The Community Foundation of North Florida engages with local professional and investment advisors to develop investment and spending policies and monitor investment performance. The Community Foundation of North Florida seeks investment returns that are sufficient to preserve grantmaking power of its endowments. In pursing this objective, the Community Foundation of North Florida strives to achieve total returns that, over time, are better than the relevant market averages, while maintaining acceptable levels of risk.
2023 Financial Highlights
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0
M
TOTAL ASSESTS
0
%
ANNUAL RETURN
$
0
TOTAL GIFTS RECIEVED
$
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TOTAL GRANTS AWARDED
OUR INVESTMENTS
Investment Manager
The Community Foundation partners with Commonfund to achieve long-term investment goals. Commonfund was founded in 1971 as an independent asset management firm focused on not-for-profit institutions. Commonfund is one of North America’s leading investment firms for education endowments, foundations, and philanthropic organizations. Its only business is investment management, and Commonfund is active in all sectors of the global capital markets, both public and private, serving a broad spectrum of investors, including nonprofit organizations, healthcare organizations, family offices and pension plans.
Spending Policy
The Community Foundation of North Florida annually adopts a board approved spending policy, applicable only to endowed funds. This spending policy helps build an endowed fund to provide a steady and predictable stream of income for grantmaking.
Investment Pools
Long-Term
Our goal for our Investment Policy is to exceed the minimum long-term acceptable rate, while managing the portfolio to an appropriate level of risk. The target is to cover Grant Distributions of 4% + Inflation + Cost.
Environmental, Social and Governance (ESG)
The ESG investments focus on compliance with traditional environmental (sustainable), social, and governance investment principles for interested fundholders.
Short-Term
The short-term pool is made up of 40% liquidity strategies and 60% short duration fixed income to allow fundholders a shorter-term investment option.
Target Asset Allocations
Long-Term Pool |
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| Minimum | Target | Maximum | Benchmark | |
Equity Strategies |
45% |
55% |
65% |
MSCI All Country World Index |
| Global Equity | 30% | 43% | 65% | MSCI All Country World Index (ACWI) |
| Private Capital | 0% | 12% | 20% | MSCI All Country World Index (ACWI) |
Fixed Income |
5% |
30% |
40% |
Barclays U.S. Aggregate |
| Cash & Equivalents | 0% | 0% | 10% | ML 3-Month T-Bill |
| Core Bonds | 0% | 18% | 25% | Bloomberg Barclays Capital US Aggregate Bond |
| High Yield | 0% | 8% | 15% | ICE BofA Merrill Lynch High Yield Master II |
| Private Credit | 0% | 4% | 10% | ICE BofA Merrill Lynch High Yield Master II |
Real Assets (Inflation Hedging) |
0% |
15% |
25% |
Real Asset Strategies Composite |
| Public Natural Resources | 0% | 2% | 10% | S&P Global LargeMid Cap Cmd/Res. |
| Private Natural Resources | 0% | 4% | 10% | S&P Global LargeMid Cap Cmd/Res. |
| Private Real Estate | 0% | 5% | 10% | NCREIF ODCE (lagged) |
| Public Real Estate | 0% | 4% | 10% | NCREIF ODCE (lagged) |
ESG Pool |
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| Minimum | Target | Maximum | Benchmark | |
Equity Strategies |
55% |
65% |
75% |
MSCI All Country World Index |
| Global Equity ESG Strategies | 55% | 65% | 75% | MSCI All Country World Index (ACWI) |
Fixed Income |
25% |
35% |
45% |
Barclays U.S. Aggregate |
| Core Bonds ESG Strategies | 25% | 35% | 45% | Bloomberg Barclays Capital US Aggregate Bond |
Short-Term Pool |
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| Minimum | Target | Maximum | Benchmark | |
Liquidity Strategies |
20% |
40% |
100% |
ICE BofA ML 3-Month US T-Bill Index |
| US Government Money Market | 20% | 40% | 100% | ICE BofA ML 3-Month US T-Bill Index |
Short-Duration Strategies |
0% |
60% |
80% |
ICE BofA ML 1-3 Year Treasury |
| Short-Duration Fixed Income | 0% | 60% | 80% | ICE BofA ML 1-3 Year Treasury |
| Short-Duration Credit | 0% | 0% | 10% | Bloomberg Barclays 1-3 Year Credit Bond Index |
Support Fees
Administrative Fee
The annual administrative fee is based on the balance of the fund as follows:
$50,000 + = 1.5%
Under $50,000 = 1.75%
The fee for any fund above $3 million will reduce as follows:
$3-6 million = 1.0%
$6-9 million = 0.8%
$9-12 million = 0.6%
Above $12 million = 0.4%
* Minimum fee may apply.
Investment Fee
Each fund pays a pro-rata share of the investment costs (approximately 102 basis points) annually.
NOTE: All investment returns are reported net of investment costs.
Non-Endowed Fund Gift Fee
Contributions made to a non-endowed Donor or Corporate Advised fund are charged a 2% gift fee.
Scholarship Cycle Administration Fee
There is a $500 fee for each scholarship grant cycle administered by the Community Foundation of North Florida.