Akron Community Foundation
- Assets
- $274.1m
- Revenue
- $39.3m
- Investments
- $0.0
- Employees
- 21
- Location
- Akron, OH
- Founding
- 04/1960
- Data as of
- 03/2021
- EIN
- 34-1087615
Organization Overview
Akron Community Foundation is located in Akron, OH. The organization was established in 1960. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 03/2022, Akron Community Foundation employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Akron Community Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 03/2021, Akron Community Foundation generated $39.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.0% each year . All expenses for the organization totaled $24.6m during the year ending 03/2021. While expenses have increased by 11.7% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Akron Community Foundation has awarded 4,581 individual grants totaling $92,956,266. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE QUALITY OF LIFE IN THE GREATER AKRON AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING FISCAL YEAR 2022, AKRON COMMUNITY FOUNDATION CONTINUED ITS FOCUS ON FOUR DEFINED GRANT-MAKING PRIORITIES. THOSE INCLUDE SUPPORTING PROGRAMS IN THE COMMUNITY THAT ARE FOCUSED ON ARTS & CULTURE, EDUCATION, HEALTH & HUMAN SERVICES, AND CIVIC AFFAIRS. TOTAL GRANT MAKING BACK TO THE COMMUNITY THROUGH UNRESTRICTED AND ADVISED FUND TOTALED OVER $8,515,436 VIA 1,699 GRANTS AND OTHER DISTRIBUTIONS TOTALED OVER $4,089,880 THROUGH ENDOWMENT FUND VIA 398 GRANTS AND OTHER DISTRIBUTIONS. AKRON COMMUNITY FOUNDATION AWARDED OVER 177 SCHOLARSHIPS TOTALING $491,319.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John T Petures Jr President & CEO | Officer | 40 | $285,053 |
Steven H Schloenbach Vice President, Finance | Officer | 40 | $156,910 |
Margaret Medzie Vice President, Developmen | 40 | $148,411 | |
John Garofalo VP Community Involvement | 40 | $140,106 | |
Richard C Fedorovich Past Chair | OfficerTrustee | 1.5 | $0 |
James J Pickard Treasurer | OfficerTrustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Huntington Bank Trust Department Investment Management, Custody And Banki | 3/30/22 | $264,976 |
Pnc Capital Advisors Llc Investment Management Services | 3/30/22 | $124,520 |
Diamond Hill Capital Management Investment Management Services | 3/30/22 | $133,887 |
Broadleaf Partner Equity Investment Management Services | 3/30/22 | $113,567 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $168,235 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $22,185,343 |
| Noncash contributions included in lines 1a–1f | $4,277,308 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,353,578 |
| Total Program Service Revenue | $0 |
| Investment income | $7,961,608 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,018,959 |
| Net Income from Fundraising Events | -$56,819 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,277,326 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,010,979 |
| Grants and other assistance to domestic individuals. | $389,980 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $406,485 |
| Compensation of current officers, directors, key employees. | $103,599 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,489,424 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $444,825 |
| Payroll taxes | $122,185 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,792 |
| Fees for services: Accounting | $31,298 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $831,024 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $229,325 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $76,427 |
| Travel | $277 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,345 |
| Interest | $21,196 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $165,314 |
| Insurance | $42,667 |
| All other expenses | $375 |
| Total functional expenses | $24,610,356 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $441,120 |
| Savings and temporary cash investments | $8,809,090 |
| Pledges and grants receivable | $129,797 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $467,688 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $97,938 |
| Net Land, buildings, and equipment | $3,659,616 |
| Investments—publicly traded securities | $215,015,661 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $45,467,795 |
| Total assets | $274,088,705 |
| Accounts payable and accrued expenses | $674,667 |
| Grants payable | $1,037,376 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,213,906 |
| Total liabilities | $33,925,949 |
| Net assets without donor restrictions | $125,626,256 |
| Net assets with donor restrictions | $114,536,500 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $274,088,705 |
Grants Awarded
Over the last fiscal year, Akron Community Foundation has awarded $12,139,364 in support to 285 organizations.
| Grant Recipient | Amount |
|---|---|
Akron, OH PURPOSE: FOR IMPROVEMENTS, MAINTENANCE AND PROGRAM SUPPORT | $1,001,956 |
Peninsula, OH PURPOSE: FOR THE JULY FUNDRAISING MATCHING GRANT APPEAL AT THE "MEADOW" LEVEL | $641,817 |
Akron, OH PURPOSE: SPENDABLE INCOME FOR THE QUARTER ENDING MARCH 31, 2021 | $515,599 |
Akron, OH PURPOSE: TO SUPPORT THE AKRON CIVIC THEATRE BOARD AND STAFF'S ENGAGEMENT IN IDEA TRAINING AND ASSESSMENT | $440,638 |
Akron, OH PURPOSE: QUARTERLY DISTRIBUTION | $415,595 |
Akron, OH PURPOSE: TO SUPPORT INITIATIVES OF EXHIBITING PUBLIC ART IN VACANT STOREFRONT WINDOWS AND BUILDINGS IN DOWNTOWN AKRON | $333,247 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Akron Community Foundation has recieved totaling $5,500.
| Awarding Organization | Amount |
|---|---|
The@marksewing Family Foundation Akron, OH PURPOSE: SUPPORT CHARITABLE PURPOSE OF ORGANIZATION | $5,500 |
Endowment Analysis
| Beg. Balance | $236,577,000 |
| Earnings | $5,247,000 |
| Net Contributions | $17,966,000 |
| Other Expense | $18,139,000 |
| Ending Balance | $241,651,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Community Foundation Of Louisville Inc Louisville, KY | $675,486,716 | $70,628,491 |
Dayton Foundation Dayton, OH | $614,105,736 | $82,530,515 |
Battle Creek Community Foundation Battle Creek, MI | $135,380,333 | $32,635,612 |
Kalamazoo Community Foundation Kalamazoo, MI | $677,092,659 | $78,067,850 |
Grand Rapids Community Foundation Grand Rapids, MI | $425,971,455 | $49,247,168 |
Akron Community Foundation Akron, OH | $274,088,705 | $39,277,326 |
Dayton Foundation Depository Dayton, OH | $38,449,497 | $25,927,776 |
Community Foundation Of Elkhart County Inc Elkhart, IN | $418,149,768 | $41,619,440 |
Toledo Community Foundation Toledo, OH | $169,770,837 | $23,444,286 |
Blue Grass Community Foundation Inc Lexington, KY | $132,271,880 | $24,051,212 |
Erie Community Foundation Erie, PA | $290,579,169 | $26,731,197 |
Lancaster County Community Foundation Lancaster, PA | $92,463,036 | $19,491,842 |