EDUCATION CENTER

The latest thoughts on investment strategy and the markets, plus tools and templates from Raffa’s portfolio management team to empower nonprofits and associations to make better informed investment decisions.

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Education & Guides

Investment Policy Statement Best Practices for Nonprofits and Associations

A strong Investment Policy Statement (IPS) is central to effective board governance and fiduciary responsibility. It sets the guidelines your board governs against and keeps your investment program aligned with objectives. Learn about best practices to consider and components to include when creating or updating your IPS.

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Market Commentary

July 2026 Market Commentary & Outlook

U.S. stocks edged down during a choppy July as investors balanced corporate earnings against renewed geopolitical and inflation concerns. Oil briefly climbed above $100 per barrel after hopes for a sustained ceasefire in the Middle East faded, adding to market volatility. Learn more.

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Education & Guides

How to Segment Your Nonprofit’s Investment Reserves and Create a Reserve Policy

Many nonprofits and associations that invest their reserves hold them in one blended portfolio or organize them by time horizon alone. While time horizon is important, organizations may also want to factor in the purpose each reserve is meant to serve. This article explains the role purpose plays in reserve segmentation, and how to turn your segmentation and strategy into a reserve policy your board can adopt and maintain.

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Education & Guides

When to Move Cash Into a Long-Term Investment Portfolio? A Guide for Nonprofits and Associations

Deciding when to move reserves from cash into a managed investment portfolio is a decision made by the board after careful deliberation. Boards should consider several factors, including time horizon, purpose, capacity for risk, and governance responsibilities. Learn more.

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Market Commentary

June 2026 Market Commentary & Outlook

Global stocks declined in June on a pullback in AI-related stocks and higher interest rate expectations, but posted the best quarter in six years on strong corporate earnings. Fixed income edged up over the month and second quarter.

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Education & Guides

Stability Reserves vs. Strategic Reserves: Defining Your Nonprofits Long-Term Reserves by Purpose

When you think about your nonprofit or association’s reserves, do you know how much is intended for long-term stability versus how much is allocated for strategic initiatives? Many nonprofits and associations either hold their reserves in a single pool or group them by time horizon without considering their intended purpose.

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The New IPO Wave: Participating in Innovation Without Chasing Hype

SpaceX’s public-market debut has brought IPOs back into the spotlight. With OpenAI, Anthropic, and other high-profile private companies expected to go public later in the year at very high valuations, many investors are asking whether newly public companies represent unique opportunities or whether exposure through diversified portfolios is sufficient.

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Market Commentary

May 2026 Market Commentary & Outlook

U.S. stocks posted another month of solid gains in May, supported by continued strength in technology and artificial intelligence related sectors, better than expected corporate earnings, and optimism surrounding further geopolitical de-escalation in the Middle East. Inflation, however, remained a key concern.

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Education & Guides

Is Your Investment Benchmark Doing Its Job? A Guide for Nonprofits and Associations

Choosing investment benchmarks, and reviewing performance against them consistently, is central to how a finance committee exercises fiduciary oversight of its reserves. This article covers what a benchmark is, how to identify one that fits your portfolio, examples of commonly used benchmarks, and how to monitor performance over time.

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