THE LAKELAND FOUNDATION



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.

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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 Lakeland Community College President, and emeritus directors. All service is voluntary and without compensation.

The 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.

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What does The Lakeland Foundation do?
  • Supports Lakeland Community College by fund raising through friend-raising
  • Solicits resources that are responsive to both the donor's 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

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The difference between Endowed and Non-Endowed Funds

Endowed funds require a minimum initial investment of $10,000, which is then invested in accordance with a 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 Foundation Board of Directors.

Non-endowed (or current use) funds are not invested and are used for current needs. A minimum initial gift of $1,000 is required to name a current use fund. As funds are depleted, they must be replenished by new donations.

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Where donations to the Foundation go?

The Foundation manages a variety of funds that empower students to access, succeed and complete their academic endeavors at Lakeland. Some of the funds include: Greatest Need (unrestricted), Scholarships, Program Support, Technology, and other emerging needs.

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Why The Lakeland Foundation need private philanthropic gifts?

As public sources of funding decrease, there is a rapidly growing need for private gifts that support student success. Students indicate financial need as the number one barrier to entering and completing college. Gifts to The Lakeland Foundation provide that support -allowing students to progress and complete their academic goals, juggle the demands of family, career and college life, re-tool their careers, and fulfill their dreams.

Lakeland needs to remain on the leading edge in order to respond to the current and emerging needs of Northeast Ohio. Private philanthropic investment is critical in order to maintain the level of excellence at Lakeland Community College and the quality of life of our community.

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How to become actively involved with The Lakeland Foundation

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

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