York County Bar Association
Policy-Investment Guidelines-Endowment



Investment Policy

Approved March 2003



I.                    BACKGROUND


The York County Bar Foundation was created by the York County Bar Association, the purposes of which include:  providing legal and related services to disadvantaged residents of York County regardless of their ability to pay; promoting the fair and efficient administration of the judicial and legal systems; providing educational and informative seminars, programs and projects to legal professionals, members of the judiciary and to the public; providing grants and financial support to projects consistent with the foregoing purposes; owning and maintaining real estate to advance the foregoing purposes; and soliciting funds and support for advancement of those purposes.




            The Investment Objective of the Endowment Fund can be summarized as follows:


·        Preserve capital.

·        Strive for consistent real returns.

·        Seek long-term returns which exceed the sum of payout, fees and inflation.

·        Earn the highest possible return consistent with the objective of preserving capital.


In order to achieve its investment objective, the Fund will:


·        Strive to have balanced investments and meet the objectives of the Fund.

·        Hire independent, professional management.

·        Maintain diversification of assets both by asset type and/or by  manager to ensure that adverse results from one security class will not have an unduly detrimental effect on the entire portfolio.


III.       SCOPE


This Policy shall apply to all assets of the Endowment Fund.




A.                 Board.  The York County Bar Foundation Board of Directors is responsible for the management of the Endowment Fund’s assets.  This Policy cannot be altered without the approval of the Board.  All Investment Managers and Target Asset Allocations shall be approved by the Board.


B.                 Endowment Committee.  The Endowment Committee of the Foundation is responsible for implementing and assuring adherence to this Policy consistent with the Policy and direction of the Board.


C.                 Staff.  The Executive Director, President, and/or Treasurer of the Foundation will be responsible for interaction with the Investment Manager(s) as necessary for administration of the Endowment Fund and this Policy.




Selection of one or more Investment Managers will be recommended by the Endowment Committee and approved by the Board.  Prospective Manager(s) will be evaluated based on investment philosophy, past performance, consistency of results and fee structure.




Consistent with the Investment Policy, it is expected that the assets of the Fund will be allocated to various asset types based on the investment objective and subject to the following general limits:


            Equities                        40%-70%

            Fixed Income               30%-60%

            Cash                              0%-20%


The term “Equities” includes publicly traded / listed common stock, equity mutual funds, convertible bonds and preferred stock.


The term “Fixed Income Securities” indicates any investment grade instrument that provides for contractual payments and has a specific maturity date greater than one year.


The term “Cash” shall refer to investments liquid within one (1) year and with no risk to capital.





A.                 Individual Company Investment.  Investment in any one company (whether Equity or Fixed Income Security) shall not exceed 5% of the total market value of any portfolio.


B.                 Segment Investment.  Investment in one Industry or geographic segment shall not exceed 25% of the total market value of each equity portfolio.


C.                 Short Term Investments.  Short-term funds and cash will be managed at the manager’s discretion.  Commingled funds may be utilized.



D.                 Fees and Costs.  Investment management fees, transaction costs and commissions shall be considered in selecting Investment Managers.  Portfolio managers are expected to negotiate competitive fees.




A.                 Review of Performance.  The Endowment Committee will review each portfolio’s performance periodically.  Each Investment Manager’s performance will be compared to appropriate benchmark(s), including market indices.


B.                 Meetings with Managers.  As appropriate, the Endowment Committee will meet with portfolio managers to review the performance of the portfolio, consistency with this Policy and the Fund objectives, and other factors relevant to the experience of the portfolio.


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