Charities Revamped Investment Policies in 2008, Survey Finds
Wednesday, January 07, 2009
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By Debra E. Blum
More than one out of four nonprofit groups have revised their investment policies within the last year, according to a new survey. That trend is certain to pick up in the coming months, said the researchers who overaw the report.
“We’re starting to capture the reaction of not-for-profits to what is happening in the economy,” says Frank Kurre, a national managing partner at Grant Thornton, the Chicago accounting and consulting company that conducted the survey. “Organizations are taking a hard look at their investment policies, their investment managers, and asking more and more-detailed questions.”
In many cases, too, Mr. Kurre says, nonprofit officials are paying special attention to their organization’s alternative investments, like hedge funds. Seventy-eight percent of the 652 organziation that responded said respondents that have such investments said in September, when the survey was conducted, that they perform due diligence before acquiring alternative investments. That practice, says Mr. Kurre, will likely increase in frequency and intensity.
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