• Our Main Investment Pool (currently approximately $81.5 million). This option is best suited for long-term expendable and endowment funds. The pool focuses on a long-term strategy that will protect and increase assets over time while providing for a steady stream of grants. The investment policy specifies a target asset allocation among seven categories of equity (70%) and fixed income (30%) investments. Returns are calculated net of approximately 0.53% per year charged by investment managers and custodians.

Long-Term Investment Policy Statement

• Our Socially Responsible Investment Pool (currently approximately $15.1 million) was established in May 2001. This option is best suited for long-term expendable and endowment funds whose donors prefer socially responsible investments. It is composed of mutual funds that meet a variety of social screens, both positive and exclusionary. This pool employs the same strategic asset allocation as our Main Investment Pool. Investment management fees are slightly higher (approximately 1%) due to smaller fund sizes and fund costs associated with the social screening.

SRI screens

• Our Intermediate Term Investment Pool (currently approximately $3.2 million) was approved by the Board of Directors in December 2002. Only expendable funds may be invested in this pool. Our Investment Advisory Committee has worked carefully to craft a pool that will be invested and managed with the same care that we have always taken with our long-term pool. The pool is constructed to have less short-term volatility than a long-term pool, but with higher returns than on cash investments. The pool is invested 75% in fixed income (high quality bonds and cash) and 25% in equities (stocks). It was designed for investments with a duration of 2-5 years. For the current market environment we have established a target return of about 5%-6% per year, net of investment management fees.

Intermediate Term Investment Policy

• Our Money Market Option: This option is best suited for an expendable fund that will be granting out a significant portion of its money in the short term. There are no fees of any kind taken from the Fund but earnings are paid to the Community Foundation's operating fund in lieu of an administrative fee.