FISCAL YEAR 2020 - ANNUAL MEETING
April 1, 2019 - March 31, 2020
Dear Friends,

You’re receiving this email in lieu of our in-person annual meeting, which was previously scheduled for July 16 at the Hilton Akron/Fairlawn. While we’re disappointed we are not able to converse with you face to face, we're happy to share this recap of the work of your community foundation during our past fiscal year, which ended on March 31, 2020.

As we reflect on those past 12 months, it truly feels like we’re living now in a different world. What began in 2019 as another robust year of new funds and growth, special events, heightened grantmaking, and the beginning of our building renovation and expansion ended with the creation of our Community Response Fund for Nonprofits, which has already helped more than 100 nonprofit organizations whose outreach and program delivery have been adversely affected by COVID-19.

From the pandemic that has threatened our collective health and well-being, to circumstances surrounding racism that have threatened the health and safety of our Black brothers and sisters, as well as other people of color, it’s hard not to feel a sense of despair. We have felt it often these past few months, but we are also feeling encouraged and hopeful that the collective leadership of our community will find solutions to address the challenges we face throughout Summit and Medina counties. 
 
Not only did we see an outpouring of support and contributions to help those who were devastated by COVID-19, we are also seeing the start of what we hope will be real, significant change in how our community combats systemic racism. We believe philanthropy can play a vital role in this crisis, and we vow to do our part to ensure Akron Community Foundation is diverse, equitable and inclusive in all we do. We realize we still have a long way to go, and that this must be our priority far into the future, but our board and staff are committed to bettering our organization for the good of ALL in our community. We will share more about our efforts as they continue to develop.
 
Until we can see each other again, stay safe and healthy.

Sincerely,
Richard C. Fedorovich
Board Chair

CEO and Managing Partner at Bober Markey Fedorovich
John T. Petures Jr.
President & CEO
Take a Tour of Our New Building

We hope you enjoy this tour of our expanded and remodeled office space until we are able to welcome you in person. In our video and photos, you'll see the new physical home of The Center for Family Philanthropy, as well as our renovated offices and new cafe. You'll also see the new meeting spaces that have been created for the benefit of the community. We look forward to hosting your organizations in our building again as soon as it is safe to do so!
Governance Update
Sarah Friebert, M.D.
Governance Chair and Director, Pediatric Palliative Care at Akron Children's Hospital
As my two years as the chair of the Governance Committee comes to an end, I’m thankful for the committee members who have shared their valuable insights and experience to help recruit new members, determine future leadership, and continually improve the way our board of directors oversees your community foundation.

In recent years, we’ve begun to more intentionally prioritize diversity in our board recruitment practices to ensure our board makeup includes individuals from a wide variety of personal and professional backgrounds. We've also taken a more deliberate approach to our board leadership and succession planning, have increased board training, and are currently preparing for the addition of ad hoc committee members to expand the skills, expertise and insights brought to our decision making.

I'm now pleased to share the following information about our incoming slate of officers and the wonderful new addition to our board, Tracy Carter. I’d also like to take a moment to thank Mark Krohn, founder and managing partner of The Law Office of Mark E. Krohn, Esq., LLC and owner of Focal Point, who is leaving the board following six years of service.
 We're excited to welcome Tracy Carter, system director for government relations at Summa Health, as the newest member of our board of directors. No stranger to the community foundation, Tracy served on the Women's Endowment Fund board from 2005-2013 and chaired the fund during its successful $2 million endowment campaign.
New Slate of Officers and 2nd & 3rd Terms Announced
The following represents the Executive Committee of Akron Community Foundation's board of directors for the next year:

  • Richard C. Fedorovich, Bober Markey Fedorovich – Chair
  • Ilene Shapiro, Summit County Executive – Vice Chair
  • J. Bret Treier, Vorys, Sater, Seymour and Pease LLP – Secretary
  • Jim Pickard, Pickard Commercial Group – Treasurer & Finance Committee Chair
  • Doug Kuczynski, Medical Mutual of Ohio – Community Investment Committee Chair
  • Marty Hauser, ExactCare – Community Relations Committee Chair
  • Katie Smucker, Community Volunteer – Governance Committee Chair
  • Stephen Strayer, PNC Institutional Asset Management Group – Immediate Past Chair

In addition, Kimberly Haws Falasco, Jody Miller Konstand, Doug Kuczynski, Jim Pickard and Derrick Ransom accepted their second three-year term, and Mike Zeleznik accepted his third three-year term.
Finance Update
Mike Zeleznik
Finance Chair and Managing Member at Zeleznik & Associates
Following a positive end to the 2019 calendar year and a solid start to 2020, Akron Community Foundation, like many other organizations across the country, experienced a downturn at the end of March 2020.

