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Investment Program

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INVESTMENT SUMMARY
The Licking County Foundation holds the charitable endowment for our community in perpetuity, and takes seriously its stewardship responsibility as a manager of many different donor funds. It recognizes that each donation, no matter the size, reflects an implicit trust in Licking County Foundation's ability to invest resources wisely in accordance with each donor's charitable wishes.

The Finance and Investment Committee, a standing committee of the Governing Committee, has oversight responsibility for the Foundation’s investments. It meets quarterly and continually monitors the performance of the Foundation's portfolios against established policies and benchmarks.

The Licking County Foundation has three pooled investment categories to allow for diversification and to realize low fees:

Preservation of Capital Portfolio
The objective of this portfolio is to provide principal stability, liquidity and income by investing in high-quality, short-term fixed income securities and money market accounts.
(Target allocation: 100% cash and cash equivalents)

Income Portfolio
This portfolio emphasizes current income and has a secondary goal of capital appreciation. The model has a target allocation of 65% in fixed income securities with the balance in equity investments. The fixed income instruments seek to provide current income. The income portion primarily invests in government, corporate, mortgage-backed and other fixed income securities. The balance in equities is intended to add diversification and enhance returns. The equity portion primarily invests in domestic large-cap stocks with a lesser percentage allocated to small and mid-cap and international equities.
(Target allocation: 35% equities / 65% fixed income)

Growth & Income Portfolio
This portfolio seeks long-term capital appreciation and current income. Approximately 65% of total assets are allocated among equity securities to provide a capital appreciation component. The equity portion primarily invests in domestic large-cap stocks with lesser percentage allocated to small and mid-cap and foreign equities. The remainder is allocated to fixed income securities to provide an income component and diversification. The income portion primarily invests in government, corporate, mortgage-backed and other fixed income securities.
(Target allocation: 65% equity / 35% fixed income)

INVESTMENT MANAGEMENT OPTIONS & FEES
Licking County Foundation offers donors flexibility in their investment choices and relationships.

Banks:

Park National Bank
Fee Schedule:
Fund assets between $0 - $500,000: 50 basis points
Fund assets between $500,000 - $1 million: 40 basis points
Fund assets above $1 million: 30 basis points
Minimum fee annually: $750.00

Park National Bank invests a majority of the portfolio assets in individual equities, but also utilizes mutual funds for certain asset classes. These funds have internal expenses/fees ranging from 4 basis points to 13 basis points. Investment returns for these mutual funds are reported net of fees.

PNC Bank
Fee Schedule:
75 basis points
No minimum fee

PNC Bank utilizes mutual funds for all investments in the portfolio. These funds have internal expenses/fees ranging from 7 basis points to 147 basis points. Investment returns for these mutual funds are reported net of fees.

Investment Firms:

Edward Jones
Fee Schedule:
No advisory fee

Edward Jones utilizes mutual funds for all investments in the portfolio. These funds have internal expenses/fees ranging from 56 basis points to 110 basis points. Investment returns for these mutual funds are reported net of fees. These mutual funds also have as a part of their internal fee structure a 12(b)(1) fee. These fees are paid by the mutual fund company to the investment firm having oversight of these Foundation assets.

Other Investment Relationships:

Licking County Foundation will work with investment management firms, investment consulting firms, and investment custodians or trustees as selected by donors of funds with $100,000 and over in assets under their management. However, the Foundation’s Governing Committee must appoint all of these investment advisors; and approve investment policies which establish guidelines for the management of the Foundation’s assets.

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