Institutions
Built to serve the unique needs of nonprofits, foundations, and endowments.
How We Add Value
We serve as an extension of your team, providing mission-aligned investment guidance, governance support, and day-to-day portfolio oversight so you can stay focused on advancing your mission.
Stay Mission-Focused
by freeing up internal resources for strategic priorities.
Navigate Market Challenges
adaptive investment strategies built around your organization’s goals.
Meet Compliance
supported by policies and risk management frameworks that align with regulatory standards.
OUR SERVICES
Comprehensive Portfolio
Management
Investment Policy Development
A clear, customized policy statement defines investment objectives, risk parameters, governance structure, and spending guidelines for the organization’s portfolio.
Cash Management
Portfolios are structured to meet near-term liquidity needs while maintaining yield, stability, and alignment with policy requirements.
Portfolio Construction
Portfolios are built around the organization’s goals, risk tolerance, spending needs, and time horizon using a disciplined, evidence-based framework.
Risk Mitigation
Active monitoring and strategic diversification are used to reduce exposure to unnecessary or concentrated risks while preserving long-term capital.
Rebalancing & Optimization
Portfolios are rebalanced regularly to maintain strategic targets and adapt to changing market conditions.
Performance Reporting
Clear, transparent reporting tracks portfolio performance relative to benchmarks, investment policy guidelines, and long-term objectives.
Board & Committee Education
We provide education and guidance to boards and investment committees to support informed decision-making and help fulfill fiduciary responsibilities.
CASE STUDIES
See Our Tailored Investment
Solutions in Action
5 min read
Case Study A:
Establishing a Quasi-Endowment
A regional nonprofit with growing reserves seeking to establish a board-designated quasi-endowment to support long-term financial sustainability.
Case Study A:
Establishing a Quasi-Endowment
IMPORTANT INFORMATION: The case study presented is hypothetical and for illustrative purposes only. It does not represent an actual client, and no representation is made that any investment strategy will achieve similar results. Investment outcomes may vary based on individual circumstances, objectives, and market conditions. All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results.
Organization
A regional nonprofit with growing reserves seeking to establish a board-designated quasi-endowment to support long-term financial sustainability.
Challenge
The organization relied primarily on fundraising and annual donations to support its programs. Leadership wanted to create a permanent pool of capital that could generate a stable source of investment income while preserving funds for the future
Approach
Gaard worked with the board and finance committee to define the role of a quasi-endowment within the organization’s financial structure. Discussions focused on long-term objectives, risk tolerance, and a sustainable annual spending rate Gaard developed a customized Investment Policy Statement outlining governance procedures, asset allocation ranges, and spending guidelines. The firm also assisted in selecting a custodian and establishing a dedicated quasi-endowment account separate from operating funds.
A diversified long-term portfolio was then implemented to support growth while managing risk.
Outcome
The nonprofit established a formal quasi-endowment with defined governance, spending guidelines, and regular performance reporting to the board. The endowment now provides an additional source of income to support long-term program funding
5 min read
Case Study B:
Managing Operating Reserves
A nonprofit maintaining significant operating reserves used to fund programs and near-term organizational needs.
Case Study B:
Managing Operating Resertes
IMPORTANT INFORMATION: The case study presented is hypothetical and for illustrative purposes only. It does not represent an actual client, and no representation is made that any investment strategy will achieve similar results. Investment outcomes may vary based on individual circumstances, objectives, and market conditions. All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results.
Organization
A nonprofit maintaining significant operating reserves used to fund programs and near-term organizational needs.
Challenge
The organization maintained most reserves in bank deposits and certificates of deposit due to a strong preference for capital preservation. While this approach protected principal, it limited income generation on assets that were not immediately needed for operations
Approach
Gaard worked with leadership and the board to evaluate expected cash flows and determine the appropriate level of liquid reserves required for operations. Based on this analysis, Gaard implemented a conservative reserve management strategy focused on high-quality short- and intermediate-term fixed income investments
Assets were structured using a tiered liquidity framework designed to maintain ready access to funds while improving expected yield.
Outcome
The organization now manages its reserves through a structured liquidity portfolio designed to preserve capital while improving expected income relative to traditional cash holdings. The approach provides clear reporting and oversight, helping leadership demonstrate responsible stewardship of organizational and donor-supported funds
5 min read
Case Study A:
Establishing a Quasi-Endowment
A regional nonprofit with growing reserves seeking to establish a board-designated quasi-endowment to support long-term financial sustainability.
Case Study A:
Establishing a Quasi-Endowment
IMPORTANT INFORMATION: The case study presented is hypothetical and for illustrative purposes only. It does not represent an actual client, and no representation is made that any investment strategy will achieve similar results. Investment outcomes may vary based on individual circumstances, objectives, and market conditions. All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results.
