Parker Hannifin guaranteed foundation funding for five years.
By NANCY TULLIS
VINDICATOR STAFF WRITER
YOUNGSTOWN -- The end of the Commercial Intertech Foundation will mean a significant funding loss for the Youngstown-Mahoning Valley United Way, said Don Cagigas, United Way president.
Commercial Intertech Foundation officials announced in a press release Thursday they would make a final distribution of the foundation's assets and terminate the foundation.
Neither Parker Hannifin nor foundation representatives could be reached to comment.
According to the press release, the foundation was established in 1952 by the Commercial Shearing & amp; Stamping Co. as a way for the company to continue its charitable giving in years when profits were low but the need for support was great. When profits were good, the company contributed funds to the foundation.
Parker Hannifin bought Intertech in 2000 and guaranteed foundation funding for five years. Since it was established in 1952, the foundation has given nearly $5 million to charities and cultural institutions, most of which are in the Mahoning Valley.
The foundation has been a major supporter of United Appeal in the cities where Commercial Intertech had factories, including some $2.9 million to the Youngstown-Mahoning Valley United Way.
"Although we are losing Foundation funding, it is our hope that the employees of Parker Hannifin and Commercial Metal Forming will continue to contribute," Cagigas said.
Parker Hannifin bought out Commercial Intertech in 2000, and Commercial Metal Forming took over Intertech's metal stamping plant in 2001.
Cagigas said United Way officials were aware the foundation funding would no longer be available. For the past three years United Way officials have been concentrating efforts on persuading area businesses to join United Way campaigns to help offset funding losses from business and factory closings.
The foundation's final contributions include gifts to Fellows Riverside Gardens, the Butler Institute of American Art, the Rich Center for Autism at Youngstown State University, Neighborhood Ministries, Stambaugh Auditorium and YSU scholarship programs.