A COMMUNITY FUND OF OUR OWN

“You know that adage ‘there are no new ideas?’” asks Lake Forester Bruce Grieve. “Well, I almost had one.”

What Grieve is referring to is having a community fund in Lake Forest. While a community fund that collects money from local residents to support its city isn’t a new concept, having one in Lake Forest that operates like an endowment fund is.

“One of my friends runs the community fund in Highland Park,” he says. “They’ve had one for 30 years. There are 750 community funds throughout the country—some with as much as a billion dollars in them. It was surprising to me that Lake Forest didn’t have one.”

With a career in financial services and packaged goods and having lived in Lake Forest for more than 25 years, Grieve met with friends Bill Andersen and Jim Preschlack in June 2023 to run the idea of a community fund by them.

“I liked the endowment approach,” says Andersen. “The opportunity to help create something that will benefit future generations of Lake Forest residents was very appealing to me.”

Grieve, Andersen, and Preschlack worked with Robert Napier of Harrison LLP to file the paperwork to get 501(c)3 status for the fund. Former Lake Forest mayor George Pandaleon and Program Director of Philanthropy with Northwestern Memorial Foundation Marleana Cross joined the fund’s efforts as well.

“All gifts will support Lake Forest’s qualified organizations through its structure of donating investment returns annually,” Grieve explains. “This way, all donations can live on in perpetuity. As an added plus, we won’t need to solicit the same donors annually for funds.”

The vision for the Community Fund of Lake Forest is to be a multi-million-dollar fund that will deliver 5 percent to 7 percent of its invested assets. Until the fund exceeds $10 million, it will be managed by qualified volunteers.

Grieve emphasizes that the Community Fund of Lake Forest is independent and focused on serving all residents. It’s not affiliated with the City of Lake Forest or any political organization, nor will it make any political contributions. The Community Fund of Lake Forest is designed to be a centralized venue that residents can support knowing their financial gift will go across a broad range of important causes that will enhance the quality of life across the community.

“We hope this strikes a chord with Lake Forest,” Grieve explains. “We’re looking for 50 founding members to give $50,000—50 for 50. This will be a generous group of donors who can make a one-time donation or make a promise to donate $50,000 over a period of time.”

Once enough capital is secured, the Community Fund of Lake Forest will welcome grant applications from the public.

“Things like the Community Fund of Lake Forest always take a village and quite a few Lake Foresters have offered their support and guided our thinking,” Grieve says. “There are too many to mention but we’ll always appreciate their support and wisdom.”

To learn more about the Community Fund of Lake Forest, visit cflakeforest.org.