About California Retirement Management Account
The California Retirement Management Account (CARMA) provides funding for the rehabilitation, retraining and/or retirement of California-raced Thoroughbred horses and serves as an educational resource for the public and racing community.
Focus Areas
Thoroughbred retirementequine rehabilitationretraining and rehomingplacement servicesveterinary care and layup supporttherapeutic riding and community programsgrantmaking to nonprofit aftercare organizations
Who They Fund
retired Thoroughbred racehorsesex-racehorses/ex-racing industry equinesequine rescue/rehab organizations (indirect beneficiary)
Funding Style
About California Retirement Management Account
California Retirement Management Account centers its grantmaking on one narrow mission: funding the rehabilitation, retraining, and retirement of California-raced Thoroughbred horses. Its support is directed to aftercare organizations that handle the transition from racing into second careers, sanctuary, or long-term care, and it also describes an educational role for the public and racing community. Recent awards show both scale and repetition. United Pegasus Foundation received $167,000 in 2025, following $140,000 in 2024 and $165,000 in 2023, all for the retirement and rehab of Thoroughbreds. Geva has also been a repeated recipient, with $45,500 in 2025, $32,500 in 2024, and $43,000 in 2023 for the same purpose. The pattern points to sustained operating support for organizations that can absorb ongoing care costs rather than one-off project grants. Other recipients include Redwings Horse Sanctuary, Square Peg Foundation, and Win Place Home, all funded for the retirement and rehab of Thoroughbreds.
What California Retirement Management Account Funds
A central theme is direct aftercare for retired racehorses. California Retirement Management Account gave $45,000 in 2023 and $33,000 in 2025 to Redwings Horse Sanctuary for the retirement and rehab of Thoroughbreds. It also funded Geva in Glen Ellen, California, with $43,000 in 2023 and $32,500 in 2024 for the same purpose. Another cause area is retraining and transition support. In 2023, it awarded $17,000 to After the Homestretch in Glendale, Arizona, and $17,000 to Canter California in Los Gatos, California. The foundation also backs placement and post-racing pathways through groups such as Square Peg Foundation in Half Moon Bay, which received $40,000 in 2023 and $31,000 in 2025 for retirement and rehab work.
How California Retirement Management Account Gives
The grant-size distribution is relatively concentrated around mid-five-figure awards: p25 is $12,000, the median is $25,500, and p75 is $30,500. The recent record shows recurring support rather than isolated gifts, with multiple organizations appearing across 2023, 2024, and 2025. California Retirement Management Account funds operating aftercare work through annual grant programs, including CARMA Annual Grants and CARMA Aftercare Grants, and those grants are allocated once per year, typically in December, following an application, review, and site-inspection process. The organization also accepts unsolicited applications for its listed programs.
Financial Snapshot
Annual Giving
$479K
Total Assets
$2.8M
Total Revenue
$1.1M
Total Expenses
$930K
Typical Grant Size
Most grants fall between $12K and $31K, with a median of $26K.
25th Percentile
$12K
Median
$26K
75th Percentile
$31K
Geographic Reach
Regional6 states funded
Funding intensity
LowHigh
Headquarters
Leadership
LUCINDA LOVITT
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