On Friday, the Akron Rotary Foundation made a $500,000 gift to Akron Community Foundation to establish the Akron Rotary Foundation Endowment Fund. The agency endowment fund will primarily help children who are financially disadvantaged attend the Akron Rotary Camp for Children with Special Needs in New Franklin. It will also fund stipends for foreign exchange students in the Rotary Youth Exchange program and other youth programs.
“Akron Rotary Foundation trustees realized we needed another respected vehicle for planned giving to support the primary recipient of our grants, Akron Rotary Camp in Portage Lakes,” said Dan O’Connell, president of the Akron Rotary Foundation board. “Akron Community Foundation has 57 years of prudent investment, administration and expertise in the field of philanthropy, which is important to our donors. This, combined with the exposure we will receive as a result of the collaboration, made the partnership a perfect fit.”
The Akron Rotary Foundation Endowment Fund was the 23rd charitable fund established during the community foundation’s 2013 fiscal year, which ended March 31. It is one of 70 other agency endowment funds started by local nonprofit organizations seeking the community foundation’s financial stewardship, long-term investing, gift administration and planned giving capabilities. Agency endowment funds are protected and preserved by the community foundation and cannot be liquidated. Their assets are grown in perpetuity, ensuring a permanent, predictable stream of funding for their organization’s charitable cause.
“The work of the Akron Rotary Foundation is so vital to our community, and Akron Community Foundation is uniquely positioned to enhance this work through the power of endowment,” said Akron Community Foundation President and CEO John T. Petures Jr. “That includes giving even more children with disabilities the opportunity to experience all the friendship, fun and excitement of Akron Rotary Camp, and helping students become immersed and educated in different cultures. We are grateful to be empowering them to do this work forever in our community.”
The Akron Rotary Foundation Endowment Fund welcomes gifts of all kinds, including cash, bequests, stock, real estate, life insurance and retirement assets. Gifts can be made online at www.akroncf.org/give/AkronRotaryFund or by calling 330-376-8522.
About Rotary Club of Akron
Founded in 1914, the Rotary Club of Akron is an international community service organization built on fellowship whose members include entrepreneurs, business executives and community leaders. The Rotary Club of Akron’s tradition of civic involvement is best demonstrated through its support of the Rotary Camp for Children with Special Needs. Located at Rex Lake in Summit County, Ohio, the 6-acre camp has been operational since 1924. The Rotary Camp provides a traditional camping experience for children and adults with disabilities while emphasizing socialization, independence and recreation. The Rotary Club of Akron meets at noon every Tuesday at Portage Country Club. For those interested in getting involved with the club or the Rotary Camp, please contact Bill Manby Jr. at 330-644-4512 or firstname.lastname@example.org.
About Akron Community Foundation
Celebrating 57 years of building community philanthropy, Akron Community Foundation embraces and enhances the work of charitable people who make a permanent commitment to the good of the community. In 1955, a $1 million bequest from the estate of Edwin Shaw established the community foundation. Today, it is a philanthropic endowment of more than $140 million with a growing family of more than 400 funds established by charitable people and organizations from all walks of life. The community foundation welcomes 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 $105 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 www.akroncf.org.
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