(Editor's note: the following is a news release from Akron Community Foundation.)
The Litchfield Scholarship Committee announces that its two scholarship funds are now affiliates of Akron Community Foundation. The Litchfield Community Scholarship Fund and the Vincent Yambrovich Engineering Scholarship Fund are two in a family of nearly 400 community foundation funds, the assets of which are pooled and invested using the foundation’s long-term, growth-oriented strategy.
While the Litchfield-based scholarship committee will continue to administer the program that selects scholarship recipients, the community foundation will handle all the tax reporting and audit work.
“Partnering with Akron Community Foundation has helped us in a multitude of ways,” said Judy Scaife, chair of the Litchfield Scholarship Committee. “With the community foundation managing our investments and meeting all fiscal regulations, we can focus on our primary mission: helping local students achieve their academic dreams. This affiliation supports the longevity of this community gem.”
John T. Petures Jr., president and CEO of Akron Community Foundation, welcomed the partnership, saying, “It’s what a community foundation is all about.
"Our job is to help charitable people make a permanent commitment to the good of the community,” Petures said. “The people of Litchfield Township can rest assured that the money they give today will benefit students in their area now and forever, just as the original donors intended.”
The Litchfield Scholarship Fund was established in August 1971 to encourage the youth of the township to seek further education. Litchfield seniors of Buckeye High School are eligible for consideration. This scholarship fund is supported by residents of the community through various fundraising events. The scholarship committee is currently planning its next fundraiser, which will take place later in 2012.
In addition to the Litchfield Scholarship, Litchfield seniors are eligible for the Vincent Yambrovich Engineering Scholarship, which was established in 1984 by Vincent and Marjorie Yambrovich. It is open to graduating seniors entering the field of engineering.
Since 1972, the Litchfield Scholarship Committee has awarded approximately 140 scholarships totaling more than $85,000 to local students, thanks to the generosity of Litchfield Township residents.
To learn more about the scholarship program, or about applying for a scholarship, contact the Buckeye High School guidance office at (330) 722-8257.
Celebrating 56 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 $135 million philanthropic endowment with a growing family of nearly 400 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 $94 million in grants to qualified nonprofit organizations. For more information about Akron Community Foundation or to learn more about creating your own fund, call Dr. Suzanne Allen at (330) 436-5610.
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