Foundations join forces to fortify Mahoning Valley

YOUNGSTOWN -- The fusion of two large, well-known philanthropic organizations promises to benefit Youngstown State University and the Greater Mahoning Valley, officials with both of the entities said.

"We're thrilled to be working with the YSU Foundation," Shari Harrell, president of the Community Foundation of the Mahoning Valley, said.

Harrell expressed the sentiment in remarks she made during a program Wednesday at Wean Park to announce a new partnership between the Youngstown State University Foundation and the CFMV.

Because of the relationship, the YSU Foundation is to embrace donors interested in setting up a donor-advised fund. Donors in the program will agree to establish such a fund at the CFMV, with at least 50% of yearly proceeds going to the university and its various programs and initiatives, and the rest being able to be distributed to eligible nonprofit agencies and charities, Harrell said.

"This is a great example of considering the landscape of organizations that already exist for this purpose, and then collaborating in that space," she said.

"The YSU Foundation was looking for a way to offer donor-advised funds, and rather than configuring things to create their own internal program, they came to us to help them create more options for their donors," she said.

The CFMV specializes in donor-advised funds, for which the YSU Foundation will act as their steward. Donor-advised funds are charitable-giving vehicles that public charities administer. The charities manage the donations, which often are gifts of $10,000 or more, on behalf of families, organizations or individuals, with donors playing an active role in the process, Harrell said.

The CFMV oversees between $80 million and $85 million in assets that include scholarships as well as donor-advised funds, she said, adding a memorandum of understanding was completed between the two foundations about a week ago.

The partnership was a natural fit largely because the YSU Foundation has had a longstanding admiration for and worked in cooperation with the CFMV, Paul McFadden, YSU Foundation president, said.

In addition, the partnership will benefit many of the estimated 104,000 YSU alumni members for which the YSU Foundation has contact information, McFadden said.

"Most of our alumni grew up in the area and are interested in supporting YSU and their hometown," he said.

McFadden pointed to the recently completed "We See Tomorrow" campaign that included 57 gifts of $100,000 or more from donors outside of the region.

The relationship between the two foundations also can provide additional pathways for YSU graduates near and far to further contribute to the local community, Harrell said.

"We see this as a great opportunity for both of our organizations and the many donors who will take advantage of this new giving option, and we are proud to be able to support YSU alumni in giving back to their community," she said.

Additional remarks during Wednesday's program were from Ed Muransky, the YSU Foundation's board chairman, and Timothy Francisco, board chairman with the CFMV.