Please read the memo and click I Accept to access the FundWeb log in.

MEMO 8/5/2010

TO: Advisory Committee Members
FROM: Ritchie Houge, Vice President for Philanthropic Services

Greetings!

Congratulations to all component funds, volunteers and donors, for another successful year. During FY 10, ending June 30, 2010, component funds received $1,154,982 in contributions and made 319 grants totaling $826,502.91.

This is the fourth year in a row that component fund grants exceeded $800,000. This is a remarkable effort during difficult financial times and speaks very well of your long-term commitment to making northwest Minnesota a better place to live and work.

FY 11 Endowment Fund Distributions and Administrative Fees
The Foundation completed the FY 11 endowment fund distributions and FY 10 administrative fee assessments at quarter end June 30. Your current printed financial statements and FundWeb financials reflect these activities.

Your assistance and cooperation in getting through the economic turmoil of the past 18 months has contributed to the improvement in the market value of our funds. As a result, NMF approved endowment distributions from more funds for FY 11 (July 1, 2010) using a three tiered distribution formula.

FY 10 Investment Returns
We are happy to report that investment returns for FY 10 rebounded with endowed funds seeing a 9.39% return and spendable project funds 5.24%. Both returns met our investment policy guidelines.

Professional Advisor Workshop
Special thanks to the fund advisors that participated in the Professional Advisor workshop in Crookston last month. We also want to thank Bremer Banks and Bremer Investment Management and Trust, the Minnesota Real Estate Foundation, and consultants from GivingPoint, who were our partners for the great program. We look forward to making this an annual program.

New Look FundWeb
We have moved the acceptance button for FundWeb usage Terms and Conditions directly to the FundWeb login page for your convenience. Important new messages regarding Terms and Conditions will be posted on this page. You must indicate that you have reviewed those terms and conditions every time you access FundWeb in the check box provided.

To make FundWeb access easier for users, the FundWeb page will be linked from the home page in our website update, which is now in the design phase. Please look for this change in the near future.

Thank you,
ritchh@nwmf.org
Ritch Houge
 

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