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We help you do more

Our more than 67 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.

Quarterly Financial Dashboards

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:

Third Quarter Fiscal Year 2023

Second Quarter Fiscal Year 2023

First Quarter Fiscal Year 2023

Fourth Quarter Fiscal Year 2022

Third Quarter Fiscal Year 2022

Second Quarter Fiscal Year 2022

First Quarter Fiscal Year 2022

Fourth Quarter Fiscal Year 2021

Third Quarter Fiscal Year 2021

Second Quarter Fiscal Year 2021

First Quarter Fiscal Year 2021

Fourth Quarter Fiscal Year 2020

Third Quarter Fiscal Year 2020

Summary Financial Statement

Comparative Statement of Financial Position

ASSETS (in thousands) Fiscal Year 2022 Fiscal Year 2021
  April 1, 2021 - March 31, 2022 April 1, 2020 - March 31, 2021
Cash and cash equivalents $125$441
Prepaid expenses$109$98
Contributions receivable, net$241$130
Other receivable$343$468
Property and equipment, net$3,236$3,108
Accrued investment income $247$247
Cash surrender value of life insurance $39$39
Investments $228,593$223,825
Funds held as agency endowment obligations $33,108$32,214
Beneficial interest in perpetual trusts$13,104$12,968
Real property held for investment$550 $552
Total Assets $279,695$274,090
LIABILITIES AND NET ASSETS (in thousands)
Liabilities:    
      Grants approved for future payment $383$1,036
      Accounts payable and other liabilities $718$675
      Funds held as agency endowment obligations $33,108$32,214
         Total Liabilities $34,209$33,925
Net assets:    
      Without donor restrictions $127,707$125,628
      With donor restrictions $117,779$114,537
         Total Net Assets $245,486$240,165
Total Liabilities and Net Assets $279,695$274,090

Comparative Summary Statement of Activities

REVENUES AND OTHER SUPPORT (in thousands) FY 2022 FY 2021
Contributions $19,837$22,402
Investment income, net $9,234$7,131
Net appreciation (depreciation) on investments ($5,851)$65,697
Change in beneficial interest in perpetual trusts$136$3,228
Less amounts for agency endowments:    
      Contributions ($1,895) ($1,664)
      Investment income ($1,073) ($803)
      Net appreciation (depreciation) on investments $487($8,008)
Total Revenues and Other Support $20,875$87,983
EXPENSES (in thousands)
Grants and other distributions $13,530$20,755
Administrative expenses $3,257$3,130
Less amounts for agency endowments:    
      Grants and other distributions ($1,233) ($628)
Total Expenses $15,554 $23,257
Increase (decrease) in net assets $5,321$64,725
Net assets, beginning of year $240,165 $175,439
Net Assets, End of Year $245,486 $240,164

Steve Schloenbach
Vice President and Chief Financial Officer

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