Children s Organ Transplant Association, Inc. Investment Policy Statement

Size: px
Start display at page:

Download "Children s Organ Transplant Association, Inc. Investment Policy Statement"

Transcription

1 Children s Organ Transplant Association, Inc. Investment Policy Statement For Patient Accounts Smith Memorial Account Administrative Account Endowment Funds Updated August 13, 2011 Document Prepared by: David K. Hays of Comprehensive Financial Consultants Institutional, Inc. an SEC, Registered Investment Advisor 1

2 Table of Contents I. Executive Summary II. III. IV. Purpose Statement of Objectives Duties and Responsibilities a. Board of Directors b. Investment Committee c. Investment Advisor V. Investment Policy and Guidelines a. Portfolio Description b. Time Horizon c. Diversification d. Asset Allocation e. Rebalancing Procedures f. Risk (Market, Maturity, Liquidity) g. Performance Expectations VI. VII. VIII. Guidelines for Plan Holdings a. Domestic Equities b. Domestic Fixed Income c. International Equities & Fixed Income d. Real Estate Investment Trust e. Alternative Investments Control Procedures a. Review of Liabilities b. Review of Objectives c. Cash flow testing d. Review of Investment Advisor e. Review of Investment Performance f. Proxy Statements and Voting Adoption Statement 2

3 Executive Summary Fund Name(s): Patient Accounts (Restricted Funds) Smith Memorial Fund (Board Designated) Administrative Fund (Unrestricted Funds) Endowment Fund (Restricted Funds) Federal Tax ID #: Total Fund Assets: $22,603,522 (as of August 13, 2011) Key Contact Names: Investment Advisor David Hays, President CFCI, Inc Children s Organ Transplant Association, Inc. Richard Lofgren, CEO Bunger & Robertson (Legal Counsel) James Whitlatch, Partner Crowe Chizek & Company LLC (Auditor) Pete Ugo, Certified Public Account

4 Purpose This document establishes the Investment Policy Statement (IPS) for the Children s Organ Transplant Association, Inc. (COTA), and is designed to assist in supervising, monitoring and evaluating the investment of COTA s assets. A thorough investment program is defined throughout this document to achieve the following: 1. Document COTA s investment objective, performance expectations, along with providing investment guidelines for the Investment Advisor and the Investment Committee. 2. Establish an appropriate investment strategy for managing all of COTA s accounts, including an investment time horizon, risk ranges and asset allocation. The goal of this strategy is to provide sufficient diversification and overall returns, necessary to fulfill COTA s mission. 3. Establish investment guidelines to control overall risk and liquidity, within the agreed upon investment strategy. 4. Establish periodic performance reporting requirements that will effectively monitor investment results and ensure that the IPS is being followed. 5. Comply with fiduciary, prudence, due diligence and legal requirements for the assets being managed. The Finance Committee has arrived at this IPS, through careful study of the returns and risk associated with alternative investment strategies in relation to the current and projected spending policy and fund raising requirements for COTA. This policy has been chosen as the most appropriate means for achieving the objectives of COTA, with are described in detail later in this document, under the Statement of Objectives section. Statement of Objectives The investment objective, of COTA s investment accounts, shall be defined as: 1. To preserve and enhance the purchasing and earning value of the funds being invested. 2. To seek competitive investment performance, versus appropriate or relative benchmarks. 3. To produce enough annual income to cover annual budget requirements. 4. To produce enough growth to hedge inflation over time. Spending Policy The spending policy for COTA s investment accounts, as set forth by the Finance Committee shall be as follows: All income (including interest, dividends and capital gain distributions from mutual funds) from Patient Accounts and the Smith Memorial Account, are to be swept as earned, to the 4

5 Administrative Account. Realized (and unrealized) gains, in the accounts will be swept over, as directed by the Chief Financial Officer, and later reported to the Finance Committee. Patient Accounts are deemed temporarily restricted funds. The principle portion of these accounts are used to pay for patient transplants, medications, expense re-imbursements, or anything else associated with a patient s medical care. Money raised by patient campaigns goes into this fund. Funds are distributed from this account when it is time to pay an expense for the patient. If a patient passes away with a balance in their account, those funds may be used for other patient needs or for the matching fund program. The Smith Memorial Fund (Board Designated) is considered to be unrestricted funds. These funds are there to provide the guarantee necessary to establish a patient on a transplant waiting list and to provide matching funds, for patient fund raising campaigns (that hit certain targets, set by COTA). After a guarantee is made for a patient, COTA then aids in setting up a fund raising campaign for that Patient; all funds raised go to the Patient Accounts. If the ability to receive a transplant becomes available before all the funds needed are raised by a campaign, or a campaign falls short of the amount needed to pay the expenses of a transplant, this fund may be used by the Board to cover those liabilities if sufficient funds are not first available in the deceased patient fund. If these funds are used in such cases, they may be replenished if the funds are raised after a transplant has occurred. Board Designated funds may also be used if COTA has a need to pay unplanned Administrative Expenses (those not in the budget), to fund a new program or anything else the Board of Directors deems necessary to support the Mission of COTA. Administrative Funds are considered to be unrestricted funds and are used to help fund the operating budget for COTA. This fund receives the income generated in both the Patient Account and the Smith Memorial Account. Any funds from Patient Accounts, that are not used within a patients lifetime, may be transferred to the Administrative Account, when deemed appropriate by the Chief Financial Officer and Chief Executive Officer of COTA. The fund is designed to help pay the administrative expenses, or operating expenses, of COTA. A monthly distribution of funds are to be direct deposited to the operating account of COTA, at their local bank. Endowment Funds are deemed restricted funds. The principle portion of these accounts are used to pay for specific donor-directed costs such as patient transplants, medications, expense reimbursements, or anything else associated with a pre-determined policy or guidelines. It shall be the responsibility of the Finance Committee to periodically review the spending policy to make adjustments as necessary to preserve the purchasing power of the overall investment accounts. Duties and Responsibilities The Finance Committee is responsible for managing the investment process in a prudent manner with regard to preserving principal while providing reasonable returns. In carrying out these duties, the Finance Committee has retained an independent Investment Advisor. The Investment Advisor s role is to provide guidance to the committee on matters pertaining to the investment of fund assets, including investment policy, investment selection, monitoring performance and compliance with the IPS. All decisions pertaining to the investment policy and guidelines for policy recommendations shall be made by the Finance Committee. 5