Organization
A regional nonprofit with growing reserves seeking to establish a board-designated quasi-endowment to support long-term financial sustainability.
Challenge
The organization relied primarily on fundraising and annual donations to support its programs. Leadership wanted to create a permanent pool of capital that could generate a stable source of investment income while preserving funds for the future
Approach
Gaard worked with the board and finance committee to define the role of a quasi-endowment within the organization’s financial structure. Discussions focused on long-term objectives, risk tolerance, and a sustainable annual spending rate Gaard developed a customized Investment Policy Statement outlining governance procedures, asset allocation ranges, and spending guidelines. The firm also assisted in selecting a custodian and establishing a dedicated quasi-endowment account separate from operating funds.
A diversified long-term portfolio was then implemented to support growth while managing risk.
Outcome
The nonprofit established a formal quasi-endowment with defined governance, spending guidelines, and regular performance reporting to the board. The endowment now provides an additional source of income to support long-term program funding
5 min read
Case Study B:
Managing Operating Reserves
A nonprofit maintaining significant operating reserves used to fund programs and near-term organizational needs.
Case Study B:
Managing Operating Resertes
IMPORTANT INFORMATION: The case study presented is hypothetical and for illustrative purposes only. It does not represent an actual client, and no representation is made that any investment strategy will achieve similar results. Investment outcomes may vary based on individual circumstances, objectives, and market conditions. All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results.
Organization
A nonprofit maintaining significant operating reserves used to fund programs and near-term organizational needs.
Challenge
The organization maintained most reserves in bank deposits and certificates of deposit due to a strong preference for capital preservation. While this approach protected principal, it limited income generation on assets that were not immediately needed for operations
Approach
Gaard worked with leadership and the board to evaluate expected cash flows and determine the appropriate level of liquid reserves required for operations. Based on this analysis, Gaard implemented a conservative reserve management strategy focused on high-quality short- and intermediate-term fixed income investments
Assets were structured using a tiered liquidity framework designed to maintain ready access to funds while improving expected yield.
Outcome
The organization now manages its reserves through a structured liquidity portfolio designed to preserve capital while improving expected income relative to traditional cash holdings. The approach provides clear reporting and oversight, helping leadership demonstrate responsible stewardship of organizational and donor-supported funds
What Is an Investment Policy Statement (IPS)?
An Investment Policy Statement is a document that defines how an investment portfolio will be managed.
An IPS typically outlines:
• investment objectives
• risk tolerance
• asset allocation ranges
• liquidity needs
• governance and decision-making procedures
• reporting and oversight guidelines
What types of endowments exist?
Endowments generally fall into several categories:
• Permanent endowment – The principal must remain invested indefinitely, and only earnings may be spent.
• Term endowment – Funds are invested for a defined period or until a specific event occurs.
• Quasi-endowment – A board-designated fund that functions like an endowment but may be accessed if necessary.
• Restricted funds – Donor-imposed restrictions govern how the assets may be used.
• Unrestricted funds – The organization’s board determines how the assets may be used.
What Is the difference between an endowment and a savings account?
A savings account typically holds cash for short-term needs and immediate liquidity.
An endowment is a formal investment structure overseen by a board or finance committee and governed by an Investment Policy Statement (IPS). Assets are invested in diversified portfolios with the goal of supporting the organization over the long term
Do endowments have to distribute 5% each year?
Not necessarily.
• Private foundations are generally required to distribute about 5% of their assets annually under federal tax rules.
• Public charities and nonprofit endowments do not have a mandatory distribution rule, although many adopt a similar spending guideline.
Does an endowment have to make distributions every year?
No. Spending policies are determined by the organization’s board.
Many endowments use a formula based on a multi-year average portfolio value to help smooth distributions over time.
What Is UPMIFA?
The Uniform Prudent Management of Institutional Funds Act (UPMIFA) is a state law that governs how nonprofit organizations manage and spend endowment funds. It provides guidance on prudent investment practices, spending decisions, and the management of donor-restricted funds.
What should a board consider before starting an investment program?
Boards should consider whether the organization has surplus reserves beyond near-term operating needs, whether leadership is comfortable investing funds for the long term, and who will provide oversight and management of the portfolio.
What fees are associated with investment management?
Investment programs may include:
• investment advisory fees
• underlying fund or ETF expenses
• custodial or platform costs
Fees vary depending on the structure of the portfolio and services provided.
Still Have Questions About Us and How We Can Help Your Organization?
Please fill out the form below with any additional inquiries, concerns, or comments. Our expert team will get back to you as soon as possible.