2023
annual report
dear partners and friends,
When we think about the future for the people and communities of Western North Carolina, we see transformational possibilities on the horizon. Ours is a region rich in resources – our people chief among them. Over the past year as we visited with grantees and partners across the region we’ve been profoundly moved by their unwavering determination, resolve and innovative spirit. Those are just the type of resources that will propel us forward.
Reflecting on the previous year, we are inspired by the depth of spirit and drive demonstrated among our grantee partners and proud of the investments and commitments we have made in our region. Dogwood invested $88 million to foster equitable outcomes across our strategic – and intertwined – priorities of economic opportunity, education, health and wellness, housing and community equity. With an eye toward the horizon, we also made future multi-year commitments exceeding $92 million. In total, more than 300 organizations are working with us toward Dogwood’s purpose of improving our region’s health and wellbeing through building strong and vibrant communities with attainable opportunities for all.
We recognize this work requires us to continually listen to and understand our region, to learn more about what is possible and to work for systems that serve us all. In support of that, we were pleased to name and cultivate leaders internally to guide our Learning, Evaluation & Data; Community Equity; and Policy & Advocacy efforts, which will support and complement the vital work of our strategic partners.
Informed by the invaluable insights from our partners, we continue to deepen our understanding that building community resilience necessitates supporting the organizations making change happen. Western North Carolina needs resourced and connected leaders to forge ahead and achieve lasting change for generations to come. Our region needs organizations strongly positioned for collective community-building efforts, working across sectors on the challenging issues before them. With these insights in mind, Dogwood will focus on developing strong leaders and organizations to build and serve strong communities.
Accomplishing transformational possibilities requires courage, commitment and imagination. True community solutions are holistic, multi-pronged and require integrated collaboration by many dedicated problem solvers. Our journey in 2023 affirms what is possible when we support organizations with thoughtful and sustained investments over time and collaborate to address opportunities and challenges. This approach embodies the future focus of Dogwood Health Trust. Together, we will create a Western North Carolina where every generation can live, learn, earn and thrive – no exceptions.
Dr. Susan R. Mims
chief executive officer
John F. A. V. Cecil
chair, Board of Directors
our work
Dogwood Health Trust exists to dramatically improve the health and wellbeing of all people and communities in the 18 counties and Qualla Boundary of Western North Carolina. We work within our communities, collaborating with grantees, partners, researchers, policymakers, advocates and scholars – those closest to the communities we serve – to create a Western North Carolina where every generation can
shapes our approach to our work through two fundamental anchoring principles: we are community-focused in all we do, and we view equity as a means and an end for our work. Our commitment to these foundational principles fuels our efforts to make the place we call home healthier, stronger, more inclusive, better educated, economically stable and more resilient today and for future generations.
total invested
in community
expenses
In 2023, Dogwood Health Trust approved $92.7 million in new grants, some of which will be paid in future years. More than $79.3 million was distributed through 545 grants, some of which were approved in previous years. A full list of grants by county is available.
strategy area | grants paid | new commitments |
|---|---|---|
grand total | $79,371,927 | $92,776,952 |
Community Equity | $6,502,413 | $6,533,444 |
Economic Opportunity | $16,263,490 | $20,849,997 |
Education | $19,020,516 | $30,265,427 |
Health & Wellness | $24,670,650 | $24,902,618 |
Housing | $12,914,858 | $10,225,466 |
partner stories
We believe that the people working to overcome their communities’ challenges are best equipped to develop solutions that work. Dogwood is committed to co-investing in the knowledge, assets, dreams and plans of our partners.
This year, we worked with hundreds of organizations, synthesizing solutions to make the place we call home more economically stable and inclusive, better housed and educated and overall stronger and healthier – today and for future generations.
impact
investments
To create long-term positive change in Western North Carolina, Dogwood complements its traditional grantmaking through direct capital investments. Since its inception, Dogwood has used tools known as Program Related Investments (PRI) and Mission Related Investments (MRI) to support more than $89 million in projects throughout the region. These investments focus on community impact rather than financial return and align with Dogwood’s purpose of improving health and wellbeing by addressing the social determinants of health.
- Construction of a new Federally Qualified Health Center, increasing access to health care for over 4,000 WNC residents.
- A new home for a food hub connecting families to farmers for locally grown healthy foods, providing increased revenue to farmers and improved nutrition for families.
