• FEG Investment Advisors

    2026 COMMUNITY FOUNDATION SURVEY

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  • Thank you for participating in FEG’s proprietary Community Foundation Survey. By completing this survey, you will gain exclusive access to aggregated industry insights and actionable analysis designed to help community foundations learn from sector wide trends and collaborate more effectively.

    To complete the survey, please have a rough estimate of your organization's asset allocation and performance as of September 30, 2025. If you are an FEG client, you may leave these sections blank; FEG will add your asset allocation and performance data after you submit the survey. 

    Once you begin the survey, you can save your progress and continue later. Click the "Save" button at the bottom of the screen and enter your email address. An email confirming your progress will be sent to you from Jotform.

    The insights you share will be compiled and analyzed in aggregate to shape best practices and inform strategies across the field, fostering a stronger network of shared knowledge. Participants will receive the full report in late June 2026. All responses are kept confidential. There will be no individual participant or institution attribution. Only aggregated results will be shared with participants. 

    If you would like to download a printable version of the survey, click here. For questions or technical issues, contact Vibhor Garg at vgarg@feg.com

  • 1. Investment Background

    This section covers the investment background information.
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  • Which type of investment pool(s) do you offer your donors? (Select all that apply.)

  • How many full-time equivalent (FTE) employees does your organization have on staff to administer your investment portfolio?
  • How do you expect your organization's investment staffing level to change over the next five years?
  • What is your current investment service model?

  • How do you define your hybrid solution? (Select all that apply.)

  • Have you changed your service model or service provider in the past three years?
  • Do you anticipate changing your service model or service provider in the next three years?

  • 2. Highlights from 2025

    This section explores key developments from the past year, including the use of Artificial Intelligence (AI), shifts in philanthropic activity, and one-time funding dynamics.

  • Artificial Intelligence

  • How is your foundation incorporating AI? (Select all that apply.)
  • Are new ways of working with AI prompting you to consider how you may allocate resources in the future?

  • Does your foundation have an AI policy in place?

  • Gifts & Grants

  • Did your foundation see an increase in the number of donor-directed grants requested and written in 2025?
  • Did your foundation see an increase in the number of foundation-directed grants requested and written in 2025?
  • Did your foundation see an increase in the number of gifts that were processed in 2025?
  • Did your foundation execute a one-time gift to support a sub-organization that was dependent on Federal Funding last year?

  • 3. Asset Allocation

    This section will look at community foundation asset allocation and performance.
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  • 4. Spending Policy / Rebalancing

    This section of the survey will look at community foundation spending policies and rebalancing protocol.
  • Have you changed your spending policy or methodology in the past three years?
  • How did you change your policy?

  • Do you foresee changing your spending policy in the next year?
  • How are you considering changing your policy?

  • What spending policy methodology do you use?

  • What time period do you use to determine a base for spending?

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  • Within the administrative fee, do you include any of the following investment related fees?

  • Are you considering changing any of your administrative fees?
  • What change do you anticipate making?

  • Did you rebalance your portfolio during 2025?
  • What is your rebalancing time frame?

  • 5. Values Aligned Investing

    Values Aligned Investing (VAI) is any investment made by an organization that seeks to gain both financial and social benefit. This section will cover the trends of VAI, including Program Related Investing (PRI), which would be included as part of your distribution policy, Mission Related Investing (MRI), Impact Investing, Socially Responsible Investing (SRI), and Responsive Investing (RI -- FEG’s definition of ESG oriented investments) within public investments.
  • Does your organization currently have any Values Aligned Investments?
  • Have you experienced any increase in interest from donors for VAI?
  • What is your level of interest in incorporating VAI strategies (e.g., RI-ESG, Faith-Based-SRI) into your portfolio?
  • What factors are preventing your organization from investing in VAI? (Select all that apply.)

  • Do you anticipate adopting VAI strategies in the next year?
  • Which strategies are you considering? (Select all that apply.)

  • What factors are driving your organization to consider investing in VAI? (Select all that apply.)

  • What factors drove your organization to invest in VAI? (Select all that apply.)

  • How do you prioritize areas of focus? (Select all that apply.)

  • Do you have VAI language within your IPS?
  • How do you implement VAI investments? (Select all that apply.)

  • What are the types of VAI that your organization currently has in the portfolio? (Select all that apply.)
  • How do you define Impact Investing?

