Asante Foundation Inc.

The Asante Foundation is a Veldman family foundation based in South Bend, Indiana, established in 2005. It is led by Thomas F. Veldman (President) with family members Anita J. Veldman (VP), Peter Veldman (VP), Wilma Veldman (Secretary), and other family associates including Connie V. Joines (VP) and Michael A. Joines (VP). The professional staff includes Nancy Ickler as Executive Director and Secretary ($244,000 compensation in 2024) and Laura Jensen as Associate Director ($139,848). The foundation's grantmaking is heavily concentrated on healthcare through its primary relationship with Beacon Health Foundation, which supports Memorial Hospital of South Bend and Elkhart General Hospital. For organizations seeking support, the most important strategic insight is that this is a family-directed foundation with deep roots in the South Bend/Michiana healthcare ecosystem. There is no public application process, no website with grant guidelines, and the foundation does not appear to accept unsolicited proposals from organizations outside its established network. The best approach is through connections to Beacon Health System leadership, the Veldman family's professional and community networks in South Bend, or through alignment with the foundation's secondary interests in education (particularly Notre Dame and Indiana University). Organizations should demonstrate direct impact on healthcare delivery or education in the South Bend/Michiana region to be competitive.

The Asante Foundation manages approximately $156-160 million in assets and distributes $12-17 million annually, representing a payout rate of approximately 8-10% — well above the 5% IRS minimum for private foundations. The foundation's primary grantee is Beacon Health Foundation Inc., which receives approximately $6.1 million annually to support healthcare services at Memorial Hospital of South Bend and Elkhart General Hospital. In 2023, the foundation made 42+ grants totaling $14.6 million, with the largest grants going to: University of Notre Dame ($4,975,949 for education and health), United Way of Larimer County ($643,748 for education and social services), and Indiana University Foundation ($515,000 for education). The 2024 financials show $12.3 million in charitable disbursements (88.6% of total expenses of $13.9 million) on revenue of $10.7 million. Revenue comes primarily from investments: sales of assets (53.1%), dividends (34.8%), other income (8.8%), and interest (3.4%), with negligible contributions ($2,325). The foundation operates with just 2 employees and the entire board serves without compensation (except for Marcia S. Veldman who received $26,600 as Director/VP and Program Officer). The foundation's fiscal year ends in September. Grant size ranges from smaller community grants in the tens of thousands to multi-million dollar awards to anchor institutions like Notre Dame and Beacon Health.

## Peer Comparison: Asante Foundation Among South Bend/Michiana Private Foundations

The Asante Foundation stands out among South Bend-area foundations for its unusually high payout rate (8-10% vs. the typical 4-5%), its concentrated focus on a single primary grantee (Beacon Health Foundation), and its substantial asset base that makes it one of the two largest private foundations in the South Bend metro area alongside the Judd Leighton Foundation. The South Bend metro has 176 foundations with combined assets of approximately $1 billion and 189 foundations total. The Asante Foundation alone represents roughly 15-16% of the total private foundation assets in the area, making it a dominant player in regional philanthropy. Unlike bank-managed trust foundations (Muessel Ellison, Klockow) that operate through Wells Fargo trustees, the Asante Foundation is directly family-managed, giving the Veldman family significant influence over healthcare and education funding in the region.

Recent activity at the Asante Foundation shows continued stability in its core grantmaking strategy with some notable developments. The foundation's 2024 filing shows total assets of approximately $157 million with $12.3 million in charitable disbursements. While this represents a decrease from the 2023 disbursement level of approximately $16.9 million in expenses, it still maintains an above-average payout rate. The foundation continues to operate with minimal staff — just 2 employees — under the leadership of Executive Director Nancy Ickler, whose compensation increased from $220,000 (2023) to $244,000 (2024). The 2023 grants showed diversification beyond the traditional Beacon Health Foundation anchor grant, with substantial awards to the University of Notre Dame ($4.98M) and Indiana University Foundation ($515K), suggesting a possible strategic expansion into higher education funding. The foundation experienced a 7.3% revenue decline year-over-year in the most recent filing despite maintaining its substantial asset base. The Veldman family continues to maintain two separate philanthropic vehicles — the Asante Foundation and the Thomas F and Anita J Veldman Family Foundation — with the latter focused more specifically on education and Notre Dame. No changes in board composition or strategic direction have been publicly announced. The foundation's registered address at 202 S Michigan St Suite 910 in South Bend remains unchanged, situated in the downtown business district near the St. Joseph River.

For organizations seeking funding from the Asante Foundation, the following practical guidance applies: (1) Relationship-first approach — This is a family-directed foundation with no public application process. The most effective path is through direct relationships with the Veldman family, Beacon Health System leadership, or the foundation's Executive Director Nancy Ickler. Cold inquiries to the office at 202 S Michigan St Ste 910, South Bend, IN 46601 or phone (574) 261-5270 are possible but unlikely to succeed without a warm introduction. (2) Healthcare alignment is paramount — The foundation's DNA is healthcare, specifically supporting Beacon Health System (Memorial Hospital of South Bend and Elkhart General Hospital). Organizations that can demonstrate how their work strengthens healthcare delivery, access, or outcomes in the South Bend/Michiana region have the strongest alignment. (3) Education as a secondary pathway — The large grants to Notre Dame ($4.98M) and Indiana University Foundation ($515K) indicate openness to higher education, particularly programs connected to health sciences or serving the Indiana community. (4) Geographic focus matters — Nearly all grants stay within Indiana, with the heaviest concentration in the South Bend/St. Joseph County area. National organizations without a strong local presence are unlikely candidates. (5) Think institutionally, not programmatically — The foundation's grant patterns suggest preference for large institutional grants (multi-million dollar range) rather than small programmatic funding. Organizations seeking support should frame requests around institutional capacity and long-term impact rather than short-term project funding. (6) Leverage the Beacon Health connection — Organizations already partnering with Beacon Health System on community health initiatives may have a natural pathway to the foundation's attention, as Beacon's community investment strategy creates an ecosystem of aligned organizations.