A
prominent Cleveland philanthropist has proposed a series of
major gifts to The Generation Foundation that would match
dollar-for-dollar all sizeable new contributions up to a total
of $10 million.
“This
is a once-in-a-lifetime opportunity to grow the Foundation into
a $20 million organization that will make a major impact in
funding regional nonprofits that focus on sustainable economic
development,” said President Glenn R. Brown.
Since
its inception in 1997, initiated by a $1 million grant from the
Cleveland Foundation funded by the P. K. Ranney Donor Advised
Fund, The Generation Foundation has made more than $1.7 million
in grants. Sixteen other funders have joined in supporting the
Foundation’s 87 grants. Grants from other public and private
sources to organizations for which the Generation Foundation was
an initial donor have exceeded $44 million.
“The
donor’s motive is to stimulate collaboration among the region’s
foundations, corporations and concerned citizens who recognize
that sustainable economic development, conservation of resources
and the development of alternative sources of energy is key to
continuing our region’s economic recovery,” said William R.
Seelbach, a Foundation Trustee and executive at The Riverside
Company. “This will create new jobs replacing those lost in the
manufacturing sector and raise the overall quality of life.”
“In
2001 at a City Club conference, we proposed that the Cleveland
philanthropic community should pool its resources and
collaborate in grant making to technology-based initiatives with
the ability to work catalytically in economic development,” said
Founding Trustee Peter K. Ranney.
As this idea caught on, one consortium of funders, the Fund for
Our Economic Future
has awarded more than $62 million in grants since
2004 to accelerate business growth in the region.
“What makes The Generation
Foundation unique, besides the huge leverage it has achieved, is
our Advisory Board – 22 community leaders representing the
corporate, academic, political and scientific sectors,” said
Board member Steven W. Percy, retired CEO of BP America. “This
group helps identify worthy grantees and evaluates their
proposals so that Trustees have in-depth critiques before
deciding on grant proposals.”
Groups chosen for funding by the
Foundation are typically entrepreneurial nonprofit start-ups
that have actionable ideas in some area of sustainability. Many
of these groups are almost invisible to the larger funding
community or may have not yet applied for any foundation
funding.
“The Generation Foundation makes
a lot of what you might call seed-capital grants, much like an
early-stage investor capitalist might do,” said Founding Trustee
Nancy McCann, President of the John P. Murphy and Kulas
Foundations. “The grantee might use our funds to prepare a
business plan or launch a demonstration project which would give
it both more credibility and a chance for other funding by major
donors.”
All Board members, including Heather B. Moore,
Owner of Heather Moore Jewery; Thomas M. Morley, President of
Lube Stop; and Tim Ryan, Trustee of the Fred A. Lennon
Charitable Trust; together with donor-volunteer Jeanette
Grasselli Brown and Executive Director Robert Miller are
beginning conversations with individuals and foundations who
support the Foundation’s mission and might like to immediately
double a grant or gift, or join in a leadership role.
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