Financials

Grand Rapids Community Foundation’s permanent endowment enables us to respond to community needs of today, while managing our long-term financial stability to address the ever-changing needs that will arise in the future. We are grateful for the generosity of our donor and volunteer partners, who contribute their financial resources and expertise. As stewards of these resources, we are committed to long-term, risk-managed returns and spending practices that align with our commitment to racial, social and economic justice.​

Assets by Fund Type

As of June 30, 2021
Operating/Special Project + Initiatives/Building
$10,881,496 | 2.5%
Community Funds
$31,232,352 | 7.3%
Scholarship Funds
$43,512,270 | 10.2%
Field of Interest Funds
$48,229,761 | 11.3%
Unrestricted Funds
$126,325,993 | 29.5%
Designated and Nonprofit Funds
$51,282,885 | 12.0%
Donor Advised Funds
$116,912,493 | 27.3%
TOTAL ASSETS
$31,232,352 | 7.3%
Operating/Special Project + Initiatives/Building
$10,881,496 | 2.5%
Community Funds
$31,232,352 | 7.3%
Scholarship Funds
$43,512,270 | 10.2%
Scholarship Funds
$43,512,270 | 10.2%
Unrestricted Funds
$126,325,993 | 29.5%
Designated and Nonprofit Funds
$51,282,885 | 12.0%
Donor Advised Funds
$116,912,493 | 27.3%
TOTAL ASSETS
$31,232,352 | 7.3%

Asset Allocation – Balanced Plus Pool​

as of June 30, 2021

0.7%

Private Debt

6.5%

Real Assets (Real Estate, Natural Resources, Infrastructure)

66.5%

Global Equity

10.4%

Diversifying Strategies (Absolute Return)

11.5%

Global Fixed income

4.4%

Cash

Percentage of Investment Portfolio Managed by Minority/ Women-Owned Business Enterprise (MWBE) Certified Managers

as of June 30

29.6%

2021
Grand Rapids Community Foundation was a founding investor in a woman-owned index fund, opening the door for other institutional investors to participate.

3.8%

2020

3.3%

2019

1.5%

2018

Vendor Spending​​

By Business Classification*

1%

LGBTQ-Owned

20%

Woman-Owned

14%

POC-Owned

45%

Small Business

20%

Other

3 Year Comparison​

LGBTQ-Owned
Woman-Owned
POC-Owned
Small Business
Other
2021
2020
2019
*Some businesses meet multiple classifications.

Statement of Financial Position

as of June 30

Assets

Cash and Investments, at Market Value$407,276,674
Beneficial Interests in Perpetual Trusts$2,405,795
Split-Interest Agreements Receivable$4,713,711
Gifts and Pledges Receivable$5,955,253
Notes Receivable$2,760,259
Property, Furniture and Equipment, Net of Accum. Dep.$3,196,720
Other Receivables$133,841
Reinsurance Contracts$1,088,188
Cash Surrender Value of Life Insurance$846,809
Total Assets$428,377,250

Liabilities + Net Assets

Accounts Payable$87,513
Grants and Scholarships Payable $6,112,486
Charitable Gift Annuities Payable$1,663,548
Funds Held on Behalf of Nonprofit Endowments$21,508,617
Total Liabilities$29,372,164
Total Net Assets$399,005,086

Statement of Financial Position​

as of June 30

Revenues and Gains/(Losses)

Contributions$16,233,847
Investment Income (Net of Fees)$90,696,841
Change in Fair Value of Charitable Gift Annuities & Split-Interest Agreements$428,347
Less: Amounts Allocable to Nonprofits($5,279,809)
Total Revenues and Gains/(Losses)$102,079,226

Grants and Expenses

Grants and Scholarships Authorized$18,983,109
Community Initiatives and Fund Program Expenses$402,561
Charitable and Philanthropic Expenses$1,551,225
Other Operating Expenses$2,752,345
Less: Amounts Allocable to Nonprofits($569,627)
Total Grants and Operating Expenses$23,119,613
Change in Net Assets$78,959,613
Net Assets, Beginning of Year$320,045,473
Net Assets, End of Year$399,005,086
Audited financials have been given an unmodified opinion by our auditors Plante & Moran PLLC.