Smart. Efficient. Reliable. Since day one, we’ve served the investment and fiduciary needs of nonprofits and associations. Our investment approach is intended to be transparent and accountable — because you deserve to know. As investment advisers that are independent of any bank or broker, we put your interests first. We’ll keep your investments in smart, sensible, broadly diversified portfolios because when it comes to your investments, we know that you don’t want surprises.
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The Study on Nonprofit Investing (SONI)
Launched in 2012, the annual Study on Nonprofit Investing (SONI) seeks to meet the need for timely, relevant, actionable data about how nonprofits invest their reserves and how their investments perform.
Now is your chance to answer the question—Are my organization’s investment reserves “normal”?
Nonprofits Deserve to Know


The Story of GameStop Stock
One month into 2021 and we already have online message boards and first-time investors attempting to take down hedge funds. Although many articles have been written about what happened in January, we thought it was a great opportunity to discuss how we view the recent events.

A Year in Review
2020 was a year investors will not soon forget. A pandemic, a recession, the end of a more than decade-long bull market (and the beginning of another bull market), all-time highs for US stock indices, lockdowns & working remotely, a tense U.S. presidential election cycle, unemployment spiking more than 10 percentage points in a matter[…..]

Vaccine News and Market Impact
As soon as this weekend, the Food and Drug Administration is set to grant emergency approval to greenlight a COVID-19 vaccine from Pfizer and BioNTech. Within hours of the approval, millions of doses of the vaccine will be ready for distribution as each state determines who gets priority. Although initial doses will be available for[…..]
Case Studies
Challenges, opportunities and solutions based on client interactions
Upcoming Events
Join Raffa Investment Advisers for one of our upcoming education seminars.
- The 2021 Peer Benchmarking Study on Nonprofit Investing (SONI) Results Revealed
March 17 @ 1:00 pm - Nonprofit & Association Reserves: Make the Most of Your Investment Committee Meetings
April 6 @ 1:00 pm - Nonprofit & Association Finance: Identifying Target Reserves and Segmenting Cash Assets
April 21 @ 1:00 pm