2010 Annual Survey of Endowment Development AWS

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$500. $1,000. $1,500. $2,000. $2,500. $3,000. 2003. 2004. 2005. 2006. 2007. 2008. 2009. 2010. 2011. 2012. $ Millio n s. Planned Giving Contributions .... $10,525. 4. INDIANAPOLIS, IN. 10,000. $90,456,178. $9,046. 5. MEMPHIS, TN. 7,800. $65,236,603. $8,364. 6. TIDEWATER, VA. 10,950. $85,951,577. $7,849. 7.

2012 Annual Survey of Endowment Development The data shown on the following charts is drawn from survey responses of 64 communities. North American totals are based upon extrapolations of the asset base of the sample to the total assets in the system.

(jjd-Rev: 8/26/13

Contents Overview Table 1

Year-End Market Values of Endowment Funds

Table 2

Endowment Fund Increases/Decreases in 2012

Table 3

Endowment Fund Grants Made in 2012 Table 3A Grants from Donor Advised Funds Table 3B Grants from Supporting Organizations

Table 4

Life Income Plans and Other Planned Gifts

Table 5

Restricted Funds by Categories at Year End 2012

Table 6

Comparison of Federation Practices Endowment Staffing Administrative Fees Spending Rates Expectancies

Table 7

Investment Data Returns Allocations

OVERVIEW

2012 Endowment Survey Overview • Endowment Assets Estimated to be $14.3 Billion -

Based upon a sample of 64 federations and foundations as of December 31,2012

-

$1.5 Billion of total invested and held for local agencies

• Endowment Contributions $1.8 Billion • Endowment Plus Annual Campaign Contributions Total $2.7 Billion • Endowment Grants Total $1.4 Billion –

60% of All grants support Jewish organizations



42% of Grants from Donor Advised Funds to Jewish Entities



62% of Grants from Supporting Foundations to Jewish Entities



Endowment Grants to the Annual Campaign are 16.2% of the total Annual Campaign

• Donor Advised Funds and Supporting Foundations: –

Are 57% of Endowment Assets



Generate 78% of Total Grants

2012 Annual Campaign and Endowment Contributions Total Contributions are $2.7 Billion

$3,000

Planned Giving Contributions Annual Campaign Contributions $2,573 $2,437

$2,500

$2,000

$1,842

$ Millions

$1,781

$1,404

$1,500

$1,385

$1,304

$1,000

$1,712

$975 $960

$985

$1,005

$1,314

$1,015

$1,063

$1,024

$934

$925

$907

$888

$500

$0 2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2012 Endowment Contributions to the Annual Campaign 16.2% of Total $1,200 Annual Campaign

Endowments to Annual Campaign $1,063

$1,000

$960

$985

$1,005

$1,024

$1,015

$934

$925

$907

$888

$ Millions

$800

$600

$400

$200

$154

$156

$132

$159

$147

$134

$125

$134

$144

$137

$0 2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2012 Additions $2.3 Billion

$3,000

Lifetime Contributions

Bequests

Investment Income/Loss

Other Income

Total Additions

$2,626

$2,507

$2,329

$2,500 $2,000 $1,500

$1,653

$1,574

$1,345

$1,295 $1,193 $1,148

$1,174

$45

$190

$155

$121

$58

$112

$121

$207

$500 $59

$ Millions

$1,000

$36

$449

$37

$0 2008

-$11

2009

-$500 -$1,000 -$1,500 -$1,473 -$2,000 -$2,500

-$1,827

2010

2011

2012

2012 Annual Survey Donor Advised Fund Grants $843 Million 48% Support Jewish Entities

ALLOCATION PROCESS, $12.9, 1.5% NATIONAL JEWISH ORG, $65.0, 7.7%

UJC OVERSEAS, $1.0, 0.1%

ANNUAL CAMPAIGN, $97.3, 11.5% OTHER OVERSEAS, $38.7, 5%

LOCAL FED AGENCY, $61.7, 7.3%

SECULAR ORG, $437.2, 51.8%

LOCAL JEWISH ORG, $129.5, 15.4%

2012 Annual Survey of Endowment Development Overall Success Large Cities

CLEVELAND SAN FRANCISCO, CA BALTIMORE, MD CHICAGO, IL BOSTON, MA PITTSBURGH, PA DETROIT, MI MONTREAL, CN METRO WEST, NJ MIAMI, FL LOS ANGELES, CA NEW YORK & JEWISH COMMUNAL FND

TORONTO, CN PHILADELPHIA, PA PALM BEACH COUNTY, FL WASHINGTON, DC ATLANTA, GA NORTHERN NEW JERSEY, NJ

Jewish Population

81,500 227,800 91,400 270,500 208,500 42,200 94,000 93,000 91,000 113,300 519,000 1,412,000 179,000 206,100 124,000 215,000 119,800 100,000

