Several steps have been completed as the PHFoundation works towards independent operations and anticipated reinvestment into the community.
Over the past two months several key components of the PHFoundation's operation have been completed. First, after a rigorous RFP process, the Investment Management RFP was concluded. Following the thorough solicitation and review of nine respondents, including local, regional, and national investment managers, Vanguard Institutional investments was selected as the custodian of the PHFoundation's portfolio. This has resulted in the recent transfer of nearly $38mm dollars into the new portfolio. We will now begin managing/monitoring the fund to ensure it achieves the desired ROI targets as illustrated in the newly developed and adopted PHF Investment Policy Statement.
Secondly, We anticipate announcing an initial allocation eligible for grant application in the very near future (stay tuned) with additional funding to become available to grant as we enter the new fiscal year. There will be more to come on this exciting development.
PHFoundation Board of Directors has appointed and engaged its committee structure which includes the Personnel/Operations, Finance and Investment, and Fund Development Committees. With a working committee structure in place, we will continue developing the PHFoundation's strategic business plan. To date, we have conducted the first two phases of the planning process which has included nearly 50 external stakeholder (one-on-one) interviews with various community leaders throughout all sectors representing private business, non-profits, municipalities, institutions of education, healthcare, economic development, law enforcement, and philanthropy from throughout the four-county area. We are excited to have had all of these folks share their perspective with us. We look forward to the scope of projects/proposals that await us.
Finally, We have begun our audit work as Anderson, Tackman, and Co. has been selected (through RFP) as the PHFoundation's auditor for the next three years. We are excited to work with ATC, and will look forward to their counsel as we streamline our internal accounting system and processes.