Gift is single largest in the history of Akron Community Foundation
AKRON, Ohio (June 7, 2013) – Today, the IBH Foundation’s board of directors established a $12 million charitable fund at Akron Community Foundation, making it the largest gift in the community foundation’s 58-year history. The IBH Foundation Fund will be used primarily to maintain and improve facilities at the IBH Addiction Recovery Center, a 10-building, 154-acre treatment center in Coventry Township.
IBH Foundation Board Chairman Tim Killian said the new fund at Akron Community Foundation creates long-term funding for IBH Addiction Recovery Center’s infrastructure, programming and non-residential services, which are necessary for clients’ long-term recovery. He also hopes it will create a partnership around treatment and recovery locally and increase visibility for the center’s work.
“While IBH needs money to provide treatment, the IBH Foundation needs money to subsidize the infrastructure and provide supplemental services necessary for long-term recovery. It’s more than treatment. It’s about being there for the long-term and creating a permanent lifeline and support system. This partnership with Akron Community Foundation means we will be providing this support in our community forever.”
The IBH Foundation Fund is one of more than 70 agency funds started at Akron Community Foundation by nonprofits seeking a predictable source of income for their organization. Agency funds offer the flexibility to meet immediate needs while preserving assets for the nonprofit’s long-term mission. The community foundation protects those assets from being spent for any other purpose.
“As a community foundation, we are uniquely positioned to be an impartial and prudent steward of a nonprofit organization’s funds,” said Akron Community Foundation President and CEO John T. Petures Jr. “We offer them the peace of mind that their assets are managed responsibly and the assurance that their donors’ gifts are used for the purpose they intended, not just now but forever. It gives us great pride that IBH has entrusted this legacy with us.”
The IBH Foundation Fund’s establishing gift more than doubles the community foundation’s previous record gift of $5 million, which came last February from Medical Mutual of Ohio to start the Medical Mutual Community Investment Fund. Prior to that, the largest gift Akron Community Foundation received was $4.74 million from the John A. McAlonan Trust in 1994. Since its establishment, and through the power of endowment, the John A. McAlonan Fund has grown to $10.7 in assets and has made more than $5.5 million in grants, nearly entirely from the original gift.
“Akron Community Foundation is a trusted and proven leader in investment and administration of charitable funds,” Killian said. “Through the years, hundreds of donors have trusted the IBH Foundation with gifts both large and small. This new fund offers them the added confidence that their gifts will live on in perpetuity, so we can continue our mission of recovery right here in Akron, the birthplace of recovery.”
This weekend, in honor of Founder’s Day, the 78th anniversary of Alcoholics Anonymous, Killian encourages supporters to give to the IBH Foundation Fund in honor of a friend or loved one. Gifts can be made online at www.akroncf.org/give/IBHFoundationFund or by calling 330-376-8522.
The Interval Brotherhood Homes, Inc. (IBH) offers a system of services designed to provide long-term alcohol and drug addiction treatment and recovery. The IBH Addiction Recovery Center, located on South Main Street in Coventry Township, is a leading alcohol and drug addiction residential rehabilitation facility. Since 1970, the IBH Addiction Recovery Center has used abstinence-based residential treatment methods to help over 15,000 people who have suffered from alcohol and or drug addiction. IBH also operates the IBH Garden to provide work opportunities to former residents who have successfully completed residential treatment. IBH is funded in part by the County of Summit ADM Board, City of Akron, other agencies, foundations, and private donors. IBH welcomes gifts of all kinds, including cash, bequests, stock, real estate, life insurance, retirement assets and in-kind donations. Gifts can be made online at www.ibh.org or by calling 330-644-4095.
About Akron Community Foundation
Celebrating 58 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 $150 million with a growing family of more than 420 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 more than $106 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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