The Community Foundation of Lorain County is a non-profit organization dedicated to making Lorain County a better place to live and work. Currently the 8th largest in the state of Ohio, the Foundation manages $110 million in assets and distributes upwards of $4.5 million each year in the form of grants and scholarships.
We offer custom solutions to your clients’ charitable goals. With over 33 years of experience, we have an in-depth understanding of community issues, financial expertise, and a passion to serve.
With a gift of $10,000, a donor can establish a named fund ($25,000 for scholarship funds) for almost any charitable purpose and at any of various levels of involvement. Fund minimums can be contributed over a five year period. We accept a wide variety of gifts including but not limited to cash, stock, bonds, insurance, real estate, and property such as art or jewelry. Gifts can be made in honor or in memory of a loved one.
Legacy donors can work with the Foundation to set up planned giving funds before their passing, to ensure that their charitable intent is thoroughly documented. This also ensures that that the donor(s) can be properly acknowledged during their lifetime. Planned gifts include charitable gift annuities and charitable remainder trusts, estates, bequest in a Will or Living Trust, gifts of life insurance, or beneficiary designation of Individual Retirement Accounts [IRA, 401(k), 403(b)].
The Community Foundation adheres to a comprehensive investment policy that pools all assets to increase investment diversification, manages volatility, and minimizes costs. The Foundation hires investment managers, based upon their expertise, to invest in specific market sectors. The Foundation works with an independent consultant to monitor each investment manager’s performance. Donors wishing to establish a fund of at least $1 million, can recommend their own advisor.
Our business is building community. Together, we are leading our community to a better future.
To support this community change and ensure that we can uphold the promises we have made to our 540 fund holders, the cost of operating the Foundation is equally shared among the endowed funds at a minimal rate of 1.25% of each fund’s average market value (1.5% for scholarship funds),
The Foundation wants to be your partner, your charitable expert. We want to help you help your clients be strategic in their charitable planning and ensure that their plans have impact and sustainability. (We can do this all without ever meeting your client.)
We have in-depth knowledge of the nonprofit sector and the needs of the community, financial scenario tools, and access to a variety of charitable giving options including charitable gift annuities (CGAs), charitable remainder trusts (CRTs), tax-advantage giving, and more.
We encourage non-cash and unique gifts. Consider these example situations:
Solution: The Community Foundation has invoked the “variance power” 10 times in the last five years. This allows us to fund other organizations in the community with similar missions to ensure that donor intent continues, even when the original organization ceases to provide services.
Solution: The Community Foundation currently owns 400 acres of farmland in southern Lorain County. That land has been sublet to local farmers and the proceeds provide support for school scholarships.
Solution: The Community Foundation has over 120 organizations receiving designated funds from endowments that either the organization has set up themselves or from endowments created by benefactors.
We help donors do good, while doing well financially.