Report on Economic Impact of Greater Toledo Community Foundation Released

TOLEDO, OHIO, September 30, 2020 – A study commissioned by Greater Toledo Community Foundation (GTCF) and conducted by a team led by Oleg A. Smirnov, Ph.D., Professor and Graduate Director, Department of Economics at The University of Toledo, reveals that the activities of GTCF generate positive long-term consequences in our community and have contributed to a unique impact on the local economy.

During the year-long research, the team used historical documentation as well as most recent available data on the regional economy and GTCF’s grantmaking and other community-engagement activities. The report provides an outline of the historic performance of GTCF’s grantmaking and how it intertwines with the Toledo region’s economy, and overviews the multi-faceted engagement of GTCF with the community involving a broad range of attributes pivotal for its long-term goals of making Toledo a better place to live.

According to the report, “these activities have been shown to boost the overall economic output, stimulate gainful employment, and contribute to shifting the composition of the local economy towards faster-growing industries and above-average paying jobs.”

Among the conclusions from the report are these key findings:

• The dynamics of grantmaking by GTCF during 2001–2018 surpasses that of the Toledo region’s economic output measured by Gross Domestic Product (GDP) with growth rates of GTCF’s grantmaking exceeding those of Toledo’s GDP by the ratio of 2.65 to 1; in other words, GTCF’s grantmaking is growing nearly three times faster than the local economy;

• The allocation of GTCF grants during various phases of the business cycle suggests that GTCF’s independent grantmaking and consistent pursuit of its long-term goals achieves considerable anti-cyclical, smoothing effect on the economy when the flow of funds in the community in good times and bad times is independent of the increase of GTCF’s resources;

• The rapid increase of GTCF’s asset base serves as a gradually increasing buffer against future economic downturns and a key indicator of economic sustainability of GTCF programs;

• The total economic impact of the contribution of GTCF to the regional Gross Domestic Product in 2018 is $60.4 million;

• GTCF activities contributed to creating 454.6 full-time equivalent jobs in Toledo’s regional economy.

“I like to take from this report that our community is better off with Greater Toledo Community Foundation in it,” stated Keith Burwell, president, Greater Toledo Community Foundation. “But what is most important for everyone to understand, and what is proven here, is that through the Foundation, the Toledo region leverages our contributions nearly three times faster than the local economy.

“If someone wants to help improve the quality of life in our region, we’re here to help you do that. The Foundation consistently demonstrates a unique capability to connect donors with the opportunity to make a real difference through charitable giving,” Keith continued.

“The community foundation is uniquely qualified to address the changing needs of our region, not just through grants but also by bringing community leaders together and coordinating efforts among nonprofits. And because we work with endowed funds and endowments, we’ll be here forever offering financial stability for our community,” concludes Keith.

NOTE: You can view and obtain a copy of The Economic Impact of Toledo Community Foundation, Inc. Report on our website at https://www.toledocf.org/news-and-publications/research-reports/ or click here.

About Greater Toledo Community Foundation
Greater Toledo Community Foundation is a public charitable organization created by citizens of our community to enrich the quality of life for individuals and families in our area. In existence since 1973, the Foundation has more than 900 funds with assets of approximately $329 million. The Foundation provides philanthropic services for individuals, families, businesses and corporations to meet their charitable giving needs. For more information about Greater Toledo Community Foundation, visit www.toledocf.org or follow us on Facebook and LinkedIn.

Questions
Contact Keith Burwell, President, Greater Toledo Community Foundation
Email Keith@toledocf.org or call (419) 241-5049