Northfield Shares Announces Peilen Fund
Northfield Shares, Our Community Foundation, a local nonprofit dedicated to establishing a long-range foundation of financial support for community vibrancy and vitality, announces the receipt of a $2.1 million gift from the Edith Peilen and Tom Peilen estates. The monies will seed the Peilen Fund, which will be managed by Northfield Shares and award annual grants to improve the lives of individuals and caregivers across the world who have been impacted by multiple sclerosis (MS). The fund honors the vibrant life of Tom Peilen, son of Edith and Benjamin Peilen, who died of MS in 2015.
Carrie Carroll, executive director of Northfield Shares, says, “There’s no question that Edith was a pioneer in her efforts to ensure extraordinary care and support for people of all abilities. We are honored to extend the Peilen family’s legacy of generosity to improve the quality of life for individuals with MS.”
Since Edith’s death nearly 15 years ago, gifts from the Peilen family have been distributed through a donor-advised fund managed by American Center for Philanthropy (ACP), a nonprofit established by the founders of Carlson Capital Management (CCM). Under the direction of ACP, distributions were made to organizations that align with the passion and purpose of the Peilen family, including the U of MN/Fairview MS Achievement Center, the Upper Midwest Chapter of the MS Society, and the Mayo Clinic’s MS research.
Carroll continues, “We appreciate the trust that ACP has in our team at Northfield Shares. We are honored to steward the resources of the Peilen family and support people with MS in perpetuity.”
Justin Stets, CEO of Carlson Capital Management and longtime advisor for the Peilen family, says, “I have long enjoyed a deeply meaningful relationship with the Peilen family, especially Edith. It has been my privilege to carry out the family’s legacy and ensure it continues for generations. Northfield Shares is well positioned to fulfill the Peilen family’s charitable intentions, including its commitment to help oversee and advise on the annual granting process. Its accreditation with the Community Foundations National Standards program is evidence of its pledge to accountability and excellence, values that the Peilen family and CCM, as a representative for the Peilen family, have long-upheld with each gift.”
Northfield Shares, which will award grants from the Peilen Fund on an annual basis, will make its first gifts in November 2024. To learn more about the Peilen Fund and all of the funds that Northfield Shares manages, visit northfieldshares.org.
