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The Foundation had total assets of $1.4 billion at the end of 2009.
We maintain a long-term view with respect to the Foundation’s investments. Our objective is to earn enough through our investments to allow us to spend 5.5 percent of the Foundation’s endowment each year on grants and expenses while also allowing the real value of the endowment to grow.
The market turmoil of 2008 provided a major test of our ability to achieve this long-term goal. Like many other foundations, Irvine experienced a significant drop in assets due to the unprecedented upheaval in the global financial markets. But while our assets declined 32 percent in 2008 (after including grants and expenses), our total grantmaking for 2009 was down only 14 percent from the previous year to $67 million. Moreover, this reduction did not affect our core programs of Arts, California Democracy and Youth.
Our investment program is overseen by a committee of our Board of Directors, and implemented by our Treasurer and Chief Investment Officer. Working together, our board and staff set policies to ensure the prudent investment of Irvine's endowment. We are committed to protecting and maximizing its value to support our mission of expanding opportunity for the people of California.
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