Total Fund $

$1,756,125,527 $1,453,108,680 $568,578,655 $1,125,226,044 $823,733,846 $155,506,256 $344,291,992 $317,445,266 $298,255,411 $178,517,628 $780,673,349 $2,105,029,057 $216,112,934 $221,178,639 $106,000,234 $160,453,982 $76,291,798 $55,232,646 Median

Jewish Per Capita

$21,548 $6,379 $6,221 $4,160 $3,951 $3,685 $3,663 $3,413 $3,278 $1,576 $1,504 $1,491 $1,207 $1,073 $855 $746 $637 $552 $2,427

Rank

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

2012 Annual Survey of Endowment Development Overall Success Large Intermediate Cities

KANSAS CITY, KS COLUMBUS, OH MILWAUKEE, WI WINNIPEG, CN DALLAS, TX CINCINNATI, OH SAN DIEGO, CA HOUSTON, TX HARTFORD, CT RHODE ISLAND, RI MINNEAPOLIS, MN ROCHESTER, NY VANCOUVER, CN SEATTLE, WA EAST BAY, CA CENTRAL NEW JERSEY, NJ PHOENIX, AZ COLORADO/DENVER, CO BROWARD COUNTY, FL

Jewish Population

20,000 22,000 21,100 14,800 45,000 22,500 89,000 45,000 32,800 18,750 29,100 21,050 22,600 37,200 100,000 30,000 82,900 83,900 234,100

Total Fund $

$171,134,644 $102,085,770 $95,637,375 $57,266,389 $161,679,531 $69,618,585 $245,187,589 $118,011,968 $79,612,931 $44,793,850 $68,430,492 $35,127,514 $31,875,812 $41,391,487 $96,600,896 $15,149,589 $38,795,834 $32,925,666 $70,695,928

Median

Jewish Per Capita

$8,557 $4,640 $4,533 $3,869 $3,593 $3,094 $2,755 $2,622 $2,427 $2,389 $2,352 $1,669 $1,410 $1,113 $966 $505 $468 $392 $302 $2,389

Rank

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

2012 Annual Survey of Endowment Development Overall Success Intermediate & Small Cities

GREENSBORO, NC YOUNGSTOWN, OH BUFFALO, NY OMAHA, NE INDIANAPOLIS, IN MEMPHIS, TN TIDEWATER, VA CHARLOTTE, NC TOLEDO, OH DES MOINES, IA OTTAWA, CN BIRMINGHAM, AL NASHVILLE, TN SOUTHERN ARIZONA, AZ SPRINGFIELD, MA LEHIGH VALLEY, PA RICHMOND, VA SOUTHERN, NJ JACKSONVILLE, FL DELAWARE, DE FLINT, MI NORTHEAST, NY SARASOTA-MANATEE, FL LONG BEACH, CA ANN ARBOR, MI PALM SPRINGS, CA SYRACUSE, NY

Jewish Population

2,500 2,486 11,500 6,100 10,000 7,800 10,950 10,500 3,900 2,800 13,400 5,300 7,800 22,300 10,000 8,000 12,500 49,200 13,000 15,100 1,300 18,000 15,500 18,000 7,000 17,000 9,000

Total Fund $

$47,865,910 $39,391,300 $127,100,747 $64,199,594 $90,456,178 $65,236,603 $85,951,577 $79,452,150 $29,027,282 $14,275,770 $67,874,978 $24,408,696 $26,319,442 $71,972,090 $31,797,824 $19,867,692 $28,533,421 $106,538,668 $16,119,237 $17,819,637 $1,525,885 $18,353,175 $15,273,150 $14,463,016 $4,878,479 $1,688,075 $200,650 Median

Jewish Per Capita

$19,146 $15,845 $11,052 $10,525 $9,046 $8,364 $7,849 $7,567 $7,443 $5,098 $5,065 $4,605 $3,374 $3,227 $3,180 $2,483 $2,283 $2,165 $1,240 $1,180 $1,174 $1,020 $985 $804 $697 $99 $22 $3,227

Rank

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

Table 1: Year End Endowment Market Values

Table 2 Endowment Fund Increases/Decreases

Table 3

Endowment Fund Grants

Table 4 Life Income Plans and Other Planned Gifts

Table 5

Restricted Funds by Categories

Table 6 Comparison of Federation Practices And Legacy Programs Endowment Manpower Administrative Fees Spending Rates Expectancies

