2015 yabo亚博网站登录首页独立学校捐赠研讨会

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独立学校捐赠基金管理的最佳实践

Angeles Investment Advisors’ experience in working with institutional investors has led us to some key observations about the shared characteristics of fiduciary committees that function well:

A clear investment policy statement is the most effective way to articulate and memorialize the institution’s goals and evaluate the progress for achieving those goals. Focusing on the appropriate time horizon and accepting an appropriate level of short-term volatility helps eliminate rash choices that undermine the committee’s strategic investment direction.

制定投资政策, 委员会应该把重点放在他们学校的特殊需要和限制上. Organizations will often want to separate invested assets into different asset pools defined within the Investment Policy to account for varied needs including expected uses, 捐助者的限制和资产的期限.

捐赠的目的是为学校提供永久的支持. The most important function of the investment committee is to strike the proper balance between growth and stability, making sure the needs of the current generation of students are balanced appropriately against the needs of future generations. This will be done both in setting policy guidelines and in ongoing oversight of the portfolio. To make annual distributions to the operating budget and keep up with inAation requires a strong long-term return to the portfolio. 同时, stability in the endowment (and by extension in the spending payout) can be important to budgeting and planning . In structuring an investment portfolio, these two goals are generally at odds with one another. 承担过多风险的后果是显而易见的. 冒险太少, 为了保持保守, can do as much or more damage by curtailing the growth of the portfolio and leading to a loss of purchasing power over time.

Successful endowment oversight relies on a disciplined approach to decision making which is not dominated by the opinion of one individual, 即使那个人是投资专业人士. Individuals who contribute to a committee’s success will have a well-defined understanding of their role as a fiduciary- a role that is separate and distinct from the role of a portfolio manager.

治理的另一个重要方面是决定如何最好地利用委员会的时间. 大多数投资委员会每季度开会一次，最多每月开会一次. 成员, 即使被告知, 有经验的, 和参与, can dedicate only a limited portion of their attention to the oversight of this critical asset. Delegating daily monitoring of risks and opportunities and nimble implementation of portfolio construction allows the committee to focus on the long-term strategic decisions that make the biggest impact. It is widely believed that a committee’s strategic decisions for 资产配置 are the most important determinant of your portfolio’s risk profile and likely return (1). 集中精力监督投资组合的结构, 资产配置, 风险姿态是, 在大多数情况下, 最大限度地利用委员会的时间.

(1) Gary P. 布林森等. 《yabo亚博网站登录首页》，《yabo亚博网站登录》，1986年7月/ 8月.

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