To all Springboard Foundation Members, Contributors and Friends:
It is with great pleasure that we report on another successful year for the Springboard Foundation. In 2004 we distributed approximately $270,000 in grants to 20 well deserving educational and after-school programs in Chicago. This brings total cumulative distributions in excess of $1.3 million since our inception in 1998. We thank all of our members, contributors and supporters who have helped us over the years and we enter 2005, our eighth year, with much momentum.
As you may know, we support grass roots educational and after school programs in some of the city’s most challenged neighborhoods. Our 40 active members make site visits to each program to interact with the children and measure the leadership capabilities of program directors and board members. We have learned that these leaders represent the most important ingredient of a successful program and we look to fund the most promising individuals. Over the past twelve months, Springboard members visited with 18 previously funded programs and made initial visits to 12 new programs. We dedicate a team of our members to monitor each program, ensure that our funds are well spent, and confirm that the program is progressing according to plan. Analogous to a venture capital fund, Springboard makes multi-year grants to those programs that it believes will succeed long-term and be better positioned for eventual funding from larger pools of capital.
Of the 20 programs Springboard supports this year, 16 were funded previously and 4 are first time awards. Grants range from $5,000 to $20,000. Because our grantees have an average budget of approximately $200,000, we believe we are making a meaningful contribution to these programs and, in many cases, we represent their largest award.
Springboard thrives on the support and hard work of its 40 members and many outside givers. Most of our funding comes from our members but we enjoy additional contributions from friends, family members, foundations and corporations who have an affiliation with Springboard or one of its members. This additional support is vital to our growth and we thank all who have contributed. Importantly, all of our administrative expenses are underwritten by our membership so that 100% of contributions from outside supporters can be invested directly into the community.
In addition to funding, an important aspect of the Springboard relationship is our access to outside service providers. Financial aid can only go so far. The programs that Springboard supports are small and many times need help with board development, strategic planning, fundraising, technology implementation, accounting and marketing. As a supporting organization of The Chicago Community Trust, we rely on Trust personnel and resources to assist us and our grantees. We have established a “Springboard Management Suite” that consists of leading non-profit service providers who offer expertise in areas that are vital to our grantee’s development and growth.
We recently conducted our annual roundtable, which all of our grant recipients attended to hear from our newest Management Suite member, Connie Evans of WSEP Ventures. WSEP Ventures is a non-profit organization built on a dynamic business model that creates social impact while contributing to organizational and financial sustainability. WSEP Consulting advises not-for-profit clients who wish to build capacity and sustainability to provide market-based solutions for neighborhood challenges. We offer our grantees financial support to hire Management Suite providers like WSEP Ventures, so that our monetary contributions can be leveraged with organizational-building expertise.
Earlier this spring we held our annual dinner for members, grantees, outside givers and others interested in Springboard to share our efforts and plans. The event was generously hosted and underwritten by The Northern Trust. We had an interesting program that featured a panel of distinguished Chicago philanthropists: Lester Crown, chairman, Henry Crown and Company; Sandra Guthman, president and CEO, The Polk Bros. Foundation; and Donald Stewart, president and CEO, The Chicago Community Trust. Lively discussion between the panel and the audience focused on the state of philanthropy in Chicago today, developments within the Chicago public school system, the need for independent children’s programs and how young professionals can get involved.
At the onset of this year, we undertook an internal investigation of our organization to better establish our strategic direction going forward. With the assistance of the Executive Service Corps, we honed in on four initiatives: 1) confirming our mission and structure, 2) increasing internal and external fundraising, 3) better evaluating our grant recipients, and 4) partnering with other organizations who share our vision. With full participation by our membership, we now have a blueprint for continued success. Furthermore, we have implemented regular leadership succession with a rotational program and commitments by members for the next several years. Look for ongoing reports on our progress in these important areas.
Springboard 2005 will be led by Mark Fuller, President, and Steve Kaiser, Vice President. We thank the ongoing support of our Board of Directors: Prudence Beidler, community leader and a member of The Chicago Community Trust Board of Directors; David Coolidge, Vice Chairman of William Blair & Company; Richard Driehaus, Founder and Chairman of Driehaus Capital Management and Jim Glasser, Chairman of the Chicago Community Trust. Mark Fuller, Steve Kaiser and Doug Mabie, Springboard Founder, will also serve on the Board of Directors in 2005.
Finally, we leave you with our new and improved mission statement:
The mission of Springboard Foundation is to provide financial and intellectual capital to selected, “grass roots” charitable programs that are focused on improving the lives of needy children, their families and their communities in the greater Chicago area. In fulfilling this mission, the Foundation also benefits the community by training its members in the workings of successful philanthropy so that they may also provide critical leadership to our society with charitable causes outside the immediate focus of Springboard.
Our most important mission, though, is to assist the thousands of children touched by our grantees each day. Please join us or visit www.springboardfoundation.org.
Many thanks,
Keith Olson and Mark Fuller
