Fiduciary Investment SUPPORT for Nonprofits & Associations

Investment policies, strategies, reporting, and communication built around the fiduciary and operational needs of nonprofit organizations.

Serving Nearly 200 NONPROFIT ORGANIZATIONS nationwide

Who We Serve

Raffa served 188 nonprofit clients as of June 30, 2026. That total reflects the number of nonprofit clients for which Raffa provides portfolio management, retirement plan advisory, or ongoing investment consulting services. Client count is based on unaudited internal recordkeeping and custodial data from Charles Schwab & Co., Inc. Please note that the clients listed above have only agreed to be listed as clients of Raffa and are in no way endorsing or expressing an opinion about Raffa. Please reference important disclosures at the bottom of the webpage.

Investment Advisers Focused On the Nonprofit & Association Community

WHO WE ARE

Founded more than 20 years ago, Raffa Investment Advisers was purpose-built to serve nonprofit organizations and membership associations nationwide. With this niche focus, our firm specializes in advising nonprofits with volunteer boards and investment committees, formal investment and spending policies, and board-designated reserve structures. Many of our clients maintain operating, intermediate, and long-term reserve pools with different liquidity needs and time horizons. We work directly with executive leadership and volunteer fiduciaries, often in an Outsourced Chief Investment Officer (OCIO) Capacity, to align reserve structure with investment policy and portfolio implementation. Because we understand the day-to-day realities of staff-led organizations and volunteer boards, we focus on building investment programs that are straightforward, consistent with policy, and sustainable over time.

$ 0 B

In assets under
management

nonprofit and association clients

0 %

nonprofit client retention rate over the past 10 years*

Disclosures: Raffa served 188 nonprofit clients as of June 30, 2026. That total reflects the number of nonprofit clients for which Raffa provides portfolio management, retirement plan advisory, or ongoing investment consulting services. Client count is based on unaudited internal recordkeeping and custodial data from Charles Schwab & Co., Inc. Additionally, total client assets under management and advisement was approximately $2,004,671,414 as of June 30, 2026. These figures are unaudited and based on custodial data from Charles Schwab & Co., Inc. and calculated using Black Diamond. Regulatory AUM alone is $1,959,962,065. Please reference important disclosures about the calculation of Raffa’s nonprofit client retention rate at the bottom of the webpage.

Fiduciary Investment Services for Nonprofits and Associations

WHAT WE DO

Reserve Strategy & Investment Policy Development

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Your reserve strategy and IPS operate as the foundation of your investment program. They define how each pool of capital is meant to be used and invested while providing guidelines to govern against. We support nonprofits and associations in aligning their reserve structure and IPS with their objectives.

Our IPS & Reserve Strategy Approach

Investment Management

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Nonprofit and association reserves require investment management that is built around policy alignment, reserve segmentation, and fiduciary oversight. We serve as a fiduciary investment adviser for nonprofit organizations and associations, managing reserves and long-term investment portfolios.

Explore our Investment Services

Finance Committee & Board Support

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For nonprofit and association finance committees and boards, the pressure of fiduciary oversight is steady. We help finance committees and boards address these pressures through our reporting, education sessions, donor support, and resources such as our peel benchmarking tool.

Board & Finance Committee Support

Retirement Plan Advisory

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Fiduciary support for plan sponsors across qualified retirement plans and deferred compensation arrangements. Our services focus on the investment side of oversight: fund selection within the plan, investment monitoring, fee benchmarking, vendor coordination, and participant education.

Retirement Plan Advisory Services

WHY RAFFA INVESTMENT ADVISERS

Built for Nonprofits & Associations

BOUTIQUE FOCUS

Investing for nonprofits and associations is fundamentally different than investing as an individual or for-profit organization. For the past 20 years, we have helped nonprofit organizations navigate investment policy development and portfolio management strategy with their legal, ethical, and governance responsibilities at the forefront.

Institutional Strength

We partner with the Institutional Division of Charles Schwab & Company, Inc. (Schwab) to support operations, research, and safeguard client accounts. Additionally, Schwab provides Raffa with market insights, investment research, and analytics support recommended investments. Through Schwab, Raffa has access to a full range of trading services and client service support.

