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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. 

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

Signature Fund

The Signature Fund is the Community Foundation's primary investment pool, designed to produce strong investment returns with lower volatility. It is managed by Spider Management Company, the investment management arm of the University of Richmond.

For details on philosophy and performance, please review the Signature Fund Overview.

Index Pool Options

The index pool options are designed for philanthropists who prefer a passive management investment approach with lower investment management fees. It is comprised of domestic and international equities, as well as fixed income. You may choose one of three asset allocations available through a partnership with Vanguard Institutional Investor Group.

For details on philosophy and performance, please see the Index Pool Options Overview.

Individually Managed Funds

The Individually Managed Fund program at the Community Foundation is available for donors who maintain a charitable fund balance of $1 million or more. This option allows donors to continue their relationships with their trusted financial advisors while benefiting from best-in-class donor and grantmaking services of the Community Foundation.

For more detail, please review the Individually Managed Funds Overview and Policy Statement.

 


Investment Update - March 20, 2020

The Community Foundation, under the guidance of our experienced investment committee, is closely monitoring the volatile financial markets and assessing their impact on our charitable funds. Spider Management Company (SMC), the Foundation’s primary investment partner responsible for investing the majority of our assets, hosted a market update call on March 19th.  SMC estimates losses in its portfolio for the 1st quarter of 2020 of approximately 12-14%, which positively compares to the approximate -26% year-to-date market performance of the S&P 500 through 3/18/20.  SMC will continue to provide liquidity to the Community Foundation and its other institutional partners of up to 10% of their balances each quarter with adequate notice.  

Due to the timing of SMC’s 1st quarter 2020 actual performance reporting, expected in mid-May 2020, the Foundation is reducing the available-to-spend balances of non-endowed funds that are invested with SMC by 20% until actual results are received.  Please contact Michelle Nelson with any questions.


Financial Documents

The Foundation is committed to transparency and is pleased to share our most recent audited financial statements and IRS 990 Forms below.

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.

Investment Committee

Lawrence L. Gray, Chair
Kelly Armstrong
Michael Beall
Stephen M. Goddard
Philip H. Goodpasture
Kirsti A. Goodwin
James B. Hartough
E. Bryson Powell
Pamela J. Royal, MD, Ex-Officio

Finance Committee

Philip H. Goodpasture, Chair
Michael Beall
Tricia Harper
Pamela J. Royal, MD, Ex-Officio