Annual Report - Community Foundation of Western Massachusetts

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F I N A N C I A L H I G H L I G H T S private real estate and natural resource funds, and a well diversified mezzanine financing partnership. Bank of America, manager of our second largest portfolio, also continued to allocate to a similarly broad array of alternative investment partnerships. As of the end of the fiscal year, 8.3% of this portfolio had been allocated to this broad asset class to many of the same partnerships held by our Global Growth Portfolio. Both the Investment Committee and the Bank have agreed to set a target allocation to these types of investments at 15%, a goal it will reach over the next several years. Finally, during the past year the Committee said farewell to Jay Yoder, a member of the Investment Committee since 2001, whose relocation to North Carolina fulfilled a lifelong dream. Jay’s knowledge, experience, and commitment to the mission of the Community Foundation were truly invaluable. His counsel will be greatly missed. We were extremely fortunate that Mauricia Geissler, Amherst College’s director of investments, agreed to fill that vacancy. Mauricia brings a tremendous wealth of expertise, knowledge and experience, and we are all extremely grateful that she has agreed to serve the Foundation in this manner. Statements of Financial Position March 31, 2008 and 2007 Assets 2008 2007 Cash and money market funds $2,671,447 $ 3,931,215 Investments 85,163,521 86,261,968 Assets held under charitable trusts 5,624,383 5,939,817 Contributions receivable, net 657,294 788,903 Note receivable 561,853 596,959 Loans receivable, net 2,447,666 2,374,641 Prepaid expenses 28,950 25,453 Property and equipment, net 34,822 39,240 Total Assets $97,189,936 $99,958,196 Liabilities and Net Assets Liabilities Accrued expenses $18,811 $ 91,960 Liability under unitrust agreements 3,782,345 3,868,748 Agency funds 4,972,436 4,005,390 Total Liabilities 8,773,592 7,966,098 Net Assets Unrestricted 28,329,632 29,654,797 Temporarily restricted 55,396,308 57,647,555 Permanently restricted 4,690,404 4,689,746 Total Net Assets 88,416,344 91,992,098 Funds Assisted in Grantmaking The Community Foundation advises and assists in grantmaking, serving as a centralized clearinghouse for grant applications, notification of awards, distribution of funds, and monitoring and evaluation of grants for a number of trust funds held by Bank of America. These funds are not controlled by the Community Foundation, are not included in the audited financial statements, and total $24,640,006. Total Liabilities and Net Assets $97,189,936 $99,958,196 A complete set of audited financial statements is available upon request. Total funds under management or available for charitable purposes: $121,829,942. 20 Community Foundation of Western Massachusetts
2 0 0 8 I n v e s t m e n t C o m m i t t e e The Community Foundation is grateful for the assistance of the following expert professionals who serve as its Investment Committee and are responsible for the effective and careful deployment of its assets. Richard B. Steele, Jr., Interim Chair and Trustee Managing Member, Longmeadow Capital Partners, LLC Mr. Steele formed Longmeadow Capital in 1993, as a private equity and venture capital investment firm focused on small businesses and has been actively involved in all of its principal investments. Prior to that, Mr. Steele worked for a private investment firm and held several senior management positions. Mr. Steele is a graduate of Cornell University and has an M.B.A. from the Wharton School at the University of Pennsylvania. Helen D. Blake, Emerita and Former Trustee Philanthropist Mrs. Blake is a graduate of Quinnipiac College and has a B.S. from Bates College and M.Ed. from Springfield College, and completed graduate studies in mathematics at Worcester Polytechnic Institute. She is president of the Library Foundation of Martin County Florida and a trustee of Springfield College. Ruth Constantine, Trustee Vice President, Finance & Administration, Smith College Ms. Constantine joined Smith College in 1991, following ten years at Cornell University. She has a B.A. from the University of Oregon and an M.B.A. from Cornell. She is also a director of the Florence Savings Bank and an officer in the National Association of College and University Business Officers and vice president of its eastern regional association. Stephen A. Davis, Trustee Principal, Ventry Industries, LLC Mr. Davis is the former president and chief operating officer of American Saw & Manufacturing, Co. He has a B.S. in Business Administration from Nichols College and is a trustee of the Irene E. and George A. Davis Foundation as well as many other local organizations. Latimer B. Eddy Principal, Latimer B. Eddy, CFP Investment Advisor Mr. Eddy is a retired vice president of finance, Stanhome Products, Inc. He is a director of the Frank Stanley Beveridge Foundation. Mauricia A. Geissler Director of Investments, Amherst College Ms. Geissler joined Amherst College in 2003 after holding senior investment positions for Lucent Technologies, Putnam Investments and SEI Corporation. In her present position, she oversees all aspects of the $2 billion Amherst College endowment. She holds a B.A. in Finance from the University of Wisconsin, and is involved in a number of community programs. Mary Ann Spencer Managing Director, Babson Capital Management, LLC Ms. Spencer joined MassMutual/Babson in 1982 as a private placement analyst. Her current responsibilities include managing several leveraged and high yield bank loan portfolios. Ms. Spencer has an M.B.A. from Babson College and a B.S. from Boston College and is a Certified Financial Analyst. Ralph S. Tate Retired Managing Director, Standish, Ayer & Wood Mr. Tate headed all equity related operations for Standish, Ayer & Wood. From 1971 until 1990, he was president of Aetna Equity Investors and director of portfolio management. Mr. Tate holds an M.B.A. from Stanford University and a B.A. from Amherst College and is a Charter Certified Financial Analyst. Spencer L. Timm Partner, Morgenthaler Ventures Prior to his association with Morgenthaler, Mr. Timm spent fifteen years as principal at Franklin Portfolio Associates. Prior to that he was vice president and director of institutional marketing at State Street Bank. He is a graduate of the College of William & Mary and served as a trustee and the chair of its endowment foundation. He also served as a Captain in the United States Army. Community Foundation of Western Massachusetts 21
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