development, athletics, relief efforts, and Christian missionary organizations. Its 2024 grants included medical equipment and research, cycling, youth outreach, earthquake relief, community police services, and charitable support.
Among its 2024 grantees, the Foundation for Morristown Medical Center describes its mission as inspiring community philanthropy to advance exceptional health care, including patient care, clinical research, education, and preventive medicine. The Armenian National Committee of America says its mission is to foster civic awareness among Americans of Armenian heritage and the broader pro-Armenian community, and to encourage civic participation.
Grantmaking
In 2024, the foundation reported 19 grants totaling $1,098,632. Grants ranged from $10,000 to $200,000, with a median grant of $48,000.
The largest reported awards included $200,000 to Best Buddies for Best Buddies Living; $125,000 to Team Type 1 Foundation for team support and a global ambassador scholarship program; $100,000 to the Armenian Apostolic Church of America Eastern Prelacy for earthquake relief; and $100,000 to the Foundation for Morristown Medical Center for a robotic visualization system. Other notable grants included $75,000 to Memorial Sloan Kettering Cancer Center for the fifth installment of a five-year pledge for biomarker development research and $75,000 to USA Cycling Foundation for its team van and Centers of Excellence.
Applications are accepted in letter form and should include evidence of the applicant’s tax status, or a statement that the status has not changed since its last grant request to the foundation. The filing names Tina and Richard V Carolan as the application contact. It states that awards have no restrictions or limitations.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Tina Carolan as president; Richard C Carolan as vice-president and treasurer; Kimberly Carolan-Faga as vice president and secretary; and Alana Carolan as director of donor relations. The foundation’s website identifies Richard Carolan as executive director and vice president.
Tina and Richard V Carolan Foundation is led by Tina Carolan, President on every filing since 2020; 2 of 4 officers listed in 2024 are compensated.
Officers on the 2024 filing
Tina Carolan
President
On filings since 2020
0.3 hrs/week
No compensation reported
Alana Carolan
Director of Donor Relations
On filings since 2023
0.5 hrs/week
$15K (2023) → $25K (2024)
Richard C. Carolan
Vice President & Treasurer
On filings since 2020
0.5 hrs/week
$50K (2020) → $50K (2024)
Kimberly Carolan-Faga
Vice President & Secretary
On filings since 2020
0.3 hrs/week
No compensation reported
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $50K, to Richard C Carolan (Vice-President and Treasurer). 2 officers or directors reported compensation on that filing.
Frequently asked questions about Tina and Richard V Carolan Foundation
How much does Tina and Richard V Carolan Foundation give each year?
Tina and Richard V Carolan Foundation gave $1.1M across 19 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $1.0M across 17 grants.
What is Tina and Richard V Carolan Foundation's typical grant size?
Tina and Richard V Carolan Foundation's median grant in 2024 was $48,000, and its average grant was $57,823, across 19 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from Tina and Richard V Carolan Foundation that year got $36K on average.
Where does Tina and Richard V Carolan Foundation give grants?
Tina and Richard V Carolan Foundation's top state is Florida, with 33% of the grant dollars itemized on its 2024 IRS Form 990-PF. The next largest states were New Jersey (25%) and New York (18%). The most frequent recipient cities were New York, NY (3 grants) and Miami, FL (2 grants).
Does Tina and Richard V Carolan Foundation give general operating support?
Not in 2024: none of the 19 grants with a stated purpose on Tina and Richard V Carolan Foundation's 2024 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Charitable" (6 grants).
Who are Tina and Richard V Carolan Foundation's largest grantees?
Tina and Richard V Carolan Foundation's largest 2024 grantees include Best Buddies ($200,000), Team Type 1 Foundation ($125,000) and Armenian Apostolic Church of America Eastern Prelacy ($100,000), according to its 2024 IRS Form 990-PF. Together they received 39% of its itemized 2024 grant dollars.
How large is Tina and Richard V Carolan Foundation?
Tina and Richard V Carolan Foundation reported $18.0M in total assets on its 2024 IRS Form 990-PF. It paid out $1.2M in qualifying distributions that year, against a required minimum of $1.1M (roughly 5% of its investment assets).
What does Tina and Richard V Carolan Foundation fund?
The foundation’s mission is to provide charitable donations to nonprofit organizations that directly impact the lives of people and organizations while improving technology, access, or well-being. See mission & focus areas ↑
How do I apply for a grant from Tina and Richard V Carolan Foundation?
Tina and Richard V Carolan Foundation has no public application process in the sources Grantable reviewed. Check carolanfoundation.com for current guidelines, or contact the foundation directly before submitting a request.
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.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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Cite this profile
Grantable. (2026). Tina and Richard V Carolan Foundation funder profile. GrantGraph. Retrieved October 24, 2026, from https://grantable.co/funders/tina-and-richard-v-carolan-foundation-morg_7264e39525db4e3e83d9cbfd5d5c7072
BibTeX
@misc{grantable_223085237_2026,
author = {{Grantable}},
title = {{Tina and Richard V Carolan Foundation funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/tina-and-richard-v-carolan-foundation-morg_7264e39525db4e3e83d9cbfd5d5c7072},
note = {Accessed 2026-10-24. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Tina and Richard V Carolan Foundation's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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