As of July 1, 2025, 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 2023-2024 fiscal year, we spent 90% of our budget, returning several thousand dollars to the endowment.