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N’Vest: Sustainability through Impact
Investments in the Nonprofit Sector
Robert S. Williams
Class 622-02 Capstone
Summer 2018
MASTER OF NONPROFIT
ADMINISTRATION
MNA MASTER OF NONPROFIT ADMINISTRATION
OVERVIEW / INTRODUCTION
▪ Impact investing is the practice of financing
socially driven causes for a charitable purpose
and/or garner a return on investment in order to
reinvest that money in other issue areas and
organizations.
▪ The impact investment industry is expected to
grow to $1 trillion by the year 2020, which is
attributed to the transfer of wealth and growing
interest in the trend.
▪ Impact investments can come in the form of cash,
equity, loans, bonds, stock, limited partnership
interests, guarantees, and letters of credit.
▪ There are various industry and legal terms for
impact investments including program related
investments (PRI), mission related investments
(MRI), social impact bonds, social impact
guarantees, outcome based contracting, and
impact evaluations.
MNA MASTER OF NONPROFIT ADMINISTRATION
OBJECTIVES AND VALUES
❖ Explain, expand, and provide insight on the role of
impact investing within the nonprofit sector.
❖ Describe how impact investing contributes to
social causes.
❖ Provide historical background on social impact
investments.
❖ Give perspective on impact investments from
the viewpoint of the individual investor as well
as from the viewpoint of nonprofit
organizations.
❖ Discuss emerging trends of impact investments,
and how this will affect the nonprofit sector.
❖ Demystify the impact investment practice to
make it more tangible and accessible to broader
audiences.
MNA MASTER OF NONPROFIT ADMINISTRATION
METHODS AND APPROACHES
1. Read financial reports, case studies, and news articles;
2. Researched social impact investing trends over time;
3. Analyzed and gathered sources provided by the IRS and
federal law governing impact investments;
4. Conducted expert interviews with leaders in the
philanthropic sector who work for entities that manage
impact investments within nonprofit organizations; and
5. Aggregated various research tools to form implications and
conclusions of the changing impact investing market.
MNA MASTER OF NONPROFIT ADMINISTRATION
TIMELINE
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: Holistic View of Social
Impact Investing
2017 Impact Investing Report
(data from 2016)
● 209 impact investor organizations
responded.
● Respondents responsible for USD
$114B in impact assets.
● 82% are market-rate investors, and
61% are below-market rate
investors.
● For-profit fund managers responded
the most investment activity.
○ Foundation, for-profit fund
managers, and insurance
companies all reported +30%
growth in capital invested.
○ Banks reported highest levels
of activity in 2016.
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: Holistic View of Social
Impact Investing
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: Perspective
American individuals, estates, foundations and corporations
contributed an estimated $390.05 billion to U.S. charities in 2016,
according to Giving USA 2017: The Annual Report on
Philanthropy for the Year 2016
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: Perspective;
Investments vs. Donations
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: Who is Investing?
WHO
With
What
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: Who Is Investing?
● By 2020, women are projected to hold
$72 trillion of private wealth, which is one
third of the overall global total.
(Boston Consulting Group)
● 63% of women stated they were more
likely to invest in social, political, and
environmental causes compared to 41%
of men. (U.S. Trust)
● $7 trillion globally will pass into the hands
of millenials between the years 2017 and
2020. (Boston Consulting Group)
● 67% of millennials reported that they
wanted their investment portfolio to reflect
their values. (U.S. Trust)
(All information above was gathered from a Forbes Magazine article)
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: Program Related
Investments (PRI)
▪ The one type of impact investment tool codified
by the IRS/federal law is called program
related investments (PRI), which applies
solely to private foundations.
▪ The three factors IRS places on PRI’s:
i. The primary purpose is to accomplish one or
more of the foundation's exempt purposes;
ii. Production of income or appreciation of
property is not a significant purpose; and
iii.Influencing legislation or taking part in
political campaigns on behalf of candidates is
not a purpose.
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: Program Related
Investments (PRI)
Source: IRS.gov
MNA MASTER OF NONPROFIT ADMINISTRATION
DATA ANALYSIS: PRI vs. MRI
Section 4944 and
§§ 53.4944-1 through 53.4944-6 of
the Internal Revenue Code.
