Medina County Community Foundation established
Seed funding provided via Medina-area funds held at Akron Community Foundation
Over the past year, Akron Community Foundation and Medina County community leaders have been working together as the Medina community has rallied to create the Medina County Community Foundation. Akron Community Foundation will be transferring the $1.1 million fund balance of its Medina County Community Fund to the newly formed foundation.
When the Medina County Community Fund was established at Akron Community Foundation in 1993 by area business leaders Jack Holland and Nobby Lewandowski, it was created with the future in mind. A provision was written into the original fund agreement that permitted its assets to be transferred once a community foundation was established in the Medina community.
"This is a wonderful moment for the Medina County community and an exciting way for the fund to celebrate its 30th anniversary," said John T. Petures Jr., president and CEO of Akron Community Foundation. "We've been proud to manage the Medina County Community Fund over these past three decades, working with an advisory board of Medina-area leaders to facilitate the distribution of nearly $750,000 in grants back into the community. We applaud the founding board of the new foundation for their due diligence and preparation in shaping the framework of the Medina County Community Foundation's overall governance and operation, and we're pleased to collaborate with them as they're now positioned to move forward with this important work."
Additionally, Akron Community Foundation is securing the commitment of six other sub-funds of the Medina County Community Fund who can elect to transition their fund relationships and assets to the new foundation, including the Medina County Women's Endowment Fund, the Tom DeLeone Fund and St. Matthew Lutheran Church LGL Samaritan Fund. In total, the Medina County Community Foundation may receive approximately $2.8 million from funds at Akron Community Foundation.
Most notably, the Medina County Women's Endowment Fund was established at Akron Community Foundation in 1998 and today has nearly $500,000 in assets, while having distributed close to $300,000 to nonprofits providing support to women, children and families throughout Medina County. When the fund moves to the new Medina County Community Foundation, it will continue to provide grants to similar programs throughout the county, just as it has done for the past 25 years.
"This is such a momentous and historic opportunity for our community as members of our founding board begin this important philanthropic work for the betterment of Medina County," said Dan Calvin, Medina County Community Foundation board president. Mr. Calvin also praised the leadership of Akron Community Foundation "not only for their 30-year stewardship of these fund relationships, but also for the transparency and collaboration that made this transition possible."
The Medina County Community Foundation has also announced the hiring of Jennifer Roman Anzalone as its first executive director. Anzalone is a lifelong resident of Medina County. She brings nearly 30 years of fund development and nonprofit management experience, including serving as the first executive director of the Medina City Schools Foundation.
Akron Community Foundation and its more than $280 million in assets and more than 870 fundholders will continue to serve Summit County residents, providing grantmaking to hundreds of nonprofits annually and philanthropic resources and expertise to the county's generous individuals, families and organizations. For more information about Akron Community Foundation, visit akroncf.org.
About Akron Community Foundation
Celebrating 68 years of building community philanthropy, Akron Community Foundation is our community's champion and generator of enduring philanthropy and enhances the work of charitable people who make a permanent commitment to the good of the community. In 1955, a $1 million bequest from the estate of Edwin Shaw established the community foundation. It is a philanthropic endowment of more than $280 million with a growing family of more than 870 funds established by charitable people and organizations from all walks of life. The community foundation and its funds welcome gifts of all kinds, including cash, bequests, stock, real estate, life insurance and retirement assets, just to name a few. To date, the community foundation's funds have awarded more than $231 million in grants to qualified nonprofit organizations. For more information about Akron Community Foundation or to learn more about creating your own charitable fund, call 330-376-8522 or visit akroncf.org.