GRAND RAPIDS COMMUNITY FOUNDATION 2019 - 2020 ANNUAL REPORT
Shari Vargas-Ortiz, Class of 2020 Challenge Scholar
OUR NORTH STAR
Windows GR Project's Black Lives Matter murals, downtown Grand Rapids
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 mission is to build and manage our community’s permanent endowment and lead the community to strengthen the lives of its people.
We envision a magnetic and interconnected West Michigan community.
We value Integrity, Excellence, Inclusion, Sustainability, and Bold Aspirations.
4
Leadership Letter DIANA R. SIEGER + KATHLEEN B. VOGELSANG
6
Community as the Expert SERGIO CIRA-REYES, ANGELA NELSON + KEYUANA ROSEMOND
12
Legacy of Family Philanthropy KEN BETZ + PAT BREWER
18
Inclusive Economy ERIC K. FOSTER, CUONG Q. HUYNH + KIMBERLY SLAIKEU, PH.D.
22
Donor Partnerships
24
Grant Partnerships
26
Financials
30
Honor, Memorial + Estate Gifts
31
Keep in Touch
Grand Rapids Community Foundation helps philanthropists achieve their goals. Each fund held at the Community Foundation has its own special purpose and meaning and we are thankful to our donor partners for their generosity. Read the full list of funds on our webpage at grfoundation.org/annualreport.
DEAR PARTNERS AND FRIENDS, 2020 has taught the team at Grand Rapids Community Foundation so much. One of our most consistent lessons has been the importance of relationships.
We don't mean surface-level relationships where you chat about the weather and nonconsequential things. We mean real, deep and meaningful relationships anchored in trust, transparency, accountability and shared values. This past year has required us to lean into our relationships more than ever. Our foundation partners, nonprofit partners, donor partners and community partners have all been critical to our ability to learn, adapt and respond during what may be our community's hardest times in modern history. Our relationships have informed the impact we have been able to make. Our relationships with nonprofit and community partners keep reminding us to center the expertise of those with first-hand experience of the issues and obstacles holding our community
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back from realizing its full potential. You are helping us realize what it will take to make Kent County a place where everyone can access opportunity, prosperity and belonging. None of our work would be possible without ongoing support from our donor partners, whose contributions to various funds have led to a milestone fundraising year. We welcomed many new donor partners and established 40 new funds that will address our community's current and future needs. Your overwhelming generosity has given us the ability to allocate funds immediately to community members most in need—while also maintaining our endowment so we can respond to near and long-term impacts of the COVID-19 pandemic, as well as future issues that may arise.
WHAT IS INFORMED IMPACT? Along with the outpouring of generosity, last fiscal year brought many challenges. Pandemic-related market declines negatively impacted our portfolio, and our assets decreased slightly to $341,945,625. Despite market volatility, our finance team and Investment Review Committee remain steadfast in their commitment to provide long-term, risk-managed returns for our diverse portfolio. With our partners' support, we awarded $13,487,488 in grants to nonprofits and scholarships to local students, including our inaugural class of Challenge Scholars, who graduated from Union High School in the spring. Throughout this annual report, you will find stories of how our relationships with partners like you have led to impact informed by the expertise of those closest to the heart of the issues and aspirations of our community. As we continue toward recovery and a better tomorrow for everyone who calls West Michigan home, we are counting on your continued partnership. We wish you well and look forward to connecting with you soon.
For nearly a century, Grand Rapids Community Foundation has used the tools of philanthropy to respond to community needs. Today, to carry out our North Star and overcome racial, social and economic inequities, we must respond with intention and care. Our partners inspire, motivate and guide our work. Together, we make informed impact.
With deepest appreciation and gratitude,
Diana R. Sieger President
Kathleen B. Vogelsang Board Chair
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Windows GR Project's Black Lives Matter murals
COMMUNITY AS THE EXPERT Grand Rapids Community Foundation strives to honor and amplify voices of all who call Kent County home. Together with our partners, we are making lasting change and learning from the experience of our community experts—those closest to the most pressing issues we face.