6 Individual duties and responsibilities are detailed below: Finance Committee 1. Retain a qualified Investment Advisor to assist in the development and implementation of the IPS (example, goals, objectives and guidelines). 2. Establish the investment policy for the funds. This includes, but not limited to, allocation between equity and fixed income assets, selection of acceptable asset classes and investment performance expectations. 3. Review of the Investment Advisor to assure that the policy is being followed and progress is being made toward achieving the funds objectives. Investment Advisor 1. Assist the Finance Committee in establishing investment policy and guidelines contained in the IPS. 2. Determine an investment strategy and coordinate the asset allocation process through either direct investments or funds that are held by a third party (like a brokerage account). 3. Monitor asset allocation among all asset classes and verify on a quarterly basis that allocations are within targets defined by this IPS and approved by the Finance Committee. 4. Monitor the investment performance of the funds and provide quarterly performance advisory reports to the Finance Committee. 5. Monitor monthly income needs for COTA against actual income being generated in the portfolio(s). 6. Report in a timely manner substantive developments that may affect the management of the funds assets. Investment Policy and Guidelines The Portfolio Fund assets will be held in an investment portfolio with an active, strategic asset allocation. This portfolio will be invested in exchange traded funds, mutual funds, individual stocks and bonds & nontraded, public real estate investments. It will also be up to the Finance Committee to determine if the use of derivatives is warranted - to help reduce exposure to certain asset classes or individual securities, but without limiting the potential in said investments. As a result of the asset mix, diversification occurs at many levels and the funds will remain highly liquid. The investment managers are responsible for managing the assets of each fund in accordance with the stated objectives and policies of that fund. 6

7 Time Horizon The individual fund objectives are based on a one, two and three year time horizon, so that interim fluctuations in market values should be viewed with the appropriate perspective. COTA has adopted this time horizon so that the chances and duration of investment losses are carefully weighed against the potential for appreciation of assets. Diversification Investments shall be diversified with the intent to minimize the risk of large losses to any of the funds. Consequently, the total portfolio will be constructed and maintained to provide prudent diversification with regard to the concentration of holdings in individual issues, corporations or industries. Diversification occurs as several levels. The portfolio is managed in accordance with the diversification and industry concentration restrictions set forth in the Investment Company Act of 1940, as amended (the 1940 Act ). The Finance Committee gives investment managers full responsibility for security selection and diversification, subject to a maximum 5% commitment of the portfolio s market value for an individual security, and 15% for any one industry sector based upon cost. Option Writing - Within the structure of the portfolio, there is expected to be equities which will be held or purchased based on value considerations and those purchased based upon growth in earnings considerations. The investment managers may not at its discretion, write calls or covered call options on all, or a portion of, the value of the equities in the portfolio, to produce greater income without prior consent from the Finance Committee. Asset Allocation Academic research indicates that the decision to allocate total account assets among various asset classes will far outweigh individual security selection and other decisions that impact portfolio performance. The Finance Committee believes that to achieve the greatest likelihood of meeting COTA s objectives, and to have the best balance between risk and return, the portfolio should allocate assets in accordance with targets for each asset class as stated below: Portfolio Allocations Fixed Income Target 50% Range 40%-75% US Equities Target 28% Range 10%-40% Real Estate Target 20% Range 0% - 25% International Equities Target 0% Range 0% - 10% Cash or Equivalents Target 2% Range 1% - 15% 7

8 Due to the fiduciary responsibility that comes with restricted funds, such as the Patient Accounts and the Endowment, a large allocation to Fixed Income is most prudent; while the Smith Memorial and Administrative Accounts will have a larger equity position. Re-Balancing Procedure From time to time, market conditions may cause the portfolio s investment in various asset classes to change. To remain consistent with the asset allocation guidelines established by this IPS, each asset class will be reviewed on a monthly basis and reported quarterly to the Finance Committee, to determine if the weighting are with in the appropriate ranges and if any re-balancing needs to occur. No automatic rebalancing will occur, in an effort to allow an asset class to move appropriately. The allocation of assets in the portfolio may deviate from the normal allocation within the permitted range when market conditions warrant. Such deviations are designed, primarily, to reduce overall investment risk in the long-term. Risk Tolerances The Finance Committee recognizes that the objective of the portfolio cannot be achieved without incurring a certain amount of principal volatility. The portfolio will be managed on both a tactical and fundamental basis, that seeks to minimize principal fluctuations over the established time horizon and that is consistent with the portfolio s stated objectives. Performance Expectations Over the long term, the investment objectives for this portfolio shall be to achieve enough income & gains to cover the operating budget for COTA. It is determined that a return of 5% + CPI, along with projected fund raising, is an appropriate expectation. Returns may vary significantly from target year to year. Guidelines for Portfolio Holdings The Investment Advisor should implement this IPS, through investments in Mutual Funds, Exchange Traded Funds, Unit Investment Trust, Individual Bonds, Individual Stocks, Individual Real-Estate Investment Trust, Limited Partnerships or Limited Liability Companies, Private Placements and derivatives. Domestic Equities The domestic equity portion of the portfolio will be comprised of individual stocks, exchange traded funds, mutual funds and unit investment trust. These securities may be listed on registered exchanges, or actively traded over-the-counter markets, or considered to be restricted securities (provided that the percentage of the fund s assets invested in such securities conform to the funds objectives). These securities may also include common stock, convertible notes and bonds, along with convertible preferred stock. 8

