Financial Information

Impacting patient care, education, research, and community health and well-being through charitable giving


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.




  • Total assets managed has increased more than tenfold over the past 25 years, from $20.1 million to over $260 million (as of 12/31/2023).
  • 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 12/31/2023

Assests Managed
Category Assests (in millions) Individual Funds
Endowments $113.7 365
Restricted Funds $36.2 756
Other Funds,
Donor-advised funds
$21.8 18
Agency Accounts $88.4 4
Total Assests Managed $260.1 1143










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


Black Rock, Victory Fund, Alliance Bernstein

Domestic Fixed Income


Western Asset Core Plus Bond, TCW Core

International Equity


American Funds Europac, Acadian

Real Assets



Rate of Return 1 Years    

Net Return


Composite Benchmark



Foundation Sustaining Fund
Category Allocation Manager

Domestic Fixed Income


C.S. McKee




Rate of Return 1 Years Since inception, 163 months

Gross Return

6.4% 2.35

Composite Benchmark

4.9% 1.95