Raffa investment advisers team

committed to providing thoughtful support

Use the left and right arrows to view additional team members.

Study on Nonprofit Investing (SONI)

Compare your nonprofit’s financial metrics against 380,000+ peer organizations and filtered by budget, focus area, location, and more. The SONI Dashboard is a free benchmarking resource from Raffa Investment Advisers, built on IRS Form 990 and other public data.

Education & Insights

Read Now

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Additional Disclosures:

Nonprofit Client Retention Rate: For purposes of this advertisement, Client includes client relationships which include multiple distinct entities under common decision-making control. Clients who went out of business or spent down their reserves are not counted as terminated clients for purposes of calculating the retention rate. Clients whose organization was bought or consolidated by or with another organization are not counted as terminated clients for purposes of calculating the retention rate. Clients with whom Raffa initiated the termination of services with are not counted as terminated clients for purposes of calculating the retention rate. Including such clients results in a 10-year nonprofit client retention rate of 98.88%. This is not meant to be an endorsement or expression of opinion about Raffa Investment Advisers and therefore it is not known if clients approve or disapprove of the investment advisory services provided by Raffa Investment Advisers. The data used to determine client retention rates was compiled exclusively by Raffa Investment Advisers and has not been audited or verified by a third-party.

Representative Client List: Please note that the clients listed on our home page have only agreed to be listed as clients of Raffa and are in no way endorsing or expressing an opinion about Raffa. The representative nonprofit client list shown is compiled as of 12/31/2025. The representative nonprofit client list is intended to show the various types of nonprofit and association clients Raffa works with. The list does not represent all of Raffa’s nonprofit and association clients. The list does not include clients that have not given Raffa authorization to be listed nor any clients that have joined Raffa subsequent to 12/31/2025, as those clients have not yet been asked to be included. Please reach out to Raffa prior to contacting any clients listed in the representative client list.

Charles Schwab & Company, Inc.: The Institutional Division of Charles Schwab & Company, Inc. (Schwab) and Raffa are not affiliated companies. Schwab serves a third-party custodian and broker-dealer for Raffa client accounts. Additional information about Schwab is available on FINRA’s website at https://brokercheck.finra.org/firm/summary/5393.

Fiduciary Investment SUPPORT for Nonprofits & Associations

Serving Nearly 200 NONPROFIT ORGANIZATIONS nationwide

Who We Serve

Investment Advisers Focused On the Nonprofit & Association Community

WHO WE ARE

In assets under management

nonprofit and association clients

nonprofit client retention rate over the past 10 years*

Fiduciary Investment Services for Nonprofits and Associations

WHAT WE DO

Reserve Strategy & Investment Policy Development

Investment Management

Finance Committee & Board Support

Retirement Plan Advisory

WHY RAFFA INVESTMENT ADVISERS

Built for Nonprofits & Associations

BOUTIQUE FOCUS

Institutional Strength

Raffa investment advisers team

Dennis P. Gogarty, CFP®

Mark P. Murphy, CFA

Juliana Salamone, CFP®

Joe Guest, CIMA®

Matt O'Lone, CIMA®

Michelle Heery

Samantha Pnazek

Zaria Byrd

Ryan Frydenlund, CIMA®, CIPM

Lauren Kidwell

Study on Nonprofit Investing (SONI)

Education & Insights

Knowledge is Meant to Be Shared

What Is an OCIO or Outsourced CIO for Nonprofits and Associations?

Nonprofit Investment Advisory Services: Defining Scope in an RFP

Changing Investment Advisors: What Nonprofits Can Expect

UPMIFA Explained: What It Means for Nonprofit Reserves and Endowments

Fiduciary Duties of Nonprofit Board Members: What They Mean for Investment Oversight

Risk Tolerance vs. Risk Capacity: How Nonprofit Boards Assess Each

How to Accept Stock Donations and Other Non-Cash Gifts as a Nonprofit

Market Volatility and Your Reserves: What Your Finance Committee Should Do Next

Nonprofit Scenario Planning: Stress-Testing Your Budget and Reserves

Interested in learning more?

In assets under
management

nonprofit and association clients

nonprofit client retention rate over the past 10 years*