2019 ANNUAL REPORT
Letter from the President & Board Chair
As we release this 2019 Annual Report, Colorado and the nation are in the throes of a global pandemic and an overdue reckoning for racial justice. Yet even in the face of current upheaval — and possibly even more so, because of it — we know it is important to reflect on where Gates Family Foundation directed its focus and its funding in our previous year of work in Colorado.
The report below reflects our deep and ongoing commitment to improving quality of life for all Coloradans, through support for more equitable public education, stewardship of our state’s vast natural resources, and access to economic opportunity that underpins vibrant communities, both rural and urban. But in 2019 Gates staff and board members also increased our focus on cross-cutting issues that impact all of our strategic focus areas — the substantial challenges presented by climate change, the decline of our independent sources of local news and civic information, and the racial inequities that continue to permeate every aspect of our society.
As you will see in the highlights provided below by the various staff teams, the Foundation’s work in 2019 addressed these and other important challenges – and opportunities – facing the state.
Educational Equity
Capacity-building in rural districts, innovation zone expansion, district-charter cooperation, and collaboration on climate change were highlights.
Natural Resources
Large-scale habitat restoration, protecting Fisher’s Peak, and launching efforts to increase land trust collaboration and resilient rivers were top priorities.
Vibrant Communities
Resident-led redevelopment, housing affordability, and minority- and woman-owned small businesses statewide were among the efforts we supported.
Case Study: Supporting Rural Communities’ Aspirations for Students (2019)
The vision set out in our current strategic plan – to leverage all of the Foundation’s resources in service to the Colorado community – was realized as we put $30.5 million to work pursuing mission-relevant charitable activity in one form or another. That amount includes:
- $21.1 million in grants distributed, including $9.1 million from the main Foundation and $12 million from eight Gates family funds;
- Just over $2.4 million operating the Foundation with a team of 12 professionals working in multiple fields;
- A total of $7.6 million deployed as impact investments, including $2.2 million in Program-Related Investments (PRIs, below-market return commitments of capital) and $5.1 million in Mission-Related Investments (MRIs, market-return commitments of capital);
- Roughly $1 million invested to complete exterior repairs to the Hover Building, the Foundation’s home base, and a meeting and event resource for many nonprofit and community partners, including the edXchange public education shared-space collaborative.
The Foundation ended 2019 with total assets of $514 million, which represents an annual return of 18.5% for the portfolio. The Foundation’s portfolio has consistently ranked in the top 5-15% for performance compared to peer endowments over the last three-year, five-year, seven-year, and ten-year periods. However it’s notable that, like most foundations, the Gates portfolio has already seen a dramatic decrease due to the COVID-19 pandemic, with a value of $464.9 million as of the end of May 2020.
Rocky Mountain Public Media – Buell Public Media Center
In 2019 our capital grants program received 188 requests, and ultimately we made a total of $2.8 million in capital grant commitments to 71 organizations, including 39 projects in rural Colorado. Significant awards went to Rocky Mountain Public Media to construct and outfit a collaborative local journalism hub uniting 10 public-service newsrooms; Aurora Public Schools for construction of the new Aurora School of Science and Technology campus; Elevation Community Land Trust to help prevent gentrification and promote affordable home ownership; and the Greenway Foundation to support the Chatfield Environmental Pool and enhance water flows in the urban stretch of the South Platte River. In addition, nearly $3.3 million in previously awarded capital grants were paid in 2019.
The past year also saw significant growth in the Foundation’s impact investing portfolio. We committed to seven new MRIs totaling $13 million, including $3 million to preserve multi-family affordable housing and $3 million to invest in companies that are redefining resource efficiency in industrial sectors to combat climate change. We also added one new PRI, a $500,000 investment in DreamSpring, to support low-interest loans to a diverse array of small business owners across Colorado.
Colorado Water Trust’s Poudre Flows Project is addressing impacts of climate change on the Cache la Poudre River
2019 was also a year of significant work internally for Gates Family Foundation. As mentioned above, our board and staff committed to a Foundation-wide focus on addressing climate change, to guide our grantmaking, investments, convening, communications, and leadership roles. We also reallocated funds from each of our strategic and capital grantmaking portfolios to devote an additional $1.125 million toward strengthening local journalism, which is so vital to informing and engaging all Coloradans in the civic issues that impact the future of our state.
