Akron Community Foundation is a permanent philanthropic endowment designed to enrich the lives of Summit County, Ohio, residents and meet the changing needs of greater Akron, Ohio.
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Overview
Akron Community Foundation is composed of more than 520 funds representing individuals, families, organizations, corporations and issues. Notable funds include the Women's Endowment Fund, Gay Community Endowment Fund, Medina County Community Fund, Medina County Women's Endowment Fund, Millennium Fund for Children, Bath Community Fund and the Vernon L. Odom Fund, which is named for the late leader of the Akron Urban League.
As of Dec. 31, 2015, the community foundation had assets of nearly $184 million and had awarded more than $131 million in grants since its inception.
John T. Petures Jr. heads the foundation's 17-person staff, and Steven Cox leads the 24-person volunteer board.
History
Akron Community Foundation began in 1955 with an initial gift of $1,033,533 from Edwin Coupland Shaw, an Akron industrialist. Shaw's goal, as expressed in his will, was to create a way for local residents to give back to their community as the community's needs changed over time. It was his desire that there be a flexible means of fulfilling people's philanthropic goals in the Akron area.
A board of trustees was soon created that would serve to appropriate income from the fund. The trustees came from all walks of life and brought with them expertise in at least one field. This tradition continues today and ensures that community foundation decisions reflect the best interest of the entire Summit County community.
The original trustees of Akron Community Foundation were Paul E. Belcher, John L. Collyer, Harvey S. Firestone, Jr., Paul A. Frank, John S. Knight, Paul W. Litchfield, W.B. McIntosh, Forrest D. Myers, C. William O'Neill, Bert A. Polsky and J. Penfield Seiberling.
Shaw died in 1941, but his cause was carried on by other civic-minded citizens who continued to make gifts to the community foundation. Since the time of Shaw's original bequest of $1 million, the community foundation has grown to nearly $184 million to support the health, educational, cultural and welfare needs of Summit County residents.
Grant-making
The community foundation awards grants to eligible 501(c)(3), 509(a) public charities, as determined by the IRS.
Akron Community Foundation's grantmaking procedures vary depending on how each of the more than 520 funds is set up. However, the community foundation follows a basic set of grantmaking guidelines when reviewing applications. The community foundation's Community Investment Committee and board of directors oversee all grantmaking activity.
Only one grant from the community foundation's Community Fund can be awarded to an organization per fiscal year, which runs April 1 through March 31. The Community Fund grant deadlines are:
- Arts and Culture - April 1;
- Civic Affairs - July 1;
- Health and Human Services - Oct. 1
- Education - Dec. 15
Awards
One of the community foundation's most prestigious awards is the Bert A. Polsky Humanitarian Award. The Polsky Humanitarian Award was established in 1969 to honor the late Bert A. Polsky, president of the former Polsky Department stores. Polsky also was a founding trustee of Akron Community Foundation and a civic leader. Each year, the foundation presents the Polsky Award to the individual or couple who best exemplifies Bert Polsky's selfless dedication to humanitarian causes in Akron. In 2015, the award went to Joe Kanfer, CEO of GOJO Industries Inc.
Funds
Akron Community Foundation's funds have been created by individuals, companies, families and nonprofits to meet the needs of Summit County's diverse population and beyond. Initiative funds address specific groups in the community, including women, LGBT individuals, children, minorities, and residents of Medina County.
The Women's Endowment Fund was established in 1993 and is committed to supporting the needs of local women and girls. In the past, the fund has supported organizations such as the International Institute of Akron, the Battered Women's Shelter, and the Victim Assistance Program. Through WEF grants, local women have been able to learn English, escape abusive relationships, learn to manage their personal finances, and much more.
The Gay Community Endowment Fund is dedicated to helping local organizations and programs that support Summit County's lesbian, gay, bisexual and transgender population. Established in 2001, the fund embraces diversity in the community and encourages philanthropists to make a difference in the lives of LGBT individuals. Recently, the fund has made grants to the Rape Crisis Center, Akron Area Pride Collective, and the Akron AIDS Collaborative.
The Medina County Community Fund is dedicated to helping nonprofits that enrich the lives of all Medina County residents. Established in 1993, the fund focuses on improving residents' lives both now and in the future. Recently, the fund has made grants to Feeding Medina County, Medina Creative Housing and ORMACO.
The Medina County Women's Endowment Fund was established in 1998 and is committed to supporting the needs of Medina County's women and children. Structured in concert with Akron Community Foundation's Women's Endowment Fund, which serves Summit County, the Medina County Women's Endowment Fund accepts grant applications for organizations and programs that support women and children in the Medina County area. It specifically makes grants to programs that create opportunities for the educational, physical, emotional, social, artistic and personal growth of women and children. Recently, the fund has made grants to the Matthew 25 Coalition, RePlay for Kids and the Suicide Prevention Education Alliance.
The Millennium Fund for Children was established in 1999 by Akron Community Foundation and the Akron Beacon Journal. Every year, donors give at least one hour of their pay to the fund to help support children-related projects. Nonprofit organizations that contribute to the arts, education and health of area children receive top consideration. Recently, the fund supported programs such as the Summit Special Olympic Athletic Club, Akron-Canton Regional Foodbank, Here's Hope Horse Farm, and Mobile Meals.
The Vernon L. Odom Fund was created to support Summit County's minority population. Named after prominent community leader Vernon L. Odom, the fund gives grants to organizations that fulfill Odom's mission of improving racial harmony and enriching the lives of local minorities. Recently, the fund has supported the Inner-City Soccer Team, the Youth Excellence Performance Arts Workshop, and the Butch Reynolds Care for Kids Foundation.
The Bath Community Fund was established in 2014 to strengthen the Bath community for current and future generations by providing leadership, fostering collaboration, and creating a legacy of charitable giving.
Source of the article : Wikipedia
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