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Report to the Community 2010-2011 the Cleveland Foundation: at a Glance

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Report to the Community 2010-2011 the Cleveland Foundation: at a Glance The Cleveland Foundation Report to the Community 2010-2011 The Cleveland Foundation: At a Glance MISSION people. Local donors support it. A board of identified as the community’s greatest needs: To enhance the lives of all residents of private citizens governs it, working for the economic transformation, public education Greater Cleveland, now and for generations community’s greater good. Funds come from reform, youth development, neighborhood to come, by building community endow- a variety of sources, including bequests and revitalization, and arts advancement. ment, addressing needs through grant- living trusts, and are invested in perpetuity. making, and providing leadership on key The earnings on investments are then distrib- PhILANTHROPY community issues. uted to worthy organizations or causes. The foundation exists because of the Today, more than 1,000 community founda- extraordinary generosity and vision of our HISTORY tions exist around the world. donors. We offer many creative and reward- Established in 1914, the Cleveland Foundation ing ways to give back to the community, is the world’s first community foundation, STEWARDSHIP some with significant tax advantages. The the vision of Cleveland banker and lawyer We are the stewards of donor dollars, pro- foundation consists of more than 1,300 Frederick H. Goff. He wanted to pool the tecting and growing assets and ensuring funds established by individuals, families, charitable resources of Cleveland’s philan- that the wishes of our donors are met. Our organizations, and corporations. We are the thropists into a single, great, and permanent board and our investment advisors guide a center for charitable investment in the endowment for the betterment of current diversified investment strategy. Greater Cleveland community. and future residents. His revolutionary idea has grown into an organization that has GRANTMAKING LEADERSHIP AND PARTNERSHIP benefited millions of lives for 97 years and We are Greater Cleveland’s and Ohio’s largest The foundation leverages its resources and forever reshaped the way community mem- grantmaking organization. The foundation magnifies its impact on important causes in bers come together to care for one another. awards most grants to registered nonprofit the community by working in partnership Today, the Cleveland Foundation is the second- organizations that support projects and pro- with many organizations. We focus our largest community foundation in America grams that benefit Greater Cleveland’s citi- attention and efforts on vital issues and in terms of assets. zens, meet community needs, and test new often serve as collaborator and convener as ideas. We annually award about 3,000 grants, well as grantmaker. WHAT IS A COmmUNITY FOUNDATION? ranging from a few hundred dollars to several A community foundation is a charitable organ- million dollars. Some two-thirds of our ization created by and for a community of discretionary dollars are directed to areas Contents 2 CEO and Chairman’s Letter 6 CEO Perspective VITAL ISSUES 8 Economic Development Endowment Grantmaking New Gifts Received 12 Education Total Assets (dollars in billions) Total Grants (dollars in millions) Total Gifts (dollars in millions) 16 Neighborhoods $2.5 $100 $80 20 Human Services 2.0 80 70 24 Arts and Culture 60 1.5 60 50 28 Grantmaking Highlights 1.0 40 40 30 New Gifts 0.5 20 30 34 Donor Societies and Funds 06 07 08 09 10* 06 07 08 09 10** 06 07 08 09 10** 38 Financial Summary 39 External Advisors and Banks Our diversified investments and the recovering The market plunge of 2008 weighed on grantmaking, Greater Clevelanders continued to show their character- financial markets helped foundation assets grow. which is tied to the size of the foundation’s endowment. istic generosity. 40 Board of Directors and Staff * As of Sept. 30, 2010, unaudited **Year-end 2010, unaudited www.ClevelandFoundation.org We live in an age when innovation is ubiquitous, and yet more desperately needed than ever to revitalize our region and nation. Innovation extends and enriches our lives, puts prosperity within reach of more people, and gives us more information and ways to communicate it than ever before imagined. Still, many societal ills remain, and some are worsening. So we need real innovation – technological, eco- nomic, and social. We must develop new ways of educating, creating jobs and wealth, and solv- ing problems we have only begun to compre- hend. And we must work together toward it. Dear Friends Cleveland has long had an image as Brilliant minds and bright ideas a manufacturing colossus, a city of are lighting up our world-class strong backs and even stronger hospitals, our