Investing for more means making focused, carefully selected investments in companies, organizations, and funds with the intention of generating a measurable, beneficial social impact in our Baltimore region, as well as a financial return.

How Does It Work?

BCF is committing up to four percent of its invested assets to an investment pool dedicated to local impact. BCF invests for local impact through intermediaries in a variety of instruments that directly support economic growth and human capital in the Baltimore region. For example: one of BCF’s first local impact investments went to Enterprise Community Partners to support development of multifamily affordable housing in Baltimore.

Local impact investments are expected to yield a double bottom line: an expected overall financial return of about 3% as well as a social return through the projects supported.

BCF invites you to join us in investing for local impact. 



How YOU Can Invest for More

Achieving local impact as well as financial return

Do you have a donor-advised fund at BCF? You may commit a portion of your non-endowed donor-advised fund for a period of seven years for local impact investments. Funds with assets greater than $50,000 may commit up to 75%; funds with assets less than $50,000 may commit up to 20%.

During the seven years, these assets will not be available for grantmaking, but will provide a financial return to your donor-advised fund as well as local impact through the projects supported by BCF’s local impact investments.

At the end of seven years, you may choose to renew your commitment for another seven years, or have the assets returned to your fund to be used for grants that you recommend. Administrative fees will continue to be calculated on your Fund’s total assets including those committed to local impact investments.

If your donor-advised fund is endowed, your fund is fully invested in the BCF Pool, a portion of which is committed to local impact investments. Because of rules governing investment of endowments* your endowed donor-advised fund may not make an additional commitment to local impact investments.

You don’t have to be a fundholder to help!

Help us Invest for More by making a donation of any size. Your gift to the Invest for More Fund will permanently increase the money available for BCF’s local impact investments, and we will report regularly on the projects made possible by your generosity.

*UPMIFA (the Uniform Prudent Management of Institutional Funds Act) requires that BCF invest endowed funds in a diversified portfolio, such as the BCF Pool, designed to maintain value over time.


Q&A


Will investment returns be affected?

There will be little or no effect on investment returns in the BCF Pool. BCF will commit up to 4% of assets in the BCF Pool to local impact investments, and anticipates returns that are competitive with fixed income investments. Our financial goal for local impact investments is a blended return of 3%.

What kind of local impact does BCF expect to see?

We will identify investments focused on Baltimore City and County. Local impact investments may include, for instance, small business lending, affordable housing, healthy food access, workforce development or education.

Who is choosing the investments?

The Impact Investing Subcommittee of the Investment Committee will explore opportunities for local impact investments and make recommendations to the Investment Committee, which will make final decisions on investments. BCF staff and consultants will assist with performing due diligence on the investment opportunities.

What kind of oversight will there be on the local impact investments?

BCF intends to invest with Community Development Financial Institution (CDFI) intermediaries who have a strong track record of working with borrowers. Therefore, there will be two layers of oversight of the local impact investments. Individual investments will receive oversight from the CDFI intermediaries who make the investments. BCF’s Investment Committee will regularly review performance data from those intermediaries.

Who else is using local or other forms of impact investing, and what have the results been like?

Impact investing is becoming common both for community foundations across the U.S. and for private foundations in Baltimore and elsewhere. According to the Global Impact Investing Network (GIIN), impact investments are growing rapidly and represented $114 billion in capital in 2016. Nationally, community development financial institutions, BCF’s likely partners, have a successful 30-year history of doing this work—during that time, they have created more than one million jobs, more than 1.5 million housing units, and 192,000 businesses. In 2015, CDFIs provided at least $5 billion in capital to low income individuals and communities. Their financial results were on par with mainstream financial institutions.

What is the role of the Subcommittee?

The Subcommittee will recommend investments to the Investment Committee, monitor the overall liquidity of the investments with respect to BCF’s needs, and provide overall direction. BCF’s Investment Committee will make all final decisions on local impact investments.