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Philanthropy is personal. It is cultural, contextual and relational. The word "philanthropy" derives from an ancient Greek word meaning "to love people." The ways we express our love through our giving are as varied and nuanced as we are. While people from all backgrounds have been generously sharing, serving and loving their neighbors, Grand Rapids Community Foundation is working to join forces with and pay homage to long-standing traditions of giving in Black and Latinx communities. We do so to support work informed by those closest to our community’s most pressing issue—the pursuit of racial, social and economic justice for everyone who calls West Michigan home. As we learn from and amplify the causes of local Black and Latinx partners striving to be agents of their own change, we have experienced growing pains and strengthened relationships. This commitment is helping us reimagine our role in community, how we fundraise and how we allocate resources. We have rewritten grant guidelines for our Fund for Community Good (unrestricted) and Field of Interest funds. And we are participating in initiatives like W. K. Kellogg Foundation’s Catalyzing Community Giving.
"We are living experience of what equity is trying to achieve. So we don’t have to constantly say it, because this is how we live our lives and what we do." KEYUANA ROSEMOND
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Our partners remind us that the people who make up communities, not institutions, are the experts of themselves. Not only are the people of communities most intimately aware of their issues and aspirations, they are best positioned to imagine solutions. Sergio, Angela and Keyuana say they've noticed the Community Foundation showing up for Black, Latinx and LGBTQ communities navigating hard issues with a posture of listening first, followed by co-creating solutions together.
Angela Nelson
TAKING A POSTURE OF LISTENING Organizer. Advocate. Disruptor. Sergio Cira-Reyes, Angela Nelson and Keyuana Rosemond use these words to describe their respective roles in community. While unapologetically focused on uplifting and empowering their unique communities, each values trust and authentic cross-cultural relationships. Each brings their own lived experience, expertise and giving traditions to their philanthropic partnership with the Community Foundation. “When they say, ‘our Community Foundation,’ I take that as an invitation to give feedback,” says Sergio, a donor partner and Latinx Advisory Committee volunteer. “The most important thing for us in this space is agency and self-determination and what we envision for ourselves. What we can dream up for ourselves, the Community Foundation is never going to be able to dream up for us.”
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“That has allowed the Community Foundation to be a leader for other businesses and foundations that may have been a little weary or apprehensive about taking a step because of fear that their donors may abandon them,” says Angela, a founding member of Black Impact Collaborative. “The team is open to the dialogue about how they can continue to improve their processes that might unintentionally hinder or oppress our communities.” SUPPORTING COMMUNITY-LED RECOVERY These relationships and lessons prepared us to respond to two pandemics—COVID-19 and existing racial and economic inequities intensified during times of crisis. BIC and Latinx leaders who created La Lucha Fund are teaching us the unique needs for Black, immigrant and undocumented communities in Kent County, who have been disproportionately impacted by both pandemics. BIC is a group of 20+ local organizations either led by or serving Black people. Institute of Ubuntu, a 501(c) (3) think tank focused on enhancing the lives of people
of African descent in Grand Rapids, convened BIC. It cultivates community and healing and promotes intellectual, cultural and thought leadership. Angela explains, “The Black community is not monolithic, but this is really an opportunity to come together and serve as an example within our community that we can work together, move in solidarity and attack issues. We’re definitely stronger in numbers. We appreciate that the Community Foundation has backed us, supported us, advocated for us.” La Lucha Fund is a collaboration between Movimiento Cosecha, Grand Rapids Area Mutual Aid Network, Hispanic Center of Western Michigan and LatinxGR. Held at the Community Foundation, the fund was created as a short-term, emergency response to COVID-19. "La Lucha," which means “the fight or struggle” in Spanish, provides financial resources directly to families in Kent County who are undocumented or have mixed immigration status and are therefore ineligible for unemployment, CARES Act relief or other government support.
