Quarterly Update
January 31, 2014
Berkshire Taconic
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About BTCF

  

We begin the new year with new opportunities, new ideas, new momentum!

2013 ended with good news - we granted out more philanthropic dollars than in any year since 2008...$8 million in total, with 85% directly supporting nonprofits and individuals in our region! We are very pleased that so many donors choose to partner with us on this good work...making our part of the world a better place! This augurs well for 2014 and our board and staff intend to do all that we can to continue this increase in charitable dollars. We know there is much to be done and Berkshire Taconic is committed to being our region's catalyst for community philanthropy!

 

Stay in touch and let us know how we can help!

Warm wishes,

 

President
Great Legacies Build Strong Communities!
Including Berkshire Taconic Community Foundation in your estate plan is an easy way for you to make a significant impact on your community and create a legacy that can change lives forever.
 
The Williamstown community lost a beloved professor in January of 2013, but his legacy remains intact through a bequest left to Berkshire Taconic. Professor Henry Bruton was a man who "cared deeply about poverty in developing countries...a great mentor...wise counsel...exceptionally modest." He was affiliated with Williams College Center for Economic Development (CED) from 1962 until his retirement in 2004, and continued his relationship with the college until his death at age 91. His bequest will fund international visiting fellows at Williams' CED and educational expenses for women at Massachusetts College of Liberal Arts. We are honored to be entrusted to carry out the wishes of this beloved, respected and innovative educator.
$8 million distributed in 2013


Through the generosity of its donors, the Foundation distributed 3,500 grants totaling $8 million in 2013. This past year, BTCF's Area Funds granted $685,648, Neighbor-to-Neighbor distributed $194,000 to families in need and $474,150 was awarded in scholarships. BTCF also received a $300,000 donation from the Ellsworth Kelly Foundation for the Arts & Humanities Funds in Columbia County, granted $132,500 to nonprofits in northwest Litchfield County, supported NED CORPS and Latino Outreach programs in northeast Dutchess County and provided grants for six Berkshire County nonprofits to attend the Nonprofit Learning Program.
New BTCF Investment Committee Member
Elizabeth Hilpman has recently joined BTCF's Investment Committee. She comes to us from Barlow Partners where she is a partner and Chief Investment Officer. During her career, Elizabeth has been at the forefront of investing in alternative investment strategies and has worked for Commonfund, Dubin and Swieca and Dartmouth College as an Investment Officer. Elizabeth also serves on the investment committees of the University of New Hampshire Foundation, the Maine Community Foundation and the Cary Institute. We welcome her to our fine team of Investment Committee members who oversee the Foundation's important work investing $117 million in assets. Please view a full list of Investment Committee members, as well as our policies, managers and historic returns.
Quick Links
View your fund statement and recommend grants. Questions?
Grantee Spotlight: Second Chances
GED and ESL program at Dutchess Community College
The handwritten letters say it all. A single mother whose son is going off to college would "like my son to be proud of me. I will like to be proud of myself." An immigrant from Mexico wants to "do something" with her life and help her daughter in school. These are just a few of the heartfelt dreams and struggles of adults entering the Dutchess Community College's GED and ESL programs.
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Contact Us
Berkshire Taconic
Community Foundation


800 N Main Street
PO Box 400
Sheffield, MA  01257-0400
t: 413.229.0370
f: 413.229.0329

info@berkshiretaconic.org
berkshiretaconic.org
Investment Returns as of 12/31/13
 
Q4
2013
1-Year Return
3-Year Return
5-Year Return
Managed Pool*
4.8
14.5
7.6
12.5
Managed Pool Benchmark
5.2
15.2
7.5
10.5
Income Pool
-0.1
-1.9
3.5
6.1
Money Market
0.0
0.0
0.0
0.0
Socially Responsible Investment Pool
6.1
19.6
7.5
N/A
For the quarter-ended December 31, 2013, the Managed Pool rose 4.8%. The trailing 1, 3 and 5 year returns are +14.5%, +7.6% and +12.5% respectively and outperformed the benchmark over the longer terms. Results demonstrate the benefits of diversification: performance with less volatility than the public equity markets. Manager performance will ebb and flow depending on market conditions with the expectation that active managers will outperform indices in a meaningful way over long periods of time. 

 

Most market segments finished higher by year end, with the exception of inflation hedging and credit. Domestic equity was the strongest performer, rising 32%. International continued its recovery from the sovereign debt crisis two years ago, although emerging markets plunged due to rising interest rates. Private equity started to show stronger returns as invested capital starts to mature.

 
The Investment Committee is currently reviewing the asset allocation policy and adjusting targets based on the market environment. Our goal is to provide long term growth with lower volatility that will enable our funds to support our community in perpetuity.

Detailed performance reports for the investment pools, as well as by asset class and manager are updated monthly and are available on our 
website.

*As of December 31, 2013, the asset mix was 55.3% global public equity, 6.9% global private equity, 14.1% flexible capital, 16.3% credit strategies, 1.1% inflation hedging and 6.3% liquid capital.

Review BTCF's 2012 Form 990.

For questions about investments, please contact Jill Gellert, VP of Finance and Administration
.
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Berkshire Taconic Community Foundation | 800 North Main Street | PO Box 400 Sheffield, MA | 01257-0400
413-229-0370 | Privacy