Impact Investing Subcommittee

Patricia P. Baum
RBC Wealth Management, Baum Jackson Investment Group
Patricia P. Baum

RBC Wealth Management, Baum Jackson Investment Group

Trustee since 2014

Committees: Investment (Chair); Executive; Retirement Plan (Co-Chair)

 

Patti has been a financial advisor and wealth manager with RBC Wealth Management since 1998. She began her career in 1985 as a Financial Advisor with Alex. Brown & Sons. Patti is part of RBC’s Private Wealth Group, a select group of advisors serving high net worth individuals and institutions. She is a member of the firm’s Senior Consulting Group, and has been consistently named to the firm’s Chairman’s Council, membership which is offered to the top 150 advisors. The Baum Jackson Investment Group was selected as one of Barron's Top Advisory Teams in 2010, 2011, 2012 and 2013. Patti was named to the Financial Times Top 400 Advisors in 2013, 2014, 2015, 2016 and 2017. In addition, Patti was named to the inaugural Top 100 Women Financial Advisors list in 2014. Patti earned a Bachelors Degree from Duke University in 1978, graduating summa cum laude, and earning membership to the Phi Beta Kappa honorary society. In 1991, she graduated from the Wharton School Securities Industry Institute program. In addition, she has completed the US SIF Foundation Course: Fundamentals of Sustainable and Responsible Investment from the Center for Sustainable Investment Education.

 


Oswaldo Acosta
Latino Economic Development Center
Oswaldo Acosta

As an entrepreneur, Oswaldo understands the value of having access to financial services first hand and is aware of the important role that the Latino Economic Development Center plays in the success of the region’s small business owners. In his own entrepreneurial ventures, he launched and expanded a food manufacturing company with market reach in Virginia, Maryland, DC, Pennsylvania and New York City. After his company’s acquisition, Oswaldo joined Self-Help Ventures Fund’s team, a non-profit Community Development Financial Institution (CDFI) where he was part of a commercial lending group prior to joining LEDC as director of Small Business Services. Oswaldo’s academic training as an economist, his experience as a consultant for The World Bank and certainly his experience as an entrepreneur suits him with a broad and technical understanding of the challenges facing LEDC clients. He holds a bachelor degree in economics from Monterrey Tec, an MA in Political Economy and an MSc in Economic Regulation from Essex University and the London School of Economics and Political Science, respectively.

 

Beth Bafford
Calvert Impact Capital
Beth Bafford

Beth Bafford is Vice President of Syndication and Strategy. She works on domestic and international transactions across impact sectors, including health, small business, environmental sustainability and community resiliency. Beth also leads Calvert Impact Capital's new Syndication Services and the local investing campaign Ours To Own. Prior to joining Calvert, Beth was a consultant at McKinsey & Company. She has also worked at the White House Office of Management and Budget, on the 2008 Obama for America campaign, and at UBS Financial Services. Beth received both her BA and MBA from Duke University. At Duke’s Fuqua School of Business she helped launch the CASE Initiative on Impact Investing (CASE i3).

Matthew D. Gallagher
Goldseker Foundation
Matthew D. Gallagher

Goldseker Foundation

Trustee since 2016
Committees: Advocacy (Chair); Executive; 2016 Strategic Planning Task Force; CMTA Advisory Board

 

Matthew D. Gallagher serves as the President and CEO of the Goldseker Foundation. Before joining the Foundation in 2013, Mr. Gallagher served as Chief of Staff to Maryland Governor Martin J. O’Malley and was responsible for managing the day-to-day activities of the executive branch of Maryland State government. Prior to his position in Maryland State government, Mr. Gallagher served as Director of CitiStat, Baltimore’s nationally recognized public sector accountability program. Mr. Gallagher has also served as Project Director for the Greater Baltimore Committee, as an assistant deputy mayor in Philadelphia Mayor Edward G. Rendell’s administration, and in educational programs for the Baltimore Symphony Orchestra. Mr. Gallagher was born and raised in Baltimore and holds degrees from La Salle University and the University of Pennsylvania. He has taught undergraduate and graduate courses in public policy and administration at the University of Baltimore and the University of Maryland Baltimore County, as well as lectured at Harvard University’s Kennedy School of Government and the University of Pennsylvania’s Fels Center of Government.

 

Darius Graham
Weinberg Foundation
Darius Graham
As Director of Student Ventures at Johns Hopkins University, Darius Graham leads entrepreneurship and innovation initiatives that help transform new technologies and novel ideas into viable ventures. Among these initiatives are FastForward U, a suite of resources and network of innovation hubs for student entrepreneurs, and the Social Innovation Lab, an accelerator for social ventures led by students or community members. 

A Global Shaper with the World Economic Forum, Darius has been recognized by Baltimore Business Journal as one of Baltimore’s 40 Under 40 and is a graduate of the Greater Baltimore Committee’s Leadership Program. He serves on the Baltimore Museum of Industry’s Board of Trustees and teaches graduate courses in social entrepreneurship at Goucher College. Darius is the author of the award-winning book, Being the Difference: True Stories of Ordinary People Doing Extraordinary Things to Change the World

Darius previously founded DC Social Innovation Project, a non-profit initiative that provided funding and pro bono assistance to help launch and grow innovative, grassroots community initiatives in Washington, DC. He is a former Social Entrepreneur-In-Residence at University of Maryland’s Robert H. Smith School of Business and has served as a mayorappointed commissioner on the District of Columbia Commission on National & Community Service. 