9 Non-U.S. Equities Any non-u.s. equities may be comprised of mutual funds or exchange traded funds only. No individual, non-u.s. security is allowed in the portfolio. Domestic Fixed Income The domestic fixed income asset class will be comprised of mutual funds and individual bonds. These securities may include U.S. Government and Agency securities, Corporate Notes and Bonds and Mortgage Backed bonds. High yield debt (rated as BBB- or below), may not account for more then 10% of the bond holdings at any one time and not more then 5% of the overall portfolio. Non-rated securities are allowed, if the investment manager determines the investment to be of comparable quality to investment grade. Non-U.S. Fixed Income Any non-u.s. fixed income will be comprised of mutual funds for exchange traded funds. No individual, non-u.s. security is allowed in the portfolio. Real Estate It is understood that COTA may hold real estate, either directly or indirectly, for investment purposes. These real estate investments may or may not have a public market and in most cases are deemed illiquid, for investment purposes. The real estate investments should be limited to office properties, hospitality, retail, multi-family & warehouse. COTA may own shares in a Real Estate Investment Trust, Limited Partnership or Limited Liability Company arrangement. It will be attempted to keep any non-liquid investments to the target allocation of 20% of the overall investment assets of COTA. Control Procedures The Finance Committee will review all policies, objectives and guidelines annually. This review will focus on an analysis of major differences between the different fund assumptions and actual experience. Review of Investment Objectives Investment performance will be reviewed annually by the Investment Advisor to determine the continued feasibility of achieving the investment objectives and appropriateness of the IPS for achieving these objectives. In addition, the validity of the stated objective will be reviewed annually. It is not expected that the IPS will change frequently. In particular, short-term changes in the financial markets should not require an adjustment in the investment policy of COTA. Review of Investment Performance Regular performance reviews will provide the following information: 1. Comparison of investment results to appropriate benchmarks, as well as market index returns in both equity and debt markets. Example benchmarks and indexes that may be used include: the 9

10 CPI as a measure of inflation; Wilshire 5000 Equity Index, S&P 500 Index as a measure for domestic equities; Barclays Aggregate Bond Index for a measurement against fixed income; the MSCI Europe, Australia, and Far East (EAFE) Index, to measure non-u.s. equity stocks. 2. Verification of adherence to the Investment Policy and Guidelines Review Liabilities to & from Patient Accounts As realized gains, or losses, occur within the Patient account, the Chief Financial Officer must inform the Investment Advisor if any sweeps to or from the Administrative account are warranted. Review of Investment Advisor The Investment Advisor will report on a quarterly basis the total fund performance. In addition, the Investment Advisor will be responsible for keeping the Finance Committee advised of any material changes to the investment asset allocation, strategy or other pertinent information potentially affecting performance of the accounts. The Finance Committee is to review the performance of the Investment Advisor on a year by year basis. If the Finance Committee finds the relationship valuable, then on an annual basis the Investment Advisor should be affirmed for another year. The Finance Committee is not required to bid the investment process annually, but will review the performance of the Investment Advisor, and re-affirm the Advisor at the close of each calendar year. Proxy Statements Proxy statements will be voted by the Chief Financial Officer with assistance from the Investment Advisor. Adoption of Investment Policy Statement The Children s Organ Transplant Association s Investment Committee has reviewed, approved and adopted this Investment Policy Statement, dated August 13, Signature of COTA Finance Committee Chair Date of Signature Signature of COTA Chief Executive Officer Date of Signature Signature of COTA Chief Financial Officer Date of Signature Signature of Comprehensive Financial Consultants Institutional, Inc. Date of Signature 10

ANDERSON UNIVERSITY INVESTMENT POLICY

ANDERSON UNIVERSITY INVESTMENT POLICY ANDERSON UNIVERSITY INVESTMENT POLICY I. General Investment Objectives A. The primary objective for investment of all funds of the university is to provide an adequate flow of resources sufficient to meet

More information

Endowment Policies, Guidelines, and Objectives

Endowment Policies, Guidelines, and Objectives Tower Foundation of San Jose State University Endowment Policies, Guidelines, and Objectives Purpose of the Endowment Policy Statement This statement is issued by the Finance and Investment Committee (the

More information

The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust. Amended June 16, 2015

The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust. Amended June 16, 2015 The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust Amended June 16, 2015 Introduction The Lower Colorado River Authority ( LCRA )

More information

INDEPENDENT SCHOOL DISTRICT #877 POLICY. Buffalo-Hanover-Montrose. POLICY TITLE Investments OPEB CODE NO. 705.1

INDEPENDENT SCHOOL DISTRICT #877 POLICY. Buffalo-Hanover-Montrose. POLICY TITLE Investments OPEB CODE NO. 705.1 INDEPENDENT SCHOOL DISTRICT #877 POLICY Buffalo-Hanover-Montrose INDEX TITLE Noninstructional Operations and Business Services SERIES NO. 700 POLICY TITLE Investments OPEB CODE NO. 705.1 I. Purpose The

More information

INVESTMENT POLICY. Wharton County Junior College Endowment Fund PURPOSE

INVESTMENT POLICY. Wharton County Junior College Endowment Fund PURPOSE Endowment Fund INVESTMENT POLICY PURPOSE This document is the official policy governing the investment practices of the Wharton County Junior College Endowment Fund (the WCJCEF or Endowment ). The policies

More information

Introduction to Managing a Nonprofit

Introduction to Managing a Nonprofit Introduction to Managing a Nonprofit Managing and working with nonprofit organizations can be both a challenging and a rewarding experience. Nonprofit organizations are distinct entities with many special

More information

The Michigan Tech Fund STATEMENT OF INVESTMENT POLICY

The Michigan Tech Fund STATEMENT OF INVESTMENT POLICY The Michigan Tech Fund STATEMENT OF INVESTMENT POLICY APPROVED JULY 31,2013 TABLE OF CONTENTS Executive Summary... 2 Introduction and Purpose... 3 Scope of Policy... 4 Delegation of Responsibilities...

More information

Sample Investment Policy. Introduction

Sample Investment Policy. Introduction Sample Investment Policy Introduction This statement of investment policy was adopted by the Board of Directors of Organization Name on Date, to provide for the creation of, and guidelines for the management

More information

California State University, Fresno Foundation INVESTMENT POLICY STATEMENT

California State University, Fresno Foundation INVESTMENT POLICY STATEMENT INVESTMENT POLICY STATEMENT 1. Purposes of the Investment Policy Statement The purposes of this Investment Policy Statement for the management of the Foundation funds under management authority of the

More information

Statement of Investment Policies and Procedures

Statement of Investment Policies and Procedures Statement of Investment Policies and Procedures Adopted by the Investment Committee, February 2008 Approved by Diocesan Council, September 2008 Revised by Diocesan Council, October 2012 Revised by Diocesan

More information

CAL POLY POMONA FOUNDATION, INC. POLICIES AND PROCEDURES

CAL POLY POMONA FOUNDATION, INC. POLICIES AND PROCEDURES CAL POLY POMONA FOUNDATION, INC. POLICIES AND PROCEDURES No. 130 Policy Old No.: 1991-1 Date: 04/25/91 Reference: 229-III-A; 230-II-C; 275-II-D Revision: 05/29/96; 09/04/96; 277-IV-C; 300-II-D; 348-III-E;

More information

STATEMENT OF POLICY AND INVESTMENT OBJECTIVES. The University of North Carolina at Pembroke Endowment Board. and

STATEMENT OF POLICY AND INVESTMENT OBJECTIVES. The University of North Carolina at Pembroke Endowment Board. and STATEMENT OF POLICY AND INVESTMENT OBJECTIVES The University of North Carolina at Pembroke Endowment Board and The University of North Carolina at Pembroke Foundation, Inc. December 1, 2010 TABLE OF CONTENTS

More information

YOLO COMMUNITY FOUNDATION. INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS

YOLO COMMUNITY FOUNDATION. INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS YOLO COMMUNITY FOUNDATION INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS ** Adopted June 2, 2004** This Investment Policy Statement replaces any previous statement and is effective

More information

AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014

AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014 AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014 Introduction This statement of investment policy has been adopted by the Board of Trustees of the American Registry of Internet

More information

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL INVESTMENT GUIDELINES FOR MONEY MARKET POOL discretionary Money Market Pool is expected to pursue their stated investment strategy and follow the investment guidelines and objectives set forth herein.

More information

SAMPLE INVESTMENT POLICY STATEMENT

SAMPLE INVESTMENT POLICY STATEMENT SAMPLE INVESTMENT POLICY STATEMENT 2003 Prepared by: Jay D. Ahlbeck, CLU, ChFC JDA & Associates Securities and Advisory Services offered through Mutual Service Corporation, a Registered Investment Advisor,

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY. APPROVED November, 2009

THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY. APPROVED November, 2009 THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY APPROVED November, 2009 I. MISSION The mission of The Philadelphia Foundation s (the Foundation) investment funds is to support current operations through

More information

Investment Policy Statement

Investment Policy Statement Investment Policy Statement Prepared on: February 04, 2013 Prepared for: Sample Individual Client 432 Elm St Chicago IL 60630 Executive Summary Client Name: Sample Individual Client Client Type: Individual

More information

YAKIMA SCHOOLS FOUNDATION INVESTMENT POLICY STATEMENT. In brief, the funds received by the Foundation can be grouped into three categories.

YAKIMA SCHOOLS FOUNDATION INVESTMENT POLICY STATEMENT. In brief, the funds received by the Foundation can be grouped into three categories. YAKIMA SCHOOLS FOUNDATION INVESTMENT POLICY STATEMENT Introduction Revised: September 2011 The Yakima Schools Foundation is a 501(c)(3) nonprofit organization. The Foundation s mission is to enhance educational

More information

INVESTMENT POLICY STATEMENT. Creighton University 403(b) Retirement Plan

INVESTMENT POLICY STATEMENT. Creighton University 403(b) Retirement Plan INVESTMENT POLICY STATEMENT For Creighton University 403(b) Retirement Plan November 2008 Cornerstone Advisors Asset Management, Inc. 74 West Broad Street, Suite 340 Bethlehem, PA 18018 TABLE OF CONTENTS

More information

Sample Foundation Investment Policy http://www.t-tlaw.com/cf-17.htm

Sample Foundation Investment Policy http://www.t-tlaw.com/cf-17.htm Sample Foundation Investment Policy http://www.t-tlaw.com/cf-17.htm I. Introduction. The purpose of this statement is to establish guidelines for the prudent investment of the Foundation s assets. In the

More information

6.50.060 MOA Trust Fund

6.50.060 MOA Trust Fund 6.50.060 MOA Trust Fund A. Definitions. In this section, unless the context clearly indicates otherwise: Annual earnings means the amount of interest, dividends, and realized gains and losses from investment

More information

Investment Advisory Agreement

Investment Advisory Agreement Investment Advisory Agreement For: John Sample IRA Portfolio: Long-Term Growth Financial Advisor: Advisor Name Company Name 307-673-5675 January 10, 2013 ACCOUNT Client Name(s): Title of the Account: John

More information

Long Term Investment Pool (LTIP) Investment Policy Statement Level 1

Long Term Investment Pool (LTIP) Investment Policy Statement Level 1 Long Term Investment Pool (LTIP) Level 1 CONTENTS I. OVERVIEW II. FINANCIAL GOALS OF THE LTIP III. INVESTMENT OBJECTIVES OF THE LTIP IV. INVESTMENT STRATEGIES OF THE LTIP V. PORTFOLIO REBALANCING VI. ASSET

More information

Virginia College Savings Plan Statement of Investment Policy and Guidelines For. Virginia529 prepaid SM

Virginia College Savings Plan Statement of Investment Policy and Guidelines For. Virginia529 prepaid SM Virginia College Savings Plan Statement of Investment Policy and Guidelines For Virginia529 prepaid SM TABLE OF CONTENTS I. Purpose & Responsibilities... 1 II. Asset Allocation and Rebalancing... 2 III.

More information

G o r g e C o m m u n i t y F o u n d a t i o n

G o r g e C o m m u n i t y F o u n d a t i o n INVESTMENT POLICY Established August 2001 INTRODUCTION The purpose of this statement is to communicate to the Foundation s Investment Committee and Investment Advisor a clear understanding of the investment

More information

RETIREE HEALTH CARE BENEFIT TRUST ANNUAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2010 PREPARED BY MARTHA O. HAYNIE, CPA ORANGE COUNTY COMPTROLLER

RETIREE HEALTH CARE BENEFIT TRUST ANNUAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2010 PREPARED BY MARTHA O. HAYNIE, CPA ORANGE COUNTY COMPTROLLER RETIREE HEALTH CARE BENEFIT TRUST ANNUAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2010 PREPARED BY MARTHA O. HAYNIE, CPA ORANGE COUNTY COMPTROLLER EXECUTIVE SUMMARY The portfolio had a total rate of return

More information

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro)

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro) The University of North Carolina at Greensboro (A Component Unit of The University of North Carolina at Greensboro) Financial Report June 30, 2013 Contents Independent Auditor s Report 1 2 Management s

More information

THE UNIVERSITY OF TEXAS SYSTEM LONG TERM FUND INVESTMENT POLICY STATEMENT

THE UNIVERSITY OF TEXAS SYSTEM LONG TERM FUND INVESTMENT POLICY STATEMENT THE UNIVERSITY OF TEXAS SYSTEM LONG TERM FUND INVESTMENT POLICY STATEMENT Purpose The Long Term Fund (the "LTF"), succeeded the Common Trust Fund in February 1995, and was established by the Board of Regents

More information

The Statue of Liberty Ellis Island Foundation Endowment. Investment Policy Policy 6-1

The Statue of Liberty Ellis Island Foundation Endowment. Investment Policy Policy 6-1 The Statue of Liberty Ellis Island Foundation Endowment New York, New York Investment Policy Policy 6-1 Revised: January 2012 Investment Policy Statement for the Management of the Assets of The Statue

More information

Dartmouth College Endowment Investment Policy Statement Updated August 2013

Dartmouth College Endowment Investment Policy Statement Updated August 2013 Introduction and Purpose of the Endowment This Investment Policy Statement ( IPS ) applies to the endowment of Dartmouth College (the College ), referred to throughout this document as the Total Return

More information

Investment Guidelines for a Donor-Advised Fund

Investment Guidelines for a Donor-Advised Fund Investment Guidelines for a Donor-Advised Fund I. Statement of Purpose The intent of the Investment Guidelines is to establish procedures that will govern the investment activities of United Charitable

More information

ENDOWMENT FUND. Investment Policy Statement

ENDOWMENT FUND. Investment Policy Statement ENDOWMENT FUND Investment Policy Statement Amended ) January 20, 2010 Amended January 19, 2012 Amended Table of Contents I. INTRODUCTION... 3 II. GENERAL INFORMATION... 3 III. INVESTMENT PLAN... 4 A. SPENDING

More information

ENDOWMENT FUND POLICIES AND GUIDELINES

ENDOWMENT FUND POLICIES AND GUIDELINES ENDOWMENT FUND POLICIES AND GUIDELINES FOR ST. GEORGE EPISCOPAL CHURCH THE VILLAGES, FLORIDA SECTION A Investment Policy Statement 1 2 3 4 5 6 7 8 9 10 11 12 13 Purpose This Investment Policy Statement

More information

THE UNIVERSITY OF TEXAS SYSTEM PERMANENT HEALTH FUND INVESTMENT POLICY STATEMENT

THE UNIVERSITY OF TEXAS SYSTEM PERMANENT HEALTH FUND INVESTMENT POLICY STATEMENT THE UNIVERSITY OF TEXAS SYSTEM PERMANENT HEALTH FUND INVESTMENT POLICY STATEMENT Purpose The Permanent Health Fund (the PHF ), established by the Board of Regents of The University of Texas System (the

More information

INVESTMENT POLICY STATEMENT. For. The Animation Guild 401(k) Plan

INVESTMENT POLICY STATEMENT. For. The Animation Guild 401(k) Plan INVESTMENT POLICY STATEMENT For The Animation Guild 401(k) Plan Effective TABLE OF CONTENTS Investment Policy Statement Page Purpose...1 Statement of Plan Investment Objectives...2 Roles & Responsibilities...3

More information

INVESTMENT POLICY STATEMENT FOR THE INVESTMENT PORTFOLIOS MAINTAINED BY THE KING BAUDOUIN FOUNDATION UNITED STATES (KBFUS)

INVESTMENT POLICY STATEMENT FOR THE INVESTMENT PORTFOLIOS MAINTAINED BY THE KING BAUDOUIN FOUNDATION UNITED STATES (KBFUS) INVESTMENT POLICY STATEMENT FOR THE INVESTMENT PORTFOLIOS MAINTAINED BY THE KING BAUDOUIN FOUNDATION UNITED STATES (KBFUS) 1. Introduction, Purpose and Scope The King Baudouin Foundation United States

More information

Statement of Investment Policies and Procedures

Statement of Investment Policies and Procedures Effective July 1, 2015 Canadian Cancer Society Statement of Investment Policies and Procedures Background The Society wishes to invest funds in a prudent manner, with appropriate consideration given to

More information

Investment Policy Statement

Investment Policy Statement Investment Policy Statement For The Community Foundation of New River Valley Originated: February 24, 2005 Revised: September 6. 2005 Revised: June 26. 2007 1 Table of Contents ) 1 Introduction... 1 2

More information

INVESTMENT POLICY STATEMENT Valued Client

INVESTMENT POLICY STATEMENT Valued Client INVESTMENT POLICY STATEMENT Valued Client August 17, 2010 PREPARED BY: John Ohl Bay Colony Advisors 91 Main St STE 308 Concord, Massachusetts 01742 (978) 369-7200 John@baycolonyadvisors.com www.baycolonyadvisors.com

More information

STATEMENT OF INVESTMENT POLICY, OBJECTVES AND GUIDELINES FOR THE MINERALS, METALS AND MATERIALS SOCIETY

STATEMENT OF INVESTMENT POLICY, OBJECTVES AND GUIDELINES FOR THE MINERALS, METALS AND MATERIALS SOCIETY STATEMENT OF INVESTMENT POLICY, OBJECTVES AND GUIDELINES FOR THE MINERALS, METALS AND MATERIALS SOCIETY It is intended that this statement be reviewed and updated at least annually. Any change to the policy

