Friday, July 30, 2021

Kalamazoo Foundation for Excellence Receives $400 Million Gift

As we enter the weekend, here is some news that makes the heart glad:

The City of Kalamazoo, Michigan, has announced a $400 million endowment gift to the Kalamazoo Foundation for Excellence (FFE) from longtime residents who wish to remain anonymous.

Created in 2017 by the city commission to stabilize the city's budget, lower property taxes, and address poverty, the foundation aimed to raise a total of $500 million by 2019. The new commitment, to be funded over a ten-year period, will establish a $500 million endowment and enable the city to balance its budget, maintain the 2017 property tax decrease for home and business owners, and support projects that address intergenerational poverty, economic development, parks improvements, youth development, affordable housing, and neighborhood infrastructure.

Speaking upon the announcement of commitment, Kalamazoo city manager and FFE co-founder and board president, Jim Ritsema, stated:  "This remarkable gift is like none other. This is to our knowledge the largest gift in history to support a municipality."

"It is my hope," said Kalamazoo mayor, David Anderson, "that FFE can serve as a model to transform how we live together in community in a way that gives all of us more hope for the future."

FFE was launched with an initial donation of $70.3 million from William Johnston, head of the Greenleaf Cos., and William Parfet, retired chairman and CEO of MPI Research Co. The foundation has since received gifts including $57 million and $28.2 million from the Stryker Johnston Foundation. To date, the foundation has invested more than $120 million in support of efforts to address needs and projects identified by residents.

Prof. Vaughn E. James, Texas Tech University School of Law 

https://lawprofessors.typepad.com/nonprofit/2021/07/kalamazoo-foundation-for-excellence-receives-400-million-gift.html

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