$14.4M at California. $12.9M at New England. A $1.3M deficit at the Berkshires. Negative net assets at Galim. The first side-by-side Form 990 teardown of all nine Camp Ramah flagships — revenue, expenses, compensation, endowments, and the filing gaps.
Camp Ramah's six camps with public operating Form 990s reported $47.8 million in combined FY2024 revenue, led by California at $14.4 million and New England at $12.9 million. The Berkshires ran the largest deficit at $1.3 million, and Northern California/Galim has negative net assets of $30,000. Wisconsin and Darom file no public operating 990, and Canada files with the CRA. All figures come from IRS public filings.
Last updated: October 29, 2026.
Nine camps. Six public Form 990 filings. Two endowment-only entities. One Canadian nonprofit. A side-by-side financial teardown of the Ramah network, sourced from IRS public record.
Each Ramah camp is a legally independent nonprofit, filing its own IRS Form 990. Six of the nine US camps file full public 990s. Two (Wisconsin and Darom) have operating entities classified as religious organizations exempt from public filing, so only their endowment entities file. Canada files with the CRA, not the IRS. Olam did not find an earlier published comparison of all nine camps' financials. This piece reads every available filing and lays the network side by side.
For the Ramah network overview, including the JTS pipeline, the Tikvah model and the NRC coordination layer, see Camp Ramah: The Conservative Movement's Leadership Pipeline. This piece is the financials.
How Do the Nine Camp Ramah Camps Compare on Their FY2024 Form 990s?
| Camp | Revenue | Expenses | Net Income | Total Assets | Net Assets | Exec Comp |
|---|---|---|---|---|---|---|
| California (Ojai) | $14.4M | $15.0M | −$600K | $27.4M | $20.2M | $323K |
| New England (Palmer) | $12.9M | $11.1M | +$1.8M | $16.5M | $13.8M | $476K |
| Poconos (Lakewood) | $7.7M | $7.1M | +$646K | $14.0M | $13.3M | $359K |
| Berkshires (Wingdale) | $6.2M | $7.4M | −$1.3M | $13.1M | $12.4M | $336K |
| Rockies (Sedalia) | $3.6M | $3.6M | −$10K | $15.1M | $12.1M | $209K |
| N. California / Galim (Aptos) | $3.0M | $2.7M | +$284K | $614K | −$30K | $178K |
| 6-camp total (operating) | $47.8M | $46.9M | +$910K | $86.7M | $71.8M | n/a |
Endowment and support entities (FY2024)
| Entity | Revenue | Total Assets | Net Assets | Note |
|---|---|---|---|---|
| Wisconsin Endowment Corp. | $3.1M | $8.3M | $8.3M | Operating entity exempt from public filing (religious org) |
| Ramah Darom Foundation | $904K | $6.9M | $6.9M | Support foundation; operating entity files separately |
| Camp Ramah in Canada | N/A | N/A | N/A | Canadian nonprofit; files with CRA, not IRS |
What Do the Camp Ramah Form 990s Reveal?
1. California is the revenue leader, by far
Camp Ramah in California (Ojai) generated $14.4 million in revenue in FY2024, more than double the Berkshires and nearly four times the Rockies. California's top-line dominance reflects the West Coast tuition market (higher fees), a broader program portfolio (summer camp, Ramah Day Camp LA, Ramah Galim specialty camp), and what appears to be the most capital-intensive operation in the network. Its $27.4 million in total assets, including real estate, dwarfs every other Ramah camp. Top executive compensation: $323,000 (Joseph Menashe, CFO/COO).
California also ran a $600,000 deficit in FY2024. High revenue does not mean high surplus. The Ojai operation's expense load (facilities, staffing, coastal-California cost structure) consumes more than it generates in a given year.
2. New England is the most profitable camp in the network
Camp Ramah in New England (Palmer, MA) posted $1.8 million in net income on $12.9 million in revenue, a 14% margin, double the field average of 7%. New England is the camp that turned away campers in 2025. It has the most favorable demand-supply dynamic in the network: at capacity, with a waitlist, on 76 acres that cannot easily expand. Executive compensation: $476,000, the highest in the Ramah network by a wide margin.
