Finance & Investment
Transparency, accessibility, and clarity are at the heart of how the Yakima Valley Community Foundation manages the charitable assets entrusted to us.
Transparency, accessibility, and clarity are at the heart of how the Yakima Valley Community Foundation manages the charitable assets entrusted to us.
Each year, an independent audit is conducted and an audited Financial Statement is made available to our stakeholders. Assets at the end of FY2024 were $87,535,978. We contributed $3,021,174 in grants to the community and provided $2,933,831 in program support for early childhood development, higher education, nonprofit training, and more.
Clark Nuber is our independent audit firm and brings a depth of experience in the particular accounting requirements of Community Foundations. You may review the most recent Audited Financial Statements here: 2023.
Our Tax Return
Our current year tax return, Form 990, is available upon request.
Molly Monroe Davis Scholarship Fund: The Foundation manages the funds established in trust by Molly Monroe Davis and each year provides a grant to the Yakima Rotary Trust to award student scholarships ranging from $3000-$7500 each. Molly's tremendous gift to the community was just over $19 million. Since 2010, more than $12 million has been provided in scholarships to almost 600 students, many of whom also receive an annual renewal of their scholarship, helping them complete their education. Solid financial management and investing have grown the Fund to over $30 million - helping ensure even more students have access to life-changing scholarships for generations to come.
Our Investment Committee implements and supervises our Investment Policy Statement with assistance from Graystone Consulting, a Morgan Stanley subsidiary specializing in foundations and endowments. Pooled investment assets of nearly $90MM (ours, other charitable agencies, trusts, and Donor Advised Funds) provide the opportunity to participate in high-quality investments and receive lower fees. Our Investment Policy Statement is available upon request.
Investment fees and costs charged to funds are competitive, explicit, and transparent. Actual investment fees are passed through without markup and charged to all funds in the common investment pool on a pro-rata basis.
We pay our Investment Consultant Fee quarterly on the total value of our pooled assets and prorated among the funds. The rate of the fee falls downward in relation to the increase in size of our portfolio.
We seek truly independent advice and insist on straightforward fee structures. No member of our Investment Committee may have a business relationship with any firm providing us with investment services. The Investment Consultant may not directly, or indirectly, own securities in the pool, receive fees, “trailing fees,” 12-b1 distribution fees, or be involved in “soft money” transactions with any Investment Manager.
Funds are invested within a pool whose broad diversification reduces risk, lowers investment fees and maximizes returns. We offer two pooled portfolio options - a long-term fund pool or an Impact Investing (or ESG) portfolio option for those wanting to be sensitive to environmental, social, and governance issues. Opportunities exist for investing outside the pool for funds over $1,000,000, subject to the Investment Policy Statement.
Our model improves the overall diversification and cost structure of our community’s pooled assets, bringing objective, expert guidance to the complex challenge of managing a large pool of funds with a total rate of return objective.
To fund the costs of our philanthropic and investment services to the community, we established an Administrative Fee Schedule calculated daily and charged quarterly based on a fund’s average market value according to fund type and amount. When we discuss your fund, we will provide you with the precise investment and administrative fee your fund will incur.