Finally, in 2019 our board and staff began a deep-dive, facilitated exploration of the history, impacts, and strategies for addressing systemic inequity in our communities. Through this work, we are taking a critical look at ourselves and the role we must play in advancing equity and opportunity. This work is ongoing, and is already influencing the way that we approach our work and commit our resources.
While there were no significant staff changes in 2019, Rich Kiely retired from the Gates board after 12 years of service as one of three Gates family trustees. Marshall Wallach, son of longtime Gates Family Foundation board member Diane Wallach, was elected to take his place starting January 1, 2020. In addition, the board extended Dori Biester’s term for an extra year, keeping her on the board until the end of 2020.
It continues to be a privilege to invest in so many of the people and places that make Colorado special, and to contribute to the legacy of the Gates family in Colorado. We look forward to continued work alongside our amazing partners, in all of the fields the Foundation touches.
Sincerely,
Dane G. Harbaugh
Board Chair
Gates Family Foundation
Thomas A. Gougeon
President
Gates Family Foundation
2019 Financials
Total Philanthropic Activity:
$30.5 million
GFF Strategic Grants Paid:
$5,531,506
GFF Capital Grants Paid:
$3,534,627
Grantee | Paid in 2019 | Type | Strategic Priority | Area Served |
---|---|---|---|---|
A+ Colorado | $60,000 |
Education |
||
Adams State University | $40,000 |
Natural Resources |
||
Alliance for Sustainable Colorado | $15,000 |
Community Development |
||
Alpine Achievers Initiative | $25,000 |
Education |
||
America Succeeds | $128,000 |
Education |
||
Artspace | $50,000 |
Community Development |
||
Aurora Community School | $25,000 |
Education |
||
Aurora Public Schools | $250,000 |
Education |
||
Aurora Rotary Foundation, Inc. | $15,000 |
Capital Project Support, Natural Resources |
||
Beartooth Capital Fund III | $605,839 |
Natural Resources |
||
Bent County Historical Society | $20,000 |
Capital Project Support |
||
Big Sandbox | $2,832 |
Capital Project Support |
||
BikeDenver | $12,500 |
Community Development |
||
Blackhorn Ventures – Industrial Impact Fund | $900,000 |
Natural Resources |
||
Boys & Girls Clubs of Larimer County | $25,000 |
Capital Project Support |
||
Boys and Girls Clubs of Metro Denver | $40,000 |
Capital Project Support |
||
Bridges to Prosperity | $35,000 |
Community Development |
||
Canon City School District | $35,000 |
Education |
||
Canon City School District | $50,000 |
Education |
||
Center for African American Health | $50,000 |
Capital Project Support |
||
Chalkbeat | $75,000 |
Education, Informed Communities |
||
CityCraft Foundation | $30,000 |
Community Development |
||
CiviCO | $40,000 |
Capital Project Support |
||
Clayton Early Learning | $25,000 |
Capital Project Support |
||
Clinica Tepeyac | $25,000 |
Capital Project Support |
||
Coalitions & Collaboratives, Inc. | $75,000 |
Natural Resources |
||
Colorado Association of Funders | $10,000 |
Community Development |
||
Colorado Cattlemen’s Agricultural Land Trust | $40,000 |
Natural Resources |
||
Colorado Cattlemen’s Association | $60,000 |
Natural Resources |
||
Colorado Charter Facility Solutions | $40,000 |
Education |
||
Colorado Charter Facility Solutions | $1,093,750 |
Education |
||
Colorado Charter Facility Solutions | $100,000 |
Education |
||
Colorado Children’s Campaign | $50,000 |
Education |
||
Colorado Education Organizing Funder Collaborative (CEO) | $60,000 |
Education |
||
Colorado Forum Fund | $65,000 |
Capital Project Support |
||
Colorado Fourteeners Initiative | $70,000 |
Capital Project Support |
||
Colorado Future Farmers of America Foundation | $15,000 |
Education |
||
Colorado Impact Fund | $548,257 |
Community Development |
||
Colorado League of Charter Schools | $40,000 |