2012 Annual Survey of Endowment Development Endowment Manpower Large Communities

Executive/ Endowment Director Staff Professionals Number % of Time Number % of Time

Total Full Support Staff Time Number % of Time Equivalents

Endowment Assets $

Assets / FTEs (if greater than one)

Atlanta

1

100.0%

9

100.0%

10.0

$76,291,798

$7,629,180

Baltimore

2

100.0%

6

100.0%

3

100.0%

11.0

$568,578,685

$51,688,971

Chicago

1

100.0%

15

100.0%

5

100.0%

21.0

$1,125,226,044

$53,582,193

Greater MetroWest

1

100.0%

9.5

100.0%

2

100.0%

12.5

$298,255,411

$23,860,433

Jewish Communal Fund -NY

1

100.0%

6

100.0%

7

100.0%

14.0

$1,159,058,057

$82,789,861

Los Angeles

1

100.0%

7

100.0%

3

100.0%

11.0

$780,673,349

$70,970,304

Miami

1

100.0%

3

100.0%

2

100.0%

6.0

$178,517,628

$29,752,938

Montreal

1

100.0%

2

100.0%

2

100.0%

5.0

$317,445,266

$63,489,053

Northern NJ Palm Beach

1

100.0%

2 3.8

100.0% 100.0%

2 2.1

100.0% 100.0%

5.0 5.9

$55,232,646 $106,000,234

$11,046,529 $17,966,141

Philadelphia

1

100.0%

5

100.0%

3.5

100.0%

9.5

$221,178,639

$23,281,962

Pittsburgh

1

100.0%

2

100.0%

2

93.0%

4.9

$155,596,256

$32,015,691

San Francisco

1

100.0%

12

86.7%

3

100.0%

14.4

$1,453,108,680

$100,907,522

Toronto

1

100.0%

6

57.5%

3

100.0%

7.5

$216,112,934

$29,008,448

Washington DC

1

50.0%

3

90.0%

2

100.0%

5.2

$160,453,982

$30,856,535

2012 Annual Survey of Endowment Development Endowment Manpower Large Intermediate Communities

Executive/ Endowment Director Staff Professionals Number % of Time Number % of Time

Total Full Support Staff Time Number % of Time Equivalents

Endowment Assets $

Assets / FTEs (if greater than one)

Broward

1

100.0%

1

63.0%

1.6

$70,695,928

$43,371,735

Cincinnati

1

100.0%

1

33.0%

1.3

$69,616,585

$52,343,297

Colorado Columbus

1 1

80.0% 100.0%

1 4

60.0% 75.0%

1 2

59.0% 100.0%

2.2 6.0

$32,925,666 $102,085,770

$14,489,005 $17,014,295

East Bay

1

100.0%

1.5

100.0%

4

10.0%

2.9

$96,600,896

$33,310,654

Houston

1

100.0%

3

100.0%

1

100.0%

5.0

$118,011,968

$23,602,394

Kansas City

1

100.0%

4

100.0%

3

100.0%

8.0

$171,134,644

$21,391,831

Milwaukee

1

100.0%

1

100.0%

1

100.0%

3.0

$95,637,375

$31,879,125

Phoenix

1

100.0%

4

87.0%

1

100.0%

5.5

$38,795,834

$7,079,532

Rhode Island

0

0.0%

1

20.0%

1

100.0%

1.2

$44,793,850

$37,328,208

Rochester

1

90.0%

1

35.0%

3

60.0%

3.1

$35,127,514

$11,517,218

San Diego

1

100.0%

17

100.0%

5

100.0%

23.0

$245,187,589

$10,660,330

3

67.0%

1

75.0%

2.8

$41,391,487

$14,996,916

2

70.0%

2.2

$31,875,812

$14,489,005

Seattle Vancouver

1

80.0%

2012 Annual Survey of Endowment Development Endowment Manpower Intermediate & Small Communities

Executive/ Endowment Director Staff Professionals Number % of Time Number % of Time

Total Full Support Staff Time Number % of Time Equivalents

Ann Arbor

1

20.0%

1

21.0%

Birmingham

1

100.0%

1

75.0%

1

Buffalo

1

100.0%

1

100.0%

Delaware

1

40.0%

0.75

80.0%

Des Moines

1

15.0%

1

Greensboro

1

100.0%

Indianapolis

1

Lehigh Valley

1

Long Beach

Endowment Assets $

Assets / FTEs (if greater than one)

0.4

$4,878,479

$11,898,729

75.0%

2.5

$24,408,696

$9,763,478

7

89.0%

8.2

$127,100,747

$15,443,590

1

100.0%

2.0

$17,819,637

$8,909,819

25.0%

0.4

$14,275,770

$35,689,425

2

100.0%

3.0

$47,865,910

$15,955,303

100.0%

4

45.0%

2.8

$90,456,178

$32,305,778

100.0%

1

35.0%

1

35.0%

1.7

$19,867,692

$11,686,878

2

35.0%

1

35.0%

1

75.0%

1.8

$14,463,016

$8,035,009

Memphis

1

100.0%

2.5

50.0%

2.3

$65,236,603

$28,994,046

Nashville

1

40.0%

2

70.0%

1

50.0%

2.3

$26,319,442

$11,443,236

North East Florida

1

1

100.0%

2

100.0%

3.0

$16,119,237

$5,373,079

Northeastern NY

1

100.0%

1

50.0%

1.5

$18,353,175

$12,235,450

Omaha

1

100.0%

1

100.0%

1

100.0%

3.0

$64,199,594

$21,399,865

Ottawa

2

35.0%

3

52.0%

3

53.0%

3.9

$7,874,978

$2,045,449

Palm Springs

1

100.0%

1.0

$1,688,075

$1,688,075

Richmond

1

100.0%

1

65.0%

1

100.0%

2.7

$28,533,421

$10,767,329

Sarasota Manatee

1

20.0%

1

20.0%

1

30.0%

0.7

$15,273,150

$15,273,150

Southern Arizona

1

100.0%

4

100.0%

3

100.0%

8.0

$71,972,090

$8,996,511

Southern New Jersey

1

100.0%

2

100.0%

1

100.0%

4.0

$106,538,668

$26,634,667

Tidewater

1

100.0%

3

100.0%

1

100.0%

5.0

$85,951,577

$17,190,315

Toledo

1

100.0%

1

20.0%

1

100.0%

2.2

$29,027,282

$13,194,219

Western MA

1

90.0%

1

95.0%

1

10.0%

2.0

$31,797,824

$16,306,576

Youngstown

1

100.0%

2

25.0%

1

50.0%

2.0

$39,391,300

$19,695,650

2012 Annual Survey- Administrative Fees Large Communities

Donor Advised Agency EndowSupptng Org ment Funds Funds Funds

Atlanta Boston Chicago

1.00%

0.50%

.1% to.3%

Tiered

Greater MetroWest

Tiered

Jewish Communal Fund -NY Los Angeles Miami Montreal Northern NJ

Palm Beach Philadelphia Pittsburgh San Francisco Washington

0.50%

CRTs

Other

0.50%

Tiered

Tiered

Tiered

Tiered

Varies

1.00%

0.50% 0.50%

0.50%

Tiered

Tiered

1.50% 1.00%

0.50%

Tiered

Tiered

0.30%

1.00%

1.00%

1.00%

1.00%

Tierred

Tierred

Tiered

0.25%

n/a Tiered 0.60% 0.60% 1.00% .5% to 2.0% 1.00% .25% to 1%

Tiered 0.40% 0.50% 0.10%

Tiered 0.60% 0.75% .25% to 1%

Other / Comments

Endw oments: Restricted Fnds 1% others .5% 1% to $1MIL,.5%next $2,.375%next$2.5m,,25% next 4.5m,.1% above $4mil,min $660; Supt Org same as DAF min $3,000 min ;Endow mnt for Agency or Fed .75% to $4mil,.5% above min $250, Agency .75%to$4mil,.5% above, .9% to $4.5mil, .5% above to $10 Mil, .2% Tiered above $10 mil

2012 Annual Survey- Administrative Fees Intermediate & Small Communities

Donor Advised Funds

Ann Arbor

0.85%

Birmingham

Supptng Org

Agency Funds

CRTs

Other

0.85%

0.85%

0.85%

0.0085

0.85%

.5% to 1%

0.50%

0.50%

Delaware

1.65%

2%

Tiered

Des Moines

1.00%

1.00%

1.00%

1.00%

Greensboro

.5%-1%

.5%-1%

,60%

0.50%

Indianapolis

Tiered

Tiered

1.00%

Lehigh Valley

0.78%

0.78%

0.78%

0.78%

1.00%

1.00%

1.00%

Buffalo

Long Beach

0.85%

Endowmen t Funds

1.00%

.5% to 1%

DAF & endowments are mostly 1%

0.78%

0.78%

1% min $250

Memphis

1.50%

1.00%

Nashville

1.00%

1.00%

0.25%

1.00%

1.00%

North East Florida

2.00%

1.00%

1.00%

1.00%

.25% to.5%

Northeastern NY

1.00%

1.00%

Omaha

1.00%

1.00%

1.00%

0.00%

1.00%

1.04%

0.50%

1.00%

1.00%

1.00%

.25% to 1%

1.00%

1.00%

1.00%

1.00%

Ottawa Sarasota Manatee Southern New Jersey

Other / Comments

Tidewater

1.00%

1.00%

1.00%

1.00%

1.00%

Western MA

1.50%

1.00%

1.50%

1.00%

0

Youngstown

0.50%

1.00%

1.00%

1.00%

1.00%

2012 Annual Survey - Spending Rates

Table 6

Large Communities

Atlanta Baltimore Boston Chicago Greater MetroWest Jewish Communal Fund -NY Los Angeles Miami Montreal Northern NJ Palm Beach Philadelphia Pittsburgh San Francisco Toronto Washington DC

Current Spending Rate % 5.00% 5.00% 5.00%

Spending Rate Prior Change in 2010 Spending (Y) (N) Rate %

Comments

N N

N

7.35%

Y

4 % or 5%

N

7.00% 5.00% 5.00% 5.00% 5.00% 5.00% 4.75% 5.00% 6.50% 4.00% 5.00%

N

7.65%

Target to increase 2.5% >prior year. Limits based on market returns and distributions w ill normally range from 4% to 7% Based on 13 qtr avg, 5% on Campaign Endow mts, 4% on others

N N N

N N

5% of Three Year Average

N N Effective 7/1/ 13, spending rate w ill be 6.0%

N

N

2012 Annual Survey - Spending Rates

Table 6 Large Intermediate Communities

Cincinnati Columbus Dallas East Bay Hartford Houston Kansas City Milwaukee Phoenix Rhode Island Rochester San Diego Seattle Vancouver

Current Spending Rate % 4.50% 5.00% 5.00% 4.50% 5.00% 5.00% 5.00% 4.50% 5.00% 4.50% 5.25% 5.00% 5.00% 4.00%

Spending Rate Prior Change in 2010 Spending (Y) (N) Rate % Y 5.00% N

Comments

N N Y

16 quarter trailing average fund balance

N N N N N Y N

N N

5.50%

Changing 4% for applies fiscal year ending 06.30.13 Spending to rate only to unrestricted fund w ithin the Foundation

2012 Annual Survey - Spending Rates

Table 6 Intermediate and Small Communities

Ann Arbor Birmingham Buffalo Charlotte Delaware Des Moines Greensboro Indianapolis Lehigh Valley Long Beach Nashville North East Florida Northeastern NY Omaha Ottawa Richmond Sarasota Manatee Southern Arizona Southern New Jersey Tidewater Toledo Western MA Youngstown

Current Spending Rate % 5.50% 3.00% 4.00% 5.00% 3.00% 5.00% 4.00% 5.00% 4.60% 3.00% 4.00% 5.00% 4.75% 5.00% 3.00% 4.00% 5.00% 4.00% 5.00% 4.25% 4.00% 4.25%

5.00%

Spending Rate Prior Change in 2010 Spending (Y) (N) Rate % N

Comments

N N N N N N N

N

Based on 12 Quarter Avg as of February

N N

N Y

5% of previous 20 quarters less admin fees

5.00%

N N N N N

N N N N

4.25% of past 16 quarters not to exceed 7% most recent year

Expectancies as Reported by a Sample of the 2012 Annual Survey Respondents Federation Name Ann Arbor Birmingham Broward Chicago Charlotte Cincinnati Dallas Delaware Des Moines East Bay Greensboro Houston Indianapolis Kansas City MetroWest Miami North East Florida Northern NJ Omaha Ottawa Philadelphia Phoenix Richmond San Diego Foundation Sarasota Manatee Southern New Jersey Tidewater Toronto Vancouver Western MA

Total Know n for Federation, Agencies, Other

$1,200,000 $31,500,000 $140,767,196 $12,529,400 $18,000,000 $165,000,000 $5,025,000 $6,739,015 $21,424,500 $20,800,000 $80,000,000 $28,500,000 $100,000,000 $9,464,800 $42,958,347

$6,250,000 $62,500,000 $50,000,000 $19,576,649 $146,000,000 $8,829,050 $7,407,000 $46,335,452 $290,988,855 $7,812,964 $10,500,000 $1,340,108,228

For Benefit of Federation $12,600 $120,761,370 $1,550,000 $15,000,000 $1,600,000 $6,589,015 $8,056,012

$25,500,000 $137,781,289 $100,000,000 $16,180,000 $3,688,000 $39,200,000 $3,983,069

$8,000,000 $2,960,000 $9,000,000 $7,979,050 $2,600,000 $14,759,350 $2,707,000 $4,000,000 $531,906,755

