Types of Funds
Your giving doesn’t follow a cookie-cutter approach, so Akron Community Foundation offers you six distinct options when you’re ready to establish a charitable fund.
Six choices of funds to meet your charitable needs
|Eileen Burg honors her late husband, Pete’s, charitable legacy through her family’s donor-advised fund at the community foundation. The whole family gets involved to make grants to Pete’s favorite causes.
All but our scholarship funds can be started with as little as $5,000, and all funds are tax-deductible to the full extent of the law. You get to name the fund and its purpose, as applicable.
You pay no fees out of pocket to create or maintain the fund. After you receive a charitable tax deduction for establishing the fund, the community foundation assesses the fund a very modest annual administrative fee.
Akron Community Foundation provides you with benefits that are typically available to very large foundations, like a diverse investment portfolio and low investment fees.
- Corporate- and Donor-Advised Funds: When you and your family (or your business or corporation) want to be fully involved. You recommend the grants; the community foundation does all the paperwork, in your name. Plus, you can take advantage of our knowledge of local issues, if and when you want it.
Read how Stow resident Eileen Burg's family is honoring her late husband and making a difference in greater Akron through their donor-advised fund.
See who our donor advisors are
Read our donor-advised fund handbook
View a sample donor-advised fund agreement
View a sample corporate-advised fund agreement
- Designated Funds: You can choose specific organizations to benefit from your fund forever (designated funds are almost always endowed). Should the designated organization, or the purpose it served, eventually cease to exist, the community foundation will redirect the fund's income to maintain your original charitable intent.
Read how Elizabeth Brainard Sandwick is enriching the local arts community forever by supporting the Akron Art Museum with her designated fund.
See a list of our designated funds
View a sample designated fund agreement
- Agency Endowments: More than 70 greater Akron nonprofits have already moved or established their endowments at Akron Community Foundation to take advantage of our greater investing capacity, our stability, and our ability to attract donors who are particularly interested in funding an organization permanently rather than through annual giving.
Read how the Conservancy for the Cuyahoga Valley National Park is preserving trails forever with its Akron Community Foundation endowment fund.
See a list of our agency endowment funds.
View a sample agency endowment fund agreement
- Field-of-Interest Funds: Do you care deeply about a particular issue, such as the arts, education or health care, and want the community foundation to choose the best organizations and projects in the field, especially when you can no longer decide? Field-of-interest funds follow the donor's wishes.
Read how Cecil Smith is fulfilling his goal of controlling the local cat population, even after his death, through his field-of-interest fund.
See a list of our field-of-interest funds
View a sample field-of-interest fund agreement
- Unrestricted Funds: Nearly 10 percent of Akron Community Foundation’s funds, totaling 35 percent of our assets, have been designated unrestricted. The generous donors who established them were able to name their fund in honor or memory of someone, or create a charitable legacy in their family’s name. They trusted the community foundation to determine how their fund’s grants could best be used to address current and future challenges in greater Akron. Akron Community Foundation has used those funds powerfully over the past half century toward a variety of foundation initiatives, including:
Read how former community leader George Stevens, whose parents were once slaves, is carrying on his charitable legacy after his death by funding greater Akron's most pressing needs.
See a list of our unrestricted funds.
View a sample unrestricted fund agreement
- Scholarship Funds: Greater Akronites are passionate about education, and charitable people just like you have created more than 60 scholarship funds at Akron Community Foundation, which distribute nearly $200,000 in scholarships every year. You determine the selection guidelines and, as long as there are no conflicts of interest, you may also help recommend the selection committee and scholarship winners. The community foundation’s staff commits a significant amount of time and expertise to administering scholarship funds. With an initial contribution of $25,000, you, too, can take advantage of this powerful administrative resource.
Read how the Summit County Pest Control Association is using a scholarship fund to recruit new students to the field of entomology.
See a list of our scholarship funds.
View a sample scholarship fund agreement
Read our scholarship policies and procedures