Bill Ford, executive chairman of Ford Motor Co., and his wife Lisa Ford are raising $10 million to help ten Detroit nonprofits serving young people start endowments. Lisa Ford said Tuesday that the campaign comes alongside Ford's investment in the refurbishment of the long abandoned rail station in Detroit, Michigan Central Station.
FILE - The abandoned Michigan Central Depot train station in Detroit is shown on Jan. 21, 2010. Bill Ford, executive chair of Ford Motor Co., and his wife Lisa Ford are raising $10 million to help ten Detroit nonprofit organizations that serve young people start endowments. Lisa Ford said the campaign comes alongside Ford’s investment in the refurbishment of the long abandoned train station. The Michigan Central Station is seen Monday, March 18, 2024, in Detroit.
Endowments are funds a nonprofit can invest and the annual financial returns from those investments can go into the nonprofit’s budget. They are usually associated with major hospitals and universities — withfamously reaching over $50 billion — rather than small community nonprofits. Detroit-area nonprofits may apply in June, when Michigan Central Station will reopen, and ten selected organizations will each receive $500,000 to launch an endowment.
“I was just blown away by these people who had ideas and deep feelings about how to help children in Detroit,” she said, explaining that part of the satisfaction of the campaign was bringing in other donors. “The whole idea of Michigan Central is collaboration and inclusivity. So it wasn’t something we wanted to do by ourselves. We would never have thought of it that way.”
Endowments are relatively rare among charitable nonprofits, with only slightly more than 10% reporting to the Internal Revenue Service that they have one. Research from Todd Ely, associate professor at the University of Colorado Denver, and his coauthors found that larger, older nonprofits and certain types like universities, hospitals, land trusts and arts institutions are more likely to have endowments.
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