Primary purpose of the investment
must be for charity (aka exempt
purposes) and not a return on
investment, and a private
foundation can count PRI’s toward
their annual grantmaking
requirements.
Is an industry term not codified into tax
law, and cannot be used to fulfill a
private foundation’s annual grantmaking
requirements.
MNA MASTER OF NONPROFIT ADMINISTRATION
IMPLICATIONS
● Increases in impact investing will affect greater change needed to
address social issues.
○ Donations feed an immediate need
○ Impact investments funnel capital for longer term impact
○ Investments use the same dollar to solve many issues
● Women and millennials will lead the impact investment trend because
data has shown that these segments are highly motivated by investment
portfolios that align with their values.
○ As women and millennials become wealthier, so will the impact
investment industry.
● Because younger generations are interested in impact investing, this
trend may overtake donations as the main financial tool for the
philanthropic sector.
○ Competition of the industry could lead to lower interest rates issued
by lenders.
MNA MASTER OF NONPROFIT ADMINISTRATION
RECOMMENDATIONS
1. Contact a lawyer or a financial advisor to assist you on all the intricacies of
impact investing;
2. Understand the different types of ways impact investments can be made (through
a donor advised fund, directly to cause, through a bank institution, through a
nonprofit foundation fund, etc);
3. Research what causes receive the greatest return on investment;
4. Pay attention to the wording of your investment contract;
5. Be aware that program related investments (PRI) are the only type of impact
investment codified by federal tax law for private foundations, and must have a
charitable purpose for investment; and
6. Do not put all your eggs in one basket; diversify your investment portfolio with
both impact investments, grants, at various stages of risk, and multiple causes to
achieve greater impact.
MNA MASTER OF NONPROFIT ADMINISTRATION
REFERENCES
Walker, D. (2018, April 06). Unleashing the power of endowments: The next great
challenge for philanthropy. Retrieved from
https://www.fordfoundation.org/ideas/equals-change-blog/posts/unleashing-th
e-power-of-endowments-the-next-geat-challenge-for-philanthropy/
Program Related Investments. (n.d.). Retrieved from
https://www.irs.gov/charities-non-profits/private-foundations/program-related-
investments
(n.d.). Retrieved from
https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/site
s/devinthorpe/2018/05/22/one-key-to-impact-investing-start-big/&refURL=https
://www.google.com/&referrer=https://www.google.com/
(n.d.). Retrieved from
https://www.fidelitycharitable.org/docs/impact-investing-nonprofit-list.pdf
(n.d.). Retrieved from
https://www.irs.gov/charities-non-profits/private-foundations/terms-of-progra
m-related-invesments-private-foundation-expenditure-responsibility
About CCF. (n.d.). Retrieved June 5, 2018, from https://www.calfund.org/about-ccf/
About Impact Investing. (2018, April 13). Retrieved from
https://missioninvestors.org/about-impact-investing
MNA MASTER OF NONPROFIT ADMINISTRATION
REFERENCES
Annual Impact Investor Survey 2017- 7th Edition(Rep.). (2017). Retrieved June 5, 2018,
from Global Impact Investing Network website:
https://thegiin.org/assets/GIIN_AnnualImpactInvestorSurvey_2017_Web_Final.pdf
Ategeka, C. (2016, January 04). Why Impact Investing Is Hurting Nonprofits. Retrieved from
https://www.forbes.com/sites/theyec/2016/01/04/why-impact-investing-is-hurting-nonprofits/#2f08fe3e13b7
Boulden, J. (2017, June 27). Making money and doing good: Impact investing is catching on. Retrieved June 5,
2018, from http://money.cnn.com/2017/06/27/investing/impact-investing-growth/index.html
Definition of market rate. (n.d.). Retrieved June 5, 2018, from http://lexicon.ft.com/term?term=market-rate
Earn real-life returns by investing in communities around the world. (n.d.). Retrieved June 5, 2018, from
https://www.calvertimpactcapital.org/
Examples of Impact Investment Funds. (2016, November 01). Retrieved June 5, 2018, from
https://www.impactbase.org/info/examples-impact-investment-funds
Giving USA. (2017, June 12). Giving USA 2017: Total Charitable Donations Rise to New High of $390.05 Billion.
