Broader participation and increased representation from larger institutions deepen this year’s findings

FEG Investment Advisors (FEG), an independent, employee-owned investment management firm with more than $100 billion¹ in assets under advisement (AUA), announced the release of findings from its latest Community Foundation Survey, providing insight into the evolving investment, governance, and operational priorities shaping the nonprofit sector.

Now in its 11th year, the FEG Community Foundation Survey provides year-over-year benchmarking and analysis across a broad range of investment and enterprise topics impacting community foundations nationwide.

“Community foundations continue to play an increasingly important role in supporting the long-term needs of the communities they serve,” said Alan Lenahan, Chief Executive Officer of FEG. “This year’s survey reflects the thoughtful and disciplined approach institutions are taking as they balance mission priorities, investment responsibilities, and broader organizational objectives.”

The detailed survey findings will be discussed during FEG’s Community Foundation Survey Webinar on June 24 and reflect how institutions are adapting portfolio strategies, governance structures, and planning amid changing market conditions and organizational priorities. To learn more or register for the webinar, visit FEG 2026 Community Foundation Webinar.

Key findings include:

• Spending Policy Stability
  Despite continued market volatility and economic change, spending rates across community foundations remained largely unchanged year over year, reflecting continued discipline across the sector.
  
  
• OCIO Adoption by Institution Size
  While overall outsourced chief investment officer (OCIO) utilization softened due in part to increased participation from larger institutions with more varied investment operating models, smaller and midsize foundations continued to increase adoption of discretionary OCIO partnerships.
  
  
• Private Markets
  Survey responses indicated a slowing pace of planned increases to private market allocations as institutions reassess liquidity needs and portfolio flexibility. At the same time, some organizations may view the current environment as an opportunity to access private markets at more attractive entry points.
  
  
• Values-Aligned Investing
  Institutions reported moderation in values-aligned investment implementation amid shifting market conditions, while donor interest in mission-related and values-aligned investment strategies showed renewed growth following prior periods of decline.
  
  
• Artificial Intelligence
  Interest in artificial intelligence continued to grow across the sector, though most organizations reported they remain in the early stages of evaluating operational and investment-related applications.
  
  
• Governance and Oversight
  Most respondents still have investment committees of 6 to 10 members, with impact investing and private markets among the main topics under discussion.

“Community foundations continue to balance their long-term investment objectives with increasingly dynamic mission and operational considerations,” said Jeff Weisker, Managing Director and head of FEG’s Community Foundation practice.

In 2025, FEG's AUA crossed the $100B mark, while the firm's OCIO assets under management doubled since Dec 2020.

FEG’s Community Foundation Survey collects data on a variety of financial and enterprise topics to provide insights on issues affecting the community foundation field. The survey is open to all U.S. community foundations and was completed primarily by senior-level investment decision makers. FEG received 121 responses across 30 states, up from 113 participants in the prior year’s survey and representing more than $51 billion² in assets.

About FEG Investment Advisors
FEG Investment Advisors is an independent, employee-owned investment management firm with more than $100 billion¹ in assets under advisement. For over 37 years, FEG has partnered with institutional investors to build and manage portfolios aligned with their long-term objectives and missions. The firm provides discretionary OCIO and advisory services to endowments, foundations, healthcare organizations, family offices, and private advisors across the United States, serving as a disciplined fiduciary partner. For more information, visit www.feg.com.

₁ Assets under advisement as of September 30, 2025.

₂ Assets under advisement were self-reported by respondents as of September 30, 2025.

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