Carnegie Corporation of New York was created by Andrew Carnegie in 1911 to promote the advancement and diffusion of knowledge and understanding. The last of Carnegie’s great endowments, it is the only one established as a grantmaking foundation.

For the first eight years of the Corporation’s history, Carnegie himself was president of the board of trustees and personally directed the foundation. Shortly after his death in 1919, the trustees elected a full-time president as the chief executive officer.

Under Carnegie’s will, grants must benefit the people of the United States, although up to 7.4 percent of the funds may be used to benefit the people of some countries that are or have been members of the British overseas Commonwealth.

The Corporation’s capital fund, originally donated at a value of about $135 million, had a market value of $1.55 billion on March 31, 1999.