Community Foundation Finishes First Quarter with over $45 Million in Assets

ALPENA, MICH. – During the first quarter of the Community Foundation for Northeast Michigan’s (CFNEM) 2018 fiscal year (October 1 through December 31), the organization’s assets increased to $45,786,123.

“Through new gifts and investment income, the Community Foundation grew by over 17 percent from the same time period last year,” said Executive Director Patrick Heraghty. “We also awarded over $400,000 in grants during the first quarter. That is an incredible testament to the power of endowments, because that funding is available year after year.”

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 $30,182 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 $975,000 in contributions. $120,668 of that amount was raised in a 24-hour period on Giving Tuesday, which CFNEM hosted on November 28, 2017, to help local nonprofits participate in the exponentially growing movement.

“Our whole staff is constantly both amazed and humbled at the generosity that pours into our community in the interest of helping our local nonprofits, supporting the Community Foundation’s mission, and providing for the present and future needs of northeast Michigan,” said Heraghty.

CFNEM also reported that 8 new funds were established during the first quarter for various charitable purposes through the nine counties served by the Community Foundation.

CFNEM’s combined $45 million in assets include those of its three affiliate foundations, which ended the first quarter of the 2018 fiscal year as follows:
- Iosco County Community Foundation - $5.5 million
-North Central Michigan  Community Foundation - $4.7 million
-Straits Area Community Foundation - $2.4 million

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, business and agencies 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.