Three weeks ago, I met with the trustees of a local church in Presque Isle that was considering different investment options for its small endowment. For many nonprofits that have their own endowment funds, the Maine Community Foundation’s investment program provides an attractive opportunity. We pool virtually all of our funds for investment purposes and are able to achieve a level of diversification that is often unavailable to individual fund holders. Our investment returns are also in the top tier of community foundations nationally.
While someone recently told me our investment performance was simply amazing, I prefer to think that it’s the predictable result of hard work, dedication, and the collective wisdom of foundation staff, our investment advisors at Cambridge Associates, and the members of the Investment Committee.
Of the 200 or so volunteers that help guide the Maine Community Foundation, the members of the Investment Committee probably receive the least amount of public attention and accolades, yet their work to ensure asset growth is critical in determining the amount of grant dollars we have to support the nonprofit community.
The committee is comprised of volunteers whose backgrounds are in investment, business, and financial services. In addition to their specific expertise, they share an interest in philanthropy and -- most of all -- a love of Maine and desire to give back. Their job is to set strategy, hire outside investment managers (we currently employ 26), and monitor investment performance against established benchmarks.
Whether or not they call Maine home, they know how important their work is to the nonprofits that depend on community foundation grant support. The committee is chaired by Board Member Peter Rothschild whose only compensation is regular thanks from an appreciative board and an occasional plate of homemade brownies from a very grateful CEO. Peter’s home is Manhattan, but he is a regular visitor to Islesboro. He contributes about 20 hours a week to MaineCF’s investment program on top of three two-day board meetings and quarterly investment committee meetings.
With the steep decline in the market a year ago, I continue to monitor the stock market and consider the long-term impact of continued volatility on our grant awards (not to mention our operating budget). At the same time, my concerns are tempered by knowing the foundation’s assets are being managed by an investment team committed to Maine. More brownies are on the way!
We need to recognize our volunteers, don’t you think?