- The creation of a new affordable housing development benefiting 33 new homeowners.
beyond
grantmaking
In addition to grantmaking throughout the region, Dogwood also provides other support to our communities. Whether learning together to advance common goals or partnering to increase sustainability, we seek the perspectives of partners and those with lived experience to help us better understand how to dramatically improve the health and wellbeing of all people and communities in Western North Carolina – no exceptions.
board of directors
Chair-Governance & Compensation Committee
Ex-officio member of all committees
Vice Chair-Governance & Compensation Committee
Community Investment Committee
Chair-Audit & Finance Committee
Governance & Compensation Committee
Chair-Community Investment Committee
Governance & Compensation Committee
Vice Chair-Investment Committee
Governance & Compensation Committee
Vice Chair-Covenant Compliance Committee
Audit & Finance Committee
Vice Chair-Community Investment Committee
Covenant Compliance Committee
Community Investment Committee
Investment Committee
Chair-Covenant Compliance Committee
Community Investment Committee
Governance & Compensation Committee
Vice Chair-Audit & Finance Committee
Covenant Compliance Committee
Community Investment Committee
Covenant Compliance Committee
Audit & Finance Committee
Investment Committee
Chair-Investment Committee
Audit & Finance Committee
Governance & Compensation Committee
Audit & Finance Committee
Governance & Compensation Committee
Community Investment Committee
Investment Committee
Community Investment Committee
Covenant Compliance Committee
Membership as of January 1, 2024
Annette Staley
David C. Joyce
W. Scott Hickman
Karen LeVert
Thomas Maher
James Mathews
Nathan Renfro
Henry Wilkinson
2023 grantee list
statement of
financial position
assets: | 2023 | 2022 | 2021 |
|---|---|---|---|
Total Assets: | $1,906,382,918 | $1,728,400,90 | $2,096,451,010 |
Cash and cash equivalents | $15,109,910 | $10,800,400 | $14,098,226 |
Sales tax receivables | 63,231 | 251,397 | 435,639 |
Investments, at fair value | 1,807,143,580 | 1,693,774,990 | 2,063,280,487 |
Program-related investments, net | 19,524,692 | 7,958,747 | 4,400,000 |
Fixed assets, net | 13,688,028 | 13,918,214 | 13,449,678 |
Other assets | 50,853,477 | 1,697,153 | 786,980
|
liabilities & net assets: | 2023 | 2022 | 2021 | Liabilities |
|---|---|---|---|
Grants payable | 37,137,463 | 26,610,369 | 26,158,554 |
Accounts payable | 942,739 | 686,498 | 873,344 |
Notes payable | 26,721,787 | 21,166,847 | 17,090,441 |
Total Liabilities: | $64,801,989 | $48,463,714 | $44,122,339 |
|---|---|---|---|
Net Assets with donor restrictions | $13,965,199 | $11,446,564 | $6,475,955 |
Net Assets without donor restrictions: | $1,827,615,730 | $1,668,490,623 | $2,045,852,716 |
Total Liabilities & Net Assets: | $1,906,382,918 | $1,728,400,901 | $2,096,451,010 |
As of Dec. 31, 2023
statement of
activities
revenues: | 2023 | 2022 | 2021 |
|---|---|---|---|
Total Revenues: | $270,622,426 | $(276,167,361) | $477,412,592 |
Contributions received | $8,416,701 | $13,484,813 | $177,004,804 |
Investment returns, net | $262,205,725 | (289,652,174) | 300,407,788 |
expenses: | 2023 | 2022 | 2021 |
|---|---|---|---|
Total Expenses: | $17,762,160 | $15,236,765 | $13,273,103 |
Compensation and benefits | 10,704,752 | 9,399,658 | 7,395,106 |
Professional fees | 3,282,588 | 3,298,663 | 3,176,653 |
Other expenses | 3,774,820 | 2,538,444 | 2,701,344 |
grants approved: | 2023 | 2022 | 2021 |
|---|---|---|---|
Total Grants Approved: | $91,216,524 | $80,987,358 | $96,088,812 |
Grants approved | 91,216,524 | 80,987,358 | 96,088,812 |
Change in Net Assets: | $161,643,742 | $(372,391,484) | $368,050,677 |
|---|---|---|---|
Net Assets at Beginning of Year: | $1,679,937,187 | $2,052,328,671 | $1,684,277,994 |
Total Liabilities & Net Assets | $1,841,580,929 | $1,679,937,187 | $2,052,328,671 |
As of Dec. 31, 2023
890 Hendersonville Road, Asheville, NC 28803
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