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Private Foundation

Wealth Manager





Frequently Asked Questions

Legal Name: Akron Community Foundation
Tax I.D. Number: 34-1087615
Incorporated in: Akron, OH

What is Akron Community Foundation?

Akron Community Foundation is a philanthropic endowment established in 1955 that manages and invests charitable funds established by individuals, families, businesses and nonprofit organizations. To date, the foundation and our funds have awarded nearly $173 million in grants to qualified nonprofit organizations.

What is a community foundation?

community foundation is a flexible, yet permanent collection of funds supported by a wide range of donors. Community foundations make grants to nonprofit community groups from funds established by individuals, families, businesses and others. There are nearly 900 community foundations across the United States and dozens more throughout the world.

How are you different from the commercial funds like Fidelity and Vanguard?

The community foundation offers more charitable products than commercial funds, including permanent endowments that honor a family’s legacy. The community foundation offers personal assistance and expertise in local issues and nonprofits that national funds cannot match. Akron Community Foundation also provides social, networking and leadership opportunities.

What is the advantage of a community foundation over a private foundation?

A fund at Akron Community Foundation is less costly, in terms of both time and money, to establish than a private foundation. The foundation can help your clients establish their own donor-advised fund in about 15 minutes, with a minimum gift of just $5,000. Establishing a private foundation can take months or longer, and your clients would be responsible for substantial legal, accounting and operational matters.

What services can Akron Community Foundation offer to help advisors serve their clients?

Most professional advisors find the community foundation’s flexible services extremely valuable. We can find answers to most charitable giving questions faster and more comprehensively than any other source. We can simplify the administration and paperwork involved with giving to virtually a single signature. We can help a family or company preserve their legacy forever.

How can Akron Community Foundation help enhance the advisor/client relationship?

Akron Community Foundation offers advisors and their clients an intensely personal, high-value experience. Through a relationship with the community foundation, advisors can assist their clients in making a difference in their community in ways the client values. The foundation can help your clients complete charitable agreements, with no out-of-pocket charges from us.

What personalized giving options are available for donors through Akron Community Foundation?

Donors can fulfill multiple charitable interests by contributing a variety of assets, including cash, stocks and property. You can also work with your clients on a wide variety of planned gifts through the community foundation. Donors can establish funds to honor a family legacy of giving or choose to remain totally anonymous to the public. 

What kinds of funds can my clients establish?

The community foundation offers six types of funds, one of which is almost sure to meet your clients' needs. The minimum amount required to open five of the funds is $5,000. For donors who want to be actively involved in grantmaking, donor-advised funds are the best choice.

Can Akron Community Foundation help my clients leave a legacy in their community?

We’re the best choice. Akron Community Foundation is committed to preserving the region’s remarkable legacy of giving. When your clients leave the foundation in their will, they can establish a fund in their name that will make grants to the causes and organizations they care about. The community foundation tells the stories of our fundholders through our website, publications, ebroadcasts, annual meetings, annual awards, public speaking and more every year.

Will you come to my office to meet with my client or make a presentation about Akron Community Foundation to my colleagues?

Absolutely. We would be happy to meet with you. Please contact Margaret Medzie, vice president and chief development officer, or Laura Fink, director of development and professional advisor relations.

How can I receive a copy of Akron Community Foundation's audit report?

The foundation is audited on an annual basis by Sikich. All audit reports are available in PDF form for download, or contact Steve Schloenbach, vice president and chief financial officer, for a paper copy.

How can I receive a copy of the foundation's IRS Form 990?

Visit our extensive financials section for our Form 990 and more.

How can I learn more?

We'd love to hear from you. Please contact Margaret Medzie, vice president and chief development officer, or Laura Fink, director of development and professional advisor relations.