UMW Foundation

University of Mary Washington

The management of the endowment is central to the fiduciary duties of the Foundation’s staff and Board of Trustees, and is governed by the Foundation’s Investment Policy. The Foundation board is the final governing authority responsible for establishing the overall investment objectives and policies of the Foundation.

Investment Committee

The board has designated responsibility for oversight of investments to the Investment Committee. The primary responsibilities of the Investment Committee are:

  1. The selection and oversight of the Outsourced Chief Investment Officer (OCIO), the Foundation’s staff and other professionals employed from time to time by the Foundation.  
  2. Establish risk and return objectives consistent with achieving the financial needs of the organization.
  3. Monitor and evaluate portfolio performance and compliance.
  4. Conducting an annual review of the investment policy.

Investment Advisors

The UMW Foundation retains professional, independent advisors, Hirtle Callaghan & Company to serve as our Outsourced Chief Investment Officer (OCIO).  

Role of the OCIO

To achieve the primary objective of the Fund, the Investment Committee has delegated to the OCIO full discretion within the scope of the agreed upon investment guidelines and restrictions. The OCIO’s performance in meeting the investment objectives of the Foundation will be reviewed on a regular basis by measuring the portfolio’s total return net of expenses. In this capacity, the OCIO will:

  1. Be responsible to the Investment Committee.
  2. Comply with the Foundation’s investment policies/guidelines/objectives, asset allocation targets, rebalancing policies, etc., as contained in this policy.
  3. Assume total responsibility and authority to invest the assets, which includes but is not limited to:
    • tactical rebalancing among and within asset classes
    • the selection of individual securities
    • the management of cash, dividends and interest
    • the authority to select, oversee and terminate third-party investment managers
    • manage the voting of proxies
  4. Provide quarterly reports, detailing investments and returns.
  5. Provide or coordinate custody and record keeping services.
  6. Assist the Foundation in meeting its obligations under state and federal laws.

Role of Foundation Staff

The role of the Foundation’s staff is to work with the Investment Committee in executing and monitoring the implementation of the Investment Policy. UMW Foundation staff is responsible for:

  1. Ensure that appropriate legal title is maintained for the Foundation assets and all legal documents with custodian and OCIO are proper and appropriately limit the liability of the Foundation.
  2. Maintain the books for the Foundation.
  3. Maintain the Investment Policy Statement.
  4. Be the primary Foundation contact for the OCIO, custodian, auditor, legal counsel and other professional service providers employed by the Foundation.  
  5. Facilitate the Committee in carrying out its duties. This will include planning and arranging meetings, establishing agendas, recording minutes and ensuring that the Committee has all the information it needs to carry out its duties.
  6. Monitor the activities of the OCIO and custodian and administer the flow of funds.
  7. Work with the OCIO on completing asset transfers and tax reporting when appropriate.

A full copy of the Investment Policy Statement can be made available upon request.