Carmel Hill Fund

The foundation has also partnered with the Omidyar Network to create the Responsible Technology Youth Power Fund’s Inaugural Cohort to fund left-of-center technology policy and internet censorship initiatives. Organizations funded by the Carmel Hill Fund include the Brain and Behavior Research Foundation, Planned Parenthood of Northern New England, and the Vermont Women’s Fund. ^{1 2}

History

The Carmel Hill Fund was established in 1986 by New York investment banker William “Bill” Ruane, who co-founded and led the firm of Ruane, Cunniff and Goldfarb, a Wall Street investment firm aligned with Warren Buffett’s investing philosophy that is best known for its Sequoia Fund mutual fund. ³

Ruane’s first major charitable project after founding the Carmel Hill Fund was the revitalization of a block on 118^th Street in Harlem that had been “ravaged by drug abuse and property neglect.” The fund worked with the Children’s Aid Society to “get crime off the block” as well as bring buildings up to code and obtain social services for tenants. Ruane also provided funds for children living on the street to attend a private Catholic school in the neighborhood rather than the various public schools for which they were zoned and later established an Accelerated Reader program for the school. ^{3 4}

The Carmel Hill fund has continued providing funding and scholarships for the St. Paul School in Manhattan and has since established similar reading programs at schools in New York, Colorado, and Louisiana. ³

Ruane died in 2005 at age 79. His business partner Bob Goldfarb, continued to sit as a trustee for the Carmel Hill Fund. ^{4 2}

Activities

Much of the Carmel Hill Fund’s grantmaking activity continues to support student literacy programs. Numbers on the fund’s website state that as of 2019, the fund serves over 40,000 students and 6,000 teachers while supporting students to read 1.2 million books over the 2018 to 2019 school year. ⁵

The fund established the Carmel Hill Fund Education program in 2005 and operates projects in Denver, Colorado; Monroe, Louisiana; and New York City to promote reading. ^{5 3}

In 2023, the Carmel Hill Fund partnered with the Omidyar Network to create the Responsible Technology Youth Power Fund’s Inaugural Cohort to provide a total of $2 million to 26 organizations to fund left-of-center technology policy and censorship initiatives. Other foundations funding the effort included fund the Omidyar Network, the Arthur M. Blank Family Foundation, New Media Ventures, Oak Foundation, the Patrick J. McGovern Foundation, Pivotal Ventures, and the William and Flora Hewlett Foundation. The program funded groups including Design It For Us, Gen Z for Change, and the Young People’s Alliance Education Fund. ¹

Grantmaking

The Carmel Hill Fund has funded organizations including the Brain and Behavior Research Foundation, Planned Parenthood of Northern New England, the Vermont Women’s Fund, the Stern Center for Language and Learning, the Intervale Center, New York City Public Schools, and United Neighborhood Houses of New York. ^{2 6}