THE LAKELAND FOUNDATION

Frequently Asked Questions

• Why does The Lakeland Foundation need private philanthropic gifts?
• What is The Lakeland Foundation?
• How is The Lakeland Foundation governed?
• What does The Lakeland Foundation do?
• What is the difference between endowed and non-endowed funds?
• How can I become actively involved with The Lakeland Foundation?

The Lakeland Foundation inspires support for Lakeland Community College's mission to provide quality learning opportunities to meet the social and economic needs of the community.  Gifts to The Lakeland Foundation allow our students to progress and complete their academic goals, juggle the demands of family, career and college life, re-tool their careers, enrich their lives, and fulfill their dreams.  Our priorities are to empower student success, promote workforce development, and serve as a catalyst and connector to engage and enrich our community. 

As public sources of funding decrease, there is a rapidly growing need for private gifts that support student success. The Lakeland Foundation relies on the generosity of our friends, alumni, corporations, and philanthropic foundations to make a difference in the lives of our students.

» top

The Lakeland Foundation is a 501(c)(3), non-profit organization (EIN 34-1369714) as classified by the Internal Revenue Service. In 1981, after incorporating in Ohio, the Foundation began its work as a separate entity from Lakeland Community College. Its purpose and mission is to support Lakeland Community College by fundraising through friend-raising.

» top

The Lakeland Foundation established a Code of Regulations which provides for a Board of Directors of up to 35 directors-at-large who are individuals from the community, the president of Lakeland Community College, representatives from alumni, from faculty, and from the college's Board of Trustees, past Foundation board chairs, and emeritus directors. All service is voluntary and without compensation.

The Lakeland Foundation also has non-voting, ex-officio board members which include the Foundation's executive director, the Vice President of Community & College Relations, an appointed secretary, and the college treasurer.

» top

• Supports Lakeland Community College by fundraising through friend-raising;
• Solicits resources that are responsive to both the donors' and the college's priorities;
• Ensures resources are responsive to shifting needs and priorities of the college and its students;
• Promotes the Foundation and the college within the community, increasing public awareness of the importance of supporting public education in Northeast Ohio;
• Serves as a strategic link between the college and the community, developing alliances to foster communications and support of new and existing programs.
• Manages a wide variety of endowed and non-endowed funds that support scholarships, academic program needs, innovation in teaching and learning, etc.

» top

Endowed funds require a minimum initial investment of $10,000, which is then invested in accordance with a Lakeland Foundation Board approved policy through an independent investment firm. Endowed funds live on in perpetuity with only a portion of the endowment income available for spending allocations each year. The spending allocation policy is reviewed periodically and is approved by The Lakeland Foundation Board of Directors.

Non-endowed (or current use) funds are not invested and are used for current needs. A minimum initial gift of $1,500 is required to name a current use fund. As funds are depleted, they must be replenished by new donations.

» top

For more information about becoming an active volunteer in the work of The Lakeland Foundation, please contact The Lakeland Foundation office.

» top