  • Do you have local place-based investing?
  • Is this a part of your endowment or a separate pool?

  • 5a. Program Related Investing (PRI)

    Complete this section if you indicated your foundation currently has PRI as part of your investment program.
  • Does the foundation have a stated percentage target for PRI?
  • What's the primary focus of your PRI investments? (Select all that apply.)

  • 5b. Mission Related Investing (MRI)

    Complete this section if you indicated your foundation currently has MRI as part of the portfolio.
  • Does the foundation have a stated percentage target for mission related investing?
  • Do you consider the mission related portfolio a portion of the fixed income allocation, equity allocation, or a separate pool?

  • Do you offer a Donor Advised Fund (DAF) that invests in mission related investments?
  • How do you source mission related ideas? (Select all that apply.)

  • How did you build your mission related portfolio?

  • Do you anticipate increasing your mission related allocation in the coming year?
  • Have you formed a sub-committee to conduct due diligence on mission related investment opportunities?
  • What type of investment vehicle(s) does your organization currently use or would use to implement the mission related portfolio? (Select all that apply.)

  • What are your relative expectations of return on investment for your mission related allocations?
  • What's the primary focus of your mission related investments? (Select all that apply.)

  • Do you partner with local Community Development Financial Institutions (CDFI)?

  • 5c. Socially Responsible Investing (SRI) / Environmental, Social, and Governance (ESG) / Responsive Investing (RI)

    Complete this section if you indicated your foundation currently has SRI, ESG, or RI as part of the portfolio.
  • Do you offer a dedicated SRI/ESG/RI portfolio?
  • What are your relative expectations of return on investment for your SRI/ESG/RI allocations?
  • Is your SRI/ESG/RI portfolio fossil fuel free?
  • What are the areas of focus in your SRI/ESG/RI portfolio? (Select all that apply.)

  • 6. Diversity Initiatives - Diverse Asset Managers

  • Have you experienced any increased interest from donors for diverse asset managers? (e.g. minority or women owned funds, funds with female or minority portfolio managers)
  • Do you delineate between diversity initiatives and ESG/RI, or do you consider them to be a combined topic?

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  • Do you have a policy about diverse asset managers?
  • Have you actively considered and/or hired diverse asset managers? (i.e. minority or women owned funds, funds with female portfolio managers)
  • Is there a target for assets dedicated to diverse asset managers?
  • Do you have diverse asset manager language in your Investment Policy Statement (IPS)?
  • How do you define a diverse manager?

  • What have been the challenges with investing in diverse managers? (Select all that apply.)

  • In what way, if any, will you adapt your selection criteria for diverse managers?

  • In what areas are you seeking further assistance regarding diversity initiatives and diverse managers? (e.g., gaps, information, or support) (Select all that apply.)

  • 7. Donor Development

    This section includes questions on donor development and externally managed funds. Externally Managed Funds are those that are managed by an outside advisor or broker.
  • Does your community foundation allow externally managed funds?
  • What investment restrictions are placed on externally managed funds?

  • In what ways does your advisor assist with donor development? (Select all that apply.)

  • Investment Governance

    This section covers questions on committee and meeting structure as well as education topics.
  • Do you have a board diversity recruitment policy?
  • What is the diversity percentage threshold?

  • Do you track staff and board demographics?
  • What committee manages your investment portfolio?

  • Are the IC member terms staggered or coincidental?
  • Are there term limits?
  • Are your investment/finance committee meetings virtual, in-person, or hybrid?
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  • What investment governance topics would like to learn more about? (Select all that apply.)

  • What industry trends are being discussed by your investment committee? (Select all that apply.)

  • OVERALL

  • DISCLOSURES: This survey was prepared by FEG (also known as Fund Evaluation Group, LLC) − an investment adviser registered under the Investment Advisers Act of 1940, as amended – providing non-discretionary and discretionary investment advice to its clients on an individual basis. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Fund Evaluation Group, LLC, Form ADV Part 2A & 2B can be obtained by written request directed to: Fund Evaluation Group, LLC, 201 East Fifth Street, Suite 1600, Cincinnati, OH 45202 Attention: Compliance Department. 

    Neither the information nor any opinion expressed in this presentation constitutes an offer, or an invitation to make an offer, to buy or sell any securities. FEG assumes no obligation to update this information, or to advise on further developments relating to it.

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