Carnegie Scholar
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| Founded | 1911 |
|---|---|
| Founder | Andrew Carnegie |
| Focus | Education ("The advancement and diffusion of knowledge and understanding.") |
| Location |
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Area served
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Global |
| Method | Donations and Grants |
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Key people
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See list (Vartan Gregorian, president; Thomas H. Kean, Board Chairman) |
|
Revenue (2014)
|
$252,292,260 |
| Expenses (2014) | $191,737,566 |
| Endowment | $3.0 billion |
| Website | Carnegie Corporation |
Carnegie Corporation of New York was established by Andrew Carnegie during 1911 "to promote the advancement and diffusion of knowledge and understanding".
Carnegie Corporation has helped to establish and endowed a variety of institutions, including the Carnegie libraries, the National Research Council, the Russian Research Center at Harvard, and the Children's Television Workshop, and for many years strongly funded Carnegie's other philanthropic organizations, especially Carnegie Endowment for International Peace (CEIP), the Carnegie Foundation for the Advancement of Teaching (CFAT), and the Carnegie Institution for Science (CIS).
By 1911 Andrew Carnegie had endowed five organizations in the United States and three in the United Kingdom, and had given away more than $43 million for public library buildings and almost $110 million for other purposes. Nevertheless, ten years after the sale of the Carnegie Steel Company, he still had more than $150 million and, at the age of 76, was tiring of philanthropic decision making. On the advice of Elihu Root, a long-time friend, he decided to establish a trust to which he could transfer the bulk of his remaining fortune and, ultimately, the responsibility for distributing his wealth after his lifetime. Having already used the conventional formats for his previously endowed institutions, he selected "corporation" for this last and largest. It was chartered by the State of New York as Carnegie Corporation of New York. The Corporation's capital fund, originally donated as a value of about $135 million, had a market value of $1.55 billion on March 31, 1999.
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