2021 Financial Highlights

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TOTAL ASSESTS
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ANNUAL RETURN
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TOTAL GIFTS RECIEVED
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TOTAL GRANTS AWARDED

2021 Annual Report

2021 CFNF REPORT

2021 Audit

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2021 IRS Form 990

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OUR INVESTMENTS

The Community Foundation of North Florida provides investment expertise to fundholders by engaging professional and local investment advisors, developing investment and spending policies and monitoring investment performance. The Community Foundation seeks investment returns that are sufficient to preserve grantmaking power of its endowments. In pursing this objective, the Community Foundation strives to achieve total returns that, over time, are better than the relevant market averages, while maintaining acceptable levels of risk.

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.

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Spending Policy

The Community Foundation annually adopts a board approved spending policy that helps to build a fund and provide a steady and predictable stream of income for grantmaking.

Long-Term Pool Investments

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.

Target Asset Allocation & Ranges

Long-Term Pool 

    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)

Support Fees

Administrative Fee

The annual administrative fee for endowments is based on the fund balance as follows:

1.5%     $50,000 +

1.75%   under $50,000

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%

Investment Fee

Each fund pays a pro-rata share of the investment costs (approximately 67 basis points, less than 1%) annually.

NOTE: All investment returns are reported net of investment costs.

* Minimum fee may apply.

Non-Endowed Fund Gift Fee

Contributions made to a non-endowed Donor Advised or Corporate Advised fund are charged a 2% processing fee.

Scholarship Cycle Administration Fee

There is a $500 processing fee to administer a scholarship grant cycle.