The Foundation’s investments are guided by an independent and outside investment advisor, SCS Financial Services, LLC, who, on a regular basis, meets with and reports to the Foundation’s Investment Committee. SCS’s responsibilities include recommending, researching and conducting due diligence on all fund managers as well as regular monitoring and reviewing of the fund managers. In addition, SCS recommends an asset mix within established asset allocation guidelines, monitors portfolio performance, and recommends investment policy to the investment committee, which in turn must be voted upon by the Foundation Board of Trustees.
THE FOUNDATION’S INVESTMENT OBJECTIVES INCLUDE:
(i) ensuring that the Foundation can continue to distribute according to a prudent spending policy from restricted and unrestricted funds
(ii) providing for the long-term growth of the endowment, while
(iii) constantly trying to balance these objectives against risk. The Foundation and its Investment Committee are committed to ensuring the preservation of our community’s endowment.
In addition, some of the things the Jewish Foundation and SCS continue to practice include:
- High Quality Managers
- Disciplined Rebalancing
- Intense Oversight
The Foundation will continue to maintain a disciplined, well-diversified portfolio which is regularly monitored and re-balanced. On 12/31/18, 29% of the portfolio was composed of fixed-income securities. Another 47% included domestic and international equity. The balance of the managed fund included alternative assets such as emerging markets, private credit, private real assets, and private equity, all of which are carefully monitored, vetted and continue to perform well. The Foundation also holds cash, life insurance and Israel Bonds.
Each year, the Board of Trustees of the Jewish Foundation approves a prudent spending policy that is applied to all unrestricted funds as well as Foundation owned restricted funds. The spending policy is developed in consultation with the outside Investment Advisor, as well as the Foundation’s Finance and Investment committees. In making its decision, the Board follows the Uniform Prudent Management of Institutional Funds Act (UPMIFA), and approves a spending policy that takes into account the uses, benefits, purposes, and duration of the endowment.
The Jewish Foundation is a public charity, not a private foundation. It is a Type I Supporting Organization of the Jewish Federation of Greater New Haven. The Jewish Foundation is its own, separate, tax-exempt organization. The Foundation files its own Form 990 and conducts its own audit. Its federal tax id number is 45-2403156.