“It was truly birthed out of a need, like a collective journey that we've been going through. We all have relatives who are undocumented. We know somebody and we love people who are undocumented.”
SERGIO CIRA-REYES
“The Community Foundation was willing to associate itself with a community that's been disenfranchised, has little power and doesn't get any government benefits through COVID," Sergio says. "The Community Foundation put their name next to the undocumented community to say, ‘Yes, we are taking a serious step to
help this community; we're investing in this community and we're proud to do it.' That was, to me, how organizations should walk the talk and follow through on their missions.”
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“Philanthropy extends beyond just the money. It’s really about how we can use our greatest asset, which is our thought process, to start moving the needle and start moving people who are oppressed into positions where they are thriving.” ANGELA NELSON
SHARED VISION FOR OUR COMMUNIT Y’S FUTURE As a donor to African American Heritage and La Lucha funds, Keyuana hopes to see the Community Foundation support even more grassroots organizations and initiatives. “If we're really going to respond to the needs of community, let's look at who is really on the ground, who is serving community and try to help in those spaces,” she says. Angela says that because the Community Foundation is deeply rooted in community, “We are trusting that the support and impact is not going to just be for a moment. We trust that it is truly a long-term partnership and that you are creating informed decisions because you're creating partnerships that are authentic and lasting.”
Our partners are helping us do more in leveraging our resources, networks and influence to eliminate racial disparities — which have been evident in our community for far too long. That can only happen through authentic relationships, transparency and collaboration. Whatever form of philanthropy you choose to live out your love for our community—giving time, talents or treasures—puts us closer to realizing a shared vision for our community. You’re helping create a community where equitable access to opportunity, prosperity and true belonging is available to us all. Windows GR Project's Black Lives Matter murals
This is so much more than a moment for the Community Foundation. We've been committed for nearly a century to ensure that West Michigan is a place where everyone has opportunities to thrive.
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SERGIO CIRA-REYES
ANGELA NELSON
KEYUANA ROSEMOND
THE ORGANIZER
THE ADVOCATE
THE DISRUPTOR
“I’m a community organizer and in different levels…A lot of that has been bringing the Latino community together to leverage our collective voice, power, influence and knowledge to make Grand Rapids a better place for Latinos to live.”
“My role is to show up as a community advocate, someone who cares deeply about all of our communities of color, specifically the Black community…I’m able to see a need and connect it to resources, whether it’s funding, people or places so that they know they have a fit in this community.”
“I am that person who is unafraid to ask the hard questions. I’m also very much coming with a solution or idea too…I am somebody who has a lot of different identities that intersect, so when I come to the table, I am wearing all of those hats at once…I want to make sure that voices, for particularly the LGBTQ community, are uplifted in those conversations and thought of.”
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LEGACY OF FAMILY PHILANTHROPY Ken Betz + Pat Brewer
Donor partners bring their experiences, passions and understanding to the causes they care about and invest in. Together, we continue to learn, respond and create lasting impact.
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Kent County's challenges are varied, complex and connected. When philanthropists decide to take action through their time, talent or treasure, they have choices to make and judgements to weigh. The questions are important and the decisions matter. For years the Betz family has given back, with education as a special focus—knowing it is key to creating opportunity and prosperity for individuals, families and West Michigan. They were among the first supporters of Challenge Scholars, a transformational program that provides wraparound supports and covers the cost of post-secondary education for students on Grand Rapids’ West side. FAMILY APPROACH TO PHILANTHROPY Ken Betz and Pat Brewer are newlyweds, navigating their shared and unique passions and interests while continuing a legacy of philanthropy and encouraging the next generation. Ken’s parents, who started Betz Industries just after the Great Depression, taught him that with success comes responsibility. As a result, his philanthropy has focused on women, children and families who have not had the opportunities he did. “I've gone through my life knowing there "My education came from four years of college work, but my dad was my biggest educator. Working with the people we employed [at the family foundry], I just knew that education was important. We had a lot of tradesmen learning from the grassroots, using their hands and creative minds. That is a part of education that has to go in hand."
