The University of Akron Foundation and Akron Community Foundation Partner to Empower Donors with an Innovative Donor-Advised Fund Program
The University of Akron (UA) Foundation and Akron Community Foundation are announcing a partnership to provide an innovative Donor-Advised Fund program that allows UA benefactors to maximize their giving in a flexible, but impactful and tax-advantageous way. This partnership will combine the expertise and resources of these two community organizations to establish a program that provides a streamlined and efficient option for donors to support the University and create a lasting legacy of philanthropy in the Akron community.
Through the UA Foundation's Donor-Advised Fund Program, benefactors can establish a fund at Akron Community Foundation with a gift of cash, appreciated stock, bonds or other eligible marketable assets and receive an immediate charitable income tax deduction. Subsequent fund additions may also be eligible for a charitable income tax deduction in the year in which they are made.
Akron Community Foundation will then manage and administer the assets within each fund created as part of this program. The growth of the assets as a result of investment will be collected in the fund, tax-free, for distribution to charitable beneficiaries.
Advisors can then recommend grants to The University of Akron and other charitable organizations of their choice according to their own timing and interests. This flexibility enables donors to support multiple causes and adapt their giving strategy over time and even among multiple generations of designated advisors.
Under this program, at least 50% of total grants recommended from each fund must be designated to The University of Akron Foundation, ensuring consistent support for the University's mission and initiatives. Advisors can recommend a grant to any area, program, initiative or cause at UA that aligns with their interests.
A Donor-Advised Fund is a popular charitable giving vehicle that acts like a charitable savings account, giving a fund advisor, such as the donor or the donor's family, flexibility to recommend how much and how often money is granted to charitable beneficiaries. Through this program, University supporters can take advantage of those benefits and support any number of various areas, programs, initiatives or causes at UA.
This collaboration marks a significant step in both organizations' commitment to progressing and improving the Akron community.
"We are honored to join with Akron Community Foundation in offering an innovative way for donors to support Zips and dynamic UA programming," said Kim Cole, vice president of advancement and executive director of the UA Foundation. "This partnership presents an exciting opportunity to assist donors in carrying out their wishes, furthering their legacies and elevating the Akron community."
"Akron Community Foundation and the University of Akron have such long and proud histories of benefiting our community, and this is a wonderful partnership that will allow alumni and donors to give to the University, Akron Community Foundation, and other causes they care about," said John T. Petures Jr., president and CEO of Akron Community Foundation.
Those interested in learning more about the program are encouraged to reach out to Cole at 330-972-7608 or firstname.lastname@example.org or Laura Lederer, Vice President and Chief Development Officer for Akron Community Foundation, at 330-436-5611 or email@example.com for additional information and guidance on how to participate.
About The University of Akron Foundation
The University of Akron (UA) Foundation was created in 1966 and is organized and operated exclusively for the benefit of The University of Akron. As a 501(c)(3), not-for-profit organization, The University of Akron Foundation receives gifts on behalf of UA and administers them in accordance with donor wishes.
As the gift-receiving entity of the University, the UA Foundation provides opportunities for students and faculty to grow and excel, dispersing tens of millions of dollars in student financial aid, lectureships, professorships, chairs, instructional grants, equipment funds, landscape improvements, and many other important initiatives. The UA Foundation is a vital part of supporting The University of Akron's stature as a leading public university committed to shaping the future of our region by providing quality education and fostering innovation.
About Akron Community Foundation
For 68 years, Akron Community Foundation has been our community's champion and generator of enduring philanthropy. In 1955, a $1 million bequest from the estate of Edwin Shaw established the community foundation. It is a philanthropic endowment of $260 million with a growing family of more than 830 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 nearly $227 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.