Investment Management Expense
The endowment of the Valley Community Foundation is included in The Community Foundation for Greater New Haven, Inc. (the Corporation), which is a Connecticut registered investment adviser, and presents all investment performance information net of expenses.1
Net of expenses means net of third-party aggregate sub-advisory expenses. The aggregate sub-advisory expenses are the cumulative actual expenses incurred by each sub-advisor in the Corporation’s Commingled Fund that holds the proprietary and organization funds’ endowment and endowment-like assets.
The Corporation’s FY16 (December 31st) externally audited annual cost of aggregate sub-advisory expenses was fifty-eight basis points, or 0.50%, and allocated to every component and organization fund in the Commingled Fund on a pro-rata basis.