Retrieved June 5, 2018, from https://givingusa.org/giving-usa-2017-total-charitable-donations-rise-to-new-
high-of-390-05-billion/
Gunn, N. N. (2018, March 13). How Nonprofits Can Tap Into the Impact Investment Market (SSIR). Retrieved
June 5, 2018, from
https://ssir.org/articles/entry/how_nonprofits_can_tap_into_the_impact_investment_market
MNA MASTER OF NONPROFIT ADMINISTRATION
REFERENCES
Impact Investing Market Statistics: Trends and snapshots. (2017, May 01). Retrieved June 5, 2018, from
https://www.ipe.com/reports/special-reports/impact-investing/impact-investing-market-statistics-trends-and-
snapshots/10018651.article
Impact Investment Grant Guidelines. (2017, September). Retrieved June 5, 2018, from
https://www.macfound.org/info-grantseekers/grantmaking-guidelines/pri-grant-guidelines/
Leung, G. (2017, February 14). Impact Investing | Market Overview(Rep.). Retrieved June 5, 2018, from
http://norsif.org/content/uploads/2017/01/GIIN.pdf
Mission Throttle. (n.d.). Retrieved June 5, 2018, from http://missionthrottle.com/
Mission Throttle. (n.d.). Diversified Revenue Funding. Retrieved June 5, 2018, from
http://missionthrottle.com/investments/
Moskowitz, D. (2015, June 09). Impact Investing: How it Works and How to Invest. Retrieved June 5, 2018, from
https://www.investopedia.com/articles/investing/060915/impact-investing-how-it-works-and-how-invest.asp
Mudaliar, A., Schiff, H., Bass, R., & Dithrich, H. (2017, May 17). Annual Impact Investor Survey 2017. Retrieved
June 5, 2018, from https://thegiin.org/research/publication/annualsurvey2017
Polanco, H. H., & Summers, J. (2017, April 25). Keeping It in Reserve: Grantmaking for a Rainy Day. Retrieved
June 5, 2018, from https://nonprofitquarterly.org/2017/03/16/non-profit-rainy-day-grant-making-keeping-it-in-
reserve/
MNA MASTER OF NONPROFIT ADMINISTRATION
REFERENCES
Pratt, J., & McCambridge, R. (2017, May 16). Ford Foundation Philanthropy Puts $1B into Mission-related Investments. Retrieved June
5, 2018, from https://nonprofitquarterly.org/2017/04/05/ford-foundation-endowment-mission-philanthropy/
Preservation Of Capital. (2018, February 12). Retrieved June 5, 2018, from
https://www.investopedia.com/terms/p/preservationofcapital.asp
Program Related Investments. (2018, April 2). Retrieved June 5, 2018, from https://www.irs.gov/charities-non-profits/private-
foundations/program-related-investments
Program-Related Investment Fund. (n.d.). Retrieved June 5, 2018, from http://sff.org/donors/program-related-investment-fund/
Program‐Related Investments: Financing Opportunities for Water Quality Projects in the Chesapeake Bay Watershed(Rep.). (2013,
August 5). Retrieved June 5, 2018, from University of Maryland website: https://efc.umd.edu/assets/m2e/pri_final_report_8-05-
13.pdf
U.S. Trust Insights on Wealth and Worth(Rep.). (2017). Retrieved June 5, 2018, from
https://www.ustrust.com/publish/content/application/pdf/GWMOL/USTp_WW_FindingsOverview_Broch_Final.pdf
What is a 'Portfolio'. (2018, May 30). Retrieved June 5, 2018, from https://www.investopedia.com/terms/p/portfolio.asp
26 CFR 53.4944-3 - Exception for program-related investments. (2016, April 25). Retrieved June 6, 2018, from
https://www.law.cornell.edu/cfr/text/26/53.4944-3
Giddens, Michele. "Demographic Trends Are Driving Demand For Impact Investment - And The Industry Is Starting To Adapt." Forbes.
July 05, 2018. Accessed July 26, 2018. https://www.forbes.com/sites/michelegiddens/2018/07/05/demographic-trends-are-driving-
demand-for-impact-investment-and-the-industry-is-starting-to-adapt/#4a8020f54264.

