OCIO for Nonprofits and Associations
Our Services for Nonprofits and Associations
Our services are built to complement the way nonprofits and associations manage and oversee their investments. We partner with staff and volunteer leaders on investment and governance decisions, manage reserve and retirement plan portfolios, and support finance committees and boards with education, resources, and detailed reporting.
Reserve Strategy & Investment Policy Development
Investment Management
Finance Committee & Board Support
Retirement Plan Advisory
Our Approach as an OCIO for Nonprofits and Associations
As an OCIO for nonprofits and associations, our approach generally covers the following interconnected responsibilities:
Reserve Adequacy and Risk Assessment
Reserve adequacy and risk assessment determine how much a nonprofit or association should hold in reserves and how much risk those reserves can reasonably take on. We help leadership assess risk and set reserve targets based on the organization’s operating needs, cash flow, and financial risks, weighing risk capacity against risk tolerance.
Reserve Strategy and Segmentation
Reserve segmentation divides an organization’s reserves into distinct pools based on each pool’s purpose, liquidity needs, and time horizon. Rather than treating all reserves as one portfolio, we help organizations evaluate which assets need to remain liquid, which support financial stability, and which can be invested for longer-term objectives. Each pool can then be invested to match what it needs to accomplish, with the structure documented in the organization’s reserve policy.
Investment Policy Development and Implementation
An Investment Policy Statement (IPS) establishes the risk and return objectives for each reserve pool and the framework for managing its investments. We help boards and finance committees develop the IPS, then typically manage investments on a discretionary basis within it.
Governance and Fiduciary Oversight
Governance and fiduciary oversight are how a board confirms the organization’s investments are managed prudently and in line with its policies. As a nonprofit OCIO, we support boards and investment committees in fulfilling those responsibilities through investment reporting, board education, policy reviews, and ongoing guidance.
Institutional Continuity
Institutional continuity preserves an organization’s investment philosophy, policies, and institutional knowledge as board and committee membership changes. We help boards and finance committees document investment decisions and the reasoning behind them, keep policies current, and bring new members up to speed. This helps new boards build on the organization’s investment strategy rather than reinvent it.
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Frequently Asked Questions About Nonprofit OCIO Services
What does OCIO stand for and how does it work for nonprofits?
OCIO stands for outsourced chief investment officer, or outsourced CIO. An OCIO manages an organization’s investments, typically with discretionary authority to make decisions within an approved Investment Policy Statement, while the board or investment committee retains ultimate fiduciary oversight. A written agreement defines the OCIO’s authority and any additional services it provides. Because OCIO services vary from firm to firm, it is important to clarify those responsibilities up front.
What can a Nonprofit OCIO help with beyond discretionary investment management?
Beyond discretionary investment management, a more comprehensive nonprofit OCIO arrangement may help with the decisions that come before and after the portfolio is invested, from how much to hold in reserves and how to structure them to the reporting, board education, and policy reviews that keep oversight consistent as committee membership changes.
What is the difference between a nonprofit OCIO and an investment consultant?
The main difference between a nonprofit OCIO and an investment consultant is who makes the day-to-day investment decisions. An investment consultant typically makes recommendations that the organization approves and carries out. An OCIO typically makes those decisions on a discretionary basis within the Investment Policy Statement, which shifts the committee’s role from approving individual decisions to setting policy and monitoring results.
What should a nonprofit consider when choosing an OCIO provider?
A common starting point is deciding which investment responsibilities the organization wants to delegate and which it wants to keep with the committee. From there, it can help to compare providers on their experience with nonprofits and associations, OCIO service offering, investment approach, fees, and reporting. A request for proposal (RFP) process is one way committees compare OCIO providers side by side.
Considering an OCIO for Your Nonprofit or Association?
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 note that the clients listed on this 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.
The scope of each OCIO relationship, including the level of discretionary authority, is defined in a written advisory agreement.
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