About Us
Investments
Investing for the Future
All of the Community Foundation’s assets, including those contained in all donor funds, are the responsibility of our Board of Trustees. The Board utilizes staff, an appointed Investment Committee and an outside investment advisor to make decisions that are consistent with the policies and objectives of the Foundation. They work together to recommend policy, establish performance benchmarks and continually monitor The Community Foundation’s investment program.
Net Investment Returns
The Foundation’s Long-Term Pool has the longest investment history, established May 1995. As of December 31, 2023, annualized returns since inception are 7.3%. The Foundation’s disciplined process and focus on its long-term return objective, regardless of market fluctuations, has supported a 5% annual distribution on its endowed funds since inception.
| December 31, 2023 | Since May 1995 | 10 Years |
|---|---|---|
| TCF Long-Term Pool: $226.5 Million | 7.3% | 6.8% |
| Long-Term Return Objective: CPI (Inflation) + 5% | 8.2% | 7.8% |
Our Investment Philosophy
We invest our assets so that grants can be made to address current community needs, and to preserve and enhance assets available for future generation grantmaking. The Foundation believes the likelihood of achieving these goals is enhanced when we:
- Establish a strategic asset allocation that is expected to achieve an investment pool’s investment objective while maximizing return for the level of risk assumed;
- Avoid market-timing;
- Appropriately diversify by asset class and strategy as this increases the likelihood of achieving return objectives under different economic and market conditions;
- Establish highly disciplined rebalancing strategies between asset classes, with marginal tactical adjustments based on severe market conditions; and
- Apply this approach uniquely based on the nature and level of each investment pool’s investment objective, acceptable levels of risk, and projected liquidity needs.
Our Investment Committee
The Community Foundation for Northeast Florida is the steward for all Donor Funds. Our Board of Trustees has the ultimate fiduciary responsibility, and entrusts the Investment Committee with ensuring that all assets invested are consistent with the policies and objectives of the Foundation. This Committee works closely with The Community Foundation’s investment advisors and staff to recommend policy, develop and implement strategy, review and evaluate investment results, and continually monitor The Community Foundation’s investment program.
George Egan, Chair
President, CEO, Reinhold Corporation
David Gonino
Chief Investment Officer, Alfred I. duPont Testamentary Trust
Susan Remmer Ryzewic
President, CEO, EHR Investments, Inc.
Richard L. Sisisky
President, The Shircliff & Sisisky Company
Dori Walton, CFA
Former Investment Banker, ING
R. Halsey Wise
Chairman, CEO, AfterNext HealthTech
Michael DuBow
Ex-Officio
Donor Options
As a donor, your funds are pooled and grow within TCF’s investment portfolio. When your fund balance reaches $100,000, you may make specific choices as to how the assets in your fund are invested, depending on your grantmaking time horizon and asset size. You may select up to three investment options for your Fund.
- If your assets are held in an endowed fund, your choices include those pools which have a long term investing horizon in order to secure future grantmaking ability. These funds are subject to our Spending Policy.
- If your assets are held in a non-endowed fund, you have investing options that range from very liquid to long term, depending on your asset size and/or grantmaking horizon.
- For those fundholders with assets greater than $500,000, there is an option for custom management with your current investment advisor.
For an overview of all the investment options, download our marketing sheet or see the investment pool highlights below.
Cash Pool
- 1 year or less investment time horizon
- Appropriate for all non-endowed funds
Invested in high-quality, low-risk instruments to provide liquidity and preservation of capital. It is ideal if you are planning on a short grantmaking time horizon. (Not an option for endowed funds.) The Cash Pool earned 3.5% in 2023.
Active Managers: 0% | Passive Managers: 0%
Intermediate Pool
- 3–7 years investment time horizon
- Appropriate for non-endowed funds $100,000+
Invested for intermediate-term returns to preserve capital and provide for moderate growth. It is a diversified portfolio of domestic and international equities and fixed income and is ideal if you are planning on a somewhat extended grantmaking time horizon. (Not an option for endowed funds.)
Active Managers: 0% | Passive Managers: 100%
Social Impact Pool
- 7+ years investment time horizon
- Appropriate for all endowed funds and non-endowed funds $100,000+
Invested for long-term returns sufficient to preserve and enhance real, inflation-adjusted grantmaking power. It is a diversified portfolio of domestic and international equities and fixed income that integrate environmental, social, and governance factors into the investment decision-making process.
Active Managers: 100% | Passive Managers: 0%
Long-Term Pool
- 7+ years investment time horizon
- Appropriate for all endowed funds and non-endowed funds $100,000+
Invested for long-term returns sufficient to preserve and enhance real, inflation-adjusted grantmaking power. It is a broadly diversified portfolio of domestic and international equities, fixed income and alternatives.
Active Managers: 80% | Passive Managers: 20%
Local Capital Pool
- 5+ years investment time horizon
- Appropriate for all endowed, advised from available for grantmaking; also non-endowed $100K+
Invested to prioritize impact, preserve capital through high-quality investments, and generate treasury-like returns. This Pool will make local loans and equity investments in nonprofit organizations and for-profit social enterprises that aim to measurably improve access to affordable housing and equitably expand economic opportunity for marginalized residents of Northeast Florida.
Custom Asset Management
- Appropriate for endowed and non-endowed funds $500,000+
You may recommend your advisor for investment of your advised and designated fund assets in a custom managed pool, subject to the approval of our Investment Committee and in accordance with our Investment and Spending Policy for Investment Program. For more information, please contact Erin Broderick at ebroderick@jaxcf.org.
Our Spending Policy
The Foundation’s spending policy for endowed funds is designed to provide a steady flow of funds available for grantmaking, while keeping pace with inflation. Currently, The Community Foundation’s spending policy provides for a 5% annual distribution of funds from the endowment, based on a trailing, twenty-quarter average of the fair market value of endowed assets as of September 30 of the prior year.
Our Investment Objective for Endowed Funds
The Foundation has set its long-term investment objective at 5% plus CPI (inflation). While the Foundation does not expect that in every year this will necessarily be achieved, Investment Committee members and Staff believe that this investment objective can be achieved over the long-term while assuming acceptable risk levels commensurate with market volatility.
Our Investment Advisor
The Foundation is advised by Crewcial Partners, LLC, an independent investment advisory firm serving U.S. not-for-profits. Crewcial advises our Investment Committee and makes recommendations with respect to investment strategy, asset allocation, and manager selection for the TCF Long-Term, Social Impact, and Intermediate pools. Crewcial Partners has a fiduciary obligation to the Foundation with a goal of increasing the value of our portfolios, is independent of the managers they recommend, and has no other lines of business.
