We understand the challenges of nonprofit and foundation management.
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A nonprofit cannot fulfill its mission if it doesn’t have adequate resources, both now and in the future. It can be a challenge to manage.
To address this, Carnegie formed a dedicated team to better serve nonprofits. Our approach extends beyond investment management; we partner with your team to provide comprehensive, ongoing financial guidance and development support. |
Operational costs
Capital growth expenditures Increasing awareness among your target audience Raising funds from donors |
A dedicated nonprofit team for comprehensive supportCarnegie has a long history of serving nonprofits. Many organizations have turned to us for investment guidance after feeling overlooked and underserved, resulting in frustration and subpar outcomes.
Our nonprofit services extend beyond investment management to include Investment Policy Statement development and review, governance best practices, fund development support, board education, and other nonprofit-specific services. |
We partner with a wide range of nonprofit organizationsServing both emerging and long-standing nonprofits with $500,000 or more of investable assets.
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Experience Serving Nonprofits
As of March 25, 2026. View disclosures.
With Carnegie, your nonprofit can expect:
Investment Policy Statement (IPS) Development
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At Carnegie, your Investment Policy Statement (IPS) is the cornerstone of our partnership and a guide for your custom portfolio. We collaborate with key individuals to develop or update your IPS with these steps:
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On-demand, on-going
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We understand the importance of knowing you’re on track to meeting your nonprofit’s financial goals. Our nonprofit team is committed to delivering timely and accurate updates tailored to your specific needs so you can have greater confidence and peace of mind.
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Simple fee structure. |
It is essential to have a clear understanding of the fees associated with investment management services. At Carnegie, our compensation is solely based on a pre-agreed percentage of assets managed. This transparent compensation model fosters trust and ensures that both your and our interests are aligned.
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Value-added services
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We recognize that your investment plan is just one component of your comprehensive fundraising strategy. Therefore, we offer complementary services designed to enhance your giving and encourage contributions beyond traditional cash donations.
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Using our proven research experience, we create asset allocations and customized portfolios to support your mission.At Carnegie, our firm’s stability and long-standing tenure serving foundations and nonprofit organizations allows us to build enduring relationships. We start with a thorough understanding of your organization's mission, values and resources. We then develop a financial plan to help strengthen your financial position and create strategies to weather the challenges and capture the opportunities ahead.
Our foundation and nonprofit investment process is based on transparency and an open dialogue with your specific advisor. With foundations and nonprofits, we also facilitate and simplify communications among trustees, board members and you, as portfolio manager or manager of the foundation. |
Common Questions We Hear from Nonprofits
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Our guiding investment philosophy is to help clients meet their cash flow and portfolio growth needs while taking the least risk possible to meet those objectives. We only invest client funds in publicly traded stocks, ETFs, or bonds, which allows us to control risk and keep costs low. We do not invest client funds in hedge funds, private equity or high-cost mutual funds. The stocks we invest in tend to be very high-quality, profitable leaders in their respective industries. We prefer to use individual bonds for the fixed-income portion of the portfolio so we can control quality, maturity length and cost.
Click through common questions we hear from nonprofits seeking investment guidance, or use the search bar to find a specific answer. If your question is not listed, email us at [email protected], and we will happily answer directly. |
Is Carnegie Investment Counsel a fiduciary?Yes, we are a fiduciary — 100% of the time. Carnegie Investment Counsel is a Registered Investment Adviser (RIA), regulated by the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. That means we are legally required to act in your best interest — and we take that responsibility seriously. Because we work only for our clients — not commissions or third parties — we are structured to disclosure or eliminate potential conflicts of interest and provide clear, objective advice. What is Carnegie's experience serving nonprofits?At Carnegie Investment Counsel, we're honored to serve as an investment advisor and financial guide to more than 74 nonprofit organizations and foundations across the United States, representing over $487 million in assets under management (as of September 14, 2026). This experience gives us a deep appreciation for the unique challenges and opportunities nonprofits face — from maintaining donor trust to navigating complex spending policies. Carnegie serves many types of nonprofits, whether they're emerging or long-standing, beginning with a suggested minimum of $500,000 of investable assets. We know how to work with boards and finance committees, we're experienced with spending policies and Investment Policy Statements (IPS), and we understand the nuances of nonprofit revenue streams and the delicate nature of donor