New England's financial picture suggests a camp that has solved its demand problem and now faces a capacity problem. The field-level unit economics show that camps at capacity generate structurally higher margins because fixed costs are absorbed across a full enrollment base.
3. The Berkshires ran the biggest deficit
Berkshires posted −$1.3 million in net income, the largest deficit in the network, despite $6.2 million in revenue. Expenses of $7.4 million include executive compensation of $336,000 and other salaries and wages of $1.57 million. The deficit likely reflects a combination of capital investment, deferred maintenance, and the structural challenge of operating a 200-acre campus in the lower Hudson Valley. That explanation is Olam's reading, not a statement from the camp.
Berkshires has $13.1 million in total assets and $12.4 million in net assets, a strong balance sheet despite the operating deficit. The camp can absorb bad years. The question is whether the operating model sustains without intervention over multiple deficit cycles.
4. Northern California/Galim has negative net assets
The youngest Ramah camp (founded 2016) has negative net assets of −$30,000, the only camp in the network in that position. Its $614,000 in total assets against $645,000 in liabilities reflects a camp still in startup-to-scale mode, operating without the endowment cushion or real estate base that older flagships enjoy. Revenue of $3.0 million against expenses of $2.7 million shows the camp is operationally viable, but financially fragile.
5. The Rockies has the strongest balance sheet relative to revenue
Ramah in the Rockies generated only $3.6 million in revenue, fifth in the network, but sits on $15.1 million in total assets. That 4.2x asset-to-revenue ratio is the highest in the Ramah network. The likely explanation, in Olam's reading, is that the ranch property in Sedalia, Colorado, is on the books at a high valuation, and the camp's capital campaign (it was founded in 2010) has built substantial reserves. The Rockies is asset-rich and revenue-modest, the inverse of California's profile.
6. Revenue sources diverge sharply
| Camp | Program Services % | Contributions % | Investment Income % |
|---|---|---|---|
| Berkshires | 79.6% | 12.3% | 3.4% |
| N. California / Galim | 74.3% | 25.6% | 0.0% |
| New England | 72.3% | 26.1% | 1.4% |
| Poconos | 71.4% | 23.5% | 3.7% |
| Rockies (approximate) | ~62% | ~35% | ~3% |
The revenue mix tells you how dependent each camp is on tuition versus philanthropy. Berkshires is the most tuition-dependent (79.6% program services). New England and the Rockies are the most philanthropy-dependent (about 26% and about 35% contributions). A camp heavily dependent on tuition is vulnerable to enrollment swings. A camp heavily dependent on contributions is vulnerable to donor fatigue. Neither model is inherently safer, since the risk profile is just different.
7. The Ramah network is a $48M+ operating economy
The six camps with public operating 990s generated $47.8 million in combined revenue against $46.9 million in expenses. Olam's own estimate, which is not from any filing, puts the operating budgets of Wisconsin, Darom and Canada at roughly $3 to $5 million each, based on enrollment and comparable camp economics. On that estimate, the full Ramah network operates on approximately $55 to $65 million in annual revenue.
Aggregate net assets across the six publicly filing operating entities: $71.8 million. Add the Wisconsin endowment ($8.3M) and the Darom Foundation ($6.9M), and the Ramah network's visible balance sheet exceeds $87 million, before counting the Wisconsin and Darom operating entities' own undisclosed assets.
The real estate footprint alone, nine flagship campuses plus day camp facilities, likely represents $150 to $250 million in aggregate market value. That is another Olam estimate, based on acreage, location, and comparable rural recreational property transactions documented in The Land, the Donors, the Endowments, not a figure from any filing.
Which Camp Ramah Camps Don't File Public Form 990s?
Camp Ramah in Wisconsin (EIN 36-6009250) and Camp Ramah Darom's operating entity are classified as religious organizations and are not required to file public Form 990s under IRS rules. Their endowment and support foundations file, showing $8.3M and $6.9M in assets respectively, but the operating financials (tuition revenue, program expenses, staff compensation) are not publicly available.
