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W. P. Carey Foundation

Annual Giving
$25.2M
Grant Range
Up to $125.0M00
00

W. P. Carey Foundation

Quick Stats

  • Annual Giving: $25,170,367 (2023)
  • Total Grants Since 1990: Nearly $450 million
  • Number of Awards: 144 awards in 2023
  • Grant Range: Varies widely - from smaller community grants to major gifts of $25-125 million
  • Geographic Focus: Primarily New York City, Baltimore, and Rensselaerville, NY; national reach for education
  • Application Method: Invitation only - does not accept unsolicited proposals

Contact Details

Website: https://www.wpcareyfoundation.org/

Contact Page: https://www.wpcareyfoundation.org/contact-us

Location: New York, NY

Note: The Foundation does not have a public application process and does not accept unsolicited proposals.

Overview

The W. P. Carey Foundation is a private U.S. foundation founded in 1990 by philanthropist and businessman Wm. Polk Carey (1930-2012). Since its founding, the Foundation has granted nearly $450 million to hundreds of institutions. Operating under the philosophy "Doing Good While Doing Well®," the Foundation's primary mission is to support educational institutions with the larger goal of improving America's competitiveness in the world. The Foundation's giving is primarily directed to organizations with longstanding ties to the Carey family, with support going to results-driven institutions with records of demonstrable success and exceptional leadership. In 2023, the Foundation distributed over $25 million across 144 awards. Recent major gifts include a historic $125 million to Penn Carey Law School in 2019 (the largest gift ever to a law school), $25 million to NewYork-Presbyterian Hospital in 2024, and $25 million to Arizona State University's W. P. Carey School of Business in 2024.

Funding Priorities

Grant Programs

The Foundation does not operate formal grant programs with published guidelines. Instead, it makes strategic investments in three core areas:

Business & Legal Education

  • Focus on student and faculty recruitment, interdisciplinary degrees, and career guidance
  • Recent example: $25 million to Johns Hopkins Carey Business School
  • Historic example: $125 million to Penn Carey Law School (2019), resulting in the school's naming
  • Endowed the Francis J. and Wm. Polk Carey JD/MBA program at Penn Law and Wharton

Primary & Secondary Education (K-12)

  • Emphasis on admissions and college guidance programs
  • Support for educational institutions with demonstrated success

Community Support

  • Hospitals, performing arts organizations, museums, and cultural institutions
  • Geographic focus: New York City, Baltimore, and Rensselaerville, NY
  • Recent example: $25 million to NewYork-Presbyterian Hospital to transform their residency program (2024)

Priority Areas

  • Educational institutions with longstanding ties to the Carey family
  • Results-driven organizations with track records of demonstrable success
  • Institutions with exceptional leadership
  • Organizations advancing America's global competitiveness through education
  • Projects supporting student/faculty recruitment and career development
  • Real estate and finance education programs

What They Don't Fund

The Foundation's website does not provide a detailed list of exclusions. However, the key restriction is:

  • Does not accept unsolicited proposals: The Foundation states explicitly that "the majority of our giving is directed to organizations with longstanding ties to the Carey family"
  • Funding is relationship-based rather than application-based

Governance and Leadership

Officers

  • William P. Carey II - Chairman and President (great-nephew of founder Wm. Polk Carey)
  • Juliana K. Harris - Executive Director
  • Zachary J. Pack - Chief Operating Officer
  • John D. Miller - Chief Investment Officer

Trustees

  • William P. Carey II
  • Jason E. Fox
  • Gwendolen G. Bond
  • J. Samuel Armstrong IV
  • John J. Park
  • Michael H. Carpenter, Jr.
  • A.P. Pendleton III

Historical Leadership

  • Founder: Wm. Polk Carey (1930-2012) - Entrepreneur, global corporate finance pioneer, and philanthropist who created the Foundation in 1990
  • First President: Francis J. Carey (1926-2014), brother of the founder, who provided leadership to the Foundation for 24 years

Leadership Quotes

William P. Carey II has articulated the Foundation's vision in several public statements:

On the $25 million gift to ASU (2024): "By empowering students with essential knowledge, skills and professional networks, we aim to inspire and prepare the next generation of leaders in the real estate and finance industries."

On the $25 million gift to Johns Hopkins: "On behalf of the W. P. Carey Foundation, we are proud to build on our investment in Johns Hopkins Carey Business School with today's gift. This support will help fulfill my great-uncle Bill Carey's vision of educating leaders who can have a transformative impact in Baltimore, Maryland, nationally and globally."

Application Process & Timeline

How to Apply

The W. P. Carey Foundation does not have a public application process.

The Foundation explicitly states that it "does not accept unsolicited proposals" and that "the majority of our giving is directed to organizations with longstanding ties to the Carey family."

Grants are awarded based on:

  • Pre-existing relationships with the Carey family
  • Trustee discretion and strategic initiatives
  • Invitation-only opportunities
  • Long-term partnerships with select institutions

Organizations interested in Foundation support must have an established connection to the Carey family or be invited to apply by the Foundation's leadership.

Decision Timeline

Not applicable - no public application process. Decisions are made at the discretion of the Foundation's trustees based on strategic priorities and existing relationships.

Success Rates

Not applicable - the Foundation does not accept unsolicited applications, so traditional success rate metrics do not apply.

Reapplication Policy

Not applicable - the Foundation operates on an invitation-only basis rather than accepting applications or reapplications.

Application Success Factors

Since the W. P. Carey Foundation does not accept unsolicited proposals, the traditional application success factors do not apply. However, analysis of their funding patterns reveals what the Foundation values:

Organizations that receive funding typically demonstrate:

  1. Longstanding ties to the Carey family - This is the Foundation's stated primary criterion for funding decisions

  2. Demonstrable success and exceptional leadership - The Foundation explicitly seeks "results-driven institutions with records of demonstrable success and exceptional leadership"

  3. Educational mission alignment - Priority given to institutions advancing America's competitiveness through education, particularly in business, law, and real estate

  4. Strategic impact in key geographic areas - New York City, Baltimore, and Rensselaerville, NY are primary geographic focus areas for community support

  5. Capacity for transformative change - Recent major gifts ($25-125 million) suggest the Foundation invests in institutions capable of significant impact with substantial funding

  6. Long-term partnership potential - The Foundation describes itself as "a long-term partner" and has maintained multi-decade relationships with institutions like Penn, ASU, and Johns Hopkins

Examples of recently funded projects:

  • NewYork-Presbyterian Hospital residency program transformation ($25 million, 2024)
  • ASU W. P. Carey School of Business real estate programs ($25 million, 2024)
  • Penn Carey Law School naming gift ($125 million, 2019)
  • Johns Hopkins Carey Business School endowment support ($25 million)

Key Takeaways for Grant Writers

  • No public application process: This Foundation does not accept unsolicited proposals - all funding is relationship-based and invitation-only
  • Family connections matter most: The Foundation explicitly states that "the majority of our giving is directed to organizations with longstanding ties to the Carey family"
  • Education is the primary focus: Nearly $450 million granted since 1990, with emphasis on business, legal, and K-12 education supporting America's global competitiveness
  • Major gift capacity: The Foundation makes both large transformational gifts ($25-125 million) and smaller community grants, distributing approximately 144 awards annually
  • Geographic concentration: Community support focuses on New York City, Baltimore, and Rensselaerville, NY, though educational giving has national reach
  • Long-term strategic partnerships: The Foundation values multi-year relationships with exceptional institutions demonstrating measurable results
  • Leadership and proven success required: Organizations must have "records of demonstrable success and exceptional leadership" to align with Foundation priorities

References

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