Important Investment News for Our Donors, Advisors and Grantees
December 30, 2008 (Syracuse, NY) – As we welcome in a new year, the members of the board and staff of the Community Foundation express our deep appreciation for your continued confidence and trust. Especially in these turbulent economic times, the commitment you have shown to supporting this community with your service and your contributions is truly remarkable.
We are pleased to report that our investment consultant, Colonial Consulting LLC, has assured us that we had no exposure to the apparent fraud that has been alleged to have been perpetuated by Bernard Madoff. This is reassuring news for us and for the community that counts on us. Our deepest sympathy goes out to those not-for-profits and individuals that did not escape the devastating reach of this scandal.
We have for many years undertaken a consistent and diversified approach to the investment of funds which we administer. More information on the performance history and investment policy used for the management of our permanent investment pool is available on our Investment Strategy page.
As part of our effort to keep you informed, Mike Miller, President of Colonial Consulting, will be in Syracuse in late February 2009 to make a presentation on the thought process and actions that an institutional investor takes – or doesn’t take – during a down economy. Details about this breakfast event will be forthcoming. We hope that you will come to hear firsthand from the expert that advises our Board of Directors in making the investment decisions that are so important to our goal of building our community’s permanent charitable funds.
After the uncertainly of 2008, we are eagerly anticipating the change that 2009 will bring. We look forward to continuing our partnership with you and wish you a joyous and prosperous New Year.