Money Makes the World Go Round
written by NWHF Public Affairs Manager Felicita Monteblanco with lots of help from Director of Finance and Operations Anita Rodgers
When I was growing up, my mom owned a cleaning company. She cleaned the homes of some of Portland's richest and most famous. During winter and summer breaks, I would often help her. She was good to me and rarely made me clean bathrooms, typically assigning me vacuuming or dusting.
My mom wanted me to see wealth. She wanted me to see what wealth could buy: comfort, a less stressful life, a cleaning lady. She wanted me to stay motivated to do well in school and to work hard. We had so many privileges growing up, but coming from money wasn’t one of them.
Twenty years later, I work in philanthropy where we handle an amount of money that is very difficult for me to conceptualize. And as part of my role, I have to talk about money a lot. I talk about how we invest, how we resource, etc. I say, “Last year we gave over $2,272,000 in grants,” as if that much money is relatable.
I hate talking about money. But money is, undeniably, a form of power. And at NWHF we talk about power a lot. The power for BIPOC community members to govern themselves. The power of policy to impact health outcomes.
What we don't talk about much is the power of money. Considering our values, the work we fund and our asset size, talking about money is something we need to get better at. So, I’m going to get us started by sharing a story about the money that NWHF stewards.
In 1997, NWHF started with an endowment of $58 million, and while we didn’t always, over the years the board has decided that given how scarce 501(c)(4) resources are that are aligned with our values, NWHF should continue to exist in perpetuity (aka forever), at least for now. This means that we invest that endowment (aka money) to make more money, which funds our work and the grants we make. We are constantly reviewing how our assets are doing and using that to determine the amount of our future giving. It’s easy to have some cognitive dissonance considering that we are an organization that prioritizes equity, community-led organizations, and community-based power AND invests in the stock market. For me, the stock market conjures up images of white men in suits stealing money. Maybe that’s not fair, but that’s what I see in the news.
So, in the face of this dissonance, how do we align our investment strategies with our core values? The simple answer is that we have a wonderful volunteer finance committee that keeps this question front and center in all of our financial decision making. And, luckily for us, we have a friend up north who shares our beliefs and desire for impact: Inatai Foundation.
Inatai’s mission is to “transform the balance of power to ensure equity and racial justice across Washington and beyond.” Since opening their doors, they have committed to aligning every choice they make as a foundation, including how they allocate resources, with their values in both action and word.
That’s why, in the fall of 2021, Inatai formed Inatai Investment Management Company (IIMCo) to offer investment opportunities on a cost-sharing basis (rather than for profit) to partners with shared values and long-term commitments to our region.
In December 2023, after an extensive due diligence process, NWHF’s board voted to partner with Inatai and move our liquid assets into their Investment Management Company. By investing with IIMCo, we are building community and connection with other values-aligned partners and accessing investment opportunities that put people and community power above profits, while collectively creating sustainable, long-term impact. For example, through IIMCo, NWHF has invested in new therapies for blood cancers, access to useful financial services for people considered “unbankable,” sustainable agriculture and climate research, and mass tort cases to hold corporations accountable for harm to consumers. And in the future, the NWHF board will consider joining the Program Related Investments pool (check out page 14 of their 2024 Impact Report) for even deeper impact through projects in our region.
Talking about this amount of money and using so much jargon, I often simply want to stop listening. But I’m working on leaning in and understanding the power of money. Money allows our grantees to hire staff to do the work, rent space to house the work, and the stability and opportunity to dream big. What an honor to be the stewards of resources that empower our grantees to dream and do.
Want to learn more about money? Check out previous finance-related blog posts: