A Message from the Foundation

ACAF • March 27, 2020

The Coronavirus has created an unprecedented, combined public health and economic crisis. The Foundation is functioning during these times and is accessible via phone or email. Our scholarship and grant processes are being handled differently but are uninterrupted.

Here is information related to some questions we’ve been getting:

Economic Situation
ACAF’s staff and board, through its Investment Committee, are monitoring the economic situation and are in touch regularly with our investment manager, Vanguard. Their advice amid this turbulence remains to ‘stay the course’ with our investment plan rather than making changes. We will continue to be watchful and in contact with Vanguard.

Grants and Scholarships
The Foundation’s budget for grants and scholarships is based on a percentage of assets averaged over the most recent 20 quarters. This approach is intended to help even out the effects of market swings, such as we are experiencing now. By ACAF policy, the amounts for 2020-2021-year awards were established in January. Accordingly, the current decline will have minimal impact on grant and scholarship awards made this spring.

Helping the Community
Allegany County officials, agencies, and non-profits are in regular communication as we collectively work to understand what the current and emerging needs are as created by the Coronavirus situation. As we learn where help is needed (and what we can do) we will share that information on our Facebook page and website.

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