Page 33 - 2024 January report

GRANT PROGRAM COMMITTEE MINUTES (DRAFT) (2) The following Matching grants were unanimously approved:
• Oakville Community Foundation • The Christie Foundation
• One More Child
• Hobe Sound Christian Academy • Nkwusm Salish Language School • First Peoples Fund
• National Indian Child Welfare Association • American Indigenous Business Leaders
• Native Forward Scholars Fund
• East Stroudsburg University Foundation
• Flagler College
$10,000 $10,000 $ 4,100 $ 4,000 $ 2,000 $ 500 $ 500 $ 500 $ 500 $ 250 $ 250
4. Letters of Inquiry
A list of LOIs and responses received since the September Grant Program Committee meeting had been circulated and these were discussed.
5.
Budget Items
a. Grant Distribution Plans
The 2023 Grant Distribution Plan, 2024 Grant Distribution Plan and 5-year projections had been circulated. Malcolm opened the discussion by noting that this is the first time the budget items are being presented by someone other than Dick, and he commended Dick for his many years of service to the Foundation.
Tommy explained that the 2023 Estimated Distribution Requirement stands at $10,531,045, which represents a slight increase of $8,170 from the September amount. The grants under consideration today, if approved, would bring the total distribution for 2023 to a favorable position of $10,533,537, or $2,492 above the EDR. In 2024, the EDR is projected to be $9,649,419.
It was noted that some of the new grants being considered for funding over the next few years are fairly large. Most multi-year grants are now being written so that payment can take place either in the calendar year specified in the agreement or by January 15th of the following year. There was also a concern expressed about the Disadvantaged focus area being above the funding target while the other 2 are below. An observation was made that this happens from time to time, and the focus area that is over target changes from year to year. This will continue to be monitored.
b. 5-year grant projections
In the 5-year projections, the EDRs for 2024-2027 have decreased significantly because of a decline in the markets in the latter part of 2023 and other factors. For 2024, the uncommitted funds have dropped to $194,259. A brief discussion took place about how the EDR is determined. The 990PF for the prior year determines the Required Distribution Minimum for the current calendar year.
The Committee approved the 2023 and 2024 Grant Distribution Plans and the 5-Year Projections as presented.
Page 31 HORIZONS