Leona M. and Harry B. Helmsley Charitable Trust

The Leona M. and Harry B. Helmsley Charitable Trust is a private grantmaking foundation which focuses on medical research, the environment, and education. The Trust has focused many of its projects in New York City, but has expanded to include the rest of the United States and some global initiatives in recent years. The Trust has recently been involved in the development of the controversial Common Core curriculum.

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At-A-Glance

Type: Non-profit, 501(c)(3), Private Foundation
Issue Areas: Education Policy
Website: helmsleytrust.org
Location: New York, NY View on map
Tax ID: 13-7184401
Most Recent Filing: 2024
Budget (2025): Assets: $7,108,379,897 Revenue: $497,259,658 Expenses: $422,168,442

Contents

    History

    The Helmsley Charitable Trust is a product of the Harry and Leona Helmsley real estate empire, which began in the 1930s. 1 This empire included a majority share of the Empire State Building, the Park Lane Hotel, and countless other commercial holdings across the United States. 2 When Harry died in 1997, the portfolio was valued at $5 billion. 2 After Harry’s death, Leona began to sell off the portfolio, and the profits from the sales funded the Helmsley Charitable Trust. 2

    The Trust did not begin actively making grants until 2008, following Leona’s death. 1 Leona left the majority of the Helmsley estate to the Trust, and its four trustees were given the authority to decide where the funds would be directed. 1 Since 2008, the Fund has approved $2.449 billion in grants. 3

    Grantmaking Activity

    Grants from the Helmsley Charitable Trust are divided into three primary areas: health, conservation, and education. 4 About 60 percent of the Fund’s annual grants are awarded to health programs, while the remaining grants are directed towards education and local environmental projects.

    Healthcare

    The Hemsley Charitable Trust focuses primarily on health care, both in the United States and abroad.

    The “New York Program” is one of the Trust’s earliest initiatives. Targeted specifically in New York City, the program provides low-income New Yorkers with the highest medical needs with comprehensive, long-term healthcare. 5 This project includes partnerships with local homeless shelters to coordinate and share data on high-need patients. 5

    Outside of New York, the Trust funds medical programs in Israel and the Upper Midwest region. Over the past decade, the Trust has given over $240 million to projects and organizations supporting Israel. 6 The Trust’s influence in the Upper Midwest has been even larger. 6 As of February 2019, the Helmsley trust donated almost $400 million to improve healthcare delivery and innovation in rural areas of the Upper Midwest, including $100 million in South Dakota alone. 7 These grants include investing $77 million in eCare programs which connect specialists and experts from a central hub in Sioux Falls to rural hospitals to provide life-saving emergency care. 7

    The Trust has two primary medical research areas: Crohn’s Disease and diabetes. In 2019, the Trust gave a $468,860 donation to McGill University alongside the Chan Zuckerberg Initiative and the Klarman Family Foundation. 8 That same year, the Trust gave $4.7 million to the University of California-San Diego for research on Crohn’s Disease. 9 The Foundation gave one of its largest grants to date to the Salk Institute in 2013 in the amount of $42 million to establish the Helmsley Center for Genomic Medicine. 10

    Environmentalism

    In recent years, the Trust has begun to focus on environmental issues, giving over $8.1 million to environmentalist projects and organizations in 2019 alone. 11 That same year, the Trust gave a $500,000 grant to the Environmental Defense Fund, which is known for pushing a left-of-center environmentalist agenda around the world. 11 The Trust also gave $1.66 million to the World Wildlife Fund in 2019. 12

    The Trust is also a member of the Environmental Grantmakers Association. Most of its environmental grantmaking thus far has focused on oceans and water security, with a regional focus in Myanmar and the Galapagos. 12

    Education

    The Trust routinely gives grants to various universities and research projects, including Duke University, New York University, and Yale University. 12

    Aside from providing support for universities, the Trust is active in supporting K-12 education. The Trust is one of the primary financial backers of controversial Common Core curriculum development, a movement to standardize curriculum across the United States.

    The Trust has been one of the main supporters of Common Core. In 2013-2014 alone, the Trust contributed $23.8 million to the development of tools for the implementation of the Common Core curriculum. 13 In 2019, the Trust gave a $2.7 million grant to Student Achievement Partners (SAP). 12 Student Achievement Partners is the group responsible for developing and pushing Common Core State Standards. 14

    People and Funding

    The Helmsley Charitable Trust is funded by the proceeds of the Helmsley family’s extensive real estate holdings. 5 As of 2013, the Helmsley foundation is the twelfth largest foundation in the United States. 15

    Now lauded as a philanthropist, Leona Helmsley, the Trust’s namesake and benefactor, lived with some controversy. Nicknamed the “Queen of mean,” Helmsley had a reputation for refusing to pay contractors and harassing employees. 16 In spite of her apparent philanthropy, Helmsley was convicted of evading federal taxes for billing personal expenses to her business in 1988. She served 21 months in prison, after receiving a four year sentence. 17

    When Leona Helmsley passed away, she set no requirements on how her fortune be distributed. It was left to the total discretion of four trustees: family lawyer Sandy Frankel, business associate John Codey, and grandchildren David and Walter Panzirer. 4 Their personal interests have since directed the Fund’s giving.

