Michigan Natural Resources Trust Fund

United States · North America · Founded 1976 · Sub-national permanent fund · Not an IFSWF member

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Focus

Michigan Natural Resources Trust Fund: what it invests in

Tourism and hospitalityReal estateInfrastructure and utilities

Fixed incomePublic equitiesCash and money markets

Geography Mainly domestic

Scale

Michigan Natural Resources Trust Fund: how big it is, and on what basis

USD 725.6M Estimate

Published estimateAs of 2025-09-30

In US dollars: about USD 0.726B. Reported in US dollars.

Transparency

Michigan Natural Resources Trust Fund: what it publishes

5.0 of 10 Band 3 of 5

Published 4 · Partly 2 · Not published 4

Our 10 item score. It measures what is public, not how well a fund is run.

Investment balanceS1: USD 725.6M (estimate, FY2025); As of 2025-09-30
Income FY2025S1: USD 75.6M; As of 2025-09-30
Granted since 1976S1: USD 1.3B+ (3,015 projects); As of 2025-09-30
2026 recommendationsS3: USD 45M (75 projects); As of 2025-12-12
Corpus capS1: USD 500M (reached 2011); As of 2025-09-30

At a glance. The Michigan Natural Resources Trust Fund is a permanent endowment built from state oil, gas and mineral royalties. It pays for public land purchases and outdoor recreation projects across the state. Its investment balance was an estimated USD 725.6 million at the end of fiscal 2025, and it has granted more than USD 1.3 billion to 3,015 projects since 1976. S1 S3

Key points

Estimated investment balance of USD 725.6 million at the end of fiscal 2025. S1
Earned USD 75.6 million of interest and income in fiscal 2025. S1
Corpus capped at USD 500 million of royalties, reached in May 2011. S1
Over USD 1.3 billion granted for 3,015 projects in all 83 counties since 1976. S1
Board recommended USD 45 million for 60 development projects and 15 land purchases in 2026. S3
At least 25 percent each must go to land acquisition and to development, under Proposal 1 of 2020. S1

Interesting facts

New mineral revenue now flows to the State Park Endowment Fund instead. S1
The 2026 list drew 100 applications seeking over USD 56.6 million. S3
The fund also pays property taxes on state land, USD 2.8 million in fiscal 2025. S1

Mandate and goals

The fund is a lasting source of money for public land purchases for resource protection and outdoor recreation, and since 1984 for developing public recreation land. S1

Buy land for resource protection and public outdoor recreation. S1
Develop public recreation facilities with state and local partners. S1
Preserve the corpus and grant from its earnings. S1

How it invests

Industries	Tourism and hospitality, Real estate, Infrastructure and utilities S1
Asset classes	Fixed income, Public equities, Cash and money markets S1
Stages	Public markets S1
Geography	Mainly domestic. Grants in all 83 Michigan counties; corpus invested by the state Treasury S1
Direct / through funds / co-invest	Not published / Not published / No S1
Ticket size	No ticket size; grants are scored and approved yearly. S3
External managers	Corpus managed by the Michigan Department of Treasury S1
Co-investment programme	Grants are often matched by local governments S1

Published criteria

Applicants must be state agencies or local units of government. S3
Projects must expand access to public outdoor recreation or protect resources. S3
All eligible applications are ranked on board-approved scoring criteria. S3

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	Keweenaw Heartlands land acquisition. Land purchase in Keweenaw County recommended for 2026 funding. S3	Direct investment	Tourism and hospitality	Real estate	Not published
2026	Salsinger Trailhead, Joe Louis Greenway. Land purchase for a Detroit greenway trailhead. S3	Direct investment	Tourism and hospitality	Real estate	Not published
2026	Local development grants. 55 recreation development grants to local governments. S3	Direct investment	Tourism and hospitality	Infrastructure	USD 17.7M
2026	DNR land acquisitions. Five land purchases for the Department of Natural Resources. S3	Direct investment	Real estate	Real estate	USD 15.6M
2026	Local acquisition grants. 10 land acquisition grants to local governments. S3	Direct investment	Real estate	Real estate	USD 10.3M

Case studies

The 2026 grant round S3

What: From 100 applications seeking USD 56.6M, the board picked 60 development projects and 15 land purchases worth USD 45M.
When: December 2025
Size: USD 45M
Why: Widen access to public outdoor recreation across Michigan.
Outcome: Sent to the Legislature for approval.

Capping the corpus S1

What: Royalty deposits stopped at the USD 500M constitutional cap in May 2011; new mineral revenue now goes to state parks.
When: 2011
Size: USD 500M
Why: Lock in a permanent corpus and fund grants from earnings.
Outcome: Balance estimated at USD 725.6M in 2025.

Investment process

A five-member Board of Trustees, including the DNR Director, scores applications and recommends projects. The Legislature approves them through appropriations and the governor signs. S1 S3

Committee	Role
Board of Trustees	Recommends grants each December S4

State and local agencies apply for development or acquisition grants. S3
Staff score eligible applications on board-approved criteria. S3
The board recommends a project list each December. S3
The Legislature approves funding and the governor signs the bill. S3

How to approach: Local governments and state agencies apply through the DNR grant process. S3

Size and returns

Headline size: USD 725.6M (Published estimate, as of 2025-09-30) S1
In US dollars: about USD 0.726B. Reported in US dollars.
Permanent corpus cap: USD 500M (Fund market value, as of 2025-09-30) S1
Returns: the fund does not publish a return figure.
Staff: Administered by Department of Natural Resources staff S1

Leadership

Name	Title	Since
Chris MacInnes	Chair, Board of Trustees (2026) S4	2026-01
Steven Hamp	Vice Chair, Board of Trustees (2026) S4	2026-01
Scott Bowen	Trustee; Director, Department of Natural Resources S1	Not published
Brandy Brown	Trustee; Chair in 2025 S1	Not published
William R. Rustem	Trustee S4	Not published

Governance and transparency

Legal basis: Michigan Constitution, Article IX, Section 35; Kammer Act of 1976 S1
Oversight: Board of Trustees; Legislature approves grants S1 S3
Auditor: Audited fund statements not posted on the website S1
Not an IFSWF member. S2

Transparency score: 5.0 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

Published: holdings or deal list, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S4
Partly published: total assets, geographic or sector split. S1
Not published: annual return, long-term returns, asset allocation, audited financial statements. S1

History

Date	Event
1976	Kammer Act creates the fund. S1
1984	Scope widened to development of public land. S1
2011-05	USD 500M royalty cap reached. S1
2020	Proposal 1 sets minimum shares for acquisition and development. S1
2025-12-12	USD 45M of 2026 projects recommended. S3

For family offices

The fund makes public grants and has no private investor programme. It matters as a long-running model of royalty-funded conservation finance. S1

Trust Fund grants: Michigan local governments and state agencies https://www.michigan.gov/dnr/ S3

Reports

MNRTF 2025 annual report: https://www.michigan.gov/dnr/-/media/Project/Websites/dnr/Documents/Executive/Legislative-Reports/FY-2026/Sec-19062-PA-451-of-1994-2025-MNRTF-Annual-Report.pdf S1

Common questions

How big is the fund?

An estimated USD 725.6 million at the end of fiscal 2025. S1

Where did the money come from?

Royalties from state-owned oil, gas and minerals, up to a USD 500 million cap reached in 2011. S1

What does it fund?

Public land purchases and outdoor recreation projects; over USD 1.3 billion since 1976. S1

Who decides on grants?

The five-member Board of Trustees recommends; the Legislature approves. S3

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Sources

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