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We help you do more

Our more than 65 years of prudent spending and long-term investing makes your charitable gifts go further. Our Finance and Investment Committee and staff protect and grow your investments so you can support your favorite causes and nonprofits for years to come.

For more information about our investment policy, current investment managers or asset allocation, contact Steve Schloenbach, vice president and chief financial officer.

Transparency

Our financial practices uphold the highest possible standards for nonprofits. Review our audited financial statements and Form 990s. You can also review our investment performance.

Investment Policy

Read our investment policy statement to learn how we invest your charitable dollars and maximize the impact of your philanthropy.

Spending Policy

Our board of directors has set a spending rate of 5% annually for permanently endowed funds (based on a rolling average of fund balance over the previous 12 quarters) to sustain these funds in perpetuity.

Investment Managers

We invest your money with managers that have a proven history of excellent results. Our independent investment consultant helps us identify managers with outstanding track records and evaluates them on a regular basis to ensure they are adhering to our investment policy.

Financial Documents

Akron Community Foundation is committed to maintaining financial transparency. We invite you to review our most recent audited financial statements and Form 990s below. The documents are formatted as PDFs. To view them, download a free version of Adobe Acrobat Reader.

The community foundation measures its investment performance against the Policy Index, a benchmark created to mirror the portfolio's targeted asset mix. This benchmark allows us to more accurately measure the performance of individual components prescribed in the foundation’s written investment policy statement and compare the effects of asset allocation changes.

The following are our most recent investment results:

First Quarter Fiscal Year 2021

Fourth Quarter Fiscal Year 2020

Third Quarter Fiscal Year 2020

Second Quarter Fiscal Year 2020

First Quarter Fiscal Year 2020

Fourth Quarter Fiscal Year 2019

Third Quarter Fiscal Year 2019

Second Quarter Fiscal Year 2019

First Quarter Fiscal Year 2019

Summary Financial Statement

Comparative Statement of Financial Position

ASSETS (in thousands) Fiscal Year 2020 Fiscal Year 2019
  April 1, 2019 - March 31, 2020 April 1, 2018 - March 31, 2019
Cash and cash equivalents $11,839 $6,269
Accrued investment income 263 234
Contributions receivable, net 193 80
Prepaid expenses 100 118
Cash surrender value of life insurance 40 40
Note receivable 590 710
Property and equipment, net 2,944 1,410
Investments 140,727 165,691
Long-term investments 32,421 34,420
Trust accounts 9,740 11,186
Real property held for investment 552 552
Total Assets $199,409 $220,710
LIABILITIES AND NET ASSETS (in thousands)
Liabilities:    
      Grants approved for future payment 708 1,032
      Accounts payable and other liabilities 596 585
      Funds held as agency endowment obligations 22,666 25,130
         Total liabilities 23,970 26,747
Net assets:    
      Without donor restriction 100,585 111,474
      With donor restriction 74,854 82,489
         Total net assets 175,439 193,963
Total Liabilities and Net Assets $199,409 $220,710

Comparative Summary Statement of Activities

REVENUES AND OTHER SUPPORT (in thousands) FY 2020 FY 2019
Contributions $11,760 $10,886
Investment income 4,525 5,836
Net appreciation (depreciation) on investments and trust accounts (22,287) (1,350)
Less amounts for agency endowments:    
      Contributions (1,007) (910)
      Investment income (390) (618)
      Net (appreciation) depreciation in investments 2,465 231
Total Revenues and Other Support ($4,934) $14,075
EXPENSES (in thousands)
Grants and other distributions 11,621 10,858
Administrative expenses 3,101 2,935
Less amounts for agency endowments:    
      Grants and other distributions (1,132) (788)
Total Expenses $13,590 $13,005
Increase (decrease) in net assets (18,524) 1,070
Net assets, beginning of year 193,963 192,893
Net Assets, End of Year $175,439 $193,963
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