Power Couple’s Mission: Fueling Detroit Youth with $10M Endowments
Staff Editor Detroit’s Youth Nonprofits Secure Long-Term Support
In a city known for its resilience and determination, Detroit’s young people are about to receive an extraordinary gift that will have a lasting impact. Lisa Ford and her husband, Bill Ford, the executive chair of Ford Motor Co., have spearheaded a campaign to raise a minimum of $10 million to establish permanent endowments for ten nonprofits in Detroit. These endowments will provide vital financial support to organizations dedicated to serving the city’s youth for years to come.
The announcement of this innovative initiative, made in collaboration with The Children’s Foundation, marks a significant milestone in Detroit’s ongoing revitalization efforts. The Fords’ commitment to supporting the city’s future is exemplified by their decision to create endowments that will ensure the sustainability of organizations that play a crucial role in the lives of thousands of young people every day.
Endowments, a relatively uncommon funding mechanism for charitable nonprofits, offer a stable source of income generated through investments. By setting up endowments for these youth-serving organizations, the Fords are not only investing in Detroit’s future but also signaling their belief in the importance of long-term financial planning for nonprofits.
The Children’s Foundation will oversee the management of the endowments and provide guidance and technical assistance to the selected nonprofits over a two-year period. Additionally, the campaign will match up to $500,000 raised by each nonprofit, potentially tripling the initial endowment amount to $1.5 million. This financial boost will enable the organizations to expand their programs and reach even more young people in need.
The decision-making process for selecting the nonprofits that will benefit from these endowments will involve the community, ensuring that the voices of those directly impacted by these organizations are heard. Meadow Didier, director of consulting for Nonprofit Finance Fund, underscores the importance of considering different types of endowment structures, such as quasi-endowments, to provide flexibility to nonprofit leaders in accessing funds when needed.
As Detroit continues its journey of transformation and renewal, the establishment of these endowments represents a significant milestone in securing a brighter future for the city’s youth. By investing in the long-term sustainability of youth-serving organizations, Lisa and Bill Ford are not only leaving a lasting legacy but also setting an inspiring example of philanthropic leadership for others to follow.
