Endowment Information

The Foundation's endowment funds are invested with Vanguard’s Institutional Division

The Allegany County Area Foundation has invested its endowment funds through Vanguard’s Institutional Division since July of 2016. Vanguard support includes online tracking and reporting, market analysis and updates, and a dedicated account representative who meets with the ACAF board annually and by phone with board or staff as needed.

In determining endowment spending for scholarships, grants, and operations, ACAF utilizes a twenty-quarter average of assets. This approach helps to even out ups and downs in the stock market, allowing for consistency in awarding and budgeting.

Once this twenty-quarter average is calculated, ACAF typically allocates 5 percent for spending – 4 percent for scholarships and grants, and 1 percent for Foundation operations. ACAF board and staff are careful with our resources and annually come in under our operations budget. For the 2022-2023 fiscal year, we spent 90% of our budget, returning several thousand dollars to the endowment.



Use of a multiple quarter average, rather than current assets, and a 5 percent spend rate are in line with best practices and NY State guidelines for foundations.

ACAF is audited and files the IRS form 990 and NY CHAR500 annually. Copies of recent 990s are available in the Who We Are menu on this web site.