More information

PENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015

PENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015 PENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015 I. INTRODUCTION The Pension Benefit Guaranty Corporation ( PBGC or the Corporation ) is a federal corporation created by the

More information

Part 2A Appendix 1 of Form ADV Wrap Fee Program Brochure

Part 2A Appendix 1 of Form ADV Wrap Fee Program Brochure Part 2A Appendix 1 of Form ADV Wrap Fee Program Brochure D.A. Davidson & Co. 8 Third Street North Great Falls, MT 59401 406 727 4200 www.dadavidson.com May 16, 2016 This wrap fee program brochure provides

More information

State Street Target Retirement Funds - Class K

State Street Target Retirement Funds - Class K The State Street Target Retirement Funds - Class K (the "Funds") represent units of ownership in the State Street Target Retirement Non-Lending Series Funds. The Funds seek to offer complete, low cost

More information

Amended as of June 23, 2015

Amended as of June 23, 2015 THE WALLACE FOUNDATION INVESTMENT POLICY Amended as of June 23, 2015 1. INVESTMENT GOAL The investment goal of The Wallace Foundation (the Foundation) is to earn a total return that will provide a steady

More information

Renaissance Charitable Foundation Inc.

Renaissance Charitable Foundation Inc. Charitable Foundation Inc. Revised July 2008 I. Statement of Purpose The intent of this is to establish guidelines that will govern the investment activities of ( RCF ) and any Registered Investment Advisor

More information

Queen s Investment Funds. Statement of Investment Policies and Procedures

Queen s Investment Funds. Statement of Investment Policies and Procedures Queen s Investment Funds Statement of Investment Policies and Procedures January, 2015 Contents Section 1 Introduction 1.01 Fiduciary Responsibilities 1 1.02 Purpose of Statement 1 1.03 Overall Objectives

More information

PERSI Choice 401(k) Plan Investment Policy

PERSI Choice 401(k) Plan Investment Policy PERSI Choice 401(k) Plan Investment Policy I. Plan Objective The Public Employee Retirement System of Idaho (PERSI) sponsors the PERSI Choice Plan (the "Choice Plan" or "Plan") for the benefit of its members.

More information

Request for Information. Northern York County Regional Police Pension Fund. Pension Fund Investment Consulting Services

Request for Information. Northern York County Regional Police Pension Fund. Pension Fund Investment Consulting Services . York County, Pennsylvania Request for Information Northern York County Regional Police Pension Fund Pension Fund Investment Consulting Services September 12, 2014 York County, Pennsylvania Northern York

More information

STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES. WASHINGTON AND LEE UNIVERSITY The General Endowment Fund. Approved May 2007

STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES. WASHINGTON AND LEE UNIVERSITY The General Endowment Fund. Approved May 2007 STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES WASHINGTON AND LEE UNIVERSITY The General Endowment Fund Approved May 2007 This statement is issued by the investment committee of the board of trustees

More information

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.

More information

Calaveras Community Foundation Investment Policy Statement

Calaveras Community Foundation Investment Policy Statement Investment Policy Statement Adopted July 12 th 2011 Investment Policy Statement Table of Contents A. Purpose.1 B. Background..1 C. Objectives.1 D. Risk Tolerance.2 E. Investment Guidelines / Asset Allocation.

More information

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before

More information

Statement of Investment and Administrative Policies & Procedures. Defined Contribution Pension Plan and RRSP for Nipissing University Employees

Statement of Investment and Administrative Policies & Procedures. Defined Contribution Pension Plan and RRSP for Nipissing University Employees Statement of Investment and Administrative Policies & Procedures Defined Contribution Pension Plan and RRSP for Nipissing University Employees Approved and adopted effective October 2008 Last revised:

More information

T. Rowe Price Target Retirement 2030 Fund Advisor Class

T. Rowe Price Target Retirement 2030 Fund Advisor Class T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap

More information

Seix Total Return Bond Fund

Seix Total Return Bond Fund Summary Prospectus Seix Total Return Bond Fund AUGUST 1, 2015 (AS REVISED FEBRUARY 1, 2016) Class / Ticker Symbol A / CBPSX R / SCBLX I / SAMFX IS / SAMZX Before you invest, you may want to review the

More information

the public sector pension investment board THE PUBLIC SERVICE PENSION PLAN ACCOUNT auditors report

the public sector pension investment board THE PUBLIC SERVICE PENSION PLAN ACCOUNT auditors report auditors report To the Board of Directors Public Sector Pension Investment Board Public Service Pension Plan Account We have audited the balance sheet and the statement of investment portfolio of the Public

More information

FORM ADV PART 2A Brochure

FORM ADV PART 2A Brochure FORM ADV PART 2A Brochure HERITAGE WEALTH ADVISORS 901 EAST BYRD ST. WEST TOWER, SUITE 1300 RICHMOND, VA 23219 (804) 643-4080 WWW.HERITAGEWEALTH.NET Brochure updated MARCH 17, 2011 This brochure provides

More information

Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070

Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070 Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070 This brochure is required by law and provides information about the qualifications and business practices of Capital

More information

Sponsored By: ValMark Advisers, Inc. 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 www.valmarksecurities.com

Sponsored By: ValMark Advisers, Inc. 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 www.valmarksecurities.com Wrap Fee Program Disclosure Document to be presented with ValMark Advisers, Inc. ADV Part 2A Sponsored By: ValMark Advisers, Inc. 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 www.valmarksecurities.com

More information

UNIVERSITY OF VICTORIA FOUNDATION FINANCIAL STATEMENTS MARCH 31, 2015. Statement of Administrative Responsibility for Financial Statements 2

UNIVERSITY OF VICTORIA FOUNDATION FINANCIAL STATEMENTS MARCH 31, 2015. Statement of Administrative Responsibility for Financial Statements 2 UNIVERSITY OF VICTORIA FOUNDATION FINANCIAL STATEMENTS MARCH 31, 2015 Page Statement of Administrative Responsibility for Financial Statements 2 Independent Auditors' Report 3 Statement of Financial Position

