ALPENA, MICH. – During the first quarter of the Community Foundation for Northeast Michigan’s (CFNEM) 2017 fiscal year (October 1 through December 31), the organization’s assets increased to $38,982,648.
“Through new gifts and investment income, the Community Foundation grew by over seven percent,” said Executive Director Barb Frantz. “We were able to award over $367,000 in grants during the first quarter, which is an incredible testament to the power of endowments.”
The grants were awarded throughout Alcona, Alpena, Montmorency and Presque Isle Counties, as well as its affiliates which cover Cheboygan, Crawford, Iosco, Ogemaw and Oscoda Counties. Those awards include $48,395 in CFNEM Community Impact grants, $27,731 in Youth Advisory Council grants, and many annual distributions to local nonprofit agencies through the Community Foundation’s numerous agency funds and designated charitable funds.
In its first quarter, CFNEM also received just over $650,000 in contributions. $41,137 of that amount was raised in a 24-hour period on Giving Tuesday, which CFNEM hosted on November 29 to help local nonprofits participate in the exponentially growing movement.
“We are constantly in awe of the generosity of northeast Michigan residents when it comes to supporting the needs of their community,” said Frantz.
CFNEM also reported that 14 new funds were established during the first quarter for various charitable purposes.
The Community Foundation for Northeast Michigan is a charitable organization committed to providing people who care about the future of our area with unique and effective ways of supporting their community now, and for generations to come. Led by a volunteer board of local citizens, the foundation oversees a group of permanent endowment funds from a wide range of donors. Gifts of all sizes from individuals, families and corporations are invested in a balanced, well-managed portfolio to build endowments, enabling support for local community nonprofits now and forever. To make a donation or learn more about how community foundations work, visit www.cfnem.org or call 989-354-6881; toll-free: 877-354-6881.