05 annual report V4 - Chester County Community Foundation

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25 INVESTMENT MANAGEMENT The Community Foundation continually strives to provide the highest level of stewardship possible for all funds of the Community Foundation. Our Investment Committee is comprised of community leaders who volunteer their time and share their expertise with the Community Foundation to make sure our funds realize their optimum return. The Investment Committee oversees the performance of five portfolio investment managers. They include: Hirtle, Callaghan & Co. serves as the Community Foundation’s Chief Investment Officer. Hirtle Callaghan invests the majority of the Community Foundation’s long term funds, compiles investment figures from all of our investment managers, and helps the Investment Committee see that the Community Foundation’s asset allocation and diversification goals are met. As a firm, Hirtle Callaghan’s first investment objective is to protect principal. Hirtle Callaghan’s second investment objective is significantly to out-perform inflation net of all fees. Hirtle Callaghan’s third investment objective is to achieve attractive returns relative to appropriate benchmarks and manager peer groups. INVESTMENTS First National Bank of Chester County’s investment philosophy blends equity and fixed-income securities in an effort to provide the growth and income necessary to meet clients’ stated objectives. For growth, First National’s investment strategy focuses on containing risk and providing attractive inflation-adjusted returns through a diversified portfolio of high-quality, large capitalization equity issues. First National believes that investments with above-average earnings and dividend growth will produce lower volatility and will result in consistently creditable returns relative to appropriate benchmarks. First National’s fixed-income approach also stresses risk management, by using issues with above-average credit quality and limiting portfolios to short/intermediate maturities. Throughout continually changing economic and market conditions, First National uses a disciplined approach in assessing the relationship between risk and return, in allocating assets, and in monitoring performance. HISTORIC LAFAYETTE SYCAMORE OF BRANDYWINE BATTLEFIELD, 1787 “It is every man’s obligation to put back into the world at least the equivalent of what he takes out of it.” Albert Einstein Domini Social Investments manages more than $1.8 billion in assets for investors who wish to integrate social and environmental criteria into their investment decisions. In addition to applying strict exclusionary screens to certain industries such as tobacco and nuclear power, Domini applies a comprehensive set of social and environmental screens to investments, in the belief that meeting certain baseline standards of corporate citizenship is both good for society and good for the bottom line. Domini believes its screens help identify companies that are led by more visionary management teams with more enlightened policies and practices. In the long run, Domini believes companies with fewer environmental liabilities, more diverse boards and workforces, generous employee benefits, and authentic commitments to their communities are better positioned to succeed and prosper. Domini is guided by the knowledge that it is possible to earn a competitive return while using investments to make a difference in the world. It is no longer necessary to choose between your principles and your investments. Haverford Trust adheres to a successful investment strategy that is characterized by consistent, predictable growth and the containment of risk. By investing in “blue-chip” growth stocks, and, when appropriate, high quality bonds, Haverford Trust maximizes investment returns and minimizes downside risk over the long term. Central to Haverford Trust’s equity philosophy is the belief that company earnings drive stock prices, and that high quality blue chip growth stocks provide the most attractive risk-adjusted returns over the long term. Haverford Trust focuses on companies that have a long history of predictable and consistent earnings growth in good and bad economic times and avoid cyclical companies whose earnings growth is closely tied to the economy. Weathervane Wealth Management provides highly customized portfolio management to an elite cadre of investors. Located in Exton, Weathervane’s investment philosophy is to adhere to a disciplined approach to investing, diversifying among multiple asset classes and investment styles in order to manage risk and produce attractive risk adjusted, long-term results. While Weathervane’s goal is to achieve attractive long-term results, Weathervane understands that managing risk is the key to creating and preserving long-term wealth. The Community Foundation is proud of our investment managers, who understand the value of community legacy philanthropy. We are always interested in learning about new investment managers who promote legacy philanthropy. To request a copy of our Investment Policies and Guidelines, please contact the Community Foundation at (610) 696-8211 or info@chescocf.org.
