Glossary
Community Foundation Report Essentials.
Survey Instructions
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Identifying Information Section
Enter your foundation's name, state, preparer’s name, preparer’s title and preparer’s email address.
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Performance Section
Enter quarterly returns net-of-fees and the period-end market value for your endowment or long-term pool. "Long-term" is defined as portfolios with a policy allocation of at least 60% to equities. Socially Responsible Pools should have a policy allocation of at least 50% to equities. Balanced pools should have a policy allocation of 60% to 40% exposure to equities. "Net-of-fees" is defined as performance after accounting for investment-related fees and expenses that are charged to the portfolio, including investment manager, investment consultant and custodian fees. Include community foundation fees charged to the portfolio for investment oversight. Do not include community-foundation fees for fund administration. Based on each foundation’s individual circumstances, it may not be possible to fully account for all fees when reporting performance. While these differences may affect the foundation's ranking within the survey, it should not have a meaningful impact on the survey's median return. Please contact Colonial or the FAOG Investment Practices Committee chair with any questions you may have. You may update previous quarter returns as necessary due to the timing of the release of returns for alternative assets.
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Asset Allocation Section
Enter the name of the portfolio for which the data is being entered (e.g., "endowment" or "long-term pool"). A "portfolio" is defined as a professionally managed, diversified pool of assets governed by an investment policy. This includes both in-house and externally managed portfolios. It does not include gifted assets such as real estate, private stock or limited partnership interests residing outside the portfolio; planned gift assets such as charitable remainder trusts, gift annuities and pooled income funds; or foundation reserves, checking accounts, funds awaiting disbursement, or other short-term accounts or pools held for purposes other than endowment or long-term growth.
Enter the percent dollar amount allocated to each asset class at quarter-end. Asset class definitions are provided on the following tab.The Grand Total asset value should match the current Ending Market Value entered in the Performance Section.
Survey Form Definitions
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Corporate Respondents
Use this column for entities/portfolios organized as a corporation.
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Ending Market Value
Net asset value of portfolio at end of period.
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Net of Fee Return
Report performance net of investment-related fees and expenses that are charged to the portfolio, including manager fees, and any investment consultant and custodian fees. Do not include community-foundation fees for fund administration.
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Portfolio Name
For your reference only. Not reported or shared. If you have multiple portfolios, such as both an endowment and a long-term portfolio, this field is to help ensure consistency of reporting between quarters.
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ESG Focus
ESG integrates environmental, social and governance (ESG) factors as part of the investment process which includes the historical SRI (Socially Responsible Investing) and refers to portfolios with one or more of the following objectives: avoid investment in certain companies or industries according to defined guidelines; dual objectives to achieve both financial and social returns; or emphasize investments that have positive social outcomes by focusing on companies that are moving society towards sustainability. Do not include portfolios where any of the above are incidental and not central to the overall purpose of the portfolio.
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Trust Respondents
Use this column for entities/portfolios organized as a trust.
Asset Allocation Definitions
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Balanced Funds
Commingled funds or individually managed accounts where the manager has the discretion to allocate between stocks and bonds. Call the manager or refer to current reports to determine the allocation as of the current quarter-end and divide the account value according to the appropriate component categories under "balanced funds."
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Cash & Cash Equivalents
Cash and cash equivalents include money market funds, bank checking and deposits, certificates of deposit, Treasury bonds, and nonconvertible bonds with remaining maturities of less than one year.
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Direct Hedge Funds
Investments in individual limited partnerships organized as a hedge fund. Hedge funds can be characterized as highly flexible strategies that may involve the use of short selling and leverage. Individual strategies may include long/short, merger arbitrage, convertible bond arbitrage, macro, and credit. Include fund of funds. These funds normally have monthly statements and a net asset price per unit or share.
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Emerging Markets
Emerging markets have one or more of the following features: a relatively undeveloped capital market, low market capitalization with respect to Gross Domestic Product, high concentration of capitalization in a few stocks, foreign investment restrictions, or low per-capita income. ADRs held in a predominantly emerging-market portfolio will be considered international investments. Thus, they should be included in this category.
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Hedge Fund of Funds
Investments in limited partnerships organized as a hedge fund of funds. These funds normally have monthly statements and a net asset price per unit or share.
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High Yield Bonds
Individual securities or funds of corporate bonds with a lower credit rating than investment-grade corporate bonds or Treasury bonds. Because of the higher risk of default, these bonds pay a higher yield than investment grade bonds.
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Non-US Bonds
The debt of large, middle, or small companies headquartered outside the United States whose securities are traded on a foreign exchange, including government obligations, corporate debt, nonconvertible bonds, mortgage-backed securities, collateralized obligations, futures, and preferred stock, all with a maturity of one year or more.
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Non-US General Equities
If you cannot distinguish between small or large/mid-cap investments, please use this category. ADRs held in a predominantly international general equities portfolio will be considered international investments. Thus, they should be included in this category. Global Equity funds should be allocated 60% to US Large Cap and 40% to International Large/Mid Cap.
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Non-US Large/Mid-Cap Equities
The securities of companies that have a market capitalization of approximately $2 billion or more that are headquartered outside the United States and traded on a foreign exchange. ADRs held in a predominantly international large/mid-cap equities portfolio will be considered international investments. Thus, they should be included in this category. Global Equity funds should be allocated 60% to US Large Cap and 40% to International Large/Mid Cap.
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Non-US Small Cap Equities
The securities of companies that have a market capitalization of approximately $2 billion or less that are headquartered outside the United States and traded on a foreign exchange. ADRs held in a predominantly international small-cap equities portfolio will be considered international investments. Thus, they should be included in this category.
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Other Investments
Other investments includes assets that don't fit one of the definitions above. For example, multi-asset, thematic or sector specific, community loans, holdbacks, diversifying. Mission- and program-related investments should be categorized within the appropriate equity or fixed income category if possible. Please list what is in "other investments."
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Private Equity
Limited partnership interests dedicated to buyout, growth, venture capital, distressed debt, private credit or special situation strategies. Include fund of funds, co-investments and direct investments. These funds normally have quarterly statements and call capital over time.
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Real Assets
Commingled funds and limited partnership interests in funds dedicated to strategies such as energy (oil, gas, alternatives), timber, agriculture, commodities, mining and metals, infrastructure, or private debt that is backed by real assets.
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Real Estate
Real property held in the portfolio for investment purposes only. This can include undeveloped land, buildings, and other forms of real property. These properties can be held directly or through real-estate partnerships. This category should also include REIT (real-estate investment trust) investment portfolios held by a foundation.
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US Bonds
Bonds or "fixed income" investments including government obligations, nonconvertible bonds, mortgage-backed securities, collateralized obligations, Treasury-inflation-protected securities (TIPS), futures, and preferred stocks all with a maturity date of one year or more. U.S. "core bonds," "aggregate bonds" or "investment grade bonds" are categorized here.
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US General Equities
If you cannot distinguish between large-, mid- or small-cap investments, please use this category. ADRs held in a predominantly domestic general equities portfolio will be considered domestic investments. Thus, they should be included in this category. Global Equity funds should be allocated 60% to US Large Cap and 40% to International Large/Mid Cap.
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US Large Cap Equities
Large-capitalization (large-cap) equities are securities (common stock, convertible bonds, convertible preferred stock, rights, warrants, common stock futures, and common stock options) of companies that have a market capitalization of approximately $10 billion or more. American depository receipts (ADRs) held in a predominantly domestic large-cap equities portfolio will be considered domestic investments. Thus, they should be included in this category.
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US Mid Cap Equities
Middle-capitalization (mid-cap) equities are securities of companies that have a market capitalization ranging from approximately $2 billion to $10 billion. ADRs held in a predominantly domestic mid-cap equities portfolio will be considered domestic investments. Thus, they should be included in this category.
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US Small Cap Equities
Small-capitalization (small-cap) equities are securities of companies that have a market capitalization of approximately $300 million to $2 billion. ADRs held in a predominantly domestic small-cap equities portfolio will be considered domestic investments. Thus, they should be included in this category.