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.

As of July 1, 2023, ACAF’s funds are invested as follows:

Total Equities 61.10%

US Equities 41.50%
Non-US Equities 19.60%

Total Fixed Income 30.80%

US Fixed Income 21.60%
Non-US Fixed Income 9.20%

Total Real Estate 8.10%

Management Fee 0.25%

Investment allocations are rebalanced as needed, usually quarterly.

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.


Spending Policy

News and Events

Fillmore Central School Alumni Scholarship

March 18, 2025
Graduating classes pool leftover class gift funds to create an endowed scholarship.

Leadership and Innovation Fund

March 18, 2025
New Fund Will Boost ACAF Grantmaking

ACAF Grants Boost Libraries, Arts, and Wellness Programs

By ACAF • January 8, 2024
(Dec 2023) Alfred and Whitesville libraries, Fountain Arts Center, Allegany County Blind Association, Andover Central School, and Pioneer Oil Museum were awarded grants at the Allegany County Area Foundation’s (ACAF) December meeting. All grants were made through ACAF’s Allegany Fund unless otherwise noted. The Allegany County Blind Association received $500 to provide pre-school amblyopia screenings […] The post ACAF Grants Boost Libraries, Arts, and Wellness Programs appeared first on Allegany County Area Foundation.

Allegany County Area Foundation June Grants Support Archery Program, Scouting, Libraries

By ACAF • November 20, 2023
(June 2023) Scout Troop 733, Genesee and Belfast libraries, and Canaseraga Central School were approved for grants during the Allegany County Area Foundation’s (ACAF) September meeting. Wellsville’s Boy Scout Troop 733 will receive $725 for the purchase of new tents and related items needed for its growing program. Genesee Library was awarded $750 for landscaping […] The post Allegany County Area Foundation June Grants Support Archery Program, Scouting, Libraries appeared first on Allegany County Area Foundation.