Investment Policy Summary
Purpose: The purpose of the Investment Policy is to assist the Board of Directors of the Davie Community Foundation in effectively supervising and monitoring its investment activities; and to provide guidance to investment mangers employed to manage its assets on behalf of the Board. It is set forth by the Board in order to advise all concerned of their legal and fiduciary responsibilities and to establish a clear understanding by all involved parties as to the investment goals and objectives of the Foundation.
Finance/Investment Committee: Gray Angell, Frank Bahnson, Joe Harris, Ken Lard, Jane Simpson
The Board of Directors empowers the Investment Committee to invest, manage and monitor funds for the benefit of the current and future generations who are the ultimate beneficiaries of the Foundation. The Investment Committee members have a fiduciary responsibility and must develop and adhere to the Investment Policy. The Investment Committee will retain a qualified Investment Consultant (s) to assist in its duties and responsibilities.
Currently investments are managed by UBS Financial Services Inc. and Woodard and Company Asset Management Group.
- UBS Financial Services Inc. charges a rate of 1.2%.
- Woodard & Company charges rates of .20% and .50%.
Investment Objectives: The primary objective of the investments of the Foundation will be to provide for consistent long-term growth of principal and income without undue exposure to risk. The investment objective is to achieve a total return including appreciation which will satisfy the current financial needs of the various funds, protect and increase their long term inflation adjusted value, and minimize short run volatility.
Davie Community Foundation Spending Policy
The Foundation’s spending policy determines the amount of funds the Foundation will make available for distribution from the permanent endowments in a given year. The amount available for spending is determined by a total return system, with intent to minimize the likelihood of the original contribution of a fund being invaded.
The current Spending Policy adopted by the Davie Community Foundation, Inc. allows 5.5% of the fund’s average market value from the trailing 12 quarters to be distributed annually.