Established in 1914, the Cleveland Foundation is the world’s first community foundation, the vision of Cleveland banker and lawyer Frederick H. Goff. He wanted to pool the charitable resources of Cleveland’s philanthropists into a single, great, and permanent endowment for the betterment of current and future residents. His revolutionary idea has grown into an organization that has benefited millions of lives over the past 95 years and forever reshaped the way community members come together to care for one another. Today the Cleveland Foundation is the third-largest community foundation in America in terms of assets.
A community foundation is a charitable organization created by and for a community of people. It is supported by local donors and governed by a board of private citizens who work toward the greater good of the citizens in the community. Funds come from a variety of sources, including bequests and living trusts, and are invested in perpetuity. The earnings on investments are then distributed to worthy organizations or causes. Today, more than 1,000 community foundations exist around the world.
Assets at year-end: $1.6 billion
Total return on endowment investments: –26.41%
Grants authorized: 3,100
Value of grants authorized: $84 million
New gifts received: $71.7 million
Administrative expenses: $11.8 million
Number of employees (as of July 1, 2009): 75
We are the stewards of donor dollars, ensuring that the wishes of our donors are met. Our diversified investment strategy is guided by our board and our investment advisors.
We are Greater Cleveland’s largest grantmaking organization. The foundation awards most grants to 501(c)(3) nonprofit organizations that support projects and programs that benefit Greater Cleveland’s citizens, meet community needs, and test new ideas. We annually award some 3,000 grants, ranging from a few hundred dollars to several million dollars. Some two-thirds of our discretionary dollars are directed to areas identified as the community’s greatest needs: economic transformation, including advanced energy and globalization; public education reform; human services and youth development; neighborhoods, housing, and community development; and arts and culture.
The foundation exists because of the extraordinary generosity and vision of our donors. We offer numerous creative and rewarding ways to donate to the community, some with significant tax advantages. Currently, the foundation includes more than 1,300 separate funds representing individuals, families, organizations, and corporations. We are the center for charitable investment in the Greater Cleveland community.
The foundation leverages its resources and magnifies its impact on important causes in the community by working in partnership with many organizations. We focus our attention and efforts on vital issues and often serve as collaborator and convener as well as grantmaker.