Education |
||
Colorado Nonprofit Association | $20,000 |
Capital Project Support |
||
Colorado Public Radio | $75,000 |
Capital Project Support, Informed Communities |
||
Colorado State University | $75,000 |
Natural Resources |
||
Colorado Succeeds | $5,000 |
Education |
||
Colorado Water Trust | $40,000 |
Natural Resources |
||
Community Resource Center | $10,000 |
Capital Project Support |
||
Compass for Lifelong Discovery | $9,765 |
Education |
||
Concrete Couch | $20,000 |
Capital Project Support |
||
Costilla County Economic Development Council | $30,000 |
Community Development |
||
Crested Butte Land Trust | $70,000 |
Natural Resources |
||
Crested Butte Land Trust | $40,000 |
Natural Resources |
||
Denver Botanic Gardens | $50,000 |
Capital Project Support |
||
Denver Center for the Performing Arts | $60,000 |
Capital Project Support |
||
Denver Press Club | $35,000 |
Capital Project Support, Informed Communities |
||
Denver South Park and Pacific Historical Society | $10,000 |
Capital Project Support |
||
Denver Urban Gardens | $22,500 |
Community Development |
||
Dove’s Nest | $20,000 |
Capital Project Support |
||
DreamSpring | $500,000 |
Community Development |
||
DreamSpring | $50,000 |
Community Development |
||
Education Reform Now | $75,000 |
Education |
||
Elevation Community Land Trust | $75,000 |
Community Development |
||
Elevation Community Land Trust | $175,000 |
Community Development |
||
Empower Community High School | $35,000 |
Education |
||
Empower Community High School | $50,000 |
Education |
||
Food Bank for Larimer County | $100,000 |
Capital Project Support |
||
Forum280 | $20,000 |
Capital Project Support |
||
Generation Schools | $30,000 |
Education |
||
Grassroots Foundation | $20,000 |
Education |
||
Greater Colorado Venture Fund | $200,565 |
Community Development |
||
Greenline Ventures LLC | $563,256 |
Community Development |
||
Greenway Foundation | $100,000 |
Natural Resources |
||
GRID Alternatives Colorado | $10,000 |
Community Development |
||
Groundwork Denver Inc. | $40,000 |
Community Development |
||
Hinsdale County School District | $20,000 |
Capital Project Support, Natural Resources |
||
Homeward Bound of the Grand Valley | $75,000 |
Capital Project Support |
||
Jefferson County School District | $30,000 |
Education |
||
Keep it Colorado | $125,000 |
Natural Resources |
||
Keystone Center | $60,000 |
Education |
||
Keystone Center | $75,000 |
Natural Resources |
||
Kiowa County | $30,000 |
Capital Project Support |
||
KIPP Colorado Schools | $25,000 |
Education |
||
KUTE, Inc. | $15,000 |
Community Development |
||
Lake County School District R-1 | $50,000 |
Education |
||
Land Trust Alliance | $50,000 |
Natural Resources |
||
Lyme Timber Company LP – Opportunities Fund | $210,000 |
Natural Resources |
||
Lyme Timber Company LP — Forest Fund V | $1,078,000 |
Natural Resources |
||
Lyra Colorado | $151,231 |
Education |
||
Mile High Connects | $75,000 |
Community Development |
||
Montessori del Mundo | $30,000 |
Education |
||
Montezuma County Historical Society | $15,000 |
Capital Project Support |
||
Montezuma Land Conservancy | $50,000 |
Natural Resources |
||
Montezuma Orchard Restoration Project | $20,000 |
Community Development |
||
Moonshot edVentures | $60,000 |
Education |
||
Mountain Area Land Trust | $16,900 |
Natural Resources |
||
Mountain Family Center | $20,000 |
Capital Project Support |
||
National Museum of World War II Aviation, Inc. | $50,000 |
Capital Project Support |
||
National Trust for Historic Preservation | $22,000 |
Capital Project Support |
||
National Western Stock Show | $50,000 |
Community Development |
||
National Wild Turkey Federation | $80,000 |
Natural Resources |
||
National Wildlife Federation | $60,000 |
Capital Project Support |
||
New Legacy Charter High School | $150,000 |
Education |
||
