Signal Foundation

Signal Foundation is a private family foundation established in June 2016 by Jerold S. Kayden and Stephanie Kayden, organized as a trust in Harrison, NY, with assets of $28.65M. The foundation operates under a model of strategic opacity: all disclosed grants route through Fidelity Investments Charitable Gift Fund (a donor-advised fund), so the ultimate beneficiary nonprofits never appear in any 990 filing. This is a deliberate structural choice by sophisticated philanthropists who want maximum flexibility in final grant destination without creating public precedent that invites unsolicited mass applications.

Jerold S. Kayden holds the Frank Backus Williams Professorship of Urban Planning and Design at Harvard's Graduate School of Design and founded its Master in Real Estate Program. His published scholarship addresses land use and environmental law, public space design and management, historic preservation constitutional law (as principal counsel to the National Trust for Historic Preservation since 1991), climate change and urban disaster resilience, and international housing and land policy — with advisory work spanning Armenia, China, Nepal, Russia, and Ukraine. He also founded and leads Advocates for Privately Owned Public Space (APOPS), a New York City-based nonprofit. Stephanie Kayden holds a Harvard AB (1995) and Harvard MPH (2006), adding a public health and community well-being lens to the foundation's likely priorities.

First-time applicants face a fundamental challenge: there is no published grantee list, no program guidelines, and no formal application infrastructure. The foundation uses Rao & Rao LLC (B. Ravindra Rao, secretary/treasurer of the related Kayden Foundation since 1962) as its sole administrative agent at (914) 381-1010. Third-party databases classify the foundation as accepting unsolicited proposals, but this likely reflects IRS filing status rather than active solicitation.

The strongest pathway is relationship-based. Organizations working at the intersection of urban equity, public space access, land use reform, historic preservation, climate-resilient urban design, or international housing policy should invest in studying Kayden's published work before making contact. A warm introduction through Harvard GSD alumni networks or the APOPS community would meaningfully improve reception. The foundation's giving has grown from $369K (2019) to $1.52M (2023), suggesting trustees are actively deploying resources and open to worthy candidates who demonstrate genuine intellectual and mission alignment.

Signal Foundation's annual charitable disbursements have grown substantially and consistently since its first full year of operation, rising from $369,460 in FY2019 to a peak of $1,520,530 in FY2023 — a 311% increase over four years representing a compound annual growth rate of approximately 42%.

Annual grants paid by fiscal year (from IRS 990 filings): - FY2019: $318,894 grants paid ($369,460 total giving) - FY2020: $496,900 grants paid ($579,602 total giving) - FY2021: $720,000 grants paid ($832,953 total giving) - FY2022: $1,165,000 grants paid ($1,323,458 total giving) - FY2023: $1,375,000 grants paid ($1,520,530 total giving) - FY2024: $1,285,000 grants paid (preliminary estimate)

Total grants paid across FY2019–FY2024 exceed $5.46 million. The payout rate of 4.5–5.3% annually is consistent with the IRS minimum distribution requirement of 5% for private foundations, indicating disciplined but not aggressive deployment. Zero officer compensation is reported in every year, keeping administrative overhead near zero.

A critical structural note: the foundation makes exactly one grant per year — a lump-sum transfer to Fidelity Investments Charitable Gift Fund (a donor-advised fund). The publicly reported grant is therefore not to an operating nonprofit but to a DAF vehicle. The effective number, size, and subject matter of ultimate grants to charitable programs are entirely undisclosed. No breakdown by program area or geography is derivable from public records.

The asset base was built through two major contribution events: $9.798M received in FY2020 and $5.001M received in FY2022, growing total assets from $12.1M (FY2019) to a peak of $29.3M (FY2022) before modest drawdown to $28.65M (FY2024). Investment income now fully sustains operations: FY2024 revenue of $415,083 comprised 81.7% dividends ($339,318) and 12.6% interest ($52,478). No new contributions have been received since FY2023, suggesting the endowment-building phase is complete and future annual giving will stabilize near $1.2–1.4M — equal to roughly 4.2–4.9% of current assets.

The following foundations share a comparable asset band of approximately $28.6–28.7M and an NTEE classification of T20 (Philanthropy & Grantmaking), making them Signal Foundation's closest structural peers in the IRS database.

