| Supplemental - Prior Year 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 seven outstanding program-related investments at December 31, 2019.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; 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, 2019. Interest income of $65,700 was received in 2019. The last financial report received was dated March 20, 2020 for the year ended June 30, 2019. A loan of $2,000,000 was made on July 28, 2010 to University Circle Incorporated* which will 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 $78,856 were made in 2019. Interest income of $10,425 was received in 2019. The last financial report received was dated October 22, 2019 for the year ended June 30, 2019.A loan of $2,000,000 was made on December 15, 2010 to Museum of Contemporary Art* which will 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. In accordance with the Second Amendment to the Loan Agreement, no principal payments were made and no interest was received in 2019. The last financial report received was dated January 16, 2019 for the year ended July 31, 2019.An investment of $25,000 was made on April 25, 2011 to Noteworthy Federal Credit Union which will be used to make additional funds available for purposes of generating loans to individuals in the musical profession. Interest income of $430 was received in 2019 and increased the principal. The last financial report received was dated December 9, 2019 for the period ended September 30, 2019. 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 will be used to revive and strengthen the manufacturing sector in Northeast Ohio. Principal payments of $86,462 were made in 2019. Interest income of $3,908 was received in 2019. The last financial report received was dated October 31, 2019 for the year ended June 30, 2019.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. The full amount of the loan was unpaid at December 31, 2019. Interest income of $18,155 was received in 2019. The last financial report received was dated April 1, 2020 for the year ended December 31, 2019.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 $61,410 were made in 2019. Interest income of $3,140 was received in 2019. The last financial report received was for the year ended December 31, 2019. 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, an example and a leader in Ohio, 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, and environmental justice 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. |