Trusteeship - March/April 2021 - 29

What to expect: The endowment model in our time
By: William F. Jarvis, Managing Director, Bank of America
As boards and investments committees of colleges and universities gather to review 2020's investment performance
in the coming weeks, many will feel an understandable anxiety stemming from the market volatility that
characterized the year.
We are pleased to share with you our paper, What to Expect: The Endowment Model in Our Time. In it, we address
the structural nature of the current low-return investment environment and provide a guide for endowment
governance in that environment. We hope that this analysis will be useful, particularly for organizations that have
been spending at a robust level but are seeking to determine a sustainable spending practice for the future.
Please let us know how we can be of help to you and your colleagues as you pursue your important work for the
institutions you serve.
*****
About Bank of America
Bank of America has been a leading investment advisor to endowments and foundations for over 160 years. With
more than $33.9 billion under management for nonprofit institutions,1 our dedicated team of nearly 200
professionals located in offices throughout the United States supports your mission with a comprehensive suite of
fiduciary services, including:
x

Investment outsourcing, in which we function as an extension of your internal investment staff

x

Consulting and advisory support for governance and fundraising activities, including board evaluation, capital
campaigns, planned giving and donor stewardship

x

Administrative resources such as subfund accounting services, aggregated reporting, grantmaking support
and custodial services that can lighten the administrative burden on your finance team

x

Expertise in evaluating, managing and disposing of nonfinancial assets such as real estate, farmland and
timberland, works of art, and oil and gas royalties that may come to you through investment or gift

Please visit privatebank.bankofamerica.com/Nonprofits to learn more about how we can help your institution.
1

As of September 30, 2020, GWIM had approximately $33.9 billion in client assets for institutional nonprofit clients. Client assets consists of the following assets of
nonprofit clients held in their GWIM accounts: assets under management (AUM) of GWIM entities, client brokerage assets, assets in custody of GWIM entities, deposits
of GWIM clients held at Bank of America, N.A. and affiliated banks and assets in custody included in AUM.
Institutional Investments & Philanthropic Solutions ( " II&PS " ) is part of Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly
owned subsidiary of Bank of America Corporation ( " BofA Corp. " ). Trust and fiduciary services and other banking products are provided by wholly owned banking affiliates
of BofA Corp., including Bank of America, N.A. Brokerage services may be performed by wholly owned brokerage affiliates of BofA Corp., including Merrill Lynch, Pierce,
Fenner & Smith Incorporated ( " MLPF&S " ).
Certain Bank of America Private Bank associates are registered representatives with MLPF&S and may assist you with investment products and services provided through
MLPF&S and other nonbank investment affiliates. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC, and a wholly owned subsidiary of
BofA Corp.
Investment products:

© 2021 Bank of America Corporation. All rights reserved. | 3400978 | SHEET-04-19-0382.B | 01/2021


http://privatebank.bankofamerica.com/Nonprofits

Trusteeship - March/April 2021

Table of Contents for the Digital Edition of Trusteeship - March/April 2021

Contents
Trusteeship - March/April 2021 - BB1
Trusteeship - March/April 2021 - BB2
Trusteeship - March/April 2021 - Cover1
Trusteeship - March/April 2021 - Cover2
Trusteeship - March/April 2021 - Contents
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