Antony Peña, Class of 2020 Challenge Scholar
are people who want to succeed and don’t necessarily have the means to,” Ken said. “If we can be of some kind of aid to those people, that's what we intend to be.” Pat is a lifelong educator, most recently at Michigan State University, who believes education is the key to success because it elevates students and all those around them. She also has a passion for art and has shared her time and resources through volunteer work and mentoring.
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Ken’s late wife, Judy, was a central partner in establishing the Betz family’s philanthropic priorities. It’s a legacy each family member is carrying on and adding new dimension to with their unique experiences and perspectives. “I'm lucky to have her as my partner,” Ken says about Pat. “I can continue from what Judy and I did, and Pat has the desire just like I do.” Giving back as a responsibility is a mindset that extends through generations. Ken’s children live outside of West Michigan but actively participate in the family’s philanthropy. Through their Donor Advised fund, the next generation has the resources, support and flexibility to sustain their own priorities in West Michigan and adopted hometowns.
Ken Betz
EQUITABLE EDUCATION AS A FOCUS
outcomes. Like each Challenge Scholar who graduates from Union High School, Ken is a Union Redhawk too.
As early Challenge Scholars supporters, the Betz family bolstered a philanthropy model that sees the whole person and engages students, education professionals, families and community to improve
“As an educator, I saw students from every walk of life,” Pat says. “My heart especially was with those first-generation students whose families couldn't guide them. It was a joy to mentor students and help them explain to their families why they were sacrificing time, energy and finances. They wanted something better and wanted to do something important.”
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Pat Brewer
Ken values Challenge Scholars' holistic student support. More than a scholarship, the program is an introduction to postsecondary education and works to cultivate a college and career mindset, including highlighting trade professions, in students. LEARNING, THEN TAKING ACTION Ken and Pat lean on the Community Foundation for guidance on community needs and organizations. They’re open to new issues, needs, places, solutions and partners. Like many donor partners, the Betz family has committed to learning and growing through active, engaged philanthropy. When gathering to manage their Donor Advised fund, the family meets with the Community Foundation to reflect on previous gifts and highlight key priorities.
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Melanie Orozco-Zavala, Class of 2020 Challenge Scholar, with her mother
"The Community Foundation is by far our best community resource to find information on doing some good," Ken says. They've recently focused their giving more strongly on medical research and healthcare inequities highlighted by COVID-19. They're learning about human trafficking from community organizations, including World Affairs Council and local nonprofits like Solutions to End Exploitation. “As the Community Foundation has centered our commitment to realizing racial, social and economic justice, the Betz family has provided valuable feedback,” says Jonse Young, director of philanthropic services. “Decades into this partnership, we know they will come with open minds and hearts to consider our community's current needs. The reciprocity in our relationship strengthens the impact we can make together.”
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Everywhere you go, education is the key. We live in Kent County, so we're going to help education in Kent County. To get an education elevates those who get it and everyone around them. PAT BREWER
Ken Betz + Pat Brewer
PARTNERING FOR IMPACT For nearly 100 years, the Community Foundation’s focus—in education and other priority areas—has evolved as community needs shift. Our first scholarships in Kent County met the problem of nurse shortages during WWII. Donors like the Betz family trust us to stay abreast of the day’s most pressing issues and forge strong partnerships to explore solutions. Consistent community support has helped the Challenge Scholars program to grow, respond and adapt since it began in 2013. To create a more equitable educational system, we keep learning with and from students and families, who are the experts in the solutions they need. This means recognizing new opportunities and adjusting our approach as the local educational landscape changes. With community and donor partners’ support, we can create the opportunities our children deserve—as they emerge as leaders in our next century.
