Grand Rapids Community Foundation 2022-2023 Annual Report

at work Grand Rapids Community Foundation 2022-2023 Annual Report

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 Mission

Our Vision

Our Values

To build and manage our community’s permanent endowment and lead the community to strengthen the lives of its people.

A magnetic and interconnected West Michigan community.

Integrity, excellence, inclusion, sustainability and bold aspirations.

Experience the 2022-2023 Annual

Report

The last year has been one of celebration, assessment and transition. We’ve reflected on the visions shared with us during our centennial year about what an inclusive economy and thriving community looks like in the future.

We’ve been “in the lab” interrogating, testing, proving theories and learning from mistakes. In this year’s annual report, we’re inviting you to see what we’ve been up to. When you peek inside, you’ll see that the work is messy, nuanced, layered, delicate and complex, but we keep striving for a brighter, more equitable West Michigan.

Join us as we explore conversations about growth, philanthropy and the future.

We also celebrate the progress we have made together. You can fully experience the annual report on our website GRFoundation.org/AnnualReport. There you will find videos of compelling conversations with partners discussing topics such as adapting with community needs, connecting and growing with donor partners, and activating tomorrow’s dreams. You will also hear from our leadership about what it means to activate our North Star today and into the future. And, if you would like to delve further into these topics and continue learning alongside us, you will find additional resources to explore.

We are grateful for your partnership This work is important, the future of our community is important, and your partnership is invaluable.

Let’s Dive

in Together

Visit us online to dive deeper GRFoundation.org/AnnualReport

Diana R. Sieger, president; Kyle D. Caldwell, Board of Trustees chair

Watch a leadership conversation discussing Grand Rapids Community Foundation today and our plans for the future.

“As I stepped into philanthropy, I really looked at the Community Foundation as a place that brought ideas together and developed curious conversations about how we as individuals and as a community needed to fund the community to lift up everyone. I think it is important to always be mindful of the disparities and bring those conversations to the broader community.”

Carol Paine-McGovern Donor partner

Stacy Stout, committee volunteer and donor partner; Dondrea Brown, nonprofit partner; Chantal Pasag, program officer

Watch conversations among staff, volunteers, donor and grant partners as they discuss how the Community Foundation is growing and adapting.

“I said, ‘Can I be very honest and transparent with you about funding?

Grassroots nonprofits have had bad experiences with funders generally, is there a way that there’s a more equitable experience for us?’ And he was like, ‘I’m glad you say that. This is what the Community Foundation is already working on.’ But the other part I thought was really important was he asked, ‘do you have any suggestions?’”

Dondrea Brown Nonprofit partner

Connecting, Adapting & Learning A Letter from Leadership As Grand Rapids Community Foundation has stepped boldly into a new century of service and impact in Kent County, our staff and partners have been hard at work. Together we’ve been building our resources and positioning ourselves to continue pushing toward our North Star. 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.

Connecting and Growing People who love this region have many opportunities to give. Donor partners choose the Community Foundation because our staff serves as bridge builders—providing guidance and resources to help donor partners increase the impact of their philanthropy by addressing pressing issues.

Let’s Dive

in Together

Visit us online to dive deeper GRFoundation.org/AnnualReport

Community Impact

$17M

awarded in grants and scholarships

$1.47M awarded in scholarships to 485 Kent County students

89% of the $4.2 million in grants awarded through the Fund for Community Good Advisory Committee, which allocates unrestricted resources, supported the work of organizations led by people of color

Our finance team and Investment Review Committee have stewarded our assets to

$406,276,566

24 New Funds Each reflecting donor partners’ own purpose and meaning.

Explore all our funds and see more about our impact and financials at: GRFoundation.org/AnnualReport/Funds

$7M in new gifts from our generous donor partners $2.5M of those new gifts went to Donor Advised funds

Looking to the Future

Adapting Alongside Community Grand Rapids Community Foundation is built on community relationships. With a commitment to help strengthen the nonprofit ecosystem in Kent County, the Community Foundation is evolving its practices through partnerships and feedback. Recent updates include more inclusive grantmaking structures, reducing barriers for historically excluded organizations and adapting strategies to address community inequities.

Activating Tomorrow’s Dreams As the Community Foundation celebrated 100 years in Kent County, we looked back at our history to examine lessons learned and asked community to share their vision for the future.

We’re grateful for careful planning, thoughtful stewardship of a century’s worth of generosity and partners with a passion for racial, social and economic justice. Together, we can get closer to making those dreams a reality for future generations.

Let’s Dive

in Together

Visit us online to dive deeper GRFoundation.org/AnnualReport

Huemartin Robinson II and Carol Paine-McGovern, donor partners

Statement of Financial Position as of June 30, 2023 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

$387,183,320 $2,134,745 $4,225,829 $4,777,369 $2,928,313 $3,029,632 $67,442 $987,865 $942,051 $406,276,566

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

$2,254,975 $4,712,397 $1,466,000 $21,583,383 $30,016,755 $376,259,811

Statement of Activities Year Ended June 30, 2023 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/(Losses)

$7,040,617 $33,057,824 $462,650 ($2,102,129) $38,458,962

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

$17,013,523 $212,721 $1,857,630 $3,682,360 ($809,440) $21,956,794

Change in Net Assets Net Assets, Beginning of Year Net Assets, End of Year

$16,502,168 $359,757,643 $376,259,811

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 www.GRFoundation.org/About.

We are

so Grateful

For you, our partners in philanthropy! Thank you for your bold investments of love into our community. Together, we can create a stronger foundation and a better tomorrow for everyone who calls West Michigan home.

Your support helps us thrive.

GRFoundation.org/GiveAnnualReport

Senior Leadership

Board of Trustees

Diana R. Sieger President

Kyle D. Caldwell — Chair

Ashley René Lee Vice President, Strategic Communications

Ken Fawcett, M.D.

Kate Luckert Schmid Vice President, Program

Emily Loeks

Stan Vander Roest Chief Financial Officer

Ana Ramirez-Saenz

Marilyn W. Zack Vice President, Development Contact Information Info@GRFoundation.org 616.454.1751 | GRFoundation.org 185 Oakes Street SW Grand Rapids, MI 49503

Reneé Williams — Vice Chair Thomas Kyros Brandy Lovelady Mitchell, Ed. D. Richard Roane Alexandria Smith Caitlin Townsend Lamb Kathleen B. Vogelsang Daniel Williams, Ed. D. View our full staff at GRFoundation.org/Staff

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 the end of your life, we are here to answer your questions and provide options that work for you.

Explore

the Report

Visit us online to dive deeper GRFoundation.org/AnnualReport