gifts. How does Carnegie serve nonprofits?We work alongside your organization to provide investment guidance tailored to your mission. Here's how we serve nonprofit clients: We help you build a strong financial foundation. That includes developing or updating your Investment Policy Statement (IPS), working directly with the board to establish clear, mission-aligned investment parameters. We actively manage your investments. Your dedicated portfolio manager monitors your portfolio and makes adjustments over time — with a focus on long-term growth while seeking to protect principal. We support your board and your donors. From educational sessions that build board confidence to white-glove support for complex gifts like stock donations, we make sure everyone involved is equipped, informed, and cared for. We help you stay nimble with cash flow. Whether you're funding a new program or planning around a major campaign, we assist with cash flow management to ensure your resources are ready when you need them. Because we have a specialized team that focuses on nonprofit investment management, we've also developed a suite of tools and resources to make your job easier:
What types of nonprofits does Carnegie serve?We serve both emerging and long-standing nonprofits typically with $500,000 or more of investable assets. Here are some examples of types of organizations we serve:
What is Carnegie's client service philosophy?We believe nonprofits deserve a relationship built on more than investment advice — you deserve a team that understands your mission and shows up with access, transparency, and accountability at every step. Access: You and your board have direct contact with your dedicated Nonprofit team. Whether it's a routine question or a time-sensitive request, we respond quickly and personally. Transparency: We keep you clearly informed about your holdings, performance, fees, and strategy — so you can lead your organization with confidence. Accountability: As fiduciaries, we take our role seriously. We're here to help you make thoughtful, mission-aligned decisions and stay on track for the long term. What are Carnegie's asset allocation and portfolio construction processes?Investment Management Philosophy: Investing with Carnegie means partnering with a team that prioritizes discipline and consistency. Our investment approach removes emotion and instead focuses on constructing portfolios that align with each client's objectives while maintaining a strong focus on cost efficiency and risk management. We apply in-depth research and extensive experience to build portfolios using a combination of individual stocks, Exchange Traded Funds (ETFs), and individual bonds, selecting investments that meet our high standards. Custom Investment Portfolio Construction: Carnegie designs and manages portfolios tailored to the specific needs of each client. We construct both actively managed portfolios built around individual securities and more passive, ETF-based approaches for broad market exposure. In many cases, portfolios incorporate elements of both, combining individual fixed income holdings — where we control maturities, credit quality, and yield — with an equity allocation that best suits the client's investment strategy. Investment Selection Process & Committee: Carnegie's investment process is driven by deep research and structured oversight. Our Investment Committee meets weekly to assess market conditions, review holdings, and refine strategy. This ensures each portfolio stays aligned with our high standards and adapts as markets evolve. Does Carnegie use third-party custodial managers?Yes — and it's a key part of how we protect your assets. Carnegie partners with trusted third-party custodians like Charles Schwab and Fidelity to securely hold your organization's investments. These firms provide independent reporting and oversight, giving your board added transparency and peace of mind. We manage your investments, but your assets are always held in your nonprofit's name — at a reputable, regulated financial custodian. How will you report to our board and how frequently?We provide clear, consistent communication to keep your board informed and confident. Meetings: We meet with your board or finance committee at least once or twice a year (more often if needed) to review performance, holdings, and your Investment Policy Statement (IPS). Year-round Reporting: You'll receive quarterly performance reports within two weeks of quarter-end, plus monthly custodian statements for independent verification. Access: You'll have direct contact with your Portfolio Manager and Client Service Manager anytime — and 24/7 online access through our client portal and your custodian platform. Would our advisor be able to meet our board in person?Yes — and we welcome the opportunity. We typically meet in person at least once or twice a year, depending on your organization's preference and meeting schedule. These meetings are a great opportunity for deeper portfolio reviews, investment policy discussions, and strengthening our relationship with your board. In between those meetings, we stay closely connected through phone calls, video conferences, and regular check-ins — so you always have the support you need, when you need it. Will Carnegie help us create or update our Investment Policy Statement?Yes — and we believe it's one of the most important steps in setting your organization up for long-term success. Your IPS is your investment roadmap, guiding decisions in alignment with your mission, goals, and spending needs. We'll work closely with your team to create or update this document, taking into account your risk tolerance, time horizon, cash flow, and any ethical guidelines. A clear, well-crafted IPS supports strong governance and builds donor trust — and we're here to make the process easy and collaborative. Does Carnegie provide retirement fund management services for nonprofits and their employees?Yes — we help nonprofits design and manage retirement plans that support both regulatory compliance