What is the Lakeland Foundation?

The Lakeland Foundation is a 501(c) 3, non-profit organization 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 fund-raising through friend raising.

How is the Foundation governed?

The Foundation established a Code of Regulations which provides for a Board of Directors of 28 persons. The board is composed of individuals from the community, the college president, and five emeritus directors. All service is voluntary and without compensation.

The Foundation also has non-voting ex-officio members on the board, which include the executive director, the college's vice president of Community & College Relations, the college treasurer and the president of the Lakeland Alumni Association.

What is the purpose of the Foundation? Why do we have one?

The Foundation's purposes are to:

· Support Lakeland Community College by fund raising through friend raising.
· Engage in the responsive gathering of resources that is responsive to both the donor and the college's priorities.
· Engage in responsive giving of resources that is responsive to shifting needs and priorities of the college and its students.
· Promote the Foundation and the College within the community increasing public awareness of the importance of supporting public education in Northeast Ohio.
· Serve as a strategic link between the College and the community developing alliances to foster communications and support of new and existing programs.

The Foundation provides all donors with an opportunity to make charitable gifts in support of its mission that are tax deductible.

What kinds of things does the Foundation do?

Since its beginning, the Foundation has raised money annually for scholarships and grants for Lakeland students. The Foundation works with the Financial Aid Office of the college to distribute the scholarship funds.

In the 2001-02 school year, the Financial Aid Office received over 650 applications and approximately $334,000 was awarded to 608 students in the form of scholarships, grants or loans from The Lakeland Foundation.

What is the difference between Endowed and Non-Endowed Funds?

Endowed funds require a minimum initial investment of $10,000, which is then placed in an investment fund in accordance with a board-approved policy through an independent investment firm. Endowed funds live on in perpetuity with only a portion of the endowment income distributed (or awarded) each year.

Where do donations to the Foundation go? What kinds of "funds" are held by the foundation? How much does it take to establish a scholarship fund?

Historically, the Foundation provides a means for students to access the college. Even with Lakeland's affordable tuition, students may need additional financial help with educational costs. Over 75 different scholarship funds are currently available through The Lakeland Foundation.

There are specific areas within the Foundation where you can direct your investments of any amount. They are as follows:

Unrestricted/Undesignated
· To be used where the needs are greatest as determined by a volunteer Board of Directors

Restricted
· Student Assistance
· Technology Access
· Faculty Enhancement programs
· Existing funds already established

Named Funds and Named Scholarships
· These can also be established outlining specifications of your choice. A minimum gift of $1,000. is required.

Endowed Funds
These can also be established outlining specifications of your choice.
· A minimum gift of $10,000 is required.
· Additions of any amount can be added to endowed funds at any time after the initial minimum of $10,000

Why does The Lakeland Foundation need private philanthropic gifts?

Increasing need for student assistance: The demand for student assistance increases every year. Lakeland is committed to keep education affordable for everyone.

Increasing numbers of students are depending on Lakeland…
o To begin their journey towards a four-year degree,
o Get needed skills in order to re-tool their careers after an industry downsizing
o Become certified in their career field
o Attain a college education while juggling the demands of family and career
o Fulfill their life's dreams

Financial constraints can be a major hurdle in attaining these goals. Your investment in The Lakeland Foundation becomes their 'lifeline.'

Lakeland needs to remain on the leading edge in order to be responsive to the current and emerging needs of business & industry and the residents of Northeast Ohio. In the face of significant budget cutbacks at the State level, private philanthropic investment is critical to maintain the level of excellence at Lakeland Community College.