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Private Foundation

Wealth Manager






We’re David and Cheryl Venarge. If you’re anything like us, you are always looking for ways to spend more quality time with your kids and grandkids. You’re also probably eager to share your charitable values with them to carry on when you’re gone.

Cheryl and David Venarge with children.Akron Community Foundation can help you do both.

Here you will find a helpful staff who can talk with your entire family about philanthropy. And they’ll also listen: to the causes you and your family value; to how you want to carry on your legacy when you’re gone; and to how you want to interact with local nonprofits. They can make you aware of exciting nonprofit programs in line with your family’s charitable values, if that’s what you want. If you wish, they can even get you in to see those programs in action.

All this helps us make more informed decisions about how to invest our charitable dollars. It also helps us think about our family’s giving in a more cooperative and personal way. So now, when we make a grant from our donor-advised fund, we can celebrate together: as a family.

How will you celebrate philanthropy?

At Akron Community Foundation, there are charitable resources for everyone. What can we help you with?

I want to include my children and grandchildren in my philanthropy.

We would love to help you create a family legacy with your fund. Akron Community Foundation offers fundholders the ability to name their children, grandchildren, nieces, nephews or other family members as successor advisors who recommend grants from your fund. By communicating with your family about your charitable goals and values, they can help carry on your legacy for years to come. Our donor services staff meets with families throughout the year – at the community foundation offices and in their home – to facilitate talks about charitable giving. If the family wishes, they can even offer a list of fully vetted nonprofit programs in the family's area of charitable interest. Children especially enjoy learning about local programs and selecting their favorite organizations to receive grants.

I want to continue supporting our favorite charities while reducing my recordkeeping and tax burden.

Our donor-advised fund option offers you a full and immediate tax deduction for your contribution. You can then take your time distributing grants to whichever 501(c)(3) nonprofits you wish. You can make grant recommendations by mail, email, phone or via our online fund management tool, DonorCentral. Or, if you want to support one or more specific organizations, a designated fund might be your best option. We will make grants in your name (or anonymously, if you choose) to your preferred organizations according to a very dependable timetable.

I want to leave a permanent charitable legacy.

We can help you make ongoing grants through what’s called an endowment. Grants from an endowed fund are made in perpetuity in your fund's name and are celebrated through our grant announcements, annual reports and media releases, should you wish. Should the cause or organization you support cease to exist, the community foundation’s board and staff will protect your original intent by directing grants in your fund’s name in the same spirit and to a similar, viable cause or charity.

I want to be sure my charitable investments are safe.

All community foundation funds are carefully managed, with complete transparency in our financesinvestment policiesasset allocationsmanagersfeesaudits and performance. All fundholders receive regular statements and can also review them online through DonorCentral. If you create a fund and wish to recommend a qualified investment manager to oversee your gift, Akron Community Foundation is happy to consider the request in accordance with our official policy.

I want my financial advisor to continue managing my fund's assets.

You've come to the right place. If your family starts a donor-advised fund with an initial gift of $250,000 or more, you can recommend that your current financial advisor manage the assets of your fund, as long as he or she is in accordance with our official outside manager policy.

My cash assets are limited, but I want to do something significant and charitable.

Akron Community Foundation offers planned giving instruments, such as charitable remainder trusts, that offer you a tax break now while supporting the cause or charity of your choice after your death. You can do so through one of our charitable fund options, or perhaps the cause or charity you’d like to support is among one of our existing funds. Your planned gift can support one of them, too.

I’m writing my will, and I want to know the best way to give.

Some of your assets may be better left to charity than to family members, and vice versa. The community foundation’s section on planned giving shows you all your options and includes sample language for charitable bequests. It also suggests other tax-wise methods of charitable giving, including life insurance policies and IRAs. If you decide to leave a bequest to Akron Community Foundation, please let us know: We want to include you in our Edwin C. Shaw Society so you can enjoy all its benefits.

I want insight into which local nonprofits are doing what and well.

Donor advisors can take advantage of the community foundation’s deep knowledge of the region’s nonprofits. We can offer you potential grant opportunities based on your area of interest and give you insight into local issues. We can even take you to visit a nonprofit so you can see its programs in action. Or, we can contact one of the nearly 800 community foundations across the country if you, for example, want to recommend a grant where another family member lives. Except in extraordinary cases where significant expenses are incurred, there is no charge for this service.

I am considering starting (or closing) a private foundation.

Many people find the administrative and tax burdens of a private foundation to be overly cumbersome. By converting your private foundation to a donor-advised fund at the community foundation, you can retain your grant-making involvement while transferring the administrative responsibilities to the foundation's knowledgeable staff. We take care of all the paperwork, gift acknowledgment and tax reporting so you can focus on giving back to the causes you care about. In addition, donor-advised funds do not have any mandatory payouts, so you can take your time deciding grants each year. 

We offer an easy-to-read chart comparing the differences between a private foundation and a corporate- or donor-advised fund. As always, one of our staff members is available to talk to you, your foundation administrator, or your advisor to discuss which option would be most advantageous for your organization.

I want to start a scholarship.

Community foundations are among the nation’s largest holders of scholarship funds. Akron Community Foundation is no exception, with nearly 77 scholarship funds that cultivate a multitude of talents and fields of study. The minimum amount you need to start a scholarship fund is $25,000, and there are many different ways to finance your fund.