Now Reading
$105 million in new funding announced by Charlotte S. Johnson, Daniel C. Reardon & Francis M. Miley
Dark Light

$105 million in new funding announced by Charlotte S. Johnson, Daniel C. Reardon & Francis M. Miley

The Otto Bremer Trust (OBT), led by Charlotte S. Johnson, Daniel C. Reardon and Francis M. Miley awarded grants and program-related investments totaling $105,084,988 to 1,035 organizations in Minnesota, Montana, North Dakota, and Wisconsin, the highest amount distributed since the charitable trust was created.

OBT achieved two milestones in 2023. It was the Trust’s 14th year of increased distributions and the first year topping $100 million in distributions. In addition, it was the first calendar year OBT served over 1,000 organizations.

“As the Otto Bremer Trust embarks on its 80th year, we are grateful for the vision of our founder, Otto Bremer,” said Charlotte S. Johnson, co-CEO and trustee, OBT. “We celebrate these milestone successes of 2023, evidence that we were able to be a resource to organizations and communities in our region. We look forward to continuing to make an even greater impact in years to come.”

The investments were divided between $95,389,988 in responsive grants and $9,695,000 in program-related investments (PRIs).

“As the need for financial assistance increases for nonprofit organizations each year, we are honored to work with so many organizations using impactful approaches to address important challenges and opportunities in the communities we serve,” said Frank Miley, co-CEO and trustee, OBT.

Responsive grants are awarded to qualified nonprofit organizations that benefit residents of Minnesota, Montana, North Dakota, and/or Wisconsin by providing funding in the areas of basic needs, community asset building, health and well-being, and restorative or emergency services.

Program-related investments (PRIs) provide capital to qualified organizations and are administered by our subsidiary, Community Benefit Financial Company (CBFC). They can include financing methods commonly associated with banks or other private investors, such as loans, loan guarantees, and equity investments in nonprofit organizations or commercial ventures for charitable purposes.

Here are the awards by state:

Minnesota: $54,318,750 in grants and $7,150,000 in PRIs for a total of $61,468,750.

Montana: $10,161,106 in grants and 1,750,000 in PRIs for a total of $11,911,106.

North Dakota: $7,804,929 in grants.

Wisconsin: $23,105,203 in grants and $795,000 in PRIs for a total of $23,900,203.

Daniel Reardon, co-CEO and trustee of OBT, adds, “It is critical that we continue to provide resources where they are needed the most and where we can have a meaningful impact on the people and communities we serve.”

Since 1944, the Otto Bremer Trust has supported organizations helping millions of residents throughout the region gain access to critical resources and opportunities for a better life.

The Otto Bremer Trust is a private charitable trust based in St. Paul, Minn. Created in 1944 by business and community leader Otto Bremer, it is committed to supporting a better quality of life for residents of Minnesota, Montana, North Dakota, and Wisconsin. Since its founding, OBT has invested more than $1 billion among its region’s people, places, and opportunities.

© 2024 Lifestyles Magazine International. All Rights Reserved.