Cleveland Foundation Reports Asset Growth, Highlights 2000 Accomplishments at its 2000 Annual Meeting.

Business Editors

CLEVELAND--(BUSINESS WIRE)--May 30, 2001

The Cleveland Foundation released its audited financial results and highlighted its achievements over the past year at the organization's annual meeting, conducted at the Cleveland Play House today.

Financials

For the fiscal year ending December 31, 2000, the Foundation increased its asset base to $1,600,206,255, up from $1,579,713,169 at the end of 1999.

Although significant volatility in the stock markets in 2000 resulted in the NASDAQ falling 39 percent, the S&P 500 slipping 10 percent, and the Dow dropping 6 percent, the Foundation's diversified portfolio gained 4.4 percent during the year.

Donations

The Foundation reported it received over $44 million in new gifts in 2000, more than double the amount it received in 1999. Seventy-five new funds were created, mostly donor-advised (funds that give the donors the ability to make grant recommendations).

The Foundation also doubled the number of funds established by African-American donors.

Grantmaking

The Foundation's grants, low-interest loans and other expenses authorized in 2000 totaled $73,159,657. Key activities in grantmaking and other disbursements included:

-- Awarding over $7 million in grants to education, an 84 percent increase over
last year and the largest amount given by the Foundation in this area in its
history;

-- Focusing its support to the Cleveland Municipal School District (CMSD) on
standards implementation, principal and teacher development, research and
evaluation;

-- Funding collaborative efforts in education, including bringing together
superintendents of the 11 school districts surrounding CMSD to find ways to
improve policies and practices across these districts;

-- Continuing its work with public and private partners to support the Cuyahoga
County Early Childhood Initiative, which celebrated its first year in July
having exceeded nearly all of its goals;

-- Concluding the second year of a five-year commitment to 15 arts
organizations in a program aimed at building capacity, with 2000 activities
focused on technology upgrades for these organizations;

-- Supporting the Northeast Ohio Land Protection Fund, which assists in
preserving waterfront land.

New Board Member Announced

The Foundation announced that Tana N. Carney was named to its Board by Judge John J. Donnelly of the Probate Court of Cuyahoga County. Carney was appointed to a five-year term. She replaces James V. Patton who concluded his term on the Foundation's Board earlier this year.

The Cleveland Foundation, a public charity dedicated to improving the quality of life in Greater Cleveland, is the oldest and second-largest community foundation in the nation. Its establishment in 1914 is cited as one of 10 events that most heavily influenced the development of the nonprofit sector in the 20th Century and it continues to be a leader in its field. The Foundation has assets of approximately $1.6 billion and last year awarded more than $73 million in grants and low-cost loans to Cleveland area nonprofit organizations.

The Cleveland Foundation is made up of more than 800 funds created by individuals, families, organizations and corporations. It offers donors of all means the opportunity to have a lasting impact on their community while maximizing income, gift and estate tax benefits.

For more information about the organization, visit www.clevelandfoundation.org.