Dear Friends:

 

I appreciate the opportunity to provide an update on the Foundation's investment performance for 2010.

 

The Foundation, like many other institutions, realized positive returns on its investment portfolio again last year as the financial markets continue a gradual recovery. For the year ended December 31, 2010, the Foundation's investment return stood at 14.9%.

We are pleased with this result. At the same time, we are committed to continually evaluating our investments, guided by the investment committee of our board of directors. Economists are predicting a long, slow return to a healthy economy so it will be essential to minimize risk and focus on steady growth over time - the hallmark of our endowment investment strategy.
 
We grow our endowment for one purpose: to invest in Rhode Island, primarily through grantmaking. It is therefore with great pride that I tell you our grants to nonprofit organizations exceeded $29.2 million in 2010. This total breaks new ground for the Foundation; in 2009 we granted $27.5 million.

On behalf of our board and staff, we thank all our partners, including our generous donors, for your compassion and sense of community. Your confidence and trust help us fulfill our mission: to meet the needs of the people of Rhode Island.
 
We hope, as we enter a new decade with new leadership in our state and in several of our cities, that more Rhode Islanders will join with the Foundation to ensure that these needs become less critical and that the forward momentum we achieved in 2010 continues.

As always, I invite you to be in touch with me at any time should you have questions, comments or suggestions regarding the Foundation and our work.
 
Sincerely,
Neil D. Steinberg
President & Chief Executive Officer