This is a structural transparency gap. Two of the nine flagship Ramah camps operate outside public financial disclosure. For a network that ranks #7 in The Camp 100 and serves approximately 10% of all North American Jewish overnight campers, the gap is notable. Camp Ramah in Canada files with the Canada Revenue Agency under different disclosure rules.
What Does the Data Mean for the Ramah Network?
The Ramah 9 operate on combined revenue north of $55 million by Olam's estimate, with a visible balance sheet exceeding $87 million. The network is financially heterogeneous: California and New England are large, complex institutions with annual budgets exceeding $10 million. Northern California/Galim and the Rockies are smaller operations still building their financial base. The Berkshires, California and the Rockies ran deficits in FY2024. New England, the Poconos and Northern California/Galim ran surpluses.
The National Ramah Commission sits above all nine as the coordinating body, raising $3.8M+ and distributing $3M+ to camps annually. The NRC's capital allocation, $1.5M to camps and $1.5M to year-round and Israel programs, is modest relative to the aggregate operating budgets below it. The network is structurally decentralized: each camp stands or falls on its own balance sheet.
That decentralization is both the network's strength (no single camp's deficit threatens the others) and its limitation (no camp can easily draw on another's surplus). Unlike Chabad's Camp Gan Israel, which operates on a fully distributed model with no shared balance sheet, or URJ Camps, which files under the URJ's consolidated 990, Ramah occupies a middle ground: independent camps with a shared brand and a thin coordination layer.
Frequently Asked Questions
Which Camp Ramah camp has the largest budget?
Camp Ramah in California (Ojai) reported the largest revenue, $14.4 million in FY2024, and also the most total assets at $27.4 million, according to its Form 990.
Which Camp Ramah camp is the most profitable?
Camp Ramah in New England (Palmer, MA) posted $1.8 million in net income on $12.9 million in revenue, a 14% margin, the best in the network in FY2024.
Which Camp Ramah camp ran a deficit?
The Berkshires ran the largest deficit at $1.3 million, and California ran a $600,000 deficit. The Rockies was close to break-even at about $10,000 below.
Why don't all Camp Ramah camps file public Form 990s?
Camp Ramah in Wisconsin and Camp Ramah Darom's operating entity are classified as religious organizations, which are not required to file public Form 990s. Camp Ramah in Canada files with the Canada Revenue Agency.
How much revenue does the Camp Ramah network generate?
The six camps with public operating 990s generated $47.8 million in FY2024. Olam estimates the full nine-camp network at $55 to $65 million, but that is an estimate, not a filing figure.
Inside the Olam Camp Series
- The Camp 100: the complete ranking of the 100 most economically significant institutions
- Camp Ramah: nine flagships, the JTS pipeline, Conservative Judaism's leadership factory
- The Business of Jewish Camp: unit economics, margins, and the $11M financial aid gap
- Foundation for Jewish Camp: the umbrella that built the field
- Inside the Jewish Camp 990s: Olam's methodology for reading camp financials
- The Land, the Donors, the Endowments: real estate, capital campaigns, the $140M Marcus gift
- URJ Camps: 14 sites, 20,000 youth, Reform Judaism's identity engine
- Camp Gan Israel: 100,000+ kids, the distributed model
- The Shlichim Economy: 3,140 Israelis, the J-1 pipeline
Sources: IRS Form 990 filings via ProPublica Nonprofit Explorer (FY2024 filings for Camp Ramah in the Berkshires, Camp Ramah in New England, Camp Ramah in the Poconos, Camp Ramah in California, Ramah in the Rockies, Camp Ramah in Northern California, Camp Ramah in Wisconsin Endowment Corporation, Ramah Darom Foundation Inc., individual filings linked in the tables above); National Ramah Commission Impact Report 2024–2025; Foundation for Jewish Camp 2024 Census Report; Olam Camp Series.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