and employee financial wellness. As a co-fiduciary, we guide you in choosing plan providers, investment options, and staying aligned with best practices — whether you're starting fresh or improving an existing retirement plan. We also provide ongoing education and support to your plan participants to help your staff make confident retirement decisions. How is Carnegie compensated?Carnegie Investment Counsel is a fee-only adviser, which means our only compensation comes from a transparent, agreed-upon percentage of the assets we manage on your behalf. We don't sell insurance products, receive commissions, or place your investments into funds that benefit us financially. This structure allows us to focus entirely on what's best for you — not on sales or incentives. It's a model designed to reduce conflicts of interest and build a relationship based on clarity, trust, and shared goals. What is UPMIFA and how does it affect our investment strategy?The Uniform Prudent Management of Institutional Funds Act (UPMIFA) is a uniform act adopted by most states that governs the management of institutional funds donated to charitable institutions. UPMIFA is designed to protect nonprofit assets from misuse or loss. It provides:
For more information on UPMIFA and how it could affect your investment strategy, read our article: What Every Nonprofit Should Know About UPMIFA. Can Carnegie help us align our investments with our values or mission?Absolutely. One of the first steps we'll take together is creating or refining your Investment Policy Statement (IPS) — a guiding document that outlines your goals, risk tolerance, and how your investments should reflect your organization's purpose. This process gives us the opportunity to explore how closely you want your investments to align with your mission, and to what extent values-based decisions may affect portfolio construction and performance. Your advisor will walk you through those considerations, so your board can make informed, confident choices. We have the ability to screen out certain companies, industries, or sectors based on your guidance, and we'll build a portfolio that's both prudent for long-term growth and aligned with your values. How quickly can we start working together?Once you're ready, we'll move as quickly as you'd like to — and make the transition as smooth and stress-free as possible. While every nonprofit is unique, here's a general outline of what the process looks like: Step 1: Complete Account Opening Paperwork. When you're ready to move forward, we'll guide you through Carnegie's Investment Management and Advisory Agreement paperwork needed to formally establish our partnership and any other paperwork required to open the investment accounts your organization needs. We will also coordinate any necessary transfers. Step 2: Create your Investment Policy Statement. Together, we'll clarify your financial goals, spending needs, and long-term vision. From there, we'll help you develop or refine your Investment Policy Statement (IPS) — a guiding document that ensures your investments stay aligned with your mission, values, and risk tolerance. Step 3: Put your strategy to work. Once everything is in place, we'll begin investing on your behalf, with a strategy designed to support your organization's sustainability, growth, and impact for years to come. |
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Seeking an Investment Advisor for Your Nonprofit Organization and Don’t Know Where to Start?
Download Our Guide: A Nonprofit’s Guide to Finding an Investment Advisor
Choosing an investment advisor to become a partner with your organization shouldn't be confusing. In this easy guide, we walk you through the essential questions you should ask when evaluating investment advisors.
Here’s what you’ll uncover: • Key questions to ask potential advisors • How to compare different investment advisors • The importance of a personalized investment strategy • What additional, value-added services your advisor should offer your nonprofit |
Talk to an Investment Professional about Your Nonprofit
Schedule a time to learn more about how we serve nonprofits. We will learn about your organization and provide recommendations for moving forward. We look forward to speaking with you!
Nonprofit Investment Topics by Carnegie Advisors
How Our ‘Counsel’ and Team Approach Helps Us Make Investment DecisionsThe word “counsel” in our name speaks to the expertise we bring to investment management. But how does the Carnegie approach work in practice? How do we synthesize information as a team to help portfolio managers make decisions. Read More.
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How to Craft an Investment Policy Statement for Your Nonprofit, Corporation or YourselfAs a portfolio manager at Carnegie Investment Counsel, I am involved with creating portfolios designed to help clients meet their goals. For individuals, corporations or nonprofits, investment policy statements (IPS) are a way to outline goals and objectives. Read more.
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Hiring a Financial Advisor For Your Nonprofit Can Help Make a Greater Impact
Your work is important and valuable. You might even say you are “doing good in the neighborhood!” When you combine your nonprofit mission with strong financial management you can make an even greater impact for those you serve. Read more.
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How to Start Investing with Intention
Schedule a complimentary consultationFirst, meet with an advisor to discuss your organization's financial objectives.
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Discuss your goals and develop a clear planSecond, we craft an Investment Policy Statement (IPS) (if applicable) that meets your needs and criteria.
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Implement your plan with confidenceThird, implement an investment strategy that satisfies your cash flow, short and long-term goals.
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