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Impact Investing Grad School Final Presentation

  • 1. N’Vest: Sustainability through Impact Investments in the Nonprofit Sector Robert S. Williams Class 622-02 Capstone Summer 2018 MASTER OF NONPROFIT ADMINISTRATION
  • 2. MNA MASTER OF NONPROFIT ADMINISTRATION OVERVIEW / INTRODUCTION ▪ Impact investing is the practice of financing socially driven causes for a charitable purpose and/or garner a return on investment in order to reinvest that money in other issue areas and organizations. ▪ The impact investment industry is expected to grow to $1 trillion by the year 2020, which is attributed to the transfer of wealth and growing interest in the trend. ▪ Impact investments can come in the form of cash, equity, loans, bonds, stock, limited partnership interests, guarantees, and letters of credit. ▪ There are various industry and legal terms for impact investments including program related investments (PRI), mission related investments (MRI), social impact bonds, social impact guarantees, outcome based contracting, and impact evaluations.
  • 3. MNA MASTER OF NONPROFIT ADMINISTRATION OBJECTIVES AND VALUES ❖ Explain, expand, and provide insight on the role of impact investing within the nonprofit sector. ❖ Describe how impact investing contributes to social causes. ❖ Provide historical background on social impact investments. ❖ Give perspective on impact investments from the viewpoint of the individual investor as well as from the viewpoint of nonprofit organizations. ❖ Discuss emerging trends of impact investments, and how this will affect the nonprofit sector. ❖ Demystify the impact investment practice to make it more tangible and accessible to broader audiences.
  • 4. MNA MASTER OF NONPROFIT ADMINISTRATION METHODS AND APPROACHES 1. Read financial reports, case studies, and news articles; 2. Researched social impact investing trends over time; 3. Analyzed and gathered sources provided by the IRS and federal law governing impact investments; 4. Conducted expert interviews with leaders in the philanthropic sector who work for entities that manage impact investments within nonprofit organizations; and 5. Aggregated various research tools to form implications and conclusions of the changing impact investing market.
  • 5. MNA MASTER OF NONPROFIT ADMINISTRATION TIMELINE
  • 6. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: Holistic View of Social Impact Investing 2017 Impact Investing Report (data from 2016) ● 209 impact investor organizations responded. ● Respondents responsible for USD $114B in impact assets. ● 82% are market-rate investors, and 61% are below-market rate investors. ● For-profit fund managers responded the most investment activity. ○ Foundation, for-profit fund managers, and insurance companies all reported +30% growth in capital invested. ○ Banks reported highest levels of activity in 2016.
  • 7. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: Holistic View of Social Impact Investing
  • 8. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: Perspective American individuals, estates, foundations and corporations contributed an estimated $390.05 billion to U.S. charities in 2016, according to Giving USA 2017: The Annual Report on Philanthropy for the Year 2016
  • 9. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: Perspective; Investments vs. Donations
  • 10. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: Who is Investing? WHO With What
  • 11. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: Who Is Investing? ● By 2020, women are projected to hold $72 trillion of private wealth, which is one third of the overall global total. (Boston Consulting Group) ● 63% of women stated they were more likely to invest in social, political, and environmental causes compared to 41% of men. (U.S. Trust) ● $7 trillion globally will pass into the hands of millenials between the years 2017 and 2020. (Boston Consulting Group) ● 67% of millennials reported that they wanted their investment portfolio to reflect their values. (U.S. Trust) (All information above was gathered from a Forbes Magazine article)
  • 12. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: Program Related Investments (PRI) ▪ The one type of impact investment tool codified by the IRS/federal law is called program related investments (PRI), which applies solely to private foundations. ▪ The three factors IRS places on PRI’s: i. The primary purpose is to accomplish one or more of the foundation's exempt purposes; ii. Production of income or appreciation of property is not a significant purpose; and iii.Influencing legislation or taking part in political campaigns on behalf of candidates is not a purpose.
