The investment process is driven by a board-appointed Investment Committee, a group of dedicated volunteers with many years of collective experience in investment management. The Investment Committee oversees the management of assets of the foundation available for investment.

The committee works with Crewcial Partners LLC, a consulting firm specializing in endowments. The consultant provides expert guidance on asset allocation, manager selection, performing reporting, and other special projects as requested. Quarterly meetings are held with the Investment Committee and Crewcial Partners LLC where asset allocations, market, manager, and portfolio performance are reviewed.

Founded in 1980, Crewcial Partners is located in New York, N.Y. Their clients include some of the nation’s largest community foundations.

Together we grow the good is at the heart of Crewcial Partners. The firm’s leadership is a diverse team that actively pursues better results by building portfolios that capitalize on diversity by ethnicity, gender, age, and location. Their commitment to equity began eight years ago and has provided a front-row seat to the ongoing challenges and barriers to entry faced by diverse managers.

As a long-term investor, the following issues are significant factors in the prudent allocation of the foundation’s portfolio assets:

• In order to achieve a rate of return that will support the distribution policy while protecting the assets from inflation, the foundation must be willing to take some investment risk with respect to the endowment portfolio.
• The most effective way to establish an appropriate volatility level for the portfolio is through its asset allocation (i.e. stocks, bonds, cash).
• The foundation has adopted a strategic long-term asset allocation for the portfolio. Over time, the portfolio will remain invested in percentages that are fairly close to those called for in the strategic allocation.
• The foundation strongly believes in the long-term benefits of diversifying its portfolio into a number of different asset classes and investment strategies. While each asset class and strategy is carefully selected, the focus of the investment process is always on the overall portfolio.

Our objective is to preserve or enhance the real, inflation-adjusted purchasing power of the endowed funds while producing a relatively predictable and stable payout stream that is maximized over the long run. The foundation considers an endowment fund to be an institutional fund, or part thereof, that under the terms of a gift instrument is not wholly expendable by the foundation on a current basis.

The aim is to earn a sufficient long-term return to preserve the purchasing power of the assets, after withdrawals; and to earn this return with as little volatility as possible.

The long-term expected annual return should at least equal the sum of distributions, inflation, administrative costs, and management fees. Based on a current assumed inflation rate of 3% and median spending of 5%, the long-term objective for the portfolio is to earn a return of at least 8%. Given that this benchmark is not directly related to market performance, success or failure in achieving this goal should be evaluated over seven to ten years.

To better align non-endowed funds with related grantmaking objectives, the board has established a cash pool in which non-endowed funds are invested.  The cash pool is invested in a money market account.

In determining the amount of the fund to be spent, the foundation shall determine what is prudent for the uses, benefits, purposes, and duration for which the fund is established. The amount to be spent from an endowment fund each year is calculated within a range of 4.5% to 5.5% of the average of the fair market value of the fund over the previous 20 trailing quarters ending September 30 of the immediate prior year. The distribution amount is used for both the amount available to grant from each fund, as well as administrative fees charged to each fund. Amounts available to grant are calculated by subtracting the administrative fee from the total calculated distribution amount.

For new funds, distributions are available in the first fiscal year following the fund’s one-year anniversary and will be calculated within the range of 4.5% to 5.5% of the trailing average of the number of quarters the fund has been in existence until it reaches 20 quarters.

For funds with donor-imposed restrictions that limit distributions to interest and dividends, the valuation period is 12 months ending September 30 of the prior year.

On May 13, 2016, the Foundation for Flint was established to assist in Flint’s emergency and recovery from the water crisis. A 501(c)3 public charity, the Foundation for Flint raises and distributes resources to serve the long-term health and development needs of Flint children and their families through the Flint Kids Fund.
 

2024 Foundation for Flint Form 990

Foundation for Flint Board of Directors

• Leanne Panduren, Chair
• Dr. Bobby Mukkamala
• Mark Piper
• Manal Saab
• Shannon White
• George Wilkinson
• Mark Miller, Ex-Officio
• Dan Kildee, Ex-Officio

In 2000, the Foundation for Flint Cultural Center Corporation was established to administer a grant from the Charles Stewart Mott Foundation that benefits the Flint Cultural Center organizations – the Flint Cultural Center Corporation, Flint Institute of Arts, and Flint Institute of Music.

2024 Foundation for Flint Cultural Center Form 990

Foundation for Flint Cultural Center Board of Directors

• Sherri Stephens, Chair
• Jim Cummins, Vice Chair
• Raymond Kelly, Secretary
• Lennetta Coney
• Jim Johnson (FCCC appt)
• John Koegel (FIM appt)
• Thomas Lillie
• Michael Melenbrink (FIA appt)
• Mark Miller, Ex-Officio
• Dan Kildee, Ex-Officio

In 2017, Flint Kids Learn was established to support increased access to high-quality, year-round early childhood education in Flint. Flint Kids Learn administered a $9 million grant from the Charles Stewart Mott Foundation for the construction of a new, state-of-the-art early childhood education center, Educare Flint. The new center represents the latest effort by local organizations to expand such access for Flint children.

2024 Flint Kids Learn Form 990

Flint Kids Learn Board of Directors

• Greg Veiner, Chair
• Dr. Mona Hanna-Attisha
• Dr. Bobby Mukkamala
• Mark Miller, Ex-Officio
• Dan Kildee, Ex-Officio