Fremont Area Community Foundation
- Assets
- $269.0m
- Revenue
- $14.9m
- Investments
- $255.0m
- Employees
- 24
- Location
- Fremont, MI
- Founding
- 06/1957
- Data as of
- 12/2023
- EIN
- 38-1443367
Organization Overview
Fremont Area Community Foundation is located in Fremont, MI. The organization was established in 1957. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Fremont Area Community Foundation employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fremont Area Community Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Fremont Area Community Foundation generated $14.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $10.7m during the year ending 12/2023. While expenses have increased by 0.8% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Fremont Area Community Foundation has awarded 1,423 individual grants totaling $91,600,721. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE THE QUALITY OF LIFE FOR ALL PEOPLE OF NEWAYGO COUNTY AND SURROUNDING COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
POVERTY TO PROSPERITY WORKS TO REDUCE THE IMPACT OF POVERTY ON THE COMMUNITY IN NEWAYGO COUNTY, MICHIGAN BY PROVIDNG GRANTS TO CHARITABLE ORGANIZATIONS FOCUSED ON THE DEVELOPMENT OF SELF-SUFFICIENCY, BUILDING SOCIAL CAPITAL AND THE EMPOWERMENT OF INDIVIDUALS AND FAMILIES TO THRIVE LONG-TERM.
COMMUNITY RESPONSIVE GRANTMAKING: ADMINISTERING AND DISTRIBUTING FUNDS RECEIVED EXCLUSIVELY FOR CHARITABLE PURPOSES THROUGH GRANTS TO NONPROFIT ORGANIZATIONS THAT PROVIDE SERVICES FOR THE BENEFIT OF THE PEOPLE OF NEWAYGO COUNTY, MICHIGAN AND THE SURROUNDING AREA OF WESTERN MICHIGAN. CATEGORIES OF FUNDING INCLUDE CHARITABLE PURPOSES ACROSS MANY SECTORS, INCLUDING BUT NOT LIMITED TO HEALTH, EDUCATION, COMMUNITY DEVELOPMENT, AND SERVICES TO VULNERABLE POPULATIONS.
THE EDUCATION PROGRAM WORKS TO DECREASE THE IMPACT OF POVERTY ON THE COMMUNITY IN NEWAYGO COUNTY BY INCREASING THE EDUCATION LEVEL OF THE COMMUNITY AT LARGE. GRANTS ARE PROVIDED TO CHARITABLE ORGANIZATIONS FOCUSED ON FUNDING KINDERGARTEN READINESS, STEAM, LITERACY, AND REMEDIATION ASSISTANCE. FUNDING ALSO SUPPORTS EDUCATIONAL SCHOLARSHIPS AND TUITION ASSISTANCE TO STUDENTS IN NEWAYGO COUNTY, AND WEST MICHIGAN COMMUNITY.
COMMUNITY DEVELOPMENT PROGRAM WORKS TO DECREASE THE NEWAYGO COUNTY UNEMPLOYMENT RATE BY DISTRIBUTING GRANTS TO CHARITABLE ORGANIZATIONS FOCUSED ON PROVIDING EDUCATION, CERTIFICATIONS, TRAINING AND EMPLOYMENT OF A SKILLED WORKFORCE, ALONG WITH EFFORTS TO SUPPORT DEVELOPMENT OF SMALL BUSINESSES AND ENTREPRENEURSHIP DEVELOPMENT WITHIN THE COMMUNITY OF NEWAYGO COUNTY. THE PROGRAM AIMS TO INCREASE OVERALL BUSINESS CAPACITY BY DEVELOPING LOCAL ECONOMIC PARTNERSHIPS AND UTILIZING COMMUNITY RESOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Vice Chair | OfficerTrustee | 1 | $0 |
Name Not Listed Chair | OfficerTrustee | 1 | $0 |
Name Not Listed Secretary | OfficerTrustee | 1 | $0 |
Name Not Listed Treasurer | OfficerTrustee | 1 | $0 |
Name Not Listed Trustee | Trustee | 1 | $0 |
Name Not Listed Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $1,750 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $247,139 |
| Government grants | $1,250,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,217,194 |
| Noncash contributions included in lines 1a–1f | $65,450 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,716,083 |
| Total Program Service Revenue | $339,016 |
| Investment income | $7,616,960 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $82 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,191,036 |
| Net Income from Fundraising Events | $457 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,863,634 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,628,390 |
| Grants and other assistance to domestic individuals. | $701,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $619,801 |
| Compensation of current officers, directors, key employees. | $485,490 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,146,392 |
| Pension plan accruals and contributions | $69,622 |
| Other employee benefits | $227,026 |
| Payroll taxes | $119,937 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,256 |
| Fees for services: Accounting | $26,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $191,215 |
| Fees for services: Other | $48,009 |
| Advertising and promotion | $11,719 |
| Office expenses | $118,555 |
| Information technology | $120,094 |
| Royalties | $0 |
| Occupancy | $132,669 |
| Travel | $31,923 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $51,323 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $84,821 |
| Insurance | $10,286 |
| All other expenses | $0 |
| Total functional expenses | $10,675,286 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $784,047 |
| Savings and temporary cash investments | $2,358,043 |
| Pledges and grants receivable | $3,208,922 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,600,219 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $34,644 |
| Net Land, buildings, and equipment | $1,008,967 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $254,970,932 |
| Investments—program-related | $1,901,955 |
| Intangible assets | $0 |
| Other assets | $116,169 |
| Total assets | $268,983,898 |
| Accounts payable and accrued expenses | $590,933 |
| Grants payable | $4,245,787 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $147,130 |
| Total liabilities | $4,983,850 |
| Net assets without donor restrictions | $261,956,160 |
| Net assets with donor restrictions | $2,043,888 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $268,983,898 |
Grants Awarded
Over the last fiscal year, Fremont Area Community Foundation has awarded $7,456,212 in support to 130 organizations.
| Grant Recipient | Amount |
|---|---|
ALLEN EDWIN HOMES PURPOSE: Grant made to help create and preserve affordable housing in Newaygo County. Demand estimates indicate a need for up to 500 affordable rental units and up to 300 affordable for sale units in Newaygo County. Challenges for affordable housing are rising construction costs, high interest rates and limited local development capacity. Projects target homeowners or renters with incomes between 60% - 120% area median income (AMI) according to current federal income limits. All assisted housing units must be attainable to and occupied by income-eligible households. Grantees must commit to maintaining affordability of the assisted housing units for a period of no less than 10 years for rental units and 5 years on for-sale units beginning with the disbursement of grant. These grants stimulate housing development within our strategic framework of philanthropic priorities. | $150,000 |
ALL SAINTS CHURCH PURPOSE: Cemetery Maintenance, Support Childcare Center, Operating and Program Support | $6,700 |
AMERICAN RED CROSS PURPOSE: Home Fire Campaign and Blood Saves Lives Community Program | $10,000 |
ARBOR CIRCLE CORPORATION PURPOSE: Prevention Services for High Risk Youth | $36,120 |
ARTS CENTER FOR NEWAYGO COUNTY PURPOSE: General Operating and Program Support, Strategic Planning, Program and Operating Support, Grand Rapids Ballet at the Dogwood | $378,600 |
BALDWIN COMMUNITY SCHOOLS PURPOSE: Speaker Fees; Academic, Behavior, Conscious Awareness Gardening Project | $15,006 |