The Virginia Beach Foundation, Inc. (IRS EIN 54-1553631) is a public foundation established to serve a broad range of charitable purposes in the local community. Because the Foundation will operate in perpetuity, wise stewardship of funds entrusted to it is essential to the Foundation’s mission, that reads in part, “…to stimulate the establishment of endowments to serve the people of Virginia Beach now and in the future.”

To ensure its accountability to donors, beneficiaries, the community and region, the Board of Directors has adopted the following investment guidelines:

Donated funds will be placed with professional investment manager(s) who will be reviewed periodically by the Investment Committee. Manager(s) will be given guidelines as to the safety of principal and asset allocation.

Foundation assets, less operating funds, shall be invested in fixed income funds and equity securities. The equity portion of the portfolio is up to 75% of the total. The Investment Committee constantly re-examines this asset allocation. The actual vehicles are to be selected by the investment manager(s) with oversight provided by the Investment Committee. Excluded are donor-directed financially managed funds.

An important concern is preservation of capital. Consistent with that concern, investment manager(s) will not be given specific return targets and are directed to seek maximum total return.

The Investment Committee will periodically review the investment policy. Investments will be reviewed at least quarterly.

The spending for grants shall provide for up to 5% of the permanent endowment to be given annually in the form of grants. This spending policy excludes Designated Funds and may exclude Donor Advised Funds. As a matter of course, all named funds are to be solicited for their advice/recommendations(s) on an annual basis.

Donated marketable securities, real estate, works of art and other tangible property will be sold as soon as advisable after receipt.

All named funds held by the Foundation shall receive an Annual Donor Report, normally during February, that details the previous year’s activity. The Foundation’s fiscal year is October 1 through September 30.

Information on our investment managers and fees charged are available upon request