Determining the appropriate asset allocation is often the first—and most consequential—investment decision a nonprofit’s finance or investment committee will make. Balancing growth, risk, and liquidity helps determine how an organization

Whether your nonprofit’s annual operating budget is $200,000 or $200 million, understanding your liquidity needs and the assets available to fund your mission is critical. Most nonprofits regularly talk about

Nonprofits across the country are navigating a dramatically changing environment. In a recent briefing from the United Way of Central Indiana (UWCI), local nonprofit leaders painted a clear picture of

What is our return relative to our Benchmark? Valid question, but not always the most important question on which to focus. Relative return measures a single aspect of success, whether

“You can only control your decisions, you cannot control the result.” While difficult to attribute to any one person, this sentiment is useful advice for institutional investors as they navigate

Interest in accessing private market assets continues to grow among institutional and high net worth investors. Often referred to as alternatives, private market assets are simply the ability to invest

Among the many decisions facing an investment committee, few are as critical as setting an appropriate spending policy. Comprising a set of rules to govern how a nonprofit will distribute

“Is our money safe at the bank?” Until recently, that question probably has not kept you up at night. However, unprecedented times tend to shuffle priorities, and, with the recent

Overall, people are giving more to nonprofits. Over the last 40 years, the average yearly increase in charitable giving in the U.S. has been $10.7 billion and reached an all-time

March 2022   Inflation is at the top of most minds—and with good reason. The most recent information released by the US Bureau of Labor Statistics cites that the Consumer Price

Goelzer Investment Management’s Institutional Advisory Services team provides a unique look into capital market conditions with an eye towards the re-opening of the economy, intermediate implications of a shift in

October 2020 The CARES Act was passed in the spring in an effort to help Americans through the pandemic and ensuing economic turmoil. It also may provide a few additional

August 2020 In Indiana, our county sheriffs protect our communities and enforce our laws, and we are deeply grateful for the safety and security that sheriffs and their deputies provide.

June 2020 As equities experienced two bear markets and interest rates declined in the 2000s, interest in alternatives became more pronounced. This was coupled with innovation in financial instruments, including

June 2020 The importance of a strong Investment Policy Statement in times of crisis: What can (and should) you be doing? What happens when you make short-term decisions with long-term capital? Think long-term

June 2020 Over the past six months, Congress has passed two new laws that affect retirement, charitable giving, and estate planning. The new laws known as the SECURE (Setting Every

April 2020   Mitigation efforts to slow the spread of COVID-19 are affecting the daily lives of people around the world. Some 2.6 billion people are now living under government

March 2020   Given recent events, extreme volatility, and understandable concern, we want you to know we are very much present and assessing new information as it becomes available. We

January 2020   The stock market reminded us again this past year that a perfect economy is not required to push stock prices higher. Rather, prices climb on signs of

Most institutions rely on their investment portfolios to fund their budgets. From tuition assistance to basic operational assistance, these institutions have drawn on their investment funds to fulfill their missions.

August 2019   What is one to make of the markets over the past six months? First the stock market fell 20% and bond yields declined, both correctly predicting a

August 2018   The first three quarters of 2019 have produced unexpectedly strong results for bond investors. Slowing global economic growth, declining inflation expectations, and accommodative central bank policies have

August 2018 Investors have shown increasing acceptance of passive investment strategies. Meanwhile, funds that employ active strategies—that is, those with managers who strive to outperform their benchmarks—have lost market share

April 2018   How much can I spend each year without depleting my portfolio? It’s a question we hear often from clients. While the question is simple, calculating the answer

January 2018   It’s not just people who like to take time off now and then. Apparently, volatility also enjoys some time off—at least that’s what this past year’s stock

October 2017   Before starting this quarter’s discussion, I first want to extend from all of us at Goelzer our heartfelt sympathies to those who have suffered due to the

April 2017   “Higher interest rates may be coming.” That was the forecast we shared on these pages one year ago. Our forecast was based on expectations for higher inflation

January 2017   The U.S. stock market was both a volatile and rewarding place to invest in 2016. Thanks to a sharp year-end rally set off by the U.S. elections,

October 2016 Central bankers across the developed world continue to rely on low or even negative interest rates to spur economic growth. The resulting low returns on bank accounts and

July 2016   The chart below shows both the monthly prices and forward 12-months earnings for the S&P 500 Index since January 2000. What the chart makes clear is the

April 2016   Markets have a way of wearing people down. By moving in one direction or staying within a range over an extended period, markets convince people that the

January 2016   Since the start of the industrial revolution, people have worked to become proficient at mining, manufacturing, financing, and selling all types of goods. It became evident this

November 2015   Many investors are concerned with how to secure a reliable and growing stream of income. At Goelzer Investment Management, we believe the key to meeting your income

October 2015 Volatility is back. The stock market’s mostly smooth climb higher since 2012 was interrupted this past quarter with stock prices, at the worst point, declining by 10% over