Investments & Financials

The Community Foundation has grown substantially since its inception in 1968, reflecting the vision and integrity of its leaders and the extraordinary spirit of the people of Richmond and Central Virginia. 

As a long-term investor in the Greater Richmond region, our overall investment strategy is to grow the community's endowment to ensure assets are available to address community needs and opportunities in perpetuity. Our team, guided by an experienced volunteer investment committee, seeks to earn the most efficient rate of return through a variety of investment options. We manage philanthropic assets entrusted to our care according to best practices, and we hold ourselves to rigorous standards to mitigate risk and identify opportunities to add value. 

Investment Options

Fund holders may choose from the following three investment options, each designed to meet a range of philanthropic goals and time horizons. View our investment options summary.

Investment changes may be requested once in a 12-month period. Complete the Investment Recommendation Form and submit to Alicia Dickinson. 

Charitable Fund Fees

The Community Foundation offers a tiered fee schedule. For details, see our Charitable Fund Fee Overview. 

Spending Policy

Effective January 1, 2020, the Community Foundation has adopted a grantmaking spending rule of up to 5% of an endowed fund’s 12-quarter market value average (or historic average if less than 12 quarters). The Foundation’s current grantmaking spending policy target is set at 4% of an endowed fund’s 12-quarter market value average (or historic average if less than 12 quarters). Investment returns in excess of the fund’s spending policy shall be added to principal. This policy applies to all endowed funds unless otherwise specified by the gift instrument.

The Investment Committee will review at least annually the Community Foundation’s spending policy and will make recommendations to the Board regarding any changes. In making its determination, the Committee will consider the duration and preservation of the Community Foundation’s endowment, its endowment’s purposes, general economic conditions, the possible effect of inflation or deflation, expected return from income and appreciation, the Community Foundation’s other resources and the Community Foundation’s Investment Committee Charter.