Frequently Asked Questions About the Green Community Fund
What is the Green Community Fund?
Established by a group of forward-thinking Green residents, the Green Community Fund is a permanent endowment dedicated to strengthening our city by supporting meaningful civic and community initiatives. The fund is committed to serving as a catalyst for needed projects in the Green community, funding nonprofit organizations that serve local residents, and championing philanthropy throughout the community. The Green Community Fund is an affiliate fund of Akron Community Foundation, a philanthropic endowment of $260 million.
Why was the Green Community Fund created?
The fund was established in 2022, the city's 30th anniversary, by a group of residents who wanted to create an enduring source of support for the community they live in and love. The decision to create the fund was influenced by a number of factors, including the COVID-19 pandemic, which revealed how crucial it is to be able to quickly respond to emerging community needs and support the many nonprofits serving the Green community. By establishing an endowment fund, the founders were able to create a consistent source of support for the Green community that will last forever.
Why does Green need an endowment fund?
Green is a prosperous, progressive and promising city. Yet for all its advantages, this community also has unique needs and untapped potential, including many civic and community projects that have remained dormant due to a lack of available resources. An endowment fund will ensure our grandchildren, great-grandchildren, and all future generations of Green residents will benefit from the fund's legacy of giving back to our community.
What are the benefits of giving to a permanent endowment?
Gifts to a permanent endowment fund are invested and grown over time, which means a gift made today will continue to multiply for generations to come. As a permanent endowment, the Green Community Fund limits its distributions to just 5% of the average value of assets each year, while the principal is preserved forever. This ensures the endowment will continue to generate a permanent, predictable stream of income for the Green community both now and in the future. Your gift today will still be benefiting residents and nonprofits 100 years from now, long after you're gone.
How are grants from the Green Community Fund determined, and what do they support?
Grants from the fund will be awarded annually to qualified nonprofit organizations that enhance the cultural, educational, health and civic well-being of the community. Grants are determined by a committee composed of GCF advisory board members and community volunteers. As the size of the endowment grows, so does the size of the grants it awards.
What kinds of gifts can I make to support the Green Community Fund?
As a fund of Akron Community Foundation, the Green Community Fund can accept a wide variety of gifts, from simple to complex, including cash, appreciated stock, real estate, life insurance, closely held stock and retirement assets. You can also choose to support the fund through a pledge that you fulfill over a pre-determined period of time. Many people also find that they can make a much more significant contribution than they ever thought possible through a planned gift, such as a bequest or life insurance policy. You can make a gift online now at akroncf.org/give/GCF.
How can I support the Green Community Fund in a more enduring way?
Through Akron Community Foundation, you can start a charitable fund in your name, or in that of your family or company, that will support the Green Community Fund forever. Each year, your fund will make distributions to the Green Community Fund, increasing the fund's grantmaking to programs that preserve Green's legacy, meet emerging community needs, and more. This is a wonderful way to create your own legacy in Green that will live on forever – both through your charitable fund and the Green Community Fund.
What are the tax benefits of my gift?
Gifts to the Green Community Fund are fully tax deductible. Gifts of cash may be deducted up to 60% of the donor's adjusted gross income, while gifts of stock can be deducted up to 30% of the donor's AGI. Gifts of appreciated stock can be particularly advantageous, as you receive a double benefit: You get an immediate charitable deduction for the fair market value of the donated securities, and you also are exempt from any capital gains tax on the appreciation. Be sure to consult with your advisors to determine the best type of gift for your situation. A representative from the community foundation would be happy to meet with you and your advisors to discuss your options.