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INCLUSIVE ECONOMY
Malamiah Juice Bar & Eatery at Studio Park
Business and nonprofit leaders are navigating the challenging economic landscape and showing us the way forward. Our partners are modeling new ways to achieve an equitable recovery.
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Years ago, community voices spoke up and shaped the language of our North Star, which states that for West Michigan to grow and prosper, we need to build and sustain an inclusive economy and thriving community. Looking back reminds us that the COVID-19 pandemic is not creating inequitable access to opportunity and capital for communities of color. The current conditions simply magnify the roots of a system that Black and Latinx neighbors have been calling out for decades. Now more than ever, we need to learn from community and business experts about how to create a recovery for all. RECOVERY FOCUSED ON RACIAL EQUIT Y One obstacle facing business owners of color is a lack of funding opportunities and existing banking relationships. “There have been a lot of discrepancies within Black and Brown communities in terms of lending practices,” says Kimberly Slaikeu, Ph.D., owner and founder of Luxe Artisan Preserves. “The literature shows that only 12% of Black and Brown enterprises received the Paycheck Protection Program funding they asked for. And that historically has been an issue in terms of how banks and other lenders govern dollars.” The pandemic has personally impacted Kimberly, and she is passionate about helping Black and Latinx businesses achieve success. Kimberly is co-creating solutions with other business leaders and offering her expertise to inform Rende Progress Capital’s COVID-19 relief efforts. RPC is a grant partner with Grand Rapids Community Foundation and the nation’s only racial equity loan fund and emerging Community Development Financial Institution. RPC co-founders Eric K. Foster and Cuong Q. “CQ” Huynh are innovative leaders working to reduce the racial wealth gap in Kent County.
"We have to find ways to keep on doing the work and not give up, because we will actually encourage other people to think differently. We continue to fight for equality and equity and creating opportunity." CQ HUYNH After a decade with NASA and a year with the U.S. Senate Finance Committee, CQ, as a man of faith felt a call to give back to community. Leaving Vietnam in 1979 and living in Malaysian refugee camps inspired him to start a nonprofit for immigrant youth. He joined a racial equity and healing cohort with W. K. Kellogg Foundation. There he met Eric, which CQ describes as providential. Eric had an idea for bolstering entrepreneurship to reduce the racial wealth gap in his hometown of Grand Rapids. RPC supports entrepreneurs seeking funding to scale up their businesses. RPC collaborates with community partners and business owners to create access to capital for excluded entrepreneurs, those who have historically been denied traditional bank loans. They’ve embedded a racial equity lens in their mission and practices, believing that this focus is critical to move our community forward.
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"The mission of the RACE4Progress Fund is to mitigate the financial harm that businesses of color face disproportionately. Although every type of business and ethnicity of ownership is suffering from COVID-19, the effects on revenue and operations are just hurting Black and Brown businesses and other businesses of color even more so." ERIC K. FOSTER
DOING SOMETHING DIFFERENT The pandemic lays bare our community’s history of inequitable access to prosperity. “We’re dealing with historical root causes that are unchecked,” says Eric. “And because they’re unchecked, we get the manifestation every single day where racism creeps into how someone looks at us, whether in our business, health or education.” Kimberly, Eric and CQ remind us that our recovery from COVID-19 and the racial and economic disparities it has magnified must focus on the people behind the businesses. “RPC lenders look at the totality of the person and the stressors impacting their ability to carry out their businesses,” Kimberly says. She challenges local businesses to review their internal policies and purchasing practices, to find opportunities to support all businesses, specifically those owned and operated by Black and Latinx communities.
Eric K. Foster
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Racial disparities are not new. Creating an equitable economic recovery and pathways for generational wealth will require new practices. “Do things differently and you will get different results,” CQ says. “In RPC’s case, it is to make positive changes in people’s lives. When [clients] think ‘There’s no hope because of the color of my skin or because of my gender.’ No, we don’t believe that at RPC. We don’t think that. And that’s why lives are changing, because we are doing things differently.”