premier universities, machines. Yet in Cleveland’s golden and our up-and-coming companies. age of the late 1880s Greater Cleveland is through the first half again emerging as a of the 20th century, leader in fast-growing our city’s mightiest industries for a rising assets were its strong century – biomedicine, minds – its innovators. advanced energy, flex- Cleveland blossomed ible electronics, and as an industrial pow- polymers, to name a Board Chairman David Goldberg (left) and erhouse only after it President & CEO Ronald Richard few. The Cleveland bloomed as an ingenuity block- Foundation is proud to help catalyze buster. Invention, entrepreneurship, this innovation. Through leader- and vision converged to create a ship, collaboration, and grantmak- marvelous metropolis – that era’s ing, we are pioneering new ways equal to today’s Silicon Valley. Now, for philanthropy to spark inclusive innovation is on a comeback here. economic growth. We do so in part because we believe that helping to restore health Goff invented something equally profound: a perpetual grant- to our economy by creating jobs through business and technology making machine flexible enough to address the needs and seize innovation is the single most important way to boost all of the the opportunities of any era. other areas of our grantmaking: education reform, neighborhood Today, the Cleveland Foundation retains its innovative spirit revitalization, youth development, and arts advancement. and its place at philanthropy’s cutting edge. REBOUNDING FROM RECESSION ThINKING GREEN The generosity of donors from all walks of life enables this founda- A prime example of philanthropic innovation is our leading role tion to play a prominent role in helping the region. We are pleased in creating a series of what we call Evergreen Cooperative com- to report that the permanent endowment that generations of bene- panies. These companies are the product of collaboration factors have entrusted to the Cleveland Foundation is healthy. among the foundation, City Hall, and several key foundation The foundation’s endowment continued to recover from the his- partners – Case Western Reserve University, the Cleveland toric market downturn that began in late 2007 and drove our total Clinic, and University Hospitals. assets from $2.2 billion down to $1.6 billion. Careful manage- These “anchor institutions” in University Circle helped us to cre- ment by the foundation’s Investment Committee, professional ate the new cooperative companies, which are helping low- advisors, staff, and our trust banks produced a 22 percent income citizens obtain employment – and indeed become investment return in 2009. That performance, and $36 million in owners in their companies. The anchors are redirecting a por- new gifts, boosted our portfolio by about $200 million to reach tion of their combined $3 billion in annual procurement spend- $1.8 billion by year-end 2009. Our investment growth through ing to buy local goods and services from these new enterprises. 2 the first nine months of 2010 added another $45 million. 3 KEEPING OUR WORD As a result, we were able to provide about $164 million in grants to the community in 2009 and 2010 amid still-challenging We are pleased to times. We pledged to help our local nonprofit organizations hit hard by the economic downturn. We made good on that promise. report that the permanent In 2009, our grant total fell by less than 6 percent in a year when the average U.S. community foundation cut grantmaking by endowment that almost 10 percent – the biggest average drop in at least 16 years. Then, in 2010, our grantmaking rose significantly, from $79 mil- generations of benefactors lion to about $85 million, largely due to the generosity of our donors through their donor-advised funds. have entrusted to the Our founder, Frederick Harris Goff, envisioned this kind of stewardship when he created the country’s first community Cleveland Foundation foundation – the Cleveland Foundation – 97 years ago. At that time, the city teemed with inventors pioneering new technolo- is healthy. gies in electricity, chemicals, metals, paints, and machining. To create jobs in Cleveland, the foundation is even looking INSPIRATION WITH ECONOMIC BENEFITS abroad. Our experts are cooperating with Team NEO and other We also established NewBridge, an after-school education cen- partners to lure foreign businesses here and open foreign mar- ter for teens and a job-training center for adults. NewBridge is kets to Cleveland’s exporters. a replication of Pittsburgh’s highly successful Manchester Bidwell training center, which has proved over several decades From its inception in 2006 through December 2010, Team NEO that a bright and stimulating environment staffed by caring can claim credit for 41 new company expansions or relocations, educators can inspire students to become world-class
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