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We help you do more

Our more than 68 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:

First Quarter Fiscal Year 2024

Fourth Quarter Fiscal Year 2023

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 Summary Statement of Financial Position

ASSETS (in thousands) Fiscal Year 2023 Fiscal Year 2022
  April 1, 2022 - March 31, 2023 April 1, 2021 - March 31, 2022
Cash and cash equivalents $139$125
Prepaid expenses$104$109
Contributions receivable, net$157$241
Note receivable$216$343
Property and equipment, net$3,132$3,236
Accrued investment income $306$247
Cash surrender value of life insurance $39$39
Investments $211,360$228,593
Funds held as agency endowment obligations $32,525$33,108
Beneficial interest in perpetual trusts$11,092$13,104
Real property held for investment$552$550
Total Assets $259,622$279,695
LIABILITIES AND NET ASSETS (in thousands)
Liabilities:    
      Grants approved for future payment $466$383
      Accounts payable and other liabilities $780$718
      Funds held as agency endowment obligations $32,525$33,108
         Total Liabilities $33,771$34,209
Net assets:    
      Without donor restrictions $117,326$127,707
      With donor restrictions $108,525$117,779
         Total Net Assets $225,851$245,486
Total Liabilities and Net Assets $259,622$279,695

Comparative Summary Statement of Activities

REVENUES AND OTHER SUPPORT (in thousands) FY2023 FY2022
Contributions and grants$9,046$19,837
Investment income, net $5,995$9,234
Net appreciation (depreciation) on investments ($15,504)($5,851)
Change in beneficial interest in perpetual trusts($2,097)$136
Less amounts for agency endowments:    
      Contributions ($1,537)($1,895)
      Investment income ($324)($1,073)
      Net appreciation (depreciation) on investments $1,922$487
Total Revenues and Other Support ($2,499)$20,875
EXPENSES (in thousands)
Grants and other distributions $14,147$13,530
Administrative expenses $3,511$3,257
Less amounts for agency endowments:    
      Grants and other distributions ($522)($1,233)
Total Expenses $17,136$15,554
Change in Net Assets ($19,635)$5,321
Net Assets, Beginning of Year $245,486$240,165
Net Assets, End of Year $225,851$245,486

Steve Schloenbach
Vice President and Chief Financial Officer

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