Kimberly Slaikeu, Ph.D.
RPC recently created the RACE4Progress Fund, partnering with local organizations to offer small business relief funding to excluded entrepreneurs of color whose businesses have been damaged by COVID-19. Representatives of color from West Michigan Hispanic Chamber of Commerce, Start Garden, Grand Rapids Area Black Businesses, Luxe Artisan Preserves and Eastern Floral co-developed the fund’s framework and implementation strategies. INVE ST IN PEOPLE Thanks to our donor partners’ generosity, the Community Foundation can partner with brilliant organizations teaching us how to prioritize people and advocate for
justice. These relationships—with partners like Women’s Resource Center, West Michigan Hispanic Chamber of Commerce, Grand Rapids Urban League, Start Garden and RPC—helped us create flexible grantmaking practices and new grant partnerships focused on economic prosperity. Valuing community voice and adaptive partnerships helps us respond to emerging needs for equitable recovery, today and into the future. The Community Foundation will continue to use the insights of business and nonprofit leaders to inform our work in Kent County. The benefits are clear: together, through partnership, we can create lasting impact and support an equitable recovery.
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DONOR PARTNERSHIPS Grand Rapids Community Foundation supports individuals, families, nonprofits, companies and communities in West Michigan as they achieve their philanthropic goals. Donor partners are creating impact in Kent County by supporting the Fund for Community Good, establishing their own funds, creating planned gifts, giving through their lifetime as annual donors or investing in the causes that mean the most to them. They are teaching the Community Foundation about their priorities and many are partnering with us as we work to move the needle forward on racial, social and economic justice in Kent County. We are grateful to all our donor partners for how their investments today will better our community's future.
Head to grfoundation.org/annualreport to view fund lists and find out more about your legacies and impact.
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DONATIONS + FUNDS METZ LEGACY SOCIETY
OUR LGBTQ FUND
11
$1M
partners joined our Metz Legacy Society by including Grand Rapids Community Foundation in their will, estate plans or creating a life income gift.
In five years, Our LGBTQ Fund has raised $1 million.
40
New Funds Established
GIFTS FROM DONOR PARTNERS $21 million raised in new gifts from generous donor partners
COVID-19 RECOVERY FUND
$394,256 At the end of the fiscal year our partners contributed $394,256 and the fund continues to grow.
LA LUCHA FUND
as of June 30, 2020
797
families benefited from La Lucha Fund.
3,440
individuals benefited from La Lucha Fund.
This community-led response provided resources amid COVID-19 to individuals and families in Kent County who are undocumented or have mixed immigration status.
81% Over $9.4 million were gifts to Donor Advised Funds
of La Lucha fund contributors were new donor partners to the Community Foundation.
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449
GRANT PARTNERSHIPS
scholarship awards, totaling $1.16 million, including 63% to students who are the first in their family to attend college.
Grand Rapids Community Foundation establishes partnerships, allocates resources and implements initiatives that seek to eliminate inequities in Kent County. Together with community partners, we strive to bring people together to solve complicated community problems, realizing that, for most issues, there are no immediate solutions or simple answers.
Learn more about our grant partnerships and how to apply for them at grfoundation.org/annualreport.
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GRANTS + SCHOLARSHIPS $13.49M
$1.16 Million
Awarded in Grants + Scholarships
awarded in scholarships to students in Kent County.
39%
449
8%
Awarded from Donor Advised Funds Awarded in Scholarships
26%
27%
Awarded from Designated, Agency + Special Project Funds
Awarded from Fund for Community Good + Field of Interest Funds
Fund for Community Good Guidelines updated to focus on racial, social and economic justice.
With our Fund for Community Good and Field of Interest fund assets, we invest in partners who share our commitment to becoming actively anti-racist.
