The Practical Guide to Managing Nonprofit Assets

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"The authors have provided an interesting and helpful resource to understand and manage the nonprofit organization's investments. I believe that this book should be in the library of all nonprofit practitioners that are concerned about prudent stewardship."
—Jim Croft, PhD, Vice President, Finance and Administration The Field Museum (Chicago, Illinois)

"This book is a straightforward, well-written guide to the strategies and administration of investment assets of nonprofit institutions. It relies on the principles of modern portfolio theory in emphasizing asset diversification, performance measurement, and careful manager selection. It debunks much of what passes for 'investment advice' in the popular media. To their credit, the authors describe the challenges, factors, and actors in the investment industry, from the perspective of the individuals and committees charged by nonprofit institutions swith investment oversight responsibility."
—John E. Allerson, Senior Vice President, Finance and Operations and Chief Financial Officer, Roosevelt University (Chicago, Illinois)

"I would consider this book 'Investments 101' for anyone who deals with overseeing investments of a company, whether it is a profit or nonprofit. Yet, at the same time, it would help all investors, small or large, in dealing with their own individual portfolios. DiMeo, Schneider, Benoit, et al. have organized the book in such a way that each chapter deals with the very essence of how to structure an investment portfolio and how to look at the complex environment in an easy way."
—Kevin Higdon, Vice President of Finance Elkhart General Hospital (Elkhart, Indiana)

"From modern portfolio theory to the role of the fiduciary, The Practical Guide to Managing Nonprofit Assets provides trustees of nonprofit funds with a chapter-by-chapter explanation of what they should know to carry out their responsibilities. For the uninitiated, it creates a foundation for understanding investing in a difficult environment. For the experienced, it serves as a checklist of issues to be considered in exercising appropriate investment oversight."
—Thomas H. Hodges, Executive Vice President, Finance, and Treasurer Evanston Northwestern Healthcare (Evanston, Illinois)

 

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Contents

Chapter 1 Introduction
1
Chapter 2 Special Issues
11
Chapter 3The Total Return Approach
21
Chapter 4 The Prudent Steward
29
Chapter 5 Set Goals
33
Chapter 6 Investment Policy
45
Chapter 7 Asset Allocation
51
Chapter 8 New Asset Classes
69
Chapter 16 Hiring an Investment Management Consultant
195
Chapter 17 Behavioral Finance
207
Chapter 18 Legal Aspects of Investing Charitable Endowment Restricted and Other Donor Funds
215
Chapter 19 Fiduciary Issues Retirement Funds
225
Chapter 20 Final Thoughts
239
Appendix A Sample Investment Policy Statement1
243
Appendix B Investment Manager Questionnaire
251
Appendix C Sample Search Investment Analysis
259

Chapter 9 Investment Style
93
Chapter 10 Manager Selection
99
Chapter 11 Alternative Investments
119
Chapter 12 Portfolio Rebalancing
141
Chapter 13 Performance Measurement and Evaluation
151
Chapter 14 Socially Responsible Investing
169
Chapter 15 Selecting Other Vendors
179
Appendix D zzz eVestment Alliance LLC eA US Equity Sample Product
271
Appendix E Request for Proposal for Hedge FundofFunds Management
293
Appendix F Request for Proposal RecordKeeping Services Firm Background
305
Appendix G Resources
319
Glossary
325
Index
333
Copyright

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About the author (2005)

WILLIAM A. SCHNEIDER, CIMA, is Managing Director of DiMeo Schneider & Associates, LLC, a Chicago-based firm that provides advisory services to plan sponsors and financial institutions. He currently advises many qualified plans, including several leading Midwest law firms and Fortune 100 companies. He holds the title Certified Investment Management Analyst, awarded through the Investment Management Consultants Association (IMCA) accreditation program at the Wharton School of Business.

ROBERT A. DIMEO, CIMA, CFP, is also Managing Director of DiMeo Schneider & Associates, LLC. In addition to being an advisory board member for Catholic Charities of the Archdiocese of Chicago, he serves on the governance board for Notre Dame High School and is a former member of the board of directors for the IMCA.

MICHAEL S. BENOIT, CIMA, CFP, is a cofounder and Managing Director, Private Client Services at DiMeo Schneider & Associates, LLC. He provides investment counseling services to private foundations, corporate executives, family trusts, and other substantial investors. He is a member of the International Association for Financial Planning. Mike is also a Certified Investment Management Analyst.

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