Community Foundation adopts new investment-management model

UTICA, N.Y. — The Community Foundation of Herkimer and Oneida Counties has implemented a new investment-management model, naming longtime consultant Crewcial Partners as its outsourced chief investment officer (OCIO). Based in New York City, Crewcial has worked with the Community Foundation for several decades, per a recent foundation announcement. The expanded partnership marks a new phase in managing and growing the Community Foundation’s charitable assets, the Utica–based nonprofit said. This strategic move reflects the foundation’s “ongoing commitment” to long-term sustainability and sound financial stewardship of its more than $220 million investment portfolio. For 30 years, Crewcial has worked with the Community Foundation and its investment advisory group (IAG), providing strategic investment guidance and oversight. Under the previous structure, investment decisions required approval from the Community Foundation’s board of trustees. Now, as the designated OCIO, Crewcial will take on full discretionary authority over key investment decisions — including ownership of investment-manager selection, replacement, and portfolio management. To ensure the best fit for this expanded role, the Community Foundation conducted a request-for-proposal process and spoke with multiple investment firms, per its announcement. Following a “thorough evaluation” by the IAG and Community Foundation leadership, the board of trustees unanimously approved Crewcial as the selected partner. “In the interest of our donors and the agencies we support, the Community Foundation conducted an exhaustive search to identify the best partner to guide us through a rapidly evolving investment landscape,” Robert Bojanek, chair of the Community Foundation’s investment advisory group, said. “We are confident that selecting Crewcial and adopting their OCIO model will strengthen our ability to generate the returns needed to sustain and grow our impact. The OCIO approach provides us with the ability to respond quickly to market changes, helping to safeguard and grow the resources entrusted to us. We look forward to continuing our long-standing partnership with Crewcial in this next chapter.” “We’re honored to continue our decades-long partnership with the Community Foundation in our new capacity as OCIO,” Mike Miller, chief investment officer of Crewcial Partners, said in the Community Foundation announcement. “Our deep familiarity with their mission, values, and long-term goals allows us to act with both speed and conviction in navigating today’s ever-evolving investment landscape to help ensure they can sustain their impact, grow with intention, and operate effectively for generations to come.” The transition to an OCIO model will allow Community Foundation staff and the IAG to “concentrate more fully” on strategic priorities, core operations, and philanthropic growth, the foundation contends. However, the advantages of this partnership extend beyond just internal capacity, the Community Foundation notes. The Community Foundation’s Nonprofit Agency Funds provide local charitable organizations with investment and gift-administration services. Through this new OCIO partnership, organizations that establish an Agency Fund will also benefit from the same investment expertise and oversight. “It is our responsibility to steward our community’s assets both now and for years to come,” Erika Eastman, chief financial officer of the Community Foundation, said. “This new model supports our mission and future, and we feel confident that with Crewcial’s deep knowledge of our organization and proven expertise that we are set up for great success.”