Policies & Fees
Investment Policy Statement
The Foundation’s Investment Committee recommends investment policy to the board of directors, monitors the investment managers and their performance, and periodically reviews the Foundation’s spending policy.
Grants - 4% of the trailing 20-quarter average as of September 30th of each year. The twenty-quarter average is used to minimize the impact of market value volatility on grant making from the fund. This smoothing process provides a steady and predictable stream of grant making to the community.
The Foundation processes, acknowledges and records all gifts, investment returns and grants or scholarships awarded from each endowed fund. The Foundation charges 1.5% (1% for designated funds) of the previous twenty quarters’ average market value as of September 30th.
The total of the grants and Foundation management fees will not be below 4.0% or above 6.0% of the value of the endowment fund.
Investment management fees vary by company:
GMO fees total approximately .7%.
TIFF fees vary, based primarily on the degree of out performance achieved by its external managers. TIFF is a taxable, non stock investment company.
TD fees total approximately .67%.