Investment Performance

Investment Performance

Investment Objective

The primary objective for the investments of the Wayne County Community Foundation is the preservation of capital while providing for the long-term growth of principal without undue exposure to risk.

Investment Policy Statement

The responsibility of the Wayne County Community Foundation’s Trustees through its Investment Committee is to establish broad guidelines for the Foundation’s funds, recommend investment managers, determine or approve asset allocation, and to monitor performance of investment managers on a regular basis. Effective July 1, 2016, Clearstead (formerly Hartland & Co.), of Cleveland, Ohio, has been appointed as the sole Investment Advisor to assist the Wayne County Community Foundation’s Investment Committee regarding all aspects of the Foundation’s investments and related processes.  The Investment Advisor is responsible for optimizing the return on the assets within the guidelines that have been established.

The purpose of this Investment Policy Statement is to establish a clear understanding of the investment objectives of the Wayne County Community Foundation and will be utilized by the Wayne County Community Foundation in monitoring the investment performance on a continuing basis.

Recognition of Fiduciary Responsibility

The Wayne County Community Foundation recognizes the importance of sound fiduciary practices in the management of the funds as pertains to this Investment Policy Statement. The generally accepted definition of a fiduciary is defined as anyone acting in a position of trust on behalf of, or for the benefit, of another.

Fiduciaries of the Foundation have a mandate to manage the investment practices and process, without which other components of the investment plan cannot be defined, implemented, or evaluated. Additionally, this policy recognizes a fiduciary demonstrates prudence by the process through which investment decisions are managed, rather than by showing that investment products and techniques are chosen because they are labeled as “prudent”.

The Foundation recognizes the following Uniform Standards of Care:

  1. Know standards, laws and trust provisions.
  2. Diversify assets to specific risk/return profile for the funds.
  3. Prepare a detailed, written investment policy statement.
  4. Use “prudent experts” and document due diligence.
  5. Control and account for all investment related expenses.
  6. Monitor the activities of “prudent experts”.
  7. Avoid all conflicts of interest and prohibited transactions.

Moreover, in accordance with the State of Ohio’s adoption of the Uniform Prudent Management of Institutional Funds Act (UPMIFA), the Investment Committee will take the following into consideration when making both investment decisions and setting spending policy but not limited to: 

  • Duration and preservation of the funds
  • Need of the endowment to make distributions and preserve capital
  • Expected total return from income and appreciation
  • The role that each investment plays within the overall portfolio
  • General economic conditions
  • The possible effect of inflation or deflation
  • Other resources of the organization
  • Assets of special relationship or special value to the charitable purpose
  • Expected tax consequences

Asset Allocation

The Asset Allocation Model as of August 2018 is below. A copy of the WCCF Investment Policy Guidelines is available by contacting our office at 330-262-3877.

  Target    Tolerance Range
U.S. Large-Cap Equity 25% 15% - 35%
U.S. Mid-Cap Equity 5% 0% - 10%
U.S. Small-Cap Equity 5% 0% - 10%
International  Equity 20% 10% - 30%
Alternative Investments 20% 10% - 30%
Fixed Income & Cash 25% 15% - 35%
     Total 100.0%  


Investment Performance

As of July 1, 2016, Clearstead (formerly Hartland & Co.) of Cleveland, Ohio was appointed as the investment advisor to assist the Foundation's Investment Committee in regard to our asset allocation strategy and choice of portfolio managers. Working in collaboration with our custodians, Commercial & Savings Bank and Fidelity Investments, the Trustees are pleased to report the below investment results:

Third Quarter 2018 Investment Performance

(as of 9/30/18)
1 Year 3 Years 5 Years

*A blend of 25% S&P 500 / 5% Russell MidCap / 5% Russell 2000 / 20% MSCI ACWI ex USA / 13% HFRI FOFs Composite Index / 2% FTSE NAREIT Developed / 30% BBgBarc US Aggregate TR

WCCF 2.1% 5.8% 8.3% 5.5%
Benchmark* 2.5% 6.3% 8.4% 6.1%

The above investment performance is net of all investment fees.

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Carl Congdon and Susanna Congdon-McIntyre's famous lineage has always been very generous with their time, resources, and talents to serve the Orrville community. In fact, the very first bequest the WCCF realized came from Maud Congdon.

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