Results of CJL Initiative $22,000,000 $34,000,000 $800,000 $2,600,000 $90,000,000 $2,825,000 $16,684,500 $17,600,000

$42,299,146 $9,509,800 $21,055,000 $105,000

$16,084,000 $0 $19,576,649 $167,000,000

$23,437,669

$6,500,000 $492,076,764

Table 7

Investment Data -Returns -Allocations

2012Annual Survey - Portfolio Investment Returns Large Communities

Return on Portfolio %

Net of Fees (y/n)

12/31 or Fiscal

Investment Pool $

Donor Advised Funds

Supptng Orgs

Endowment Funds

Agency Funds

x

x

CRTs

Other

Montreal

-0.1%

Y

3/31

$240,589,208

x

Boston

-0.6%

N

6/30

$746,629,164

x

x

x

Baltimore

-1.9%

N

6/30

--

x

x

x

x

x

Grtr MetroWest

-1.4%

Y

6/30

$218,966,422

x

x

x

x

x

Miami

-1.2%

N

6/30

$142,526,101

x

x

x

x

Toronto

-0.3%

N

6/30

$216,112,934

x

x

x

Palm Beach

0.2%

Y

6/30

$101,544,789

x

x

x

x

x

x

Atlanta

0.3%

Y

6/30

$94,540,681

x

x

x

x

x

x

Pittsburgh

1.2%

N

6/30

$133,578,899

x

x

x

x

Jewish Communal Fund -NY

9.7%

Y

6/30

$14,403,595

x

Philadelphia

8.1%

N

8/31

$221,198,638

x

Chicago

9.2%

N

12/31

$697,327,071

Los Angeles

11.3%

N

12/31

$263,600,000

San Francisco

12.0%

Y

12/31

$258,090,780

Dallas

12.4%

Y

12/31

$161,680,000

x

Northern NJ

12.5%

Y

12/31

$48,597,796

x

x

x

Comments

Four investment pools offered

x

Excludes Real Estate and Life Insurance

Data relates to JCF Endowment Fund only

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x Suppt Org Partially included

x Investment fund value as of 6/30

2012Annual Survey - Portfolio Investment Returns Large Intermediate Communities

Return on Portfolio %

Net of Fees (y/n)

12/31 or Fiscal

Investment Pool $

Donor Advised Funds

Vancouver

2.4%

Y

3/31

$31,439,626

x

Rochester

-3.1%

Y

6/30

$25,132,828

x

Supptng Orgs

x

Endow ment Funds

Agency Funds

CRTs

Other

x

x

x

x

Some of Suppt Org Included in Pool In additon to endow ment pool of $52mil, Long term pool return w as -3.5% on $83.7mil

San Diego

-3.1%

Y

6/30

$52,133,500

x

x

x

Rhode Island

-2.4%

Y

6/30

$45,486,456

x

x

x

x

Hartford

-2.0%

Y

6/30

$81,306,917

x

x

x

x

Broward

-1.9%

Y

6/30

$60,159,696

x

x

x

x

Seattle

-1.2%

N

6/30

$38,179,816

x

x

x

x

x

Columbus

0.2%

Y

6/30

$102,085,770

x

x

x

x

East Bay

1.2%

Y

6/30

$47,880,669

x

x

x

x

Milwaukee

6.9%

N

6/30

$96,079,940

x

x

x

x

x

x

x

x

x

x

x x

Houston

7.5%

Y

8/31

$53,527,000

x

Dallas

12.4%

Y

12/31

$161,680,000

x

Cincinnati

12.9%

Y

12/31

$46,768,809

x

Kansas City

13.0%

Y

12/31

$169,664,875

x

Phoenix

13.0%

Y

12/31

$36,857,153

x

x

x

Co mments

Based on calendar year 2012, fiscal ends 6/30

x

x

x x

x

x

x

x

x

x

x

x

x

Retn includes assets o f Jewish Heritage So c. New Supt Org

2012Annual Survey - Portfolio Investment Returns Intermediate & Small Communities

Return on Portfolio %

Net of Fees (y/n)

