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The Fund for Our Economic Future is an informal collaboration of philanthropic organizations and individuals that have united to strengthen the economic competitiveness of Northeast Ohio through grantmaking, research and civic engagement.
Beginning in 2004, the Fund is a response to the forces of global economics that have made regions the central economic unit of the 21st century. Regions, not individual communities, must be able to compete for business investment and jobs in the global economy. The mission of the Fund is to improve the 16-county region of Northeast Ohio's (the Cleveland Plus region) ability to compete in the global economy. |
Cleveland Foundation President Ronn Richard (left) discusses the work of JumpStart with the nonprofit's president Ray Leach at the Fund's 2007 annual meeting. |
The Fund's members have raised more than $60 million and the majority of its charitable grantmaking by its members has gone to regional economic development organizations that work to start, accelerate, attract, and grow companies in the region.
In addition, the Fund works with partners in Advance Northeast Ohio, the region's economic action plan, to develop and implement regional strategies that address four key priority areas of Business Growth & Attraction; Talent Development; Growth Through Racial & Economic Inclusion; and Government Collaboration & Efficiency.
The Fund began its second, three-year phase in early 2007. All members of the Fund that commit to make grants of at least $100,000 to grantees approved by the collaboration are eligible to vote on how the Fund allocates its resources. The Fund members vote on grants and other matters quarterly.
The Fund is not a legal entity. Rather, its members agreed to collaborate to support a select number of initiatives that acheive the objectives of Advance Northeast Ohio. The Fund's leadership team and numerous representatives from member organizations work with the Fund's small staff to oversee grantmaking by its members, research and civic engagement.
This informal collaborative effort began in April 2003, when a group of foundation representatives met to discuss how they might collaborte to more effectively make grants to 501(c)(3) organizations located in Northeast Ohio for the purpose of strengthening the region's economy. Given the magnitude of the needs and the scarcity of resources, they discussed ways to ensure maximum effectiveness and efficiency through leveraged collaborative grantmaking, research and community engagement. The foundations agreed that they could make a greater impact by directing their individual grantmaking resources to a small number of high-quality 501(c)(3) organizations (rather than through a scatter-shot aproach of funding many 501(c)(3) organizations in isolation from ne antoher). Having experienced how successful collaborative grantmaking can be, a determination was made to create a more permanent structure. Consequently, the particpants incorporated The Fund for Our Economic Future of Northeaast Ohio on July 22, 2009, and are making application to the Internal Revenue Service for tax-exempt status. The Fund for Our Economic Future of Northeast Ohio expects to continue the momentum started by the experimental collaboration and to fund some of the same charities previously funded by the separate grants of the foundations, individuals, and corporations participating in the collaboration.
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