为非营利组织制定投资政策声明

Introduction An investment policy statement (IPS) for nonprofitssuch as public charities and private operating foundationsis a living document that governs the investment of theorganization’s charitable assets to further its philanthropicmission. Essentially, an IPS is a roadmap for investing the The IPS answers questions such as:•What asset classes and investment vehicles should be considered? •What are the criteria for selecting or replacing investments?•What level of risk tolerance is acceptable? Nonprofit and foundation boards have a fiduciary duty to monitor investmentsand take action, when necessary, to protect the financial viability of theorganization. Having, abiding by, and regularly evaluating the IPS is considered A Roadmap As a roadmap for how assets will be invested, an IPS helps the nonprofit andfoundation focus on the purpose of the charitable assets. An IPS can provide •Document the organization’s investment philosophy and goals•Define what goals philanthropic capital is to be used for:ƒOperating expensesƒCharitable givingƒAnnual or program fundingScholarships •Quantify the need and return expectations•Incorporate the annual spending policy into the investment strategy Investment Policy Best Practices The IPS states the organization’s investment objective. It is developed bytaking into account several factors, such as its risk tolerance, investmenttime horizon, and spending policy, which then can serve as the basis for assetallocation. Since the statement reflects the philosophy of the nonprofit or Purpose of CapitalA statement outlining the investment goals in the context of the organization’s mission. It often includes information on the board’s fiduciary duty regarding Time Horizon of InvestmentsStating the time horizon of the charitable or philanthropic capital to meet investment goals in your IPS will help identify the length of time assetsare intended to be sustained. That may affect the board’s decision on the Spending PolicyArticulating the intended distribution rate and over a particular time frame (for example, a 3-, 5-, 7-year rolling plan) is important to supporting investment Roles and ResponsibilitiesThe roles and responsibilities of the board of directors, committees such as investment and/or finance, and any professional investment advisors selectedto manage and monitor the organization’s investment assets should be outlinedin the IPS. Defining those roles within the framework of objective decision- Investment Policy Best Practices(continued) Board GovernanceGood governance supports a culture that maintains fiduciary best practices. It begins with a clear understanding of who is responsible for the oversightand management of the investment assets and the tasks necessary to implement Keep in mind that the full board retains overall responsibility of assets andshould receive regular reports on investments at least quarterly. When Asset AllocationThis section of the IPS specifies the strategic asset allocation ranges, including minimum, maximum, and target policy weights for each asset class. Theseinclude, but are not limited to, cash, bonds, equities, real estate, commodities,derivatives, and alternative investments such as private equity, private credit, Each will have specific risks and opportunities, which an advisor alsocan help define. Among the considerations are liquidity, inflationary Risk ToleranceThe ability to assume risk is typically framed in context of the nonprofit’s annual spending requirements and the time horizon of meeting investmentgoals. In taking an efficient investment approach, the IPS should indicate the Investment Policy Best Practices(continued) Risk ManagementBecause market conditions may cause the portfolio’s investment in various asset classes to vary from the established allocation guidelines, the IPScan include a risk-management section describing conditions and parametersfor rebalancing. Of course, any rebalancing strategy involves a trade-off Annual IPS ReviewYour board should review the IPS as least annually. When a major transition occurs, such as a change in the time horizon or investment objective,investment managers, spending, portfolio rebalancing, laws, or regulatory Sustainability CriteriaIf your nonprofit or foundation has sustainable or impact investment policies and objectives, identify approaches to incorporate investments that considersustainability criteria. The growth of sustainability and impact-focused Contact Us An investment policy serves as a guide of how and when a nonprofitorganization or foundation invests funds in a responsible, sustainablemanner. While the board is ultimately responsible for establishing William Blair has extensive experience working with nonprofit andfoundation boards. We can help you determine how an investment policystatement can help your organization further its mission and how to best If you are interested in learning more, contact a William Blair wealthadvis