Darius began his career as an associate in the corporate restructuring group at the law firm Akin Gump Strauss Hauer & Feld LLP. He received a B.A. summa cum laude from Florida A&M University and a J.D. from the University of California, Berkeley - School of Law where he served as an editor of the California Law Review and as editor-in-chief of the Berkeley Journal of African-American Law & Policy.

Amy Perez Jackson
Brown Capital Management
Amy Perez Jackson
Amy Perez Jackson joined Brown Capital Management in 2017 as the Director of Marketing & Client Service. Prior to this, Amy was VP and sales manager at Campbell & Company, VP at Mercantile Alternative Investments (now PNC Investments) and marketing associate at Mayfair Capital Management. She earned a BA in business administration from the University of Miami.
K. Brigid Peterson
Brown Advisory
K. Brigid Peterson
Brigid Peterson is an Endowments and Foundations Advisor at Brown Advisory. She has extensive experience working with nonprofit organizations and foundations, as well as advising families on structuring their philanthropic legacy. As a member of the Sustainable Investing Development Team, she works with clients to develop a mission-aligned portfolio. Prior to joining Brown Advisory, Brigid practiced law for a number of years and was a member of the Wealth Advisory Group at Legg Mason Wood Walker, Inc. She is the past President of Paul’s Place Community Outreach Center and is a member of the Friends School of Baltimore Board of Trustees. She is a member of the Baltimore and Howard County Estate Planning Councils, the Partnership for Philanthropic Planning, and the Chesapeake Planned Giving Council. She received a JD from the University of Maryland School of Law in 2004 and a BA from Connecticut College in 2000.
Vernon Reid
T. Rowe Price (Ret.)
Vernon Reid
Vernon Reid is a retired investment professional with more than 40 years of outstanding service to the Baltimore Community. He is a Trustee and Director of the Enoch Pratt Free Library and a Board Member of the Baltimore Educational Scholarship Trust(BEST). Vernon was a Trustee of the T. Rowe Price Foundation, from 2004-2017, the charitable giving entity for the T. Rowe Price Group, Inc. He was employed with T. Rowe Price from 1999 to 2017 in Global Trading and from 1977 to 1987 in the Fixed Income Division. Prior to rejoining TRP in 1999, Vernon was principal partner of V.A. Reid and Associates. He attended the U.S. Naval Academy, holds a B.S. in business administration from Towson University and an M.B.A. with a concentration in finance from Indiana University.
Alex Riehm
Johns Hopkins Technology Ventures
Alex Riehm

Alex Riehm is the Director of the Social Innovation Lab at Johns Hopkins Technology Ventures. The Social Innovation Lab supports innovative non-profits, mission-driven companies and disruptive technologies that aim to create change and opportunity in Baltimore and beyond. Alex is also a founding member of the Development Innovation Ventures (DIV) team at the United States Agency for International Development (USAID). DIV is USAID's venture capital-inspired, tiered, evidence-based funding model which has supported over 180 awardees in the last 7 years. With DIV, he had the sincere pleasure of supporting the team's growth and development from 2010 to 2017. As a Portfolio Manager, he worked directly with 65+ DIV awardees and alumni as they pursued their diverse pathways to scale. Previous roles with the team include managing the selection process for new awardees. Prior to his time with USAID, Alex supported post-conflict community development programming and research in Northern Ireland. He holds a Masters in International Affairs from the George Washington University and is a proud adopted Baltimorean, University of Florida Gator, cook, and dog-walker.

James Wahls
Annie E. Casey Foundation
James Wahls
James Wahls is a senior investment analyst at the Annie E. Casey Foundation. Wahls works on the foundation’s social investments portfolio that comprises of mission-related and program-related investments. Previously, Wahls served as the impact investing manager at the W.K. Kellogg Foundation where he co-managed the foundation’s impact investments across various asset classes. Through both roles, Wahls has designed or led impact investments nationally to support access to capital for entrepreneurs, quality job creation, foreclosure prevention, education technology, school construction, and community economic development. Wahls holds a bachelor’s degree in history from the University of Michigan and received his juris doctor degree from the University of Michigan Law School. He is a member of the bars of Michigan and the District of Columbia.
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