Types of Funds
Your giving doesn’t follow a cookie-cutter approach, so Akron Community Foundation offers you six distinct options when you’re ready to establish a charitable fund.
Six choices of funds to meet your charitable needs
|Many families use their donor-advised fund at the community foundation to get their children and grandchildren involved in philanthropy.
All but our scholarship funds can be started with as little as $5,000, and all funds are tax-deductible to the full extent of the law. You get to name the fund and its purpose, as applicable.
You pay no fees out of pocket to create or maintain the fund. After you receive a charitable tax deduction for establishing the fund, the community foundation assesses the fund a very modest annual administrative fee.
Akron Community Foundation provides you with benefits that are typically available to very large foundations, like a diverse investment portfolio and low investment fees.
- Field-of-Interest Funds: Do you care deeply about a particular issue, such as the arts, education or health care, and want the community foundation to choose the best organizations and projects in the field, especially when you can no longer decide? Field-of-interest funds follow the donor's wishes.
Read how Cecil Smith is fulfilling his goal of controlling the local cat population, even after his death, through his field-of-interest fund.
See a list of our field-of-interest funds
View a sample field-of-interest fund agreement
- Unrestricted Funds: Nearly 10 percent of Akron Community Foundation’s funds, totaling 35 percent of our assets, have been designated unrestricted. The generous donors who established them were able to name their fund in honor or memory of someone, or create a charitable legacy in their family’s name. They trusted the community foundation to determine how their fund’s grants could best be used to address current and future challenges in greater Akron. Akron Community Foundation has used those funds powerfully over the past half century toward a variety of foundation initiatives, including:
Read how former community leader George Stevens, whose parents were once slaves, is carrying on his charitable legacy after his death by funding greater Akron's most pressing needs.
See a list of our unrestricted funds.
View a sample unrestricted fund agreement
Scholarship Funds: Greater Akronites are passionate about education, and charitable people just like you have created more than 50 scholarship funds at Akron Community Foundation, which distribute nearly $200,000 in scholarships every year. You determine the selection guidelines and, as long as there are no conflicts of interest, you may also help recommend the selection committee and scholarship winners. The community foundation’s staff commits a significant amount of time and expertise to administering scholarship funds. With an initial contribution of $25,000, you, too, can take advantage of this powerful administrative resource.
Read how the Summit County Pest Control Association is using a scholarship fund to recruit new students to the field of entomology.
See a list of our scholarship funds.
View a sample scholarship fund agreement
Read our scholarship policies and procedures