Among these five peers, Signal Foundation is notable for having the most identifiable trustee expertise — Jerold Kayden's published academic and professional profile gives grant seekers concrete thematic signals that the other foundations lack. Fourevergreen Foundation in New Jersey is the only peer maintaining an active public website and may offer a more transparent application pathway. Florence M. Muller Foundation and the Seaver Charitable Trust share Signal Foundation's opacity, with no websites or disclosed grantee data. All five foundations operate with zero staff compensation, reflecting their family foundation character. Signal Foundation's above-average payout transparency — even if the ultimate recipients are obscured by the Fidelity Charitable pass-through — distinguishes it from peers where even aggregate giving totals are unreported.

No press releases, annual reports, grantee announcements, or media coverage have been identified for the Harrison, NY Signal Foundation as of June 2026. The foundation has never issued a public statement about its grants, programs, or strategic priorities.

The most recent available 990 data (FY2024) shows charitable disbursements of approximately $1.285M — a modest step down from the FY2023 peak of $1.375M in grants paid. FY2024 revenue of $415,083 came entirely from investment income; no new contributions were received. This marks the second consecutive year without new endowment contributions after the large $976,500 influx in FY2023 and the $5.001M infusion in FY2022.

On the trustee side, Jerold S. Kayden remains professionally active. He appeared on the John Simon Guggenheim Memorial Foundation's Educational Advisory Board roster as recently as 2025-2026, and both Jerold and Stephanie Kayden are listed among Harvard GSD's 2024-2025 donors. His APOPS (Advocates for Privately Owned Public Space) nonprofit continues its work monitoring New York City's privately owned public spaces, which he has led since founding the organization.

The parallel Kayden Foundation (EIN 136137280) — the family's prior philanthropic vehicle established in 1962 — recorded only $50,000 in contributions and $5,025 in expenses in FY2024, its smallest activity in decades. This confirms the effective consolidation of Kayden family philanthropy into Signal Foundation as the single active vehicle. No leadership changes, new hires, or program restructuring have been publicly announced.

Approaching Signal Foundation successfully requires treating it as a relationship-driven family foundation with no grants infrastructure — because that is precisely what it is. The following advice is specific to this funder.

Align deeply with trustee expertise, not generic categories. The most credible proposals will connect directly to Jerold Kayden's scholarship on urban planning, publicly accessible open space, land use and environmental law, historic preservation, climate resilience, and international housing policy. Surface-level claims of 'community impact' will not differentiate. Read his APOPS reports on NYC privately owned public spaces and at least one of his books before drafting outreach. Stephanie Kayden's MPH background makes public health, health equity, and built-environment health outcomes a legitimate secondary lens.

Open with a phone call, not a letter. The only confirmed contact is Rao & Rao LLC at (914) 381-1010. A brief, professional call to administrative counsel B. Ravindra Rao — introducing your organization and asking whether the trustees are accepting inquiries in your focus area — is the appropriate first step. This call gauges receptivity before you invest in proposal preparation and signals that you respect the foundation's informal process.

Submit a tightly written one-page LOI as first formal contact. Include: two-sentence organizational overview, specific program description with measurable outcomes, explicit connection to Kayden expertise or APOPS work, requested dollar amount, and contact information. No attachments at this stage. Mail to: Signal Foundation c/o Rao & Rao LLC, 550 Mamaroneck Ave, Harrison, NY 10528.

Time submissions for September–October. The foundation makes one annual disbursement to Fidelity Charitable, typically during the fall or early winter. Reaching trustees before their internal planning window gives your LOI the best chance of influencing that year's allocation.

Plan for a long runway. With no staff and one decision per year, the foundation cannot offer rapid turnaround. Build six to twelve months into your stewardship timeline from initial contact to any funding outcome. A polite follow-up call to Rao & Rao six to eight weeks after submitting materials is appropriate; do not over-communicate.

Leverage the Harvard connection strategically. The Kaydens give to and engage with Harvard GSD. Organizations with strong Harvard alumni leadership, academic partnerships, or whose work connects to university-affiliated research will find natural resonance.