| Supplemental - Program Related Investments |
Form 990-PF, Part IX-B |
The Foundation is engaged in grant-making activities and makes program related investments to further the Foundation's charitable purposes. Thus, all program administration expenses are allocated to grant making except direct expenses incurred with respect to program related investments.The Foundation has nine outstanding program-related investments at December 31, 2020.Loans totaling $3,650,000 to Neighborhood Progress, Inc.* were converted on June 30, 2003 to one new loan of $3,285,000 and one recoverable grant of $365,000, which are to be used to finance the construction of owner occupied and/or rental housing for low and low-to-moderate income families in economically depressed neighborhoods; to finance the purchase or development of real property in connection with neighborhood revitalization economic development projects; for low interest second mortgage loans to purchase newly constructed homes in economically depressed areas; and to provide compensating balances and linked deposits with local banks to induce such banks to make long-term, low interest loans for use in financing neighborhood revitalization projects. The full amount of the loan and the recoverable grant were unpaid at December 31, 2020. Interest income of $65,700 was received in 2020. The Foundation reviewed the organization's form 990 for the year ended June 30, 2020, which indicated there are no audited financial statements for the period. A loan of $2,000,000 was made on July 28, 2010 to University Circle Incorporated* which is to be used to revitalize the neighborhood through community development and planning, including development of residential and commercial real estate projects located in the neighborhood. Principal payments of $26,726 were made in 2020. Interest income of $3,122 was received in 2020. The last report received was dated October 28, 2020 for the year ended June 30, 2020.A loan of $2,000,000 was made on December 15, 2010 to Museum of Contemporary Art* which is to be used to plan, construct, equip, and operate in the University Circle area of Cleveland, Ohio a facility to house exhibitions of contemporary visual art, archives, and educational material. No principal payments were made in 2020. No interest was received in 2020. The last financial report received was dated January 18, 2021 for the year ended July 31, 2020.An investment of $25,000 was made on April 25, 2011 to Noteworthy Federal Credit Union, which are to be used to make additional funds available for purposes of generating loans to individuals in the musical profession. Interest income of $518 was received in 2020, which was added to the principal balance. The last report received was dated January 19, 2021 for the period ending September 30, 2020. A loan agreement was entered into on February 19, 2014 with Manufacturing Advocacy & Growth Network, Inc. (Magnet)* for $350,000. The loan was disbursed in three payments with the initial loan payment of $30,000 being made on February 19, 2014. The second disbursement of $143,200 was made on February 18, 2015. The third and final installment of $176,800 was disbursed on February 1, 2016. The loan is to be used to revive and strengthen the manufacturing sector in Northeast Ohio. Principal payments of $112,254 were made in 2020. Interest income of $3,124 was received in 2020. The last financial report received was dated January 14, 2021 for the year ended June 30, 2020.A loan agreement was entered on December 19, 2014 with Cuyahoga PFS, LLC (Pay for Success) for $725,000, of which $362,500 was disbursed on January 9, 2015. The remaining $362,500 was disbursed on September 25, 2017. Another note was entered on the same date in the amount of $275,000, which was disbursed on January 9, 2015. The use of funds relates to providing stable housing, case management, and other supporting services to the county. In 2020, the entire balance was written off as bad debt expense.A loan agreement was entered on September 1, 2016 with Growth Opportunity Partners* for $250,000. The use of funds relates to assisting small and emerging businesses in Northeast Ohio. Principal payments of $104,460 were made in 2020. Interest income of $3,169 was received in 2020. The last financial report received was dated May 12, 2021 for the year ended December 31, 2020.A loan agreement was entered on December 15, 2020 with Growth Opportunity Partners* for $2,000,000. The use of the funds relates to reducing greenhouse gas emissions, assisting small and emerging businesses, and aiding underserved low income and minority-led businesses in Northeast Ohio. No principal or interest payments were received in 2020. The last financial report received was dated May 12, 2021 for the year ended December 31, 2020.A loan agreement was entered on December 18, 2020 with CHN Housing Capital* for $3,000,000, of which $1,000,000 was disbursed on December 18, 2020. The use of the funds relates to reducing unsafe lead levels in rental and owned housing, assisting low-income landlords and owners of properties to rehabilitate their properties, and improving the health, welfare, and safety of children and other residents of Cleveland, Ohio. No principal or interest payments were received in 2020. The last financial report received was dated June 28, 2021 for the year ended December 31, 2020.A subscription agreement was entered on December 15, 2020 for one unit of limited liability company interest in Opportunity CLE Loan Fund, LLC in the amount of $500,000. The purpose of the investment relates to making capital investments to support transformative, strategic, and catalytic projects that provide a positive social and economic return in targeted low-income communities across Northeast Ohio. The Foundation required each PRI recipient to provide annual reports specifying that the funds provided through program related investments were spent in accordance with terms of the PRI agreement and were employed to accomplish the purpose of the PRI.*Section 501 (c)(3) organization classified as a public charity. |
| Additional Grant Program Information |
Form 990-PF, Part XV, Line 2A |
