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

Downtown Wellsville, NY.
By Alyssa Bump June 25, 2026
June grant awards will support youth programs, public safety, and educational resources across Allegany County.
Volunteers building a trail shelter.
By Alyssa Bump June 8, 2026
Environmental Technology students are supported through the Kendall Environmental Fund to gain real-world experience while enhancing local outdoor spaces.
Ryan Dennis with manuscript and final copy of
By Alyssa Bump May 18, 2026
Belva Waite Scholarship Recipient Ryan Dennis reflects on rural Allegany County roots, the impact of ACAF scholarships, and the inspiration behind his latest book.
Moss Lake
By Alyssa Bump April 28, 2026
Twelve non-profits receive funding for educational initiatives and essential services across Allegany County.