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2025 $7,108,379,897 $497,259,658 $422,168,442
    2024 $7,300,077,622 $385,228,530 $600,086,342 View
    2023 $7,256,835,636 $629,133,449 $534,910,918 View
    2022 $8,221,675,612 $839,493,141 $540,117,750 View
    2021 $8,313,587,896 $723,181,306 $368,281,376 View

    Prior year filings: 2015, 2014, 2013, 2012, 2011

    Expenses Detail

    Employee Compensation

    Highest Earning Employees

    EmployeeTitleTotal Compensation
    Sarah E PaulCHIEF EXECUTIVE OFFICER$1,030,857
    Joshua W FentonCHIEF INVESTMENT OFFICER$1,017,577
    Al Y KimDIRECTOR OF INVESTME$769,227
    Meenakshi C LakshmanDIR. OF STRATEGY & R$764,742
    Christopher J RapcewiczDIR. OF RISK MNGMT.$760,560
    Jacqueline F BauschGENERAL COUNSEL$652,750
    Brian B ChunDIRECTOR OF INVESTME$550,358
    Maureen E RayhillDIRECTOR OF HUMAN RE$505,841
    Nicholas J SchiavoCHIEF FINANCIAL OFFICER$486,040
    Sandor FrankelTRUSTEE$150,000
    David PanzirerTRUSTEE$150,000
    Walter PanzirerTRUSTEE$150,000

    Grant Activity

    All-time grants given statistics from Candid dataset:

    • Total Grant Value: $3,503,219,850
    • Number of Grants: 6,012
    • Number of Recipients: 1,451

    Selection of highest value grants given from the last seven years:

    AmountYearFunderSubject
    $45,000,0002025 Blue Circle Charitable Foundation IncTo increase access to high quality T1D care, education, and support in the US
    $22,500,0002023 END FUND INCNEGLECTED TROPICAL DISEASE: REACHING THE LAST MILE
    $15,576,0002022 Blue Circle Health IncCREATION OF BLUE CIRCLE HEALTH FOR UNDERSERVED COMMUNITIES WITH T1D
    $12,694,6872025 T1D Exchange, Inc.To efficiently grow and diversify the reach and impact of the T1D Exchange Quality Improvement Collaborative through increased external collaboration, data integration, and knowledge sharing
    $12,644,8762022 Regents of the University of MinnesotaMINNESOTA FIRST RESPONDER AED PROJECT
    $11,920,6262025 Bridges to Prosperity, Inc.Expansion of Transformative Rural Access for Improved Livelihoods
    $10,000,0002025 Yitzhak Shamir Medical CenterThis grant supports the creation of a fully protected 110-bed, state-of-the-art Emergency Medical Department at Shamir Medical Center that will allow for the uninterrupted medical care of patients during hostilities and emergency situations
    $9,908,2642022 Shaare Zedek Medical CenterTHE HELMSLEY CANCER CENTER AT SHAARE ZEDEK MEDICAL CENTER JERUSALEM
    $9,013,3972024 Brigham and Women's HospitalPEN-PLUS EXPANSION
    $7,020,4102023 Engineering Ministries International USAALASKA WASH PROJECT
    $6,627,6612023 Nevada Department of Health and Human ServicesNEVADA FIRST RESPONDER AED PROJECT
    $6,604,2322023 Geoscience AustraliaDIGITAL EARTH AFRICA – SUSTAINABLE UPTAKE AND IMPACT
    $6,440,1912024 Commonwealth Healthcare CorporationCNMI CHCC MRI/MEDICAL EQUIPMENT UPGRADE PROJECT
    $6,130,6032025 Ncd AllianceAdvocacy to reinforce integrated NCD care within global and national health systems amidst a rapidly evolving global health and political landscape
    $6,000,0002025 Shaare Zedek Medical CenterThis grant will enable Shaare Zedek Medical Center to renovate and upgrade three cardiac catheterization laboratories and the inpatient ward of the hospital's Cardiac Care Center
    $5,815,0432025 American Heart Association, Inc.Implementation of the Mission: Lifeline Stroke program in Hawaii
    $5,661,0042023 Brigham & Womens Physician Hospital Organization IncPEN-PLUS EXPANSION
    $5,608,8142022 Nebraska Department of Health and Human ServicesNEBRASKA FIRST RESPONDER AED PROJECT
    $5,598,9712025 Aalborg UniversityIdentify early molecular signatures that can predict the future development of Crohn's disease (CD) using multiomics to analyze serum samples collected prior to diagnosis within the Danish National Biobank
    $5,563,1312025 Regents of the University of MinnesotaSPEEDY – Advancing Early Prehospital ECPR for Cardiac Arrest Patients
    $5,559,1062020 State of Montana, Department of Public Health and Human ServicesMontana first responder aed project
    $5,283,8042022 Iowa Department of Public HealthIOWA FIRST RESPONDER AED INITIATIVE
    $5,262,8502022 Bridges to Prosperity, Inc.TRANSFORMATIVE CONNECTIVITY IN RURAL ETHIOPIA
    $5,200,0002024 Shaare Zedek Medical CenterLINEAR ACCELERATORS FOR THE RADIOTHERAPY INSTITUTE
    $5,026,2342023 Regents of the University of MinnesotaREDEFINING THE FUTURE OF EMERGENCY MEDICINE

