Carol Foundation

The Carol Foundation operates from a community empowerment philosophy encapsulated in its acronym: Creating Access, Resources, Opportunity, and Learning. The foundation's grantmaking and programmatic strategy centers on workforce development in high-demand fields — particularly technology, cybersecurity, and digital innovation — as a lever for economic mobility in underserved communities in Middle Tennessee. Their approach is notably human-centered: beyond funding, they provide direct services including hands-on training, internships, and mentorship, making them both a grantmaker and a direct service operator. The foundation's tagline "Regardless of where you come from, you should be able to get where you're going" reflects a strong equity lens toward removing structural barriers. Key pillars include digital equity, career pathway development, and community resilience. Applicants should frame proposals around measurable outcomes in workforce readiness, technology access, or educational advancement, with emphasis on serving communities that face systemic barriers to opportunity.

Based on IRS 990 filings obtained through ProPublica's nonprofit database, the Carol Foundation has demonstrated consistent asset growth since at least 2021. In 2021, total assets stood at approximately $1.62 million with revenue of $85,117 and expenses of $116,407. By 2022, revenue grew substantially to $245,385 with expenses of $156,561 and assets reaching $1.71 million. In 2023, the foundation reported total revenue of $365,345 with expenses of $134,465, and assets growing to $1.94 million. As of the most recent data, total assets are $2.04 million and income is reported at $764,694. The NTEE code T22 (Private Independent Foundations) and IRS foundation code 4 (Private Non-Operating Foundation) indicate this is a private grantmaking foundation. No explicit grants paid line items appeared in the 990 data for these years, suggesting the foundation may be in an asset-building phase or primarily funds its own programs rather than making external grants. Care-of name is listed as Dwight Martin at 290 Chancery Dr, Gallatin, TN 37066. Given assets of approximately $2M and the 5% minimum distribution rule for private foundations, annual grantmaking capacity is estimated at $80,000 to $120,000 per year.

The Carol Foundation operates in the Middle Tennessee nonprofit ecosystem focused on workforce development and technology education. Below is a comparison with peer foundations and organizations in the region:

The Carol Foundation is significantly smaller than major Tennessee philanthropies but occupies a focused niche in cybersecurity and technology workforce development for underrepresented communities, an area with limited dedicated funders in Middle Tennessee. Its smaller size means more accessible, relationship-driven grantmaking compared to larger institutional foundations with formal RFP cycles.

The Carol Foundation website (carolfoundation.org) is active as of March 2026, powered by GoDaddy Website Builder. The foundation has a two-page public presence (Home and About Us), with no public grants page, indicating a relationship-based rather than open-RFP grantmaking model. Their Children's Home Holiday project is mentioned as a recent initiative, suggesting community direct service work around the holiday season. IRS tax period runs through December 2025, indicating the foundation has filed current-year returns. Revenue grew dramatically from $85K (2021) to $365K (2023) to $764K (income amount in the most recent data), showing significant growth momentum. The foundation's EIN (26-0053395) indicates incorporation circa 2007-2008, with IRS recognition granted April 2002. The care-of contact is Dwight Martin, who appears to be the primary leadership contact. The organization's growing asset base ($1.62M to $2.04M over 3 years) despite relatively modest external spending suggests either investment income growth or ongoing endowment building.

1. Direct outreach is essential: The Carol Foundation does not maintain a public grants portal or published application guidelines. Prospective grantees should contact Info@carolfoundation.org with a concise letter of inquiry describing the project, target population, and alignment with CAROL mission pillars (Access, Resources, Opportunity, Learning). 2. Emphasize technology and workforce outcomes: The foundation's primary program focus is technology education, cybersecurity training, and digital equity. Proposals that include measurable workforce outcomes such as certifications earned, jobs obtained, or wages increased will resonate most strongly with this funder. 3. Serve underrepresented and underserved communities: The foundation explicitly prioritizes underrepresented and underserved populations. Quantify the demographic profile and systemic barriers faced by your target community. 4. Highlight Tennessee focus: As a Gallatin, TN-based foundation, proposals serving communities in Sumner County or broader Middle Tennessee are likely to receive priority consideration. 5. Modest ask sizes recommended: Given estimated grantmaking capacity of $80K to $120K annually and a relationship-based approach, initial asks in the $10,000 to $30,000 range for pilot or partnership projects are most appropriate. 6. Consider program partnership: Given the foundation operates both as a funder and direct service provider, proposals that offer collaboration or partnership rather than purely a funding ask may be especially compelling to leadership.