GRANTS AUTHORIZED By Priority Area
Arts + Social Engagement $4,175,689 | 31%
Environment $399,756 | 3%
CHALLENGE SCHOLARS In addition to our traditional scholarships, our Challenge Scholars program partners with Grand Rapids Public Schools to increase educational opportunities for students on the West side attending Union High School.
CLASS OF 2020
64
seniors were eligible for four-year scholarships
Education $2,698,063 | 29%
Neighborhoods $1,586,638 | 12%
scholarship awards, including 63% to first-generation college students.
Health $2,069,913 | 15% Economic Prosperity $1,284,588 | 10% Other $110,336 | 1%
187
Union High School seniors benefited from holistic supports made available through Challenge Scholars. Many moved on to Grand Rapids Community College with the support of the new Grand Rapids Promise Zone Scholarship.
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FINANCIALS Through our permanent endowment, we are moving toward a brighter future and managing Grand Rapids Community Foundation’s long-term financial growth and stability. While markets have fluctuated due to the COVID-19 pandemic, we are grateful for the generosity of our donor partners and volunteers, who contribute financial resources and expertise. These resources allow us to identify and address the everchanging needs within Kent County today and into the future. See our full statement of financial position and activities on page 28.
For a copy of the full audited financials, visit grfoundation.org.
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$66M
invested into community from Grand Rapids Community Foundation over the last five years
ASSETS BY FUND TYPE as of June 30, 2020
Community Funds $25,140,724 | 7.3%
Scholarship Funds $34,691,877 | 10.1%
Designated and Nonprofit Funds $40,321,659 | 11.8%
Operating/Special Project + Initiatives/Building $9,352,447 | 2.7%
Unrestricted Funds $97,660,691 | 28.6% Donor Advised Funds $95,942,137 | 28.1%
Field of Interest Funds $38,835,710 | 11.4%
Total Assets $341,945,245 | 100%
ASSET ALLOCATION as of June 30, 2020
Real Assets (Real Estate, Natural Resources, Infrastructure) 7.5%
Diversifying Strategies (Absolute Return) 18.4%
Global Equity 56.7%
Global Fixed Income 14.3%
Cash 3.1%
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STATEMENT OF FINANCIAL POSITION As of June 30, 2020
ASSETS
Cash and Investments, at market value
$328,263,838
Beneficial Interests in Perpetual Trusts
$1,997,341
Split-Interest Agreements Receivable
$3.208,406
Gifts and Pledges Receivable
$552,390
Notes Receivable
$2,758,184
Property, Furniture and Equipment, Net of Accum. Dep.
$3,314,534
Prepaid Expenses Reinsurance Contracts Cash Surrender Value of Life Insurance Total Assets
$3,000 $1,056,056 $791,876 $341,945,625
LIABILITIES + NET ASSETS
Accounts Payable
$103,485
Grants and Scholarships Payable
$3,352,032
Charitable Gift Annuities Payable
$1,646,200
Funds Held on Behalf of Nonprofit Endowments
$16,798,435
Total Liabilities
$21,900,152
Total Net Assets
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$320,045,473
STATEMENT OF ACTIVITIES Year Ended June 30, 2020 REVENUES AND GAINS/(LOSSES)
Contributions Investment Income/(loss) net of fees
$21,285,091 ($10,266,119)
Other Revenue
$129,050
Change in Fair Value of Charitable Gift Annuities and Split-Interest Agreements
($199,139)
Less: Amounts Allocable to Nonprofits Total Revenues and Gains/(Losses)
($3,041) $10,945,842
GRANTS AND EXPENSES
Grants and Scholarships Authorized
$13,487,488
Community Initiatives and Fund Program Expenses
$597,888
Charitable and Philanthropic Expenses
$1,541,177
Other Operating Expenses
$2,828,584
Less: Amounts Allocable to Nonprofits
($839,409)
Total Grants and Expenses
$17,615,728
Change in Net Assets
($6,669,886)
Net Assets, Beginning of Year
$326,715,359
Net Assets, End of Year
$320,045,473
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.
