What inspired you to align your endowment with your mission?

 I heard Luther Ragin, then a VP at the FB Heron Foundation, speak in 2001. He said there is a problem with philanthropic foundations using only the 5% required grant budget to work for mission while the other 95% functions like an investment bank with the only goal being to make the best financial return. To this day, over twenty years later, I still believe that this is really a very simple concept and I have little patience for others who can tell you all the reasons why they can’t align their assets with mission, rather than just doing it. Our fiduciary obligation is to the mission. We need to use ALL of our assets to do the work (mission), not just 5%.

What have been the biggest obstacles at your foundation for mission alignment?

I was the “large and in charge” volunteer managing trustee of a family foundation, so I didn’t have the typical internal obstacles when we began moving our investments to align with mission. However, the financial services industry, including our investment advisors, were much slower to embrace the idea. Foundation boards must remember that the foundation is the asset owner and the advisors answer to you.

How far along is your foundation in this journey?

Personally, I am very worried about the hoarding of wealth, both on a personal and institutional level. Foundations and DAFs are prime examples of this. Many people are using donor advised funds to make large donations and getting tax benefits of donating the money, but then letting those assets grow in the DAF with very little getting to communities in need. On a personal level, I am committed to trying to stop hoarding money and privilege and leave the world with less than I started with.

What about perpetuity or spending down?

I think foundations need to do the work! Perpetuity or spend down is not an either/or answer. When foundations’ assets were down in 2008, because the stock market went down, our foundation decided it was more important that people eat today, rather that we last into perpetuity. So, although we didn’t vote to spend down, we continue to believe that doing the work for mission is the most important thing.

What’s a favorite mission aligned investment of yours?

Our first direct investment, which was a 0% loan to a non-profit to buy a cleaning franchise, which continues to provide job experience plus yearly revenue for the non-profit. This was a $37,000 loan, not much different in size than our regular grants. Many colleagues will say they don’t have ability or staffing to do due diligence on mission aligned investments and I explain the due diligence is the same as what you do for a grant. Just do it!

Have you ventured into shareholder advocacy? How so?!

No, but I think it’s important to encourage your financial service people to vote large holdings on your behalf.

What’s the most convincing thing to get others on board?

Know your mission, and focus on how you can best further that mission.

Guilty pleasure:

Rita’s custard

Kickback TV:

The Equalizer

Favorite caffeine source:

Two cups black coffee every morning

Sweet or salty:

Creamy and salty

Happy place:

Emmitsburg, MD, walking in the woods

A favorite novel:

Lessons in Chemistry

Animal friends: 

NINE Grandchildren!

Childhood ambition:

Nurse (and Laura is a nurse practitioner!)

Biggest challenge:

Actually, retiring enough to get bored and eat bonbons

A most appreciate gift received:

A “Truly Blessed” bracelet, like one I gave my daughters and daughters-in-law