University Of Akron Foundation
- Assets
- $205.5m
- Revenue
- $14.7m
- Investments
- $174.3m
- Employees
- 0
- Location
- Akron, OH
- Founding
- 09/1966
- Data as of
- 06/2020
- EIN
- 34-6575496
Organization Overview
University Of Akron Foundation is located in Akron, OH. The organization was established in 1966. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. University Of Akron 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 06/2020, University Of Akron Foundation generated $14.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.8%) each year. All expenses for the organization totaled $16.0m during the year ending 06/2020. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO MANAGE PROPERTY, INVESTMENTS AND CERTAIN EXPENDITURES FOR THE BENEFIT OF THE UNIVERSITY OF AKRON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACADEMIC SUPPORT: THE UNIVERSITY OF AKRON FOUNDATION PROVIDES MANY OPPORTUNITIES FOR STUDENTS AND FACULTY TO GROW AND EXCEL THROUGH ACADEMIC SUPPORT. DURING THE FISCAL YEAR ENDED JUNE 30, 2021, THE FOUNDATION HELPED FUND 73 COLLEGE AND DEPARTMENT ACCOUNTS, 15 FELLOWSHIP ACCOUNTS, 15 LECTURESHIP ACCOUNTS, 15 ACADEMIC CHAIR ACCOUNTS, 13 INTERNSHIP ACCOUNTS, 8 PROFESSORSHIP ACCOUNTS, 4 INSTITUTE ACCOUNTS, 2 PRE-COLLEGE PROGRAM ACCOUNTS, 2 CENTER ACCOUNTS, AND THE HISTORY OF PSYCHOLOGY ARCHIVE ACCOUNT AT THE UNIVERSITY OF AKRON.
PHYSICAL IMPROVEMENTS AND OPERATIONAL SUPPORT: THE UNIVERSITY OF AKRON FOUNDATION CONTINUES TO SUPPORT THE UNIVERSITY OF AKRON CAMPUS ENHANCEMENTS BY FUNDING OR HELPING TO FUND PHYSICAL IMPROVEMENTS. DURING THE FISCAL YEAR ENDED JUNE 30, 2021, THE FOUNDATION PROVIDED $180,000 TOWARDS THE UNIVERSITY'S CAMERA INITIATIVE TO IMPROVE SAFETY AND SECURITY.
STUDENT FINANCIAL AID: ONE OF THE FOUNDATION'S OBJECTIVES IS TO ASSIST THE UNIVERSITY OF AKRON WITH FUNDING FOR STUDENT FINANCIAL AID. DURING THE FISCAL YEAR ENDED JUNE 30, 2021, THE FOUNDATION PROVIDED FUNDING FOR MORE THAN 790 SCHOLARSHIP ACCOUNTS WITHIN THE UNIVERSITY OF AKRON.
AUXILLIARY PROGRAMS: THE UNIVERSITY OF AKRON FOUNDATION PROVIDED DONOR-DESIGNATED FINANCIAL ASSISTANCE TO THE ATHLETIC PROGRAM, THE PERFORMING ARTS HALL AT THE UNIVERSITY OF AKRON, AND HOWER HOUSE, A HISTORIC BUILDING OWNED BY THE UNIVERSITY OF AKRON.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Philip A Lloyd Director And Chair | OfficerTrustee | 1.4 | $0 |
Kathleen A Coleman Director And Vice Chair | OfficerTrustee | 0.9 | $0 |
Kathryn W Dindo Director And Secretary | OfficerTrustee | 0.9 | $0 |
Pamela S Williams Director And Vice Chair | OfficerTrustee | 0.9 | $0 |
Dallas Grundy Ex-Officio Director | OfficerTrustee | 0.4 | $0 |
Gary L Miller Ex-Officio Director | OfficerTrustee | 0.4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,861,977 |
| Investment income | $5,359,105 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,558,561 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,662,521 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $692,755 |
| Fees for services: Legal | -$66,966 |
| Fees for services: Accounting | $32,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,693,925 |
| Fees for services: Other | $378,237 |
| Advertising and promotion | $0 |
| Office expenses | $5,035 |
| Information technology | $18,596 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,545 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $14,633 |
| All other expenses | $0 |
| Total functional expenses | $16,001,825 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,670,448 |
| Savings and temporary cash investments | $4,728,000 |
| Pledges and grants receivable | $10,982,216 |
| Accounts receivable, net | $141,637 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $300,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $12,334,255 |
| Investments—other securities | $174,252,452 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $349,206 |
| Total assets | $205,506,114 |
| Accounts payable and accrued expenses | $141,921 |
| Grants payable | $204,362 |
| Deferred revenue | $28,500 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,000 |
| 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 | $10,681,700 |
| Total liabilities | $11,061,483 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $194,444,631 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that University Of Akron Foundation has recieved totaling $131,000.
| Awarding Organization | Amount |
|---|---|
Jim & Vanita Oelschlager Foundation Akron, OH PURPOSE: GENERAL FUND | $75,000 |
F W Albrecht Family Foundation Akron, OH PURPOSE: DEAN NEMER ILLUMINATION WALKWAY PROJECT AT COLLEGE OF BUSINESS | $50,000 |
Laura B Frick Tr U Item 17 Uwo Pittsburgh, PA PURPOSE: WAYNE COLLEGE MAKER SPACE | $5,000 |
Gannett Foundations Inc Mclean, VA PURPOSE: CHARITABLE PURPOSE | $500 |
Gannett Foundations Inc Mclean, VA PURPOSE: CHARITABLE PURPOSE | $500 |
Endowment Analysis
| Beg. Balance | $151,414,946 |
| Earnings | $43,439,991 |
| Admin Expense | $2,200,497 |
| Net Contributions | $6,011,652 |
| Other Expense | $2,884,739 |
| Grants | $2,736,582 |
| Ending Balance | $193,044,771 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iu Medical Group Foundation Inc Indianapolis, IN | $256,189,183 | $45,380,536 |
Western Michigan University Foundation Kalamazoo, MI | $431,026,780 | $43,479,998 |
Pelotonia Columbuus, OH | $27,807,886 | $34,892,875 |
Wku Student Life Foundation Inc Bowling Green, KY | $178,491,745 | $30,600,200 |
Foundation For Indiana University Of Pennsylvania Indiana, PA | $226,911,998 | $27,994,482 |
Miami University Foundation Inc Oxford, OH | $724,573,926 | $28,643,439 |
Bowling Green State University Foundation Inc Bowling Green, OH | $269,755,787 | $28,051,237 |
Ball State University Foundation Muncie, IN | $262,845,495 | $25,627,270 |
The University Of Toledo Foundation Toledo, OH | $690,162,176 | $41,543,760 |
Youngstown State University Foundation Youngstown, OH | $318,269,128 | $38,933,738 |
Michigan State University Foundation East Lansing, MI | $535,425,307 | $55,850,938 |
Ivy Tech Foundation Inc Indianapolis, IN | $133,152,328 | $30,082,278 |