Hoover Foundation

## Approach Strategy

The Hoover Foundation (EIN 34-6510994) is a private grantmaking foundation established in 1947 and headquartered in Columbus, OH, with operational ties to Canton and the broader Stark County region. Managed by the Hoover family (Lawrence R. Hoover serves as Chairperson) with Huntington National Bank as corporate trustee, the foundation follows a traditional family philanthropy model with a strong regional focus.

The foundation's grantmaking strategy centers on four pillars: community funds, hospitals and health agencies, colleges, and community organizations. Its largest single grant in 2024 — $1,000,000 to Stark Community Foundation — signals a "fund the funders" strategy that amplifies impact by leveraging community foundation infrastructure to distribute resources across the region. This approach is characteristic of mature private foundations seeking broad community impact without maintaining a large program staff.

The foundation operates with minimal overhead (Huntington National Bank received $187,762 in trustee compensation in 2024) and distributes approximately 90%+ of expenses toward charitable purposes, reflecting a commitment to efficient grantmaking rather than foundation-building. With $39.3 million in assets and no debt, the foundation is financially stable and positioned for sustained long-term giving.

## Funding Patterns

The Hoover Foundation distributes approximately $3-4 million annually across 60-70 grants. Based on 2024 990-PF data:

• Total Grants (2024): 62 recipients, $3.82 million in charitable disbursements
• Grant Range: $150 to $1,000,000
• Median Grant: $25,000
• Revenue Sources: Primarily investment income — dividends ($1.29M, 21%) and sales of assets ($4.79M, 79%). The foundation receives zero contributions, operating entirely from its endowment.

Top 2024 Recipients: - Stark Community Foundation Inc: $1,000,000 - Arts in Stark: $375,000 - United Way Worldwide: $315,000 - Commquest: $200,000 - Canton Palace Theatre: $150,000 - Canton for All People: $150,000

Geographic Distribution (2024): 53 of 62 grants (85%) went to Ohio-based organizations, with a strong concentration in Stark County and the Canton metro area. Secondary giving reaches Virginia, Kentucky, and Texas, likely reflecting family connections or specific institutional relationships.

Historical Trend: Assets have remained stable in the $34-39 million range from 2011-2024, with annual giving fluctuating between $2.9M and $3.8M. Revenue declined from $5.49M (2018) to $3.50M (2019) but recovered to $6.09M by 2024, likely reflecting investment market conditions.

## Peer Comparison

The Hoover Foundation operates within a robust philanthropic ecosystem in the Canton/Stark County metro area, which hosts 192 foundations with combined assets of $927 million.

Positioning: The Hoover Foundation is a mid-tier funder in the Canton area — smaller than the Stark Community Foundation and Timken Foundation but significant in its own right. Its $1M grant to Stark Community Foundation in 2024 makes it one of the largest single donors to the region's primary community foundation. Unlike Stark Community Foundation which operates donor-advised funds and competitive grant programs, the Hoover Foundation operates as a traditional private foundation with family-directed giving, making it more selective but potentially more flexible for the right organizations.

## Recent Activity

Financial Performance (2024): The foundation reported its strongest year in recent history with $6.09 million in total revenue, driven primarily by $4.79 million in asset sales and $1.29 million in dividends. Total expenses of $4.13 million included $3.82 million in charitable disbursements — a 92.4% charitable efficiency rate.

Grantmaking Volume: The foundation made 62 grants in 2024, continuing a pattern of supporting approximately 60-80 organizations annually. Historical data shows 626 total grants tracked across all available filing years, indicating consistent and sustained community investment.

Leadership Stability: The Hoover family maintains active governance with Lawrence R. Hoover as Chairperson, supported by Charles H. Hoover, Timothy R. Hoover, and outside members Timothy D. Schiltz and Terry A. Moore. Huntington National Bank serves as institutional trustee, providing investment management and administrative continuity.

Key 2024 Investments: The $1 million grant to Stark Community Foundation represents a significant strategic investment — potentially a named fund or special initiative. The $375,000 grant to Arts in Stark and $315,000 to United Way Worldwide suggest continued commitment to arts/culture infrastructure and broad community safety-net services in the region. Commquest ($200,000) indicates support for behavioral health and addiction services, an increasingly important community priority.

## Application Tips

How to Apply: The Hoover Foundation uses a letter-based application process. Prospective grantees should submit a letter to Lawrence Hoover at 400 Market Ave N, Suite 210, Canton, OH 44702, stating the amount requested and the purpose for which the grant would be used. The foundation can also be reached at (330) 580-2568.

Key Success Factors:

1. Ohio focus is essential. With 85% of grants going to Ohio organizations and a strong Stark County concentration, out-of-state applicants face very long odds unless they have a direct Ohio connection or impact.

2. Align with established categories. The foundation funds community funds, hospitals/health agencies, colleges, and community organizations. Requests outside these categories are unlikely to succeed.

3. Right-size your ask. The median grant is $25,000, and most grants fall in the $10,000-$50,000 range. Only established institutions with deep relationships (like Stark Community Foundation or Arts in Stark) receive six-figure grants. New applicants should request amounts proportional to their organizational budget and the foundation's typical giving.

4. No individuals, no deadlines. The foundation does not make grants to individuals and does not publish formal application deadlines. This suggests a rolling review process driven by trustee meeting schedules — likely quarterly or semi-annually.

5. Build the relationship first. As a family foundation with no published application form or formal RFP process, the Hoover Foundation likely values personal relationships and trusted referrals. Connecting through mutual contacts in the Canton/Stark County philanthropic community — particularly through Stark Community Foundation or United Way networks — may be more effective than cold applications.

6. Demonstrate community impact. Given the foundation's concentration on community-serving organizations, applications should clearly articulate local impact, community need, and how the proposed work strengthens the Stark County/Ohio community infrastructure.