Community Foundation assets pass $60 million

Posted on December 5, 2016

A $2.5 million gift from a private foundation conversion and continued strong investment performance has helped push the total assets of the Community Foundation of St. Clair County past the $60 million mark.

The multi-million gift came from the conversion of a private foundation that provided grants in and around the City of St. Clair, Michigan. Franklin Moore, one of the trustees of the private foundation, said, “We felt it was time to close our private foundation and turn over the assets to our community foundation.  Their strong track record of investment performance and community impact will allow these assets to continue improving life in our community for generations to come.”

Donna Niester, board chair of the Community Foundation, said, “We’re honored every time a donor chooses to trust the community foundation with such a significant gift. This gift, along with hundreds of other gifts both large and small, will total almost $5 million this year.” 

Niester added that in 2015 the community foundation received gifts of more than $5.9 million.

The Community Foundation’s assets have also been bolstered by investment returns which continue to outperform national averages. 

According to the Council on Foundations, the average community foundation in America had year-to-date investment returns of 6.5 percent for the period ending September 30, 2016.  The Community Foundation’s investment returns were 7.85 percent for the same time period. The community foundation’s returns for the trailing three years of 7.77 percent and five years, 11.11 percent also significantly outperformed the national averages of 4.7 percent and 8.6 percent respectively.

“Our investment approach is consistent, fairly simple and donor focused,” said Randy Maiers, president & CEO of the Community Foundation. “We don’t try to hit home runs with our investments and we avoid getting caught up in national or world events.  We try to remember that we’ve been in business for 72 years and we have an extremely long-term strategy.”

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