As an affiliate fund of Akron Community Foundation, a philanthropic endowment of nearly $222.5 million, Bath Community Fund receives active financial oversight by top-rated managers who monitor the portfolio in light of current market conditions and our long-term investment strategies.

Following a positive end to the 2019 calendar year and a solid start to 2020, we experienced a downturn at the end of March as the market reacted to the COVID-19 pandemic. At the end of the fiscal year on March 31, 2020, Bath Community Fund's assets stood at just under $730,000*, a decrease of approximately $20,000 from the prior fiscal year.

Fortunately, Akron Community Foundation's investment policy was designed to weather market volatility such as this, and we are already seeing positive improvements. By the end of June, Bath Community Fund's assets had increased to $832,225 – a net gain of nearly 15% – making last quarter one of the strongest financial quarters in the past two decades for Akron Community Foundation and Bath Community Fund.

Going forward, we will continue to be trustworthy and careful stewards of your charitable gifts. We're proud that Bath Community Fund has the lowest historical expense ratio of all the major affiliate funds at Akron Community Foundation. In fact, our historical expense-to-contribution ratio, including all administrative fees, is just 7.2%, meaning we have spent only $7.20 for each $100 we have raised since 2014. For comparison, charities are considered to be highly efficient when they spend $25 or less per $100 raised, which places Bath Community Fund far ahead of the industry standard.

In short, Bath Community Fund is built to last. And all gifts are invested and grown over time, so donations made today will continue to multiply for generations to come.