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We recognize the following people in whose honor or memory gifts to Grand Rapids Community Foundation were made.
GIFTS IN MEMORY OF
GIFTS IN HONOR OF
Dorothy Apol
Paul Margolies
Ken Betz and Pat Brewer
Don and Nancy Lubbers
Dave Balas
Thomas McAllister
Emily Bridson
Richard Lyman
Margaret S. Bradshaw
Ray McCahill
Andy Brookhouse
Nathan McLean
Karl Braunschneider
Mary Meade-Fuger
Kim Dabbs
Charles F. Pletcher
Fredrick G. Briscoe
Dr. J. Christopher Norman
Jack C. Clifford
Carl Paganelli
Nancy L. Douglas
Lucy Quigg
Nancy Cok
Betty Jane Pletcher and Forrest A. Pletcher
Lindsey Gallas, teacher at East Kentwood High School
Dietrich K. Roth
Franca and Christina Gerardi
Erika VanDyke
Grand Rapids Community Foundation Staff
Anneliese Waalkes
William Durr Edna Edd John Fellows Joyce B. French Jim Galer Myrtle Gardner Bernice Greco Velvie Green Leonard Gross Jamie Hale Andrew and Mandy Heidenriech Richard and Elenanor Hemenway
Forrest Arthur Pletcher Nate Rodriguez Dietrich K. Roth Tom Rutledge
Mira Krishnan and Teri Jourdan
Muriel Silbar
Brandy Lovelady-Mitchell
Merriam Streelman Robert and Merriam Streelman Robert Swanson Linda Thomas Daniel L. Tinkham Ed Vander Velde Helen Vereecken
Ruth Jones-Hairston
Rebecca Ver Hoef
Gisela Kah
Stanley Victor
Gary Karasinski
Phil Wood
Matthew Kutsche
Kevin Yon
Andy Lubbers
Anne G. Zimmerman
Rick Walker Luke Wilcox, teacher at East Kentwood High School Chad and Ellie Zagel
ESTATE GIFTS Each year, people we know and love pass away, but their legacies remain with us. Grand Rapids Community Foundation remembers the following people who made gifts through their estate plans to benefit the community. Molly Bradshaw
James and Mary Jane Lamse
Fredrick “Fritz” Briscoe
Charles and Stella Royce
Max and Lois Doering
Dorothy N. Schowalter
Kenneth and Christina Gilchrist
Doris Ann Slack
Hoyt and Mary Ann Kremer 30 | GR A ND R A P IDS CO M M U N I T Y FO U N DAT I O N
Bill Rowe
ANNUAL REPORT TEAM Project Managers + Writers Ashley René Lee, Grand Rapids Community Foundation Heather Gill Fox, Grand Rapids Community Foundation Audra Hartges-Stern, Grand Rapids Community Foundation Design Well Design Studio Photography Well Design Studio Dreams by Bella Carbon Stories Bird + Bird Photography
YOUR SUPPORT HELPS US THRIVE GIVEGR.ORG/INFORMEDIMPACT
Videography Carbon Stories Copyediting Joan Huyser-Honig, Huyser-Honig Creative Services Printer Pageworks
KEEP IN TOUCH Learn About Us grfoundation.org
Email Us info@grfoundation.org
Continue the Conversation on Social Media
Call Us 616.454.1751
@GRCommFound
Visit Us 185 Oakes Street SW Grand Rapids, Michigan 49503
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Grand Rapids Community Foundation is here to help you accomplish your philanthropic goals. Whether you are interested in giving today or leaving a legacy after your passing, we are here to answer your questions and provide options that work for you. Together with our partners, we are making informed impact in Kent County.
grfoundation.org/annualreport
