2001 Report 
 
 
 
 

 

  2001 Annual Report
   
  Index
    Report of the Chair and President
Board of Directors
Auditors Report
Gifts Received  
  
Operating Fund
   Restricted Endowment Funds
   Grantable Funds
   Unrestricted Endowment Funds
   Restricted Non-endowment Funds
Grants
   Restricted Endowment Fund
   Unrestricted Endowment Fund
   Non-Endowment Fund
Endowment Balances
   Restricted Endowment Fund
   Unrestricted Endowment Fund
   Operating Fund
Asset Growth Chart
Resource Center Activities

Memorials
   Report of Chair & President
   
The year 2001 was a challenging year for our country and its citizens. The economy, terrorist attacks, investment market meltdowns and other challenges presented themselves. The North Dakota Community Foundation faced these challenges along with everyone else. As the repository of permanent funds, the fortunes of the Foundation are directly tied to the performance of equity and investment markets. Anyone who follows the equity markets knows that 2001 was a year when prices adjusted downward to more reasonable valuation levels.

NDCF Board Chairman, Frank Keogh, Williston, President, American State Bank & Trust

   
In spite of all this turmoil, the North Dakota Community Foundation carried on with its work. Those who depend upon our assistance, from new college students who receive awards from our scholarship funds, to local community charitable projects that rely on community fund grants, to agencies whose endowments we manage and many others continued to receive the support that they require in order to accomplish their missions. You might also note that we received nearly $2 million in new gifts for 2001 and made over $1 million in grants. We all look forward to 2002 with the hope that the world will be a safer, more stable place.

Kevin Dvorak, President and CEO, NDCF, Bismarck,
North Dakota

 

   

One of the secrets of the nonprofit world is that Foundations alone don’t do the heavy lifting. What Foundations do is provide resources through grants to those who actually do the “good works” for the benefit of their communities. Take some time to review the list of grants in this report and if you have access to the internet, look at the NDCF website (www.ndcf.net). In the Newsletter and at our website, you will find many pictures of grantees receiving our grant checks. You will see the faces of volunteers and staff from all kinds of nonprofit organizations. Those faces belong to the people who give of their time, talent and treasure to get things done in their communities. This is the real “secret” to the success of any nonprofit organization; the people with the passion, vision and plain old gumption to get things done. We, at the North Dakota Community Foundation are very pleased to provide support in the form of our grants to help these wonderful volunteers make North Dakota a better place.

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   2001-2002 BOARD OF DIRECTORS
  CHAIRMAN
    Frank Keogh, Williston
President, American State Bank & Trust
  VICE CHAIRMAN
    Linda Steve, Dickinson, Certified Public Accountant
  SECRETARY-TREASURER
    George Cox, Grand Forks
  DIRECTORS
    Orlin Backes, Minot, Attorney
Joe Hauer, Bismarck, Businessman
Tara Holt, Bismarck, Independent Business Woman
Dennis Johnson, Watford City, Attorney at Law
Lynn Nelson, LaMoure, Business Woman/Farmer
Lowell D. Overbo, Ashley, Retired Bank President
Chad Peterson, Fargo, Architect
Marlys Prince, Regent, Independent Business Woman
Russell Stegman, Cavalier, Farmer
David “White Thunder” Trottier, Dunseith, Business Owner
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   2001 Auditor's Report
    Rodney W. Melby, an independent certified public accountant, has audited the Foundation’s financial statements for the year ended December 31, 2001. The auditor has issued his unqualified opinion dated January 14, 2002, on the basic financial statements. Copies of the audited financial statements are on file at the Foundation’s office for inspection. The following financial statements are excerpts from the audit report.
    Donations are listed on a single page within this website and total $1,729,429 for the year.
    Grants
    A total of $1,041,127 in Grants were made during 2001. They are outlined on this website as follows:
    Restricted Endowment Fund Grants - $427,879
Unrestricted Fund Grants - $61,300
Non-Endowment Fund Grants - $551,948
    Fund Balances
    Fund balances totaled $18,099,814 at the end of 2001 as follows:
    Operating Endowment Fund Balance - $756,287
Restricted Endowment Fund Balance - $11,138,219
Unrestricted Endowment Fund Balance - $1,705,397
Restricted Endowment Fund Grantable Balances - $274,028
Restricted Non-Endowment Fund Grantable Balances - $3,773,472
Unrestricted Operating Fund Balance - $452,411