40 Years in the Making:
How Place-Based Impact Investments Allowed One Foundation to Realize the Vision of Two Extraordinary Women
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- Sydney England, LOCUS Client Development Manager, interviews Sherry Magill and Chris Crothers of the Jessie Ball duPont Fund.
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Ms. Jessie Ball’s fortunes changed in 1920. It was during this year that Jessie, having returned to her childhood home in the Northern Neck of Virginia, reconnected with a long-time friend Mr. Alfred I. duPont – of the distinguished duPont Family.
Shortly thereafter, the two wed, and Jessie adopted the name that would become associated with enduring community philanthropy and commitment to place.
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Pictured: Fund President Sherry Magill (fourth from left) at the groundbreaking of the Jessie Ball duPont Center renovation. (Photo by Mary Kress Littlepage)
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Since her death in 1970, the Jessie Ball duPont Fund, a Jacksonville-based private foundation, has granted more than $350 million to nonprofits across the country – with the vast majority of those grant dollars going to communities that Ms. duPont once called “home.” Through good market fortune and prudent resource management, the Fund’s endowment has grown from a modest $48 million to $295 million – enabling the staff and trustees to think strategically about how best to serve the wishes expressed through Mrs. duPont’s will. –
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AICPA: Private Foundation Summit.
LOCUS
sponsored
American Institute of CPAs' (AICPA)
Private Foundation Summit in Washington, DC in June. This 2-day summit assembled 150 of the most innovative financial practitioners and thought leaders in philanthropy. The experienced faculty regularly mentioned the role of
program related investments (PRIs)
as another tool for foundations to further their charitable goals.
Ruth Madrigal
from
Steptoe & Johnson, LLP
,
Amy Robinson
from
The Kresge Foundation
, and
Christopher Knapp
from
Collaboration Capital
discussed the spectrum of impact investing options, motivations for impact investing, IRS examples of PRIs, and operational insights with PRIs. Kresge’s partnership with LOCUS was identified as an outsourcing option for PRI portfolio administration.
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LOCUS at Quincy, IL.
Deb Markley
and
Travis Green
were on the banks of the Mississippi in Quincy, IL, providing training to the
Community Foundation Serving West Central IL and Northwest MO
. Over two days, they shared a vision of rooted wealth with some of the region’s nonprofits, professional advisors, and potential donors, as well as the foundation’s staff, board, and committee members.
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REDPIN Wrap Up.
The final gathering of
REDPIN
(see spotlight) was held in Chaska, MN on June 18-20, 2018. Our nine foundation partners shared their progress advancing an economic development action in their regions and offered each other advice, resources, and support. Watch this space as LOCUS and
Aspen Institute Community Strategies Group
plan to share more on what the foundations accomplished and what we learned this fall.
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VCC surpassed a major milestone last year by creating $1 billion in project impact. VCC’s mission is creating jobs, energizing places, and fostering an enhanced quality of life for all Virginians. –
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The Carsey Center for Impact Finance
will be conducting research to identify strategies that would enable community foundations to more effectively market impact investing opportunities, including place-based investments, to their donors. If your foundation is interested in participating in the research, please contact
Michael Swack
for more details at
Michael.swack@unh.edu
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This
Democracy Collaborative
video demonstrates how hospitals and health systems can use tools such as place-based investment to address the root causes of poor community health. –
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The Center for Community Investment (CCI)
held a two-day learning community designed to help 14 multi-sector teams strengthen their local community investment system with the aim of making communities more cohesive, resilient, and environmentally sustainable. –
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Since 2011,
The Kresge Foundation
has made $70 million in guarantee commitments to support investments with positive social outcomes. Foundation CIO
Rob Manilla
explains how Kresge uses guarantees in a blog article. –
Read More
Or check out this Kresge video about using guarantees. –
Watch More
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The Department of the Treasury has certified
Opportunity Zones
for all states. Created by the new tax law, Opportunity Zones offer incentives for investors operating in certain low-income communities. The
Economic Innovation Group
shows what these areas look like and how they might benefit from the project. –
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The
W.K. Kellogg Foundation
announced a $10 million investment in the Battle Creek Small Business Loan Fund to provide capital and technical assistance to spark small business development and help entrepreneurs scale up local operations. –
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The Global Impact Investing Network (GIIN)
recently published the 8
th
edition of its
Annual Impact Investor Survey
. The report collects and assesses global data on the impact investing market and is comprised of insights from 229 of the world’s leading impact investors. –
Read More
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Where You'll Find the LOCUS Team
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Here is where you will find members of the LOCUS team in the coming months:
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July 15-19, Santa Fe, NM
Deb Markley, 2018 Fellow, will participate. (private event)
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July 16-18 Boston, MA
Teri Lovelace, Travis Green, and Don Macke are participants.
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Aug. 28-29 Minneapolis, MN
Bonny Moellenbrock is a panelist.
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Sept. 12-14 Tupelo, MS
Jane Henderson is a speaker.
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Oct. 14-16 Wichita, KS
Deb Markley and Don Macke will design and facilitate multiple sessions. LOCUS is a sponsor and panelist.
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Nov. 1-3 Chicago, IL
Teri Lovelace is a speaker and participant.
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Nov. 14-16 Asilomar, CA
Deb Markley is a participant.
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Encourage others to sign up for our mailing list and/or follow us on social media by forwarding this newsletter or by sharing the registration link!
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LOCUS Capital, Inc. is a Registered Investment Advisor Firm. Advisory services are only offered to clients or prospective clients where LOCUS Capital, Inc. and its representatives are properly licensed or exempt from licensure. LOCUS Capital, Inc. and its representatives do not furnish investment advice or services through this website. Past performance is no guarantee of future returns.
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