Elmer L. & Eleanor J. Andersen Foundation 2017 President’s Report

The year 2017 marked the 60th Anniversary of the Elmer L. & Eleanor J. Andersen Foundation.

The social justice grantmaking program continued in the area of political power and process with the final $25,000 installment of a 2 year, $50,000 grant to Minnesota Voice to advance the goal of increasing voter engagement of under-represented and marginalized communities in the Twin Cities area. Sina Black, Executive Director, presented to the board on the We Vote MN Fellows program, which provided infrastructure for coordinating, planning, and management of a coalition of 20 organizations serving people of color. Voters contacted through the coalition voted at a higher rate than the statewide average.

In the environmental justice area, the Board determined a goal to change public attitudes across diverse Minnesota communities to address climate change. A two year, $50,000 grant was awarded to Conservation Minnesota which outlined plans for environmental justice efforts both internally and among diverse Minnesota communities. The first installment of $25,000 was paid.

The Center for Earth, Energy and Democracy submitted the final report on a three-year, $75,000 grant in 2013, which marked the completion of the Twin Cities Environmental Justice Atlas project. Since 2011, the Foundation has invested $137,000 in the project and the board was pleased to see the success.

Increased board dissatisfaction with the management of the SRI Fund led to identification and evaluation of potential replacement investment management companies. By the end of the 2017 fiscal year, the President and Administrator were prepared to recommend a change in management of the SRI fund.

Internal Foundation developments include the retirement of Mari Oyanagi Eggum at the end of the year after 20 years as Foundation Administrator. A celebration was held at The Lexington to honor her contributions and was attended by board members, nonprofit representatives, partners of the Foundation, family and friends. It was also an opportunity to welcome the new foundation administrator, Kate Lawson. Kate worked alongside Mari during a transitional period. Mari and Amy Andersen attended the Council on Foundations Annual Conference in Dallas, TX. Highlights from the conference included sessions focused on civility and philanthropic practice.

In addition to the social change grants, grant payments of note include a $4,000 third year payment on a five-year $20,000 grant to the University of Minnesota Foundation supporting the acquisition of the Whittington Press collection by the University of Minnesota Libraries. The Metropolitan State University Foundation was awarded a grant of $5,000 in support of the Masters in Advocacy and Political Leadership program.

Also, the Real Change Homeless Empowerment Project in Seattle received the second of three $8,000 payments for general operations. The Anoka Technical College Foundation received the final $3,000 payments for scholarships.

Net assets of the Foundation increased from $4,924,827.81 (from unaudited fiscal summary) in 2016 to approximately $5,538,568.79 (from unaudited fiscal summary) in 2017. The net increase was $613,740.98 or 12.46%. This performance was in alignment with benchmarks and is a positive year for the investment goal of creating stable, long term value growth that provides capacity for general foundation activities.

During the same period, 90 grant payments totaling $183,000 were sent to community organizations. Expenses were $88,399.50 or 1.79% of beginning assets. The total value increase including expenses and grants was approximately $885,140.48 (from unaudited financial summary) or an increase of 17.97%. This compares to a total increase of 2.41% in 2016.

Anticipated in 2018 are improved management of the SRI Fund, adoption of a goal and a grant awarded in the area of civil and human rights, continued retooling of internal financial reports, and continued documentation and refinement of Foundation procedures.

 

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