Policy 6     Investment


Section 6.2          Delegation of Responsibilities

If the Board of Trustees elects to oversee investment matters directly, it shall undertake the roles and responsibilities of the Investment Committee (“Committee”) as outlined in this Statement.  Otherwise, the Committee shall implement the management process and monitor the Foundation in accordance with this Statement.  The Committee is the governing body responsible for (i) developing this Statement; (ii) monitoring compliance of the investment program with this Statement; (iii) overseeing the Foundation Staff in the discharge of their responsibilities as outlined below; (iv) retaining, monitoring and terminating Investment Managers, and Advisors  – collectively referred to as external investment partners (“Partners”) as appropriate; and (v) approving the terms upon which Partners manage the Foundation assets, including without limitation, the terms of investment management agreements, asset allocation guidelines, fees and compensation, and performance measurement benchmarks.  At least annually, the Committee shall review this Statement to ensure that the policies contained herein remain current and appropriate.

The Foundation Staff is responsible for communication with the Committee, acting as liaison with Partners, monitoring investments, and administration of the Foundation assets.

Subject to specific legal limitations or other restrictions in a gift instrument, the Committee may hire and prudently delegate to Partners the management of some or all of the Foundation’s assets.  The Committee will act in good faith, with the care that an ordinary prudent person in a like position would exercise under similar circumstances in:

  1. Selecting Partners.
  2. Establishing the scope and terms of the delegation, consistent with the purposes, goals, and mission of the Organization.
  3. Periodically reviewing the Partners’ actions in order to monitor the Partner’s performance and compliance with the scope and terms of any delegated activities.

In this regard, the Committee shall engage qualified external professional Partners that have demonstrated competence in their respective areas of expertise.  The duties and responsibilities delegated to Partners will be defined by specific contracts, applicable laws, and regulation.