More information

Nonprofit Guide to Prudent Investing. From The Merrill Lynch Center for Philanthropy & Nonprofit Management

Nonprofit Guide to Prudent Investing. From The Merrill Lynch Center for Philanthropy & Nonprofit Management Nonprofit Guide to Prudent Investing From The Merrill Lynch Center for Philanthropy & Nonprofit Management Traditionally, nonprofit organizations invested charitable funds relatively conservatively. However,

More information

(expenses that you pay each year as a percentage of the value of your investment)

(expenses that you pay each year as a percentage of the value of your investment) July 31, 2015 SUMMARY PROSPECTUS SAAT Core Market Strategy Allocation Fund (SKTAX) Class A Before you invest, you may want to review the Fund s prospectus, which contains information about the Fund and

More information

Royal American Financial Advisors, LLC A Registered Investment Advisor FORM ADV PART 2A BROCHURE

Royal American Financial Advisors, LLC A Registered Investment Advisor FORM ADV PART 2A BROCHURE Royal American Financial Advisors, LLC A Registered Investment Advisor 27192 Newport Rd., Suite 4 Menifee, CA 92584 (951) 679-2065 Office (951) 679-2660 Fax www.myinvestmentcoach.com 3/29/2015 FORM ADV

More information

Discussion Topics. Investment Risk Appetite. Risk Appetite Risk Management. Financial Disaster Preparedness Checklist Rebalancing.

Discussion Topics. Investment Risk Appetite. Risk Appetite Risk Management. Financial Disaster Preparedness Checklist Rebalancing. Insurance Investment Practices during an Economic Downturn March 16, 2011 9:45 11 am Marc A. Tourville, CFA, CIPM Cardinal Investment Advisors, LLC Discussion Topics Risk Appetite Risk Management Tactical

More information

Financial Planning Brochure

Financial Planning Brochure Item 1: Cover page Financial Planning Brochure This brochure provides information about the qualifications and business practices of Meritage Wealth Advisory, LLC, which also uses Meritage Wealth Advisory

More information

To have the ability to pay all benefits obligations when requested.

To have the ability to pay all benefits obligations when requested. INVESTMENT POLICY STATEMENT FOR: Alliance Benefit Group Health Savings Account Program I. GENERAL Purpose and Overview The Alliance Benefit Group Health Savings Account Program ( Program ) was established

More information

Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008

Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008 Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor October, 2008 1 Market Ups and Downs Recent news is full of anxiety-causing developments: Credit crunch Bank

More information

CalPERS 457 Plan Target Retirement Date Funds

CalPERS 457 Plan Target Retirement Date Funds CalPERS 457 Plan Target Retirement Date s September 30, 2015 Overview Target Retirement Date s (the "" or "s") are a series of diversified funds, each of which has a predetermined underlying asset mix

More information

Section Title: Investments Statement of Investment Policies and Objectives Effective Date: January 1, 2016

Section Title: Investments Statement of Investment Policies and Objectives Effective Date: January 1, 2016 Section Policy 30 32.00 Section Title: Investments Subject: Statement of Investment Policies and Objectives Effective Date: January 1, 2016 POLICY PURPOSE Purpose Of The Statement Of Investment Objectives/Policy

More information

Harmonic Investment Advisors

Harmonic Investment Advisors Item 1 Cover Page Harmonic Investment Advisors 1020 W. Main Ave Ste 480 Boise, ID 83702 P: 208-947-3345 F: 208-947-9039 Website: Harmonicadvisors.com This brochure provides information about the qualifications

More information

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES FINANCIAL MANAGEMENT POLICIES AND PROCEDURES 1. GENERAL PURPOSE The purpose of these policies is to establish guidelines for developing financial goals and objectives, making financial decisions, reporting

More information

Investment Policy Statement. for the. State of Connecticut Retirement Plans & Trust Funds

Investment Policy Statement. for the. State of Connecticut Retirement Plans & Trust Funds Investment Policy Statement for the State of Connecticut Retirement Plans & Trust Funds Denise L. Nappier Treasurer of the State of Connecticut Adopted by Treasurer Nappier 7/2/13 Approved by the Investment

More information

Spectrum of Investment Options

Spectrum of Investment Options Kentucky Deferred Comp Spectrum of Investment Options Your guide to available investment options. Tier 1 Target Date Funds, Balanced Fund Target Date Funds Vanguard Target Retirement Funds (in five-year

More information

INVESTMENT ADVISORY AGREEMENT

INVESTMENT ADVISORY AGREEMENT INVESTMENT ADVISORY AGREEMENT Equity Planning Group, Inc. 7035 Orchard Lake Road, Suite 700 West Bloomfield, Ml 48322 (248) 932-4600 - Fax (248) 932-4610 Equity Planning Group, Inc. Registered Investment

More information

Additional information about TPW Financial also is available on the SEC s website at www.adviserinfo.sec.gov.

Additional information about TPW Financial also is available on the SEC s website at www.adviserinfo.sec.gov. The Program Works, Inc. (dba TPW Financial) 450 Lexington Street, Suite 203 Newton, MA 02466 Contact: Chitra R. Staley, CEO&CIO 617-614-9889 cstaley@tpwfinancial.com www.tpwfinancial.com Date of Brochure:

More information

COMMUNITY FOUNDATION OF ST. CLAIR COUNTY. Statement of Investment Policies, Procedures and Objectives

COMMUNITY FOUNDATION OF ST. CLAIR COUNTY. Statement of Investment Policies, Procedures and Objectives COMMUNITY FOUNDATION OF ST. CLAIR COUNTY Statement of Investment Policies, Procedures and Objectives September 2015 (This Document includes a Board-approved Addendum Policy on Investment Recommendations

More information

INVESTMENT POLICY STATEMENT

INVESTMENT POLICY STATEMENT INVESTMENT POLICY STATEMENT Investment Options Dated : August 2015 Profile Name United Bank of Michigan 900 East Paris Avenue SE Grand Rapids, MI 49546 Primary Contact Eric Soya 616.559.4534 Advisor Devenir

More information

Form ADV Part 2A (Firm Brochure) HORAN Wealth Management 4990 East Galbraith Road Cincinnati, OH 45236 513.745.0707 www.horanassoc.