12/31 or Fiscal

Investment Pool $

Donor Advise d Funds

Suppt ng Orgs

Endowment Funds

Agency Funds

CR Ts

x

x

x x

Richmond

-2.4%

Y

6/30

$45,486,456

x

Lehigh Valley

-1.0%

Y

6/30

$19,867,692

x

x

x

x

Tidewater

-0.6%

Y

6/30

$61,923,126

x

x

x

x

Des Moines

-0.2%

Y

6/30

$13,944,997

x

x

x

x

Long Beach

0.0%

Y

6/30

$7,155,521

x

x

x

Omaha

0.6%

Y

6/30

$64,199,594

x

x

x

Nashville

7.4%

N

8/31

$26,087,090

x

x

x

Southern NJ

17.7%

Y

9/30

$25,768,668

x

x

Western MA

19.0%

Y

9/30

$32,453,567

x

x

x

Birmingham

9.4%

Y

12/31

n/a

x

x

x

Sarasota Manatee

9.4%

Y

12/31

$12,713,353

x

x

x

NE Florida

9.8%

Y

12/31

$13,407,453

x

x

x

x

x

Other

Comments

x Main asset pool invested with Boston Federation

x

x

x

x Foundation switched to JCEP mid -year

x

x

2012Annual Survey - Portfolio Investment Returns Intermediate & Small Communities (con't)

Return on Portfolio %

Net of Fees (y/n)

12/31 or Fiscal

Investment Pool $

Donor Advise d Funds x

Suppt ng Orgs

Greensboro

10.5%

Y

12/31

$48,099,111

Ottawa

10.8%

Y

12/31

$42,987,088

Indianapolis

10.9%

Y

12/31

$52,500,000

x

Ann Arbor

12.0%

N

12/31

n/a

x

Delaware

12.8%

Y

12/31

$16,725,868

x

Southern Arizona

12.9%

Y

12/31

$52,735,038

x

x

Charlotte

13.1%

Y

12/31

n/a

x

xx

Youngstown

13.1%

Y

12/31

$37,963,078

x

Buffalo

13.6%

N

12/31

$15,752,350

x

Endowment Funds

Agency Funds

CR Ts

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

Other

Comments

x x

Investment Pool does not include life income plans

2012 Annual Survey- Permanent Fund Investment Allocations Large Communities

Equities

Bonds

Alternative Investments

Other

Atlanta

Total

Other Description / Comments

0.0%

Baltimore

53.4%

12.1%

22.9%

11.6%

100.0%

Boston

29.0%

3.0%

49.0%

19.0%

100.0%

Alt: Pvt Eqty 3%,Hedge Fnds 28.5%Credi 12.5% Real assets 5%; Other: Money Mkts

Chicago

34.0%

17.3%

48.7%

100.0%

Alt: Absolute Retn Hedge Fnds, Private Equity, Real Assets

Greater MetroWest

49.6%

23.1%

22.1%

5.2%

100.0%

Alt:Hedge Fnds,Pvt Eqty,Reaql Estate, Inflation Hedges, Other cash & Money mkt

Jewish Communal Fund -NY

40.5%

21.9%

29.8%

7.8%

100.0%

Los Angeles

44.8%

30.2%

18.1%

6.9%

100.0%

Miami

36.6%

21.1%

19.3%

23.0%

100.0%

Montreal

20.7%

20.0%

59.3%

Northern NJ

47.0%

24.6%

24.4%

Palm Beach

26.9%

35.5%

Philadelphia

58.8%

Pittsburgh

100.0%

Alt: Hedge Funds, Pvt Equity, Real Estate

4.1%

100.0%

Commodities

19.8%

17.8%

100.0%

30.6%

9.2%

1.4%

100.0%

Alt: Real Estate,Pvt Equity,Hedge & Structured Finance fnds; Other: Cash

62.0%

29.0%

8.0%

1.0%

100.0%

Alt: Fund of Fund Hedge Fund; Other: Cash

San Francisco

42.5%

20.0%

37.5%

0.0%

100.0%

Alt: 10% Real Estate,15% Hedge Fnds,12.5% Pvt Equity

Toronto

41.9%

17.6%

34.4%

6.1%

100.0%

Washington DC

33.1%

18.7%

30.5%

17.7%

100.0%

Alt: Pvt Equity,Lower Volatility Hedge, Directional Hedge; Other:Cash

2012 Annual Survey- Permanent Fund Investment Allocations Large Intermediate Communities

Broward Cincinnati Columbus Dallas East Bay Hartford Houston Kansas City Milwaukee Phoenix Rhode Island Rochester San Diego Seattle Vancouver

Equities 74.0% 51.7% 60.0% 60.0% 50.0% 41.3% 55.0% 69.2% 46.9% 53.0% 48.4% 53.9% 49.4% 62.0% 50.0%

Alternative Bonds Investments Other 23.0% 3.0% 20.9% 20.5% 6.9% 35.0% 5.0% 16.0% 20.0% 4.0% 25.0% 25.0% 19.1% 10.2% 1.3% 30.0% 10.0% 5.0% 24.9% 1.8% 4.1% 30.1% 19.4% 3.6% 30.0% 16.0% 1.0% 16.5% 16.0% 19.1% 8.5% 21.6% 16.0% 35.1% 5.6% 9.9% 38.0% 50.0%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 71.9% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Other Description / Comments SCI Offshore Opportunity Fnd Class A, & Special Situations Fnd