  • 13. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: Program Related Investments (PRI) Source: IRS.gov
  • 14. MNA MASTER OF NONPROFIT ADMINISTRATION DATA ANALYSIS: PRI vs. MRI Section 4944 and §§ 53.4944-1 through 53.4944-6 of the Internal Revenue Code. Primary purpose of the investment must be for charity (aka exempt purposes) and not a return on investment, and a private foundation can count PRI’s toward their annual grantmaking requirements. Is an industry term not codified into tax law, and cannot be used to fulfill a private foundation’s annual grantmaking requirements.
  • 15. MNA MASTER OF NONPROFIT ADMINISTRATION IMPLICATIONS ● Increases in impact investing will affect greater change needed to address social issues. ○ Donations feed an immediate need ○ Impact investments funnel capital for longer term impact ○ Investments use the same dollar to solve many issues ● Women and millennials will lead the impact investment trend because data has shown that these segments are highly motivated by investment portfolios that align with their values. ○ As women and millennials become wealthier, so will the impact investment industry. ● Because younger generations are interested in impact investing, this trend may overtake donations as the main financial tool for the philanthropic sector. ○ Competition of the industry could lead to lower interest rates issued by lenders.
  • 16. MNA MASTER OF NONPROFIT ADMINISTRATION RECOMMENDATIONS 1. Contact a lawyer or a financial advisor to assist you on all the intricacies of impact investing; 2. Understand the different types of ways impact investments can be made (through a donor advised fund, directly to cause, through a bank institution, through a nonprofit foundation fund, etc); 3. Research what causes receive the greatest return on investment; 4. Pay attention to the wording of your investment contract; 5. Be aware that program related investments (PRI) are the only type of impact investment codified by federal tax law for private foundations, and must have a charitable purpose for investment; and 6. Do not put all your eggs in one basket; diversify your investment portfolio with both impact investments, grants, at various stages of risk, and multiple causes to achieve greater impact.
  • 17. MNA MASTER OF NONPROFIT ADMINISTRATION REFERENCES Walker, D. (2018, April 06). Unleashing the power of endowments: The next great challenge for philanthropy. Retrieved from https://www.fordfoundation.org/ideas/equals-change-blog/posts/unleashing-th e-power-of-endowments-the-next-geat-challenge-for-philanthropy/ Program Related Investments. (n.d.). Retrieved from https://www.irs.gov/charities-non-profits/private-foundations/program-related- investments (n.d.). Retrieved from https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/site s/devinthorpe/2018/05/22/one-key-to-impact-investing-start-big/&refURL=https ://www.google.com/&referrer=https://www.google.com/ (n.d.). Retrieved from https://www.fidelitycharitable.org/docs/impact-investing-nonprofit-list.pdf (n.d.). Retrieved from https://www.irs.gov/charities-non-profits/private-foundations/terms-of-progra m-related-invesments-private-foundation-expenditure-responsibility About CCF. (n.d.). Retrieved June 5, 2018, from https://www.calfund.org/about-ccf/ About Impact Investing. (2018, April 13). Retrieved from https://missioninvestors.org/about-impact-investing
  • 18. MNA MASTER OF NONPROFIT ADMINISTRATION REFERENCES Annual Impact Investor Survey 2017- 7th Edition(Rep.). (2017). Retrieved June 5, 2018, from Global Impact Investing Network website: https://thegiin.org/assets/GIIN_AnnualImpactInvestorSurvey_2017_Web_Final.pdf Ategeka, C. (2016, January 04). Why Impact Investing Is Hurting Nonprofits. Retrieved from https://www.forbes.com/sites/theyec/2016/01/04/why-impact-investing-is-hurting-nonprofits/#2f08fe3e13b7 Boulden, J. (2017, June 27). Making money and doing good: Impact investing is catching on. Retrieved June 5, 2018, from http://money.cnn.com/2017/06/27/investing/impact-investing-growth/index.html Definition of