Foundations are free to decide how they will develop and implement a prudent investment process. Although this work will take time, even small foundation boards can benefit from developing an investment committee with just a few members so it is clear who is leading the charge.
Foundations with more assets are more likely to have dedicated investment committees and slightly larger investment committees with more investment professionals serving on them.
In any case, the board or committee should meet regularly (e.g., quarterly) to review its decisions and make adjustments due to market and foundation changes.
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