March 23, 2006
Foundation Trustees Need a New Investment Approach
Foundations control more than $600-billion in assets, but they put only a tiny amount — less than 1 percent — into investments designed to help them further their missions. That is a massive lost opportunity for the nonprofit world. And it is caused, in part, by a misperception of the bounds of fiduciary duty.
We tend to think of fiduciary duty as a fixed concept, but, over the past 125 years, the permissible boundaries of investment by trustees and directors of
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