Utah institutions launch impact fund bearing this philanthropist’s name

Three of Utah’s most prominent organizations have teamed up for a first-of-its-kind initiative combining philanthropic dollars with investment capital to launch projects that might not otherwise receive funding.

It will be called the Gail Miller Utah Impact Fund.

The Larry H. & Gail Miller Family Foundation, Zions Bank and Intermountain Health created the fund in honor of Gail Miller’s legacy of driving meaningful change and uplifting communities across the state. It will involve partnerships and place-based giving focused on efforts that build future generations.

“Combining philanthropic resources with investment capital allows us to approach community challenges with both heart and strategy,” Paul Burdiss, president and CEO of Zions Bank, said in a press release. “This kind of blended funding model gives promising ideas the momentum they need to scale — and ensures that the impact is both meaningful and enduring.”

Seed money

The Miller family foundation will provide $25 million in seed money for the fund. The first $5 million will go directly to Salt Lake City for the initial phase of the Ballpark Next process and the Ballpark neighborhood.

The city plans to transform part of Smith’s Ballpark into community venue space next to a portion of the field that will be converted into a multi-use area. The Miller-owned Salt Lake Bees minor league baseball team played at the park for 31 years before moving this past April to a new stadium the Millers built in South Jordan.

Last year, the foundation donated $22 million toward redevelopment of the Ballpark neighborhood, specifically Smith’s Ballpark. It is leading a $100 million fundraising effort for the project. It also gave $25 million for construction of a new regional art center, including an 800-seat proscenium theater, in South Jordan in a partnership with Salt Lake County. Groundbreaking is scheduled for January 2026.

Overall, the new initiative aims to secure $50 million in philanthropic funding which, according to the companies, helps unlock and derisk an additional $150 million to $200 million in traditional investment capital. Combining those dollars can support projects that might not traditionally receive funding through philanthropy or investment capital alone.

The fund is open to various entities, including counties, municipalities, universities and nonpartisan interlocal government cooperatives, that are working to improve quality of life and strengthen the people they serve. It will give priority to organizations that support rural areas, marginalized populations and efforts to reduce significant disparities in health equity, according to the three founding institutions.

Reaching potential

“This fund is about helping communities realize their own potential,” said Don Stirling, executive director of the Larry H. & Gail Miller Family Foundation.

“With philanthropic dollars attracting traditional investment capital — guided by local vision and leadership — we can cultivate change and thriving communities that will endure for generations," he said.

Like the innovative efforts of the GroundBreak Coalition in Minneapolis and Benefit Chicago, the Utah impact fund will take a place-based approach to investing but unlike those models, it will be the first of its kind to distribute capital statewide. It could range from providing matching grants that expand volunteer service programs to helping public landowners engage in strategic asset planning.

“At Intermountain Health, we believe thriving communities are built through collaboration, trust, and targeted investment,” said Sue Robel, Intermountain Health Canyon region president. “We’re proud to join forces with organizations who share a deep commitment to strengthening Utah’s communities.”