At the fiscal year ending March 31, 2020, Akron Community Foundation's assets stood at $199 million, a decrease of $21 million from the prior fiscal year due to unrealized investment losses incurred during the March 2020 quarter as the market reacted to the COVID-19 pandemic. But already we are starting to see positive improvements, with assets back up to more than $222 million at the end of June, a net gain of approximately 15%. Your community foundation continues to focus on the prudent stewardship of contributions, investments and our operating budget.

Below are some additional financial updates for fiscal year 2020, including grantmaking and contribution totals.

Numbers are unaudited. An audited financial statement for fiscal year 2020 will appear in the Fall 2020 issue of The Signal magazine.
Community Investment Update
Sylvia Trundle
Community Investment Chair and Retired Captain of the Akron Police Department
This past fiscal year was one of the largest grantmaking years in Akron Community Foundation’s history with $11.6 million in grants and distributions going out into the community. Of that total, nearly $10 million stayed right here in Summit and Medina counties. Thanks to the generosity of donors like you, we've averaged more than $11 million invested into our community annually for the last eight years.

Grantmaking this year supported myriad charitable causes, from those championed by our donor-advised fundholders , affiliate funds and agency endowment funds, to those decided upon by our board during our quarterly grantmaking cycles for Arts & Culture , Civic Affairs , Health & Human Services and Education .

Historically, Akron Community Foundation’s board-directed grantmaking has been based primarily on those four reactive cycles, but this year, our board awarded its first round of proactive grants totaling $225,000. These proactive grants supported nonprofit initiatives focused on the senior population and diversity, equity and social inclusion. Future proactive grantmaking will further support these key areas, as well as programs combating drugs and addiction.

Lastly, at the end of the fiscal year, Akron Community Foundation established the Community Response Fund for Nonprofits , a relief fund to assist organizations on the front lines of the COVID-19 pandemic. While one round of grants was distributed last fiscal year, to date the fund has given more than $453,000 to local nonprofits and raised more than $620,000. It was just announced that the fund will now also support local organizations addressing the crisis of systemic racism that has erupted in civil unrest across the country.
Community Relations Update
Rob Malone
Community Relations Chair and Partner at Buckingham, Doolittle & Burroughs LLC
In fiscal year 2020, Akron Community Foundation welcomed 42 new fundholders – from nonprofits whose board and staff entrusted the community foundation with their endowments, to individuals who decided to make an impact on their favorite causes or charities with the help of their professional advisors, to families who established a donor-advised fund as an alternative to a private family foundation for their multigenerational giving.

These new fundholders, combined with those who donated to one or more of our 680+ charitable funds, such as one of our seven affiliate funds , collectively contributed 6,970 gifts totaling $11.8 million for the year ending March 31, 2020. The community is grateful for your continued generosity.

As the community foundation’s expanded and enhanced building was completed, so too was the physical home for The Center for Family Philanthropy , a charitable resource center for the region’s generous families. Akron Community Foundation's staff, including the recently hired director of The Center for Family Philanthropy, Karen Hrdlicka , work with our donor-advised fundholders and local private foundations to engage family members young and old in strategic charitable giving.

As part of the center’s mission to teach philanthropy to successive generations, we also l aunched the Institute for Emerging Philanthropists . The inaugural class of this exclusive educational program that was designed to support, inspire and cultivate emerging donors graduated this past June. They used the knowledge they gained to contribute $80,000 to 23 nonprofit organizations and to establish an endowed charitable fund at the foundation that will be used by future institute participants to support the community.
Additional Resources

Akron Community Foundation 
345 West Cedar St., Akron, OH 44307

Office Hours: 9 a.m. to 5 p.m., Monday through Friday
Phone: 330-376-8522 
Fax: 330-376-0202
www.akroncf.org