27 BOARD OF DIRECTORS David M. Frees, III, Esq. Partner, Unruh Turner Burke & Frees Chair of the Board, 2004-2006 Eva L. Verplanck, Ph.D. Community Volunteer Immediate Past Chair of the Board, 2002-2004 Madeleine Wing Adler, Ph.D. President, West Chester University Vice Chair, 2005-2006 John Celii, Jr.** Retired, Cisco Systems Vice Chair, 2004 Donna Coughey** CEO and President, First Financial Bank/Chester Valley Bancorp Vice Chair, 2004 Alan G. Elko, Ed.D. Superintendent, West Chester Area School District Vice Chair, 2005-2006 Burton F. Rothenberger Retired, Sunoco Corporate Secretary/Treasurer, 2004-2006 Major General (Retired) Wallace C. Arnold* Interim President, Cheyney University Frank J. Brewer** CEO, Security Services & Technologies Lillian DeBaptiste President, DeBaptiste Funeral Homes Jane H. (Wiggie) Featherman* Sales Associate, Worth Apparel New York Scott T. Hattersley* CEO, Sugartown Smoked Specialties John H. Hewlett, III, Ed.D. Director of Human Resources, West Chester Area School District Richard Jones, Esq. Of Counsel, Prickett, Jones & Elliott Matthew D. Kelly* Executive Vice President, First Financial Bank Mary M. MacKinnon Community Volunteer Moira Mumma** President, Community Coalition Patrick C. O’Donnell, Esq. The Law Offices of Patrick C. O’Donnell Robert A. Portnoy* Retired, Managing Director, Deutsche Bank Richard Sanford** The Brinton Group Anson W.H. Taylor, Jr.* Community Volunteer Henry F. Thorne, ex officio* Chair, Chester County 2020 Advisory Board L. Peter Temple, Esq. ** Partner, Larmore, Scarlett, Myers & Temple Karen A. Simmons, ex officio President/CEO, Chester County Community Foundation EMERITI Dr. Henry A. Jordan Chair Emeritus John A. Featherman, III, Esq. Director Emeritus Carol Ware Gates Director Emeritus Charles L. Huston, III Director Emeritus Elizabeth R. Moran Director Emeritus * Indicates new member FY06 **Indicates retiring member FY05 COMMITTEES The Chester County Community Foundation thrives because of the work of its committees, composed of Board members and community volunteers. These individuals dedicate countless volunteer hours to increase philanthropy throughout Chester County. Executive Committee David M. Frees, III, Esq., Chair Eva L. Verplanck, Ph.D., Immediate Past Chair John Celii, Jr., Vice Chair** Donna Coughey, Vice Chair** Elizabeth R. Moran, Vice Chair** Madeleine Wing Adler, Ph.D., Vice Chair* Alan Elko, Ph.D.,Vice Chair* Burton Rothenberger, Corporate Secretary/Treasurer Audit Committee Eva L. Verplanck, Ph.D., Chair Richard Jones, Esq. Cynthia Ray Roberta Schini, Ph.D. Finance Committee Burton Rothenberger, Chair Amy Boland Donna Coughey** David W. Glarner Cynthia Ray Mary Ann Rossi, Esq.** Roberta Schini, Ph.D. Eva L. Verplanck, Ph.D. James D. Ziegler Governance/Nominating Committee Madeleine Wing Adler, Ph.D., Chair John A. Featherman, III, Esq.** Wiggie Featherman* John H. Hewlett, III, Ed.D. Elizabeth R. Moran** Burton Rothenberger** Anson Taylor* Kenneth W.Tunnell Eva L. Verplanck, Ph.D. Grants Committee Mary M. MacKinnon, Chair Anne M. Congdon Curtis Clapham** Lillian DeBaptiste Ruth Kranz-Carl Elizabeth R. Moran Moira Mumma L. Ruth Patterson Eva L. Verplanck, Ph.D. Investment Committee Matthew D. Kelly, Chair* Harriss A. Butler* Jennifer L. Byrne Richard Jones, Esq. Mary M. MacKinnon Michael C. Karwic Stephen J. McGann* Robert Portnoy Kenneth W.Tunnell Marketing & Resource Development Committee Patrick C. O’Donnell, Esq., Chair John Celii, Jr.** David M. Frees, Jr. Scott T. Hattersley Matthew Hein* Michael C. Karwic* S. Damon Kletzien Kurt Kunsch Stephen J. McGann* Lance Nelson, Esq.* Andy Merz Chris Pavlides** Mary Ann Rossi, Esq.* Mark Prowell Burton Rothenberger** Terri Smith Eva L. Verplanck, Ph.D. Susan Xander* Strategic Planning Task Force David M. Frees, III, Esq., Chair Major General (Retired) Wallace C. Arnold* Alan Elko, Ed.D. Donna Coughey** John Celii, Jr.** Moira Mumma Patrick C. O’Donnell, Esq. Eva L. Verplanck, Ph.D. Professional Advisor Council John A. Featherman, III, Esq. David M. Frees, III, Esq. Patrick C. O’Donnell, Esq. L. Peter Temple, Esq. DIRECTORS AND COMMITTEES Note: As Chair of the Board, David M. Frees, III, Esq. serves as an ex-officio member of each committee. * Indicates new FY06 member **Indicates retiring member during FY05
Page 1 and 2: 2005 A N N U A L R E P O R T Connec
Page 3 and 4: 3 from the CHAIR AND PRESIDENT THE
Page 5 and 6: 7 awards OF THE FOUNDATION PHILANTH
Page 7 and 8: 11 NEW FUND HIGHLIGHTS The Communit
Page 9 and 10: 15 DONORS 7/1/2004 TO 6/30/2005 The
Page 11 and 12: 19 Mr. William O’Neill Pennfield
Page 13: 23 Valerie Lamb Smith Art Fund Ms.

05 annual report V4 - Chester County Community Foundation

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