market rate. (n.d.). Retrieved June 5, 2018, from http://lexicon.ft.com/term?term=market-rate Earn real-life returns by investing in communities around the world. (n.d.). Retrieved June 5, 2018, from https://www.calvertimpactcapital.org/ Examples of Impact Investment Funds. (2016, November 01). Retrieved June 5, 2018, from https://www.impactbase.org/info/examples-impact-investment-funds Giving USA. (2017, June 12). Giving USA 2017: Total Charitable Donations Rise to New High of $390.05 Billion. Retrieved June 5, 2018, from https://givingusa.org/giving-usa-2017-total-charitable-donations-rise-to-new- high-of-390-05-billion/ Gunn, N. N. (2018, March 13). How Nonprofits Can Tap Into the Impact Investment Market (SSIR). Retrieved June 5, 2018, from https://ssir.org/articles/entry/how_nonprofits_can_tap_into_the_impact_investment_market
  • 19. MNA MASTER OF NONPROFIT ADMINISTRATION REFERENCES Impact Investing Market Statistics: Trends and snapshots. (2017, May 01). Retrieved June 5, 2018, from https://www.ipe.com/reports/special-reports/impact-investing/impact-investing-market-statistics-trends-and- snapshots/10018651.article Impact Investment Grant Guidelines. (2017, September). Retrieved June 5, 2018, from https://www.macfound.org/info-grantseekers/grantmaking-guidelines/pri-grant-guidelines/ Leung, G. (2017, February 14). Impact Investing | Market Overview(Rep.). Retrieved June 5, 2018, from http://norsif.org/content/uploads/2017/01/GIIN.pdf Mission Throttle. (n.d.). Retrieved June 5, 2018, from http://missionthrottle.com/ Mission Throttle. (n.d.). Diversified Revenue Funding. Retrieved June 5, 2018, from http://missionthrottle.com/investments/ Moskowitz, D. (2015, June 09). Impact Investing: How it Works and How to Invest. Retrieved June 5, 2018, from https://www.investopedia.com/articles/investing/060915/impact-investing-how-it-works-and-how-invest.asp Mudaliar, A., Schiff, H., Bass, R., & Dithrich, H. (2017, May 17). Annual Impact Investor Survey 2017. Retrieved June 5, 2018, from https://thegiin.org/research/publication/annualsurvey2017 Polanco, H. H., & Summers, J. (2017, April 25). Keeping It in Reserve: Grantmaking for a Rainy Day. Retrieved June 5, 2018, from https://nonprofitquarterly.org/2017/03/16/non-profit-rainy-day-grant-making-keeping-it-in- reserve/
  • 20. MNA MASTER OF NONPROFIT ADMINISTRATION REFERENCES Pratt, J., & McCambridge, R. (2017, May 16). Ford Foundation Philanthropy Puts $1B into Mission-related Investments. Retrieved June 5, 2018, from https://nonprofitquarterly.org/2017/04/05/ford-foundation-endowment-mission-philanthropy/ Preservation Of Capital. (2018, February 12). Retrieved June 5, 2018, from https://www.investopedia.com/terms/p/preservationofcapital.asp Program Related Investments. (2018, April 2). Retrieved June 5, 2018, from https://www.irs.gov/charities-non-profits/private- foundations/program-related-investments Program-Related Investment Fund. (n.d.). Retrieved June 5, 2018, from http://sff.org/donors/program-related-investment-fund/ Program‐Related Investments: Financing Opportunities for Water Quality Projects in the Chesapeake Bay Watershed(Rep.). (2013, August 5). Retrieved June 5, 2018, from University of Maryland website: https://efc.umd.edu/assets/m2e/pri_final_report_8-05- 13.pdf U.S. Trust Insights on Wealth and Worth(Rep.). (2017). Retrieved June 5, 2018, from https://www.ustrust.com/publish/content/application/pdf/GWMOL/USTp_WW_FindingsOverview_Broch_Final.pdf What is a 'Portfolio'. (2018, May 30). Retrieved June 5, 2018, from https://www.investopedia.com/terms/p/portfolio.asp 26 CFR 53.4944-3 - Exception for program-related investments. (2016, April 25). Retrieved June 6, 2018, from https://www.law.cornell.edu/cfr/text/26/53.4944-3 Giddens, Michele. "Demographic Trends Are Driving Demand For Impact Investment - And The Industry Is Starting To Adapt." Forbes. July 05, 2018. Accessed July 26, 2018. https://www.forbes.com/sites/michelegiddens/2018/07/05/demographic-trends-are-driving- demand-for-impact-investment-and-the-industry-is-starting-to-adapt/#4a8020f54264.