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

Demonstrating Financial Stewardship to Donors

For a donor weighing a significant gift, understanding how the organization plans to manage their gift is often something they consider before making their decision. This helps provide confidence that their gift will be stewarded responsibly and contribute to their desired impact. Learn about the role governance policies, reporting, and documentation play in instilling donor confidence.

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Education & Guides

How to Write an Investment Adviser RFP: A Guide 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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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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Understanding Nonprofit 457(b) and 457(f) Plans: Use Cases, Misconceptions, and Key Considerations

Nonprofits and associations often use 457(b) and 457(f) plans to attract, retain, and reward key employees and executives. The two plans are related but serve different goals. A 457(b) plan is typically intended to supplement savings, while a 457(f) plan is usually tied to retention. Learn more about each of these plans.

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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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