The Foundation's Endowment Funds are invested with Mercer’s Institutional Division

The Allegany County Area Foundation has invested its endowment funds through Vanguard’s Institutional Division since July 2016. Mercer, part of the firm Marsh McLennan, acquired this part of Vanguard's business in 2024 and clients have been moving to Mercer's platform and processes through Spring 2025. Mercer 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 the board or staff as needed.

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.

Alyssa Bump & Dr. Stupp

Use of a multiple quarter average, rather than current assets, and a 5 percent target 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 on the Foundation website.


News and Events

Hannah Bennett, Ardent Solutions’ First Step Family Resource Center Specialist, placing Dolly Parton
By Alyssa Bump • September 23, 2026
First Leverage Fund Award provides local match to expand early literacy opportunities for children across Allegany County.
Josiah Howard.
By Alyssa Bump • September 21, 2026
Senior data science and mathematics major will use local data to help ACAF better understand community needs.
Cuba Circulating Library in Cuba, NY.
By Alyssa Bump • August 31, 2026
Five grants will expand access to career training, educational programs, and community resources across Allegany County.
Allegany County Area Foundation logo with bridge and flowers, reading “A Bridge to the Future” and “Awards Over $380,000 to Local Students”
By Alyssa Bump • July 30, 2026
More than 200 students will receive ACAF support for pursuing higher education and career training.