Form ADV Part 2A (Firm Brochure) HORAN Wealth Management 4990 East Galbraith Road Cincinnati, OH 45236 513.745.0707 www.horanassoc. Form ADV Part 2A (Firm Brochure) HORAN Wealth Management 4990 East Galbraith Road Cincinnati, OH 45236 513.745.0707 www.horanassoc.com January 1, 2016 This document provides information about the qualifications

More information

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds. Financial Reports May 31, 2015

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds. Financial Reports May 31, 2015 TD Ameritrade Trust Company Collective Investment s for Employee Benefit Plans s Financial Reports May 31, 2015 Contents Independent Auditor s Report 1-2 Financial Statements Statements of Financial Condition

More information

PRINCIPAL TRUST TARGET DATE FUNDS SUMMARY

PRINCIPAL TRUST TARGET DATE FUNDS SUMMARY Date Collective Investment s PRINCIPAL TRUST TARGET DATE FUNDS SUMMARY The date of this summary is October 28, 2015 This summary includes key information about the Trust Date Collective Investment s (each

More information

Item 2 Material Changes

Item 2 Material Changes Item 1 Cover Page Prutzman Wealth Management, LLC dba Prutzman Wealth Management 201 W. Liberty Street, Suite 207 Reno, NV 89501 (800) 865-4202 www.prutzmanwm.com 8/31/2015 This Brochure provides information

More information

Jewish Community Foundation of San Diego. Consolidated Financial Statements and Supplemental Information

Jewish Community Foundation of San Diego. Consolidated Financial Statements and Supplemental Information Jewish Community Foundation of San Diego Consolidated Financial Statements and Supplemental Information Years Ended June 30, 2015 and 2014 Consolidated Financial Statements and Supplemental Information

More information

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative

More information

STATEMENT OF INVESTMENT GUIDELINES FOR PHILADELPHIA GAS WORKS PENSION PLAN

STATEMENT OF INVESTMENT GUIDELINES FOR PHILADELPHIA GAS WORKS PENSION PLAN STATEMENT OF INVESTMENT GUIDELINES FOR PHILADELPHIA GAS WORKS PENSION PLAN Prepared by: GALLAGHER FIDUCIARY ADVISORS, LLC 310 Grant Street, Suite 3000 Pittsburgh, Pennsylvania 15219-2302 412-232-1000 PHILADELPHIA

More information

Miller Financial Services, LLC Advisory Services Agreement

Miller Financial Services, LLC Advisory Services Agreement Miller Financial Services, LLC Advisory Services Agreement This Agreement (the Agreement ) is made and entered into, by and between, Miller Financial Services, LLC (the Advisor ) and xx (the Client ),

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 5 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 6

TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 5 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 6 FINANCIALS TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 5 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 6 STATEMENTS OF ACTIVITIES 7 STATEMENTS OF CASH FLOWS 8 NOTES TO

More information

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which

More information

Code of Ethics Effective June 1, 2015

Code of Ethics Effective June 1, 2015 Code of Ethics Effective June 1, 2015 APPLICABLE RULES AND REGULATIONS Rule 17j-1 of the Investment Company Act of 1940, as amended Rule 204A-1 of the Investment Advisers Act of 1940, as amended I. POLICY

More information

MML SERIES INVESTMENT FUND

MML SERIES INVESTMENT FUND This Prospectus describes the following Funds. MML SERIES INVESTMENT FUND MML Money Market Fund seeks to maximize current income, preserve capital and maintain liquidity by investing in money market instruments.

More information

Wealth management and customized investment portfolios for individuals and institutions looking to preserve and grow wealth.

Wealth management and customized investment portfolios for individuals and institutions looking to preserve and grow wealth. Wealth management and customized investment portfolios for individuals and institutions looking to preserve and grow wealth. wealth MANAGEMENT Choosing the right investment advisor is one of the most important

More information

Investment Funds Description

Investment Funds Description Investment Funds Description As of January 1, 2016 (Containing performance and other information as of December 31, 2015 unless otherwise noted) Short Term Investment Fund Stable Value Fund Inflation Protection

More information

Getting the Most Out of Your Investment Committee

Getting the Most Out of Your Investment Committee Getting the Most Out of Your Investment Committee August 2011 Campion Wealth Management 1934 Old Gallows Road, Suite 402 Vienna, Virginia (703) 848-0344 www.campionwealth.com Who We Are and What We Do

More information

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund

More information

ABC, Inc. Policy Number: Investment Policy Date of Board Resolution:

ABC, Inc. Policy Number: Investment Policy Date of Board Resolution: ABC, Inc. Policy Number: Investment Policy Date of Board Resolution: Purpose This policy establishes investment objectives, policies, guidelines and eligible securities related to all assets held by ABC,

More information

ELCA Investment Fund Descriptions ELCA Retirement Plan

ELCA Investment Fund Descriptions ELCA Retirement Plan FUND PERFORMANCE AS OF DEC. 31, ELCA Investment Fund Descriptions ELCA Retirement Plan Effective Jan. 1, 16 About the ELCA Retirement Plan Investment Funds The Board of Pensions of the Evangelical Lutheran

More information

Part 2A of Form ADV: Firm Brochure

Part 2A of Form ADV: Firm Brochure Part 2A of Form ADV: Firm Brochure Item 1 Cover Page September 10, 2014 Wolfers Asset Management Established in 2001 Erik Sean Wolfers, MBA, CFP - Principal and Sole Proprietor 235 Wildwood Avenue Piedmont,

More information

UNIVERSITY OF GUELPH. Pension Plans. Statement of Investment Policies and Procedures

UNIVERSITY OF GUELPH. Pension Plans. Statement of Investment Policies and Procedures UNIVERSITY OF GUELPH Pension Plans Statement of Investment Policies and Procedures It is hereby certified by the undersigned that this Statement of Investment Policies and Procedures was adopted by the

More information