Financial Information
Impacting patient care, education, research, and community health and well-being through charitable giving.
Achievements
The Upstate Foundation has achieved Platinum distinction from Candid/GuideStar, the leading source of information on the programs, finances and impact of more than 1.8 million IRS-recognized nonprofit organizations.
Milestones
- Total assets managed has increased more than tenfold over the past 25 years, from $20.1 million to over $274 million (as of 6/30/2024).
-
Over the past 20 years, funding that the Foundation gives each year in the form of awards, scholarships and grants has grown from $2.46 million to a five-year average of $7.5 million. In 2023, $7.6 million were awarded.
Summary as of 6/30/2024
Assests Managed
| Category |
Assests (in millions) |
Individual Funds |
| Endowments |
$119.8 |
372 |
| Restricted Funds |
$38.2 |
779 |
Other Funds,
Donor-advised funds
|
$23.5 |
21 |
| Agency Accounts |
$93.3 |
4 |
| Total Assests Managed |
$274.8 |
1176 |
Endowment financial objectives
- Preserve the principal value of the endowment’s portfolio, adjusted for the rate of inflation, so that the portfolio’s purchasing power will be maintained in perpetuity.
- Maintain a prudent level of risk so that the principal value of the portfolio, adjusted for inflation, will be reasonably stable.
- Grow principal to increase the purchasing power of the Foundation’s portfolio is a secondary objective.
Endowment Asset Allocation
| Category |
Allocation |
Manager |
|
Domestic Equity
|
47% |
Black Rock, Victory Fund, Alliance Bernstein
|
|
Domestic Fixed Income
|
21% |
Western Asset Core Plus Bond, TCW Core
|
|
International Equity
|
25% |
American Funds Europac, Acadian
|
|
Real Assets
|
7% |
PIMCO-IRMA
|
| Rate of Return |
1 Years |
5 Years |
7 Years |
10 Years |
|
Net Return
|
14.19% |
8.13% |
8.08% |
7.35% |
|
Composite Benchmark
|
13.30% |
7.71% |
7.60% |
6.89% |
Foundation Sustaining Fund
| Category |
Allocation |
Manager |
|
Domestic Fixed Income
|
100% |
C.S. McKee
|
| Rate of Return |
1 Years |
5 years
|
|
Gross Return
|
5.31% |
1.46%
|
|
Composite Benchmark
|
4.47% |
0.97%
|
Fund management
There are three kinds of funds at the Foundation: restricted funds, endowment funds and donor advised funds.
Restricted funds can be established for a minimum of $1,000. A purpose is identified when a fund is opened, and money can only be spent for that purpose. A fund advisor is assigned to monitor the activity of the fund and authorize expenses. With restricted funds, the principal is guaranteed and an administrative fee is not charged. Any fund opened in support of an event or association may be charged a yearly processing fee based on activity level. Unlike endowments which are permanent, a restricted fund can be closed. If its balance falls below $500, the fund advisor will be contacted to discuss closing the fund.
Endowment funds can be established for a minimum of $10,000. Endowments are lifelong funds in which the principal sum (consisting of all donations over the lifetime of the fund) remains permanently invested through the Foundation and generates investment returns. A purpose is identified when an endowment is opened, and investment returns can only be spent for that purpose. A fund advisor is assigned to monitor the activity of the fund and recommend requested expenditures. Potential spending from an endowment must be supported by its lifetime investment earnings. The current maximum spending allocation as of 2024 is 4% of a rolling 36-month average of the total of the principal and earnings. The Foundation, through its board of directors, reserves the right to adjust this percentage, based on market activity, to protect the long-term value of endowments.
Donor-advised funds can be established for a minimum of $5,000 or $10,000. A donor-advised fund established for $5,000 functions similarly to a restricted fund except that the donor is the advisor recommending to the Foundation how funds are to be spent. A donor-advised fund that is established for a minimum of $10,000 can be likened to an investment account dedicated solely to a donor’s charitable giving. The principal is invested through the Foundation, generating investment returns. Both the principal and investment returns are available for spending based on the donor’s recommendations. Although this type of donor-advised fund is not a lifelong fund like an endowment, a donor may appoint a successor to continue his or her legacy of giving. Gifts from donor-advised funds may only be made to supporting organizations that are established 501(c)3 charities recognized by the IRS. Click here to learn more about donor-advisted funds.