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Nonprofit Investment and Development Solutions

A Guide to Thriving in Today's Economy
Sofort lieferbar | Lieferzeit:3-5 Tage I
Roger Matloff
Wiley Nonprofit Authority
eBook Typ:
Adobe Digital Editions
eBook Format:
Adobe DRM [Hard-DRM]

Solid guidance for managers and trustees to better positiontheir nonprofits now and in the future
The Great Recession has left a paradigm shift for nonprofitleadership and their board members as fiduciaries. It has changedhow boards make, evaluate and document investment decisions, therisks they are willing to take and the way these details arecommunicated to donors. Nonprofit Investment andDevelopment Solutions + Website will provide solid guidance fornonprofit leadership, staff and volunteers to better position theirnonprofits to thrive now and in the future.

This guide will provide:
* Sophisticated investment and development principles that areeasily understandable and adaptable
* Specific steps to take in order to avoid unnecessary investmentrisk and secure financial stability
* Solutions and techniques for capitalizing on opportunitiescreated by funding shifts and evolving donor expectations
* Principles and practices of fiduciary responsibility,behavioral finance, socially responsible investing, strategicdevelopment planning and charity efficiency

In addition, Nonprofit Investment and DevelopmentSolutions + Website offers a web site resource with avariety of online tools and templates to help readers implement keyconcepts discussed in this book.

Preface: Here We Are ix

Background: Where We Have Been x

Multiple Factors x

This Book’s Setup xiii

Acknowledgments xv

CHAPTER 1 Philanthropy History and Statistics 1

American Philanthropy 1

Examining the Statistics 3

Summary 5

CHAPTER 2 Fiduciary Responsibility 7

What Is a Fiduciary? 7

What Are the Duties of the Fiduciary? 8

Pressure on Fiduciaries from Increased Volatility 9

Protecting the Assets—The Prudent Investor 10

Training and Education of Fiduciaries 12

Increasing Government Regulation 14

Protecting the Mission 15

Effective Use of Professional Consultants 17

Valuable Resources 17

Summary 19

CHAPTER 3 New Roles for the “New Reality” 21

The Investment Consultant 22

The Investment Committee 24

Fundraising and Finance 24

Investment Policy Statement 28

Summary 30

CHAPTER 4 Behavioral Finance 31

The Psychology of Investing 32

Behavioral Factors and Investing 33

Psychology and Decision Making 34

The Psychology of Group Decisions 39

Behavioral Finance and Investment Consulting 41

Summary 44

CHAPTER 5 Understanding Risk 45

The Individual and Risk 45

Biases 46

Investment Committee Psychology 46

Risk and the Fiduciary 47

Group Dynamics and the Nonprofit 48

The Theory of Groupthink 49

The Blind Risk Model 52

Understanding Individuals—Gathering Information 53

Assessing the Power on the Investment Committee 54

Completing the Process 55

Summary 57

CHAPTER 6 Asset Allocation 59

Asset Allocation Analysis 59

Types of Risk in Asset Allocation 60

Risk and Portfolio Performance 62

Preparing for Asset Allocation Analysis 64

Summary 68

CHAPTER 7 The Investment Policy Statement 71

The Elements of an Investment Policy Statement 71

The IPS Provides Essential Discipline 73


IPS and Investments 78

The IPS and Asset Allocation 79

The IPS and Risk, Return, and Money Manager Retention 80

The IPS and Major Donors 81

Summary 82

CHAPTER 8 Money Manager Selection 83

The Goal 83

Outlining the Process 84

Step 1: The Search 85

Step 2: The Evaluation 86

Step 3: The Analysis 87

Step 4: Selection 93

Summary 94

CHAPTER 9 Dynamic Portfolio Optimization 95

Before Modern Portfolio Theory (MPT) 95

Modern Portfolio Theory 96

The Efficient Portfolio 99

The Mean-Variance Model 99

Dynamic Asset Allocation and Market Timing 100

Summary 101

CHAPTER 10 Investment Program Analysis 103

Monitoring Accounts 103

The Procedure 104

Assessing Money Managers 106

The Evaluation 109

& Strategic Development Planning Process 134

The Importance of Planned Giving As a Strategic Development Tool: Building Endowment with

Planned Gifts 136

Donor Values That Affect Their Legacy Giving 138

Summary 140

CHAPTER 13 The Evolution of Donors—Trends and Truths 143

The Modern Donor 143

Transformations in Giving Patterns 146

Growing the Donor Pool 151

Summary 159

CHAPTER 14 Growing Expectations 161

Resources 162

Two Key Measures of Financial Health 165

Financial Ratios 171

Integrity and Credibility 173

Summary 174

Conclusion 175

About the Companion Website 177

About the Authors 179

Index 181

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