The George Gund Foundation is rooted in Cleveland, the community that was the home of its founder and that remains the Foundation's home. The Foundation's commitment to Cleveland derives not just from our history but also from our belief that Cleveland can continue to develop original responses to issues that can benefit people everywhere. Our focus on Cleveland offers an important point of leverage to affect issues that go well beyond the city's boundaries and includes its roles as a place for innovation and an example and a leader in Ohio, which is a politically important state that can wield outsized influence nationally and, therefore, globally.Moreover, the urban emphasis of our work stems from a belief that thriving cities are and will remain one of the nation's best hopes for addressing essential issues. We invest in this place with an eye toward building the sense of community locally, nationally, and globally that human progress requires. We commit to this for the long term, working alongside those who are making concrete progress.Our program areas reflect major fields of activity that continually intersect and overlap. We work together internally as we assess grant requests and we strive for collaborative and meaningful relationships with partners. We also collaborate on issues with grantees and others in ways that go beyond making grants. We assist, convene, highlight, and advocate when it is appropriate. The Foundation supports the following program areas: Climate and environmental justice. We support the use of Cleveland's unique environmental history and leadership, especially regarding water, to advance a healthy and sustainable future. In particular, we focus on projects and policies that contribute to the fight against climate change. Linked to every aspect of life, climate change increasingly threatens human lives. We support organizations led by and serving communities of color and others who historically have been underrepresented and are the most vulnerable to the effects of climate change. We support organizations that develop and advocate for public policy on climate change and to advance clean energy, transportation, water, and air. We invest in organizations that work to mitigate climate change by promoting sustainable land use, creation of accessible green spaces in Cleveland, environmental justice and the ability of all to live in a safe and healthy environment.Creative culture and arts. We promote a vibrant, diverse, and thriving arts community in Cleveland that enhances learning, strengthens pride of place, creates an emotional connection to our environment, and deepens the impact of opportunities for those who might otherwise be denied them. We seek to balance support among Cleveland's legacy institutions and smaller, emerging organizations that reflect the full breadth of our culture and neighborhoods. We promote equity by helping to fortify organizations led by and serving people of color who have been historically underrepresented. We support the Cleveland Metropolitan School District's plan to help students realize their full creative and intellectual potential through rich artistic experiences. And we encourage integrating the creative thought, energy, and inspiration that art can spark into the civic dialogue and sense of community that are needed to make progress on the complex issues that confront us. Public education. We support public education because it is fundamental to American democracy. It promotes the common good, brings together children and families across different cultures, and serves all students, regardless of means, ability, or circumstances. We believe in the premise and power of public education and we work to ensure every child in Cleveland attends a high-quality school and every neighborhood has a multitude of great schools from which families can choose. We work primarily with the Cleveland Metropolitan School District and its partners to support schools that inspire joy and creativity, build resilience and character, impart and elicit knowledge, and produce just, kind, and engaged citizens ready for college, career, and civic life. We are committed to the values of racial and economic justice and to overcoming the continuing issue of segregated schools and communities. We support advocacy for sound and consistent statewide policy that furthers our work and mitigates the effects of poverty on learning.Thriving families and social justice. Historic barriers to opportunity for both individuals and families must be removed to fully realize human potential. We strive toward a more just community and society that eliminate the conditions that create human need or limit fundamental rights. Consequently, we invest in growth and development opportunities for historically marginalized people at critical life junctures, such as pre-natal and early childhood, adolescence, young adulthood, and when entering the workforce or forming a family. We support public policies that reduce poverty, that strengthen family economic stability, and that secure equitable access to basic human needs such as food, shelter, and health care particularly primary, behavioral, and reproductive. We pursue equitable treatment for both juveniles and adults in the civil and criminal justice systems plagued by racial disparities. We promote fair tax and fiscal policies which establish the framework for all public investment and the equitable use of data to accurately reflect the lived experience of society's most marginalized populations. Vibrant neighborhoods and inclusive economy. We support work to achieve inclusive growth and opportunity for all of Cleveland's neighborhoods and residents. City neighborhoods are essential to our regional economy as the largest concentrations of employers and employees, as talent magnets, and as places where the exchange of ideas and insights can flourish. City neighborhood density, walkability, bike-ability, and access to transit help to fight climate change. The people who live in the neighborhoods are essential participants in the strong regional team needed to compete in the global economy. Too often, however, barriers to opportunity such as lack of quality jobs, racial segregation, concentrated poverty, and underinvestment in diverse entrepreneurs block progress. We support those who are working to eliminate such barriers through collaborative economic and community development efforts, including advocacy for policy change.The George Gund Foundation limits capital grants for construction or renovation to projects that seek U.S. Green Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) certification. |