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    Financials, employee compensation, and grant information provided by Candid.

    Mentioned in this Article

    References

    1. “Our History.” Helmsley Charitable Trust. 2016. Accessed August 06, 2019. https://helmsleytrust.org/history/our-history?dir=previous#slide-1.
    2. Pincus, Adam “The End of the Helmsley Era: The Estate of Harry and Leona Poised to Sell Their Final Two NYC Properties.” The Real Deal New York. February 01, 2014. Accessed August 06, 2019. https://therealdeal.com/issues_articles/the-end-of-the-helmsley-era-the-estate-of-harry-and-leona-poised-to-sell-their-final-two-nyc-properties/.
    3. “About Us.” Helmsley Charitable Trust. 2016. Accessed August 06, 2019. https://helmsleytrust.org/about-us.
    4. Guttman, Nathan. “Where Does Leona Helmsley’s Money Go? Hint: Not to the Dogs.” The Forward. January 13, 2015. Accessed August 06, 2019. https://forward.com/news/israel/212349/where-does-leona-helmsley-s-money-go-hint-not/.
    5. “New York City.” Helmsley Charitable Trust. 2016. Accessed August 06, 2019. https://helmsleytrust.org/programs/place-based-new-york-city.
    6. “Our Programs” Helmsley Charitable Trust. 2016. Accessed August 06, 2019. https://helmsleytrust.org/our-programs
    7. “Helmsley Impact Being Felt across State.” Agweek. February 27, 2019. Accessed August 06, 2019. https://www.agweek.com/lifestyle/health/4577447-helmsley-impact-being-felt-across-state.
    8. “McGill University Receives Funding to Create Ethics Resources for Human Cell Atlas.” EurekAlert! June 6, 2019. Accessed August 06, 2019. https://www.eurekalert.org/pub_releases/2019-06/czi-mur053119.php.
    9. Sisson, Paul. “UCSD Receives $4.7 Million to Study Crohn’s Disease.” May 11, 2019. Accessed August 06, 2019. https://www.sandiegouniontribune.com/news/health/story/2019-05-11/ucsd-receives-4-7-million-to-study-crohns-disease
    10. Nero, Mark. “Salk Institute in La Jolla Awarded $25 Million Grant.” Patch. November 21, 2016. Accessed August 06, 2019. https://patch.com/california/lajolla/salk-institute-la-jolla-awarded-25-million-grant.
    11. Leona M. and Harry B. Helmsley Charitable Trust, Return of Organization Exempt from Income Tax (Form 990), 2017, Part Fifteen, Section 3a.
    12. Leona M. and Harry B. Helmsley Charitable Trust, Return of Organization Exempt from Income Tax (Form 990), 2017, Part Fifteen, Section 3a.
    13. Gewertz, Catherine. “Teachers’ Unions, Testing Consortia Team Up on Grants From Helmsley Trust.” Education Week. January 08, 2014. Accessed August 06, 2019. http://blogs.edweek.org/edweek/curriculum/2014/01/national_teachers_unions_testi.html.
    14. “About Us.” Achievethecore.org. Accessed August 06, 2019. https://achievethecore.org/about-us.
    15. Agovino, Theresa. “IPO Gives Helmsley Trust New Bite.” Crain’s New York Business. November 03, 2013. Accessed August 06, 2019. https://www.crainsnewyork.com/article/20131103/NONPROFITS/311039981/ipo-gives-helmsley-trust-new-bite.
    16. Gewertz, Catherine. “Teachers’ Unions, Testing Consortia Team Up on Grants From Helmsley Trust.” Education Week. January 08, 2014. Accessed August 06, 2019. http://blogs.edweek.org/edweek/curriculum/2014/01/national_teachers_unions_testi.html.
    17. Nemy, Enid. “Leona Helmsley, Hotel Queen, Dies at 87.” The New York Times. August 20, 2007. Accessed August 07, 2019. https://www.nytimes.com/2007/08/20/nyregion/20cnd-helmsley.html?hp.