Alt: 8 Mututal Fnds & ETFs, Other: Money Market Other: Hedge fnds, Real Estate, Commodities

Hedge Funds and Private Equity Other: Hedge funds Alt: Hedge Fnds;Other: Pvt Equity 6.5%,Real Estate, TIPS, Commodities 12.6% Alt: Fnd of Fnds Hedge Fnd; Other: Cash, Inflation Hedging Real Assets

includes DAF and suporting orgs w hich are not invested separately

2012 Annual Survey- Permanent Fund Investment Allocations Large Intermediate Communities

Broward Cincinnati Columbus Dallas East Bay Hartford Houston Kansas City Milwaukee Phoenix Rhode Island Rochester San Diego Seattle Vancouver

Equities 74.0% 51.7% 60.0% 60.0% 50.0% 41.3% 55.0% 69.2% 46.9% 53.0% 48.4% 53.9% 49.4% 62.0% 50.0%

Bonds 23.0% 20.9% 35.0% 16.0% 25.0% 19.1% 30.0% 24.9% 30.1% 30.0% 16.5% 8.5% 35.1% 38.0% 50.0%

Alternative Investments Other 3.0% 20.5% 6.9% 5.0% 20.0% 4.0% 25.0% 10.2% 1.3% 10.0% 5.0% 1.8% 4.1% 19.4% 3.6% 16.0% 1.0% 16.0% 19.1% 21.6% 16.0% 5.6% 9.9%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 71.9% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Other Description / Comments SCI Offshore Opportunity Fnd Class A, & Special Situations Fnd

Alt: 8 Mututal Fnds & ETFs, Other: Money Market Other: Hedge fnds, Real Estate, Commodities

Hedge Funds and Private Equity Other: Hedge funds Alt: Hedge Fnds;Other: Pvt Equity 6.5%,Real Estate, TIPS, Commodities 12.6% Alt: Fnd of Fnds Hedge Fnd; Other: Cash, Inflation Hedging Real Assets

includes DAF and suporting orgs w hich are not invested separately

2012 Annual Survey- Permanent Fund Investment Allocations Intermediate and Small Communities

Equities

Bonds

Ann Arbor

70.0%

30.0%

Birmingham

28.8%

Buffalo

45.0%

25.0%

Charlotte

62.0%

Indianapolis

Alternative Investment s

Other

Total

Other Description / Comments

100.0% 40.5%

30.7%

100.0%

Alt: Hedged equity/credit; Other: Cash, Real Estate, Real Assets

30.0%

100.0%

Other :Hedge Fnds, Private Real assets, Real Estate, Pvt Equity,Commodities

14.0%

24.0%

100.0%

48.8%

31.5%

15.2%

Lehigh Valley

65.0%

35.0%

Nashville

40.3%

36.0%

Northeastern NY

60.0%

40.0%

Omaha

45.7%

15.8%

Ottawa

60.0%

40.0%

Richmond

51.0%

16.0%

30.0%

3.0%

100.0%

Sarasota Manatee

28.8%

5.4%

40.5%

25.3%

100.0%

Southern Arizona

56.9%

35.3%

6.8%

1.0%

100.0%

4.5%

100.0% 100.0%

23.7%

100.0% 100.0%

17.6%

20.9%

100.0%

95% of Assets invested with Chicago, 4% with Boston, 1%cash equiv & bonds

100.0% Other:Cash; Alt:3%Real Estate,3% Pvt Eqty,21% Absolute Retn,4% Commod.

Alt: Hedge Funds; Other: Cash

2012 Annual Survey- Permanent Fund Investment Allocations Intermediate & Small Communities (con't)

Equities

Bonds

Southern New Jersey

54.0%

46.0%

Tidewater

29.8%

3.3%

Alternative Investment s

Other

Total

Other Description / Comments

100.0% 49.4%

17.5%

Toledo

100.0%

Alt: Absolute ret'n and Hedged Equities,Venture Capital, Pvt Equity, Real Assets, Credit Related Investments; Other: Cash

0.0%

Western MA

70.0%

30.0%

Delaware

61.9%

23.6%

0.0%

Des Moines

49.0%

40.0%

11.0%

Flint

14.5%

100.0%

10% Target for Israel Bonds

100.0%

Includes inflation rprotected securities, real estate, commodities & cash

100.0% 0.0%

Greensboro

60.0%

35.0%

5.0%

100.0%

Long Beach

33.0%

62.0%

5.0%

100.0%

North East Florida

50.0%

50.0%

100.0%

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