Grand Rapids Community Foundation
2023 - 2024 Annual Report
Dear Partners and Friends,
A magnetic and interconnected West Michigan community Our Mission
Build and manage our community’s permanent endowment and lead the community to strengthen the lives of its people
This past year has been pivotal for Grand Rapids Community Foundation.
Our partnerships and investments are making a real difference in Kent County. Together we are working toward a shared vision. However, it is clear there is still much to do to ensure everyone in our region can thrive. We are leaning into tough conversations, embracing uncommon partnerships, challenging the status quo, evaluating and refining our current practices, interrogating new ideas and building trust. As this community’s foundation, we are committed to our mission: to build and manage our community’s permanent endowment and lead the community to strengthen the lives of its people. Together, with partners like you, we aim to create a West Michigan where opportunity, prosperity and belonging are the right of everyone who calls this region home, today and into the future.
Our North Star
For West Michigan to grow and prosper, we must make sure that everyone can apply their talents and creativity to fuel our future. It is only by connecting across perspectives and overcoming inequities that we can build and sustain an inclusive economy and thriving community.
Our Progress Together
In this transition, our generous donor partners have started 20 new funds and helped award $16,078,689 in grants to dedicated nonprofit partners and scholarships to hardworking students. Our finance team and Investment Review Committee have stewarded our total assets to $448,331,707. They balance our ability to respond to critical needs today while sustaining our endowment so we can do the same in the future.
Thank you does not begin to express our appreciation for your continued support. Your partnership makes our work possible, and we look forward to all we will accomplish together.
Partners Together,
LaSandra A. Gaddy President and CEO
Williams Board of Trustees Chair
Reneé
Community is coming together to create
opportunity, prosperity and belonging.
“I want to remind students that you may be first gen, but you’re not the first to do it. You’re a part of a legacy of students overcoming similar challenges.”
— Cody Garrison Challenge Scholars Student Grand Valley State University
“Whether it’s today, tomorrow, 50 years from now. Whatever the top issues are in the community, the Community Foundation is able to address those issues with unrestricted funds for the betterment of our community.”
— Kelsey Bako Donor Partner Grand Rapids Community Foundation
Steadfast Commitment to Community Adapting to Support Students
Statement of Financial Position June 30, 2024
Assets
Cash and Investments, at market value
Beneficial Interests in Perpetual Trusts
Split-Interest Agreements Receivable
Gifts and Pledges Receivable
Notes Receivable
Property, Furniture and Equipment, Net of Accumulated Depreciation
Other Receivables & Prepaids
Reinsurance Contracts
Cash Surrender Value of Life Insurance
Total Assets
Liabilities and Net Assets
Accounts Payable
Grants and Scholarships Payable
Charitable Gift Annuities Payable
Funds Held on Behalf of Nonprofit Endowments
Total Liabilities
Total Net Assets
Statement of Activities Year Ended June 30, 2024
Revenues and Gains/(Losses)
Contributions
Investment Income/net of fees
Change in Fair Value of Charitable Gift Annuities & Split-Interest Agreements
Less: Amounts Allocable to Nonprofits
Total Revenues and Gains
Grants and Expenses
Grants and Scholarships Authorized
Community Initiatives and Fund Program Expenses
Charitable and Philanthropic Expenses
Other Operating Expenses
Less: Amounts Allocable to Nonprofits
Total Grants and Expenses
Change in Net Assets
Net Assets, Beginning of Year
Net Assets, End of Year
$430,558,844
$2,324,568
$4,819,501
$3,451,714
$2,337,397
$2,913,641
$5,187
$940,271
$980,584
$448,331,707
$119,769
$4,567,306
$1,422,835
$23,528,304
$29,638,214
$418,693,493
$16,142,347
$49,355,091
$496,299
($2,795,697)
$63,198,040
$16,078,689
$187,459
$1,542,490
$3,806,496
($850,776)
$20,764,358
$42,433,682
$376,259,811
$418,693,493
Audited financials have been given an unmodified opinion by our auditors, Plante & Moran PLLC. If you would like a copy of the full audit, please call Grand Rapids Community Foundation at 616.454.1751 or visit our website GRFoundation.org/About.
For decades, people who care about our region have invested in Grand Rapids Community Foundation, allowing us to address the ever-changing needs in our community. We are here to help you accomplish your philanthropic goals, whether you are interested in giving today or leaving a legacy.
CONTACT INFORMATION
Visit us online to dive deeper GRFoundation.org/AnnualReport Explore More
Info@GRFoundation.org 616.454.1751 GRFoundation.org
185 Oakes Street SW Grand Rapids, MI 49503