Meet an Endowment Champion

At Work…

You have been a dream board member first for the Valentine Foundation, now The Merchants Fund, and you serve on the national Unitarian Universalist Endowment Fund Investment Committee. In all these roles, you have been and are an advocate for mission aligned investing. When did you realize that endowment dollars should be working for and not against the holders’ missions? I joined my denomination’s endowment a year after moving to DC in 2001 to take a job with the U.S. Treasury’s CDFI Fund. For the next 6 years my job and key volunteer work both focused on funding CDFIs and other mission-focused funds. The fact that only 1% of the fund was dedicated to that kind of investing didn’t strike me as concerning at the time — I was new to institutional investments. When I was invited back to the endowment in 2019 I was struck that there was still only a 1% commitment. My first proposal was to increase the allocation for community investments from the long-standing 1% to 5%… and it passed.

The biggest learning and shift to full portfolio commitment was the MAI Learning Cohort I participated in during my Valentine Foundation board service. Hearing guest speakers, you, and others talk about the 100% commitment was the key to my embracing the movement and speaking more publicly about it since. I love that I’ve seen at least 4 of  our 10 cohort foundations commit to 100% mission alignment since our year-long learning cohort.  Working with Valentine Foundation’s Executive Director on updating our investment policies to document and institutionalize that commitment was core to embracing it.

What have been the biggest obstacles in convincing fellow board and committee members to move money? At Valentine we didn’t get resistance but more quiet acceptance. With small foundations and boards, in particular, it’s common for everyone to assume the E.D. and the treasurer know best and there was little pushback.  Valentine’s board has always been made up of community activists and leaders. It’s important to help board members understand major financial policy shifts like what we were proposing. Our transition from long-time advisor to Zenith Wealth Partners was well-timed. This firm has been working with several foundations to transition to the 100% commitment, including participating in board meetings to explain the concepts, impact, and processes they’re using.

What’s a favorite mission aligned investment that you’ve been part of? Most exciting for me was finally making my own mission aligned investments after retiring and getting access to my own funds.  I made my first private investment with Portfolia’s Rising America Fund in 2021. Portfolia is a women-led VC fund with now 15 funds. The Rising America Fund was the first VC fund led by an all women of color team, and its focus was on BIPOC and/or LGBTQ founders. Most recently I’ve also been very excited to start moving my core S&P holdings from Vanguard to the Sphere 500 Climate Fund – an S&P 500 fund that holds no direct fossil fuel businesses.

You host VANESSA’s MONEY HOUR, a Philadelphia based radio program and podcast often featuring national voices such as Edgar Villanueva. Who’s been a favorite voice on your show? Edgar was definitely a favorite and his book, Decolonizing Wealth, has led to reparations movements and deep conversations about shifting financial systems, particularly within foundations. Other favorite guests include Senator Art Haywood, and more recently co-leaders of the Philadelphia Hub of Invest for Better. Check out this wonderful article that just came out about what we’re doing: “How to join a new Philadelphia network for women building wealth.”  

You recently rolled off a 2nd stint with your denomination’s endowment committee. Can you summarize that work and the impact you made?

Yes, I joined again in 2019 and just rolled off a 6-year term with the UUCEF. In addition to advocating for the 1% to 5% increase in assets for community development, I also shepherded a process to bring in an expert to lead us in exploring and understanding “Racial Justice Investing.” Erika Seth Davies was selected from 9 impressive proposals. She led a wonderful training and also led us through an assessment tool she developed for committees like ours. Through a series of clear questions on committee activities, commitments and policies, the tool results assessed where we were on the spectrum from “color-blind investing” to “racial-justice investing.” The impact on the committee led to unanimous support for prioritizing Black and Native led money managers. I’m proud to say that we approved more than $4 million in new, high-impact, investments for the CI portfolio in my last tenure, all to Black or Native led funds.

Have you ventured into shareholder advocacy? How so?! Not personally but The Unitarian Universalists have long been members of Interfaith Center on Corporate Responsibility (ICCR) and our Treasurer, who retired in 2020, was a leader in shareholder advocacy efforts, including service on the ICCR board. Since his exit we’ve worked with consultants to continue this work.

What’s the most convincing thing to get others on board to move money to work for good? Education, particularly about the history of foundations as sources for wealth hoarding/hiding.

After Work…

Guilty pleasure: Haagen Daz Vanilla Swiss Almond – can’t believe they’ve discontinued it!!!!

Favorite recent film: Sinners! It should sweep the Oscars – best film, actor, director, and music.

Last series you binge-watched: “Lucifer” – fun and surprisingly deep considering the storyline – Devil gives up job in hell and moves to LA… and starts seeing a therapist! Still drawn to rewatch “Midnight Mass” every 6 months or so.

Favorite caffeine source: High Point iced Latte

Sweet or salty: I seesaw back and forth but sweet is favorite.

Happy place: Dance floor

Favorite author: TJ Klune – 1st choice = Murmuration; 2nd best = The House in the Cerulean Sea

Childhood ambition: Pay bills and file taxes, couldn’t wait to grow up and do that, loved sitting with my mother and learning about tithing, for example.

Biggest challenge: Staying hopeful about our democracy.

Music that lifts your spirits: Anything watched live – saw Hozier last week and 4 Legends show for my birthday in May.

Mission Aligned Investees

PHOTO: A PashooPakshee artisan displaying her keychain creations.