Page 20 - January 2023 Report

January Report 2023
Grant Program Committee meeting minutes (draft) (2)
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 2022 Grant Distribution Plan, 2023 Grant Distribution Plan and 5-year projections had been circulated. The 2022 Estimated Distribution Requirement stands at $11,122,065 which represents a decrease of approximately $45,000 from the September amount and a decrease of about $53,000 from the March amount of $11,220,000. Dick stated that this was the result of receiving the remaining K1s late in the year, which is a normal occurrence, as well as obtaining Audit & Risk Committee approval. He reminded the Committee that in addition to the grants, any grant-related expenses are counted as grants towards our minimum required distributions. However, the Grant Distribution Plan does not include grant related expenses. That total will be finalized at the end of the year.
The 2022 amount awarded to the UPS scholarship was intentionally underestimated by about $20,000 and to the State University System of Florida by $10,000. This was done to prevent over awards, which has happened in the past. The remaining amounts due will be paid by the end of the year.
b. 5-year grant projections
The Estimated Distribution Requirement is projected to decline in 2023 and 2024 before increasing again in 2025 and 2026. Among the reasons is that the investments are updated each time these totals are calculated, and there was a downward trend in investment returns earlier in the year. Recently Buzz has been reviewing these figures in addition to staff, which has been beneficial. Dick was asked whether the EDR is still based on 5% returns. Since March 2022, the projections have been based on 5% plus the average Consumer Price Index for the prior 5 years, which is 7.76%. Because of positive gains in October and November, JSF’s assets are back in the range of $251 million. However, that is still down from the high of $289 million in December of 2021. JSF is on track to end the year with about $300,000 underspent, which a prepayment to Palm Beach Atlantic could alleviate.
c. FPN Summit sponsorship
A sponsorship prospectus from the Florida Philanthropic Network had been circulated. JSF is a long-standing member of FPN and has sponsored the organization’s annual Summit for the past two years. The Committee was asked to consider a $10,000 grant to sponsor the 2023 Summit in Orlando, Florida. There was agreement that there is value in JSF’s membership in FPN, and the Summit is a worthy event.
The Committee approved a grant to the Florida Philanthropic Network in the amount of $10,000 for sponsorship of FPN’s 2023 Summit.
The Committee approved the 2022 and 2023 Grant Distribution Plans and the 5-Year Projections as presented.
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