2019 - 2020
Financials
Through our endowment, we are moving toward a brighter future and protecting Grand Rapids Community Foundation’s long-term financial growth and stability. While markets may fluctuate 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 ever-changing needs within Kent County today and into the future.
- Grants Authorized
by Priority Area - Assets by
Fund Type - Asset
Allocation
$66M
invested into community from Grand Rapids Community Foundation over the last five years.
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 | $3,000 |
| Reinsurance Contracts | $1,056,056 |
| Cash Surrender Value of Life Insurance | $791,876 |
| Total Assets | $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 | $320,045,473 |
Statement of Activities Year Ended June 30, 2020
Revenues and Gains/(Losses)
| Contributions | $21,285,091 |
| Investment Income (net of fees) | ($10,266,119) |
| Other Revenue | $129,050 |
| Change in Fair Value of Charitable Gift Annuities & Split-Interest Agreements | ($199,139) |
| Less: Amounts Allocable to Nonprofits | ($3,041) |
| Total Revenues and Gains/(Losses) | $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 Operating 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.