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Summit Metro Parks Foundation creates endowment fund at Akron Community Foundation

$3.5 million establishing gift one of largest in ACF history; assets to be grown, used for park miss

Published: September 9, 2016 10:01 AM

Akron, OH – Summit Metro Parks Executive Director Lisa King and park district commissioners Jane Bond and Herb Newman announced today the establishment of the Summit Metro Parks Foundation Endowment Fund at Akron Community Foundation.

The announcement came this morning during the community foundation’s quarterly board meeting. The mission of the new fund is to support the park district and its foundation’s charitable, educational and scientific initiatives. The $3.5 million establishing gift is one of the largest in the community foundation’s history.
“We have seen the excellent track record of investment and financial prudence on the part of Akron Community Foundation, and we are confident this new partnership will elevate both the visibility and assets of the Summit Metro Parks Foundation,” said Bond.

Added Newman: “In the park district’s 95th year, the timing could not be better.”

According to district officials, no public funds were used to start the endowment fund. Founded in 1991, the Summit Metro Parks Foundation has accepted grants and individual gifts through a variety of fundraising efforts.

“Many of our visitors, volunteers and supporters are eager to contribute to Summit Metro Parks in a more permanent way,” King said. “This fund is the perfect opportunity to engage them and ensure many more generations will continue to enjoy the Metro Parks in their backyard.”

The Summit Metro Parks Foundation Endowment Fund is one of more than 100 agency endowment funds started at Akron Community Foundation by nonprofits seeking a predictable source of income for their organization. Agency endowment 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 an 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 Summit Metro Parks has entrusted us with this legacy.”

The Summit Metro Parks Foundation Endowment Fund accepts gifts of any kind, including cash, appreciated property and retirement assets. To give online, visit www.akroncf.org/give/MetroParksFund. To discuss other giving options, including planned gifts, contact Margaret Medzie, Akron Community Foundation’s vice president and chief development officer, at 330-436-5610.

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