Ten nonprofits serving young people in Detroit will get an unusual, lasting gift as part of a campaign started by Lisa Ford and her husband, Bill Ford, the executive chairman of Ford Motor Co.
Endowments are funds a nonprofit can invest and the annual financial returns from those investments can go into the nonprofit’s budget.
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.
The Children's Foundation will manage the nonprofits’ endowments and offer them guidance and technical support over two years.
Lisa Ford said the idea for creating endowments for youth nonprofits evolved out of their commitment to supporting a robust and vibrant future for the city and the automotive industry.
Persons:
Lisa Ford, Bill Ford, ’ ”, Andrew Stein, ”, ” Ford, Todd Ely, Ely, ” Ely, Meadow Didier, Stein
Organizations:
Ford Motor Co, Children’s Foundation, Michigan Central, Children’s Hospital of Michigan, Harvard, Foundation, Children’s, Endowments, Internal Revenue Service, University of Colorado, Nonprofit Finance Fund, Children's, Ford, Associated, Lilly Endowment Inc, AP
Locations:
Detroit, Michigan, University of Colorado Denver