Charles K. Blandin Foundation, a private Foundation based in Grand Rapids, is Minnesota’s largest rural-based and rural-focused foundation. It was created in 1941 by C.K. Blandin who died in 1958.
In creating the Foundation, Blandin also established the Charles K. Blandin Residuary Trust. The Residuary Trust is a legally separate entity whose role is to be perpetually responsible for investing and growing the assets of Blandin’s endowment. As a result, the Residuary Trust is the principal source of Foundation funds that enables the Foundation to conduct its charitable activities. IRS Code formulas determine how much the Residuary Trust distributes to the Foundation; in layman’s terms that sum is about 5 percent of the previous year’s net assets or according to the Trust documents 100 percent of the Trust's income, whichever is greater.
The residuary trust is composed of a corporate trustee and an individual co-trustee both of which are largely responsible for investing and growing the endowment. The co-trustee is currently a member of Blandin Foundation’s board.
In addition to funds from the Residuary Trust, the Foundation has its own money to invest. More than 80 percent of the Foundation’s own investments are in regularly traded stocks and bonds with the remainder in private equity, real estate, program-related investments, alternative investements and cash. The Foundation is required by IRS to spend five percent of its own income on charitable activities The Foundation does not receive funds from other outside sources nor does it solicit funds.
The Foundation has an investment committee that informs the Residuary Trust and advises the Foundation’s Board. The members of the Foundation board and the corporate trustees are identified in the 990-PF.
The Residuary Trust files a separate 990-PF, but salient information about the trust is incorporated into the Foundation’s filing.
The audited financial reports for the years 1999 through 2008 also are available here. Printed copies of the Foundation’s 990 PF are available from the Foundation on request at a nominal cost. The 990 PF of most nonprofits are available on the Internet at GuideStar and can be downloaded in their entirety.
