$70l,850 was awarded through the Hine Memorial Fund
With record assets of more than $92 million and an increased spending policy for 2013, the Youngstown Foundation’s first-quarter distributions reached $1,761,000.
The amount includes contributions of $250,000 from the Support Fund, which gives participating nonprofits the opportunity to earn an extra 5 percent on donations of $100 or more.
Ten area organizations were awarded grants from the Foundation’s unrestricted fund; an additional 60 organizations received awards from restricted and donor-advised funds, said Janice Strasfeld, foundation executive director.
The largest grant, $701,850, was awarded through the Hine Memorial Fund for outpatient medical rehabilitation services, respite and audiology services to Easter Seals and Youngstown Hearing & Speech Center, and Operation Search and Help, a program designed to address the individual needs of families of children with diagnosed disabilities.
Also included were first time distributions from the following new donor- advised funds: The Stephen Gyomber Memorial Fund, the Mary Bianco Whalen RN Memorial Fund, and the Jeff and Kimberly Simon Family Fund.
“Through these grants it is our goal to continue to fulfill critical needs and remain actively engaged in the major issues that impact Youngstown. The awarded grants reflect the desire of The Youngstown Foundation to be innovative, inclusive and responsive to the needs of the community,” Strasfeld said.
She said that in 2012, the foundation had a 20-percent increase in grant requests from local nonprofits. In response, the foundation raised its spending policy from 3.5 percent of the fair market value of assets averaged over three years to a maximum of 4 percent, which generates an additional $300,000 for grant distributions in 2013.