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We help you do more

Our more than 66 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 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

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 2021 Fiscal Year 2020
  April 1, 2020 - March 31, 2021 April 1, 2019 - March 31, 2020
Cash and cash equivalents $441$244
Contributions receivable, net130193
Prepaid expenses98100
Note receivable468590
Property and equipment, net3,1082,944
Accrued investment income 247263
Cash surrender value of life insurance 3940
Investments 223,825162,076
Funds held as agency endowment obligations 32,21422,666
Beneficial interest in perpetual trusts12,9689,740
Real property held for investment552 552
Total Assets $274,090$199,409
LIABILITIES AND NET ASSETS (in thousands)
Liabilities:    
      Grants approved for future payment 1,037708
      Accounts payable and other liabilities 675596
      Funds held as agency endowment obligations 32,21422,666
         Total liabilities $33,926$23,970
Net assets:    
      Without donor restriction 125,62890,845
      With donor restriction 114,53784,594
         Total net assets $240,164$175,439
Total Liabilities and Net Assets $274,090$199,409

Comparative Summary Statement of Activities

REVENUES AND OTHER SUPPORT (in thousands) FY 2021 FY 2020
Contributions $22,402$11,760
Investment income 7,1314,525
Net appreciation (depreciation) on investments 65,697(20,841)
Change in beneficial interest in perpetual trusts3,228(1,446)
Less amounts for agency endowments:    
      Contributions (1,664) (1,007)
      Investment income (803) (390)
      Net (appreciation) depreciation in investments (8,008)2,465
Total Revenues and Other Support $87,983($4,934)
EXPENSES (in thousands)
Grants and other distributions 20,75511,621
Administrative expenses 3,1303,101
Less amounts for agency endowments:    
      Grants and other distributions (628) (1,132)
Total Expenses $23,257 $13,590
Increase (decrease) in net assets 64,725(18,524)
Net assets, beginning of year 175,439 193,963
Net Assets, End of Year $240,164 $175,439

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