New Venture Fund | $150,000 |
Natural Resources |
||
North London Mill Preservation | $48,330 |
Capital Project Support |
||
PGIM Impact Value Partners | $1,224,189 |
Community Development |
||
Pool of Funds for San Luis Valley Focus Landscape | $440,000 |
Natural Resources |
||
Pulliam Community Building Foundation | $20,000 |
Capital Project Support |
||
Qualistar Early Learning | $100,000 |
Capital Project Support |
||
Reach Capital II | $180,000 |
Education |
||
Redline Contemporary Art Center | $20,000 |
Community Development |
||
Regional Transit-Oriented Development Fund | $76,915 |
Community Development |
||
Ricardo Flores Magon Academy | $75,000 |
Education |
||
Rio Grande Child Development and Family Services | $35,000 |
Capital Project Support |
||
Rise School | $35,000 |
Capital Project Support |
||
River Network | $100,000 |
Natural Resources |
||
Rocky Mountain Farmers Union Educational and Charitable Foundation | $32,500 |
Community Development |
||
Rocky Mountain Immigrant Advocacy Network | $15,000 |
Capital Project Support |
||
Rocky Mountain Microfinance Institute | $50,000 |
Community Development |
||
Rocky Mountain Public Media | $50,000 |
Capital Project Support, Informed Communities |
||
Rocky Mountain Public Media | $70,000 |
Capital Project Support, Informed Communities |
||
Rocky Mountain Public Media | $50,000 |
Capital Project Support, Informed Communities |
||
RootED | $20,750 |
Education |
||
Rose Affordable Housing Preservation Fund V | $150,000 |
Community Development |
||
Rose Andom Center | $25,000 |
Capital Project Support |
||
Salud Family Health Centers | $30,000 |
Capital Project Support |
||
San Juan County Historical Society | $40,000 |
Capital Project Support |
||
San Luis Valley Great Outdoors Coalition | $10,000 |
Capital Project Support, Natural Resources |
||
San Luis Valley Local Foods Coalition | $25,000 |
Community Development |
||
San Luis Valley Local Foods Coalition | $40,000 |
Community Development |
||
Sedgwick County Organized Recreation | $40,000 |
Capital Project Support, Natural Resources |
||
Southeast Colorado Creative Partnership | $50,000 |
Community Development |
||
Springs Rescue Mission | $40,000 |
Capital Project Support |
||
Steamboat Adaptive Recreational Sports | $50,000 |
Capital Project Support |
||
Streetsblog Denver | $35,000 |
Community Development, Informed Communities |
||
Teach For America | $40,000 |
Education |
||
Teaching Tree Early Childhood Learning Center | $25,000 |
Capital Project Support |
||
The Colorado Education Initiative | $20,000 |
Education |
||
The Nature Conservancy | $300,000 |
Natural Resources |
||
The Other Side Academy | $25,000 |
Capital Project Support |
||
The Wildflower Foundation | $45,000 |
Education |
||
Together We Count | $40,000 |
Capital Project Support |
||
Town of Oak Creek | $60,000 |
Capital Project Support, Natural Resources |
||
Trendlines | $45,000 |
Education |
||
Trust For Public Land | $50,000 |
Community Development |
||
Two Peaks Fitness | $20,000 |
Capital Project Support |
||
University of Colorado Foundation | $20,000 |
Community Development |
||
University of Colorado Foundation | $20,000 |
Education |
||
University of Denver – Colorado Media Project | $232,228 |
Informed Communities |
||
Valley Settlement | $20,000 |
Capital Project Support |
||
Valley Settlement Project | $50,000 |
Education |
||
VFW Post 1 Foundation | $25,000 |
Capital Project Support |
||
WalkDenver | $25,000 |
Community Development |
||
We Are FARMily Center | $25,000 |
Education |
||
West Colfax Business Improvement District | $30,000 |
Community Development |
||
West Community Economic Development Corp. | $25,000 |
Community Development |
||
Western Landowners Alliance | $75,000 |
Natural Resources |
||
Western Rivers Conservancy | $75,000 |
Capital Project Support |
||
Youth Initiative of Adams County | $20,000 |
Education |