Stewardship: How The Rotary Foundation Works to Make the Most of Your Contribution
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As a global organization operating in over 200 countries and geographical areas and in 29 currencies, Rotary takes stewardship of its funds very seriously. Learn how The Rotary Foundation works to ensure that Rotarians’ donations reach project recipients efficiently to make sustainable change.
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Stewardship: How The Rotary Foundation Works to Make the Most of Your Contribution
- 1. 2016 ROTARY INTERNATIONAL CONVENTION STEWARDSHIP Ensuring your gifts make an impact!
- 2. STEWARDSHIP: The responsible oversight and protection of something considered worth caring for and preserving STEWARDSHIP: A way of life at The Rotary Foundation
- 3. STEWARDSHIP IS WHO WE ARE Assuring Grant Quality Ensuring Impact Stewardship is not a single action – it is a value that links staff and volunteers. Managing Your Donations
- 4. MANAGING YOUR DONATIONS Stewardship begins with the receipt of contributions and continues through payment and use of funds Contributions Investments Payments for programs and operations
- 5. MANAGING YOUR DONATIONS TRF Investment Booklets Trustee Oversight Investment Committee Investment Advisor Investment Managers Staff Investment Professionals Investment Policy Statement Monthly Reporting
- 6. The Rotary Foundation Funding Model The Operating Reserve MANAGING YOUR DONATIONS $
- 7. ASSURING GRANT QUALITY _Sustainability Enduring Impact Enduring Impact - providing long-term solutions to community problems that community members themselves can support after grant funding ends. Larger $ Value + =
- 8. ASSURING GRANT QUALITY Program Strengths Increasing Rotarian preparedness to participate in Rotary Grants Increasing participation in Rotary Grants High support for the $30,000 minimum budget High support for sustainability concept Improved satisfaction with the online system since launch BUT WE KEEP LISTENING!
- 9. ASSURING GRANT QUALITY Opportunities Develop new grant type to support projects of significance in the areas of focus Continue to communicate recent improvements in training to increase awareness about resources Improve targeted areas of dissatisfaction with the online tool Further improvements to helping clubs find project partners and increase participation in Rotary Grants
- 10. ASSURING GRANT QUALITY Key Themes Sustainability remains an important improvement over the traditional grant model. “We’ve always been a big matching grants district. But they would be here, there and everywhere. You go back in three years, and maybe there’d be an old Rotary wheel in the trash heap from a well that went dry.” [Hawaii Focus Group] “I think, if done properly, it can make more impact in the communities that we want to help rather than the old grant model, which is not so focused on sustainability.” [Philippines Focus Group]
- 11. ENSURING IMPACT Staff Ensuring Impact COLLABORATION THAT DRIVES VALUE: Trustees, Cadre, Staff Volunteers + =
- 12. ENSURING IMPACT WE ARE THE CADRE: Provide technical expertise and advice to Rotarians planning and implementing Rotary grant projects around the world
- 13. ENSURING IMPACT Membership Over 600 Rotarians from 67 different countries & geographic regions Activity in 2015-16 275 Formal TRF Assignments (April 2016) $40.7million – total funding of the projects evaluated Involvement from project’s start to completion
- 14. ENSURING IMPACT • Proactive monitoring – audits and programmatic review • Feedback meetings and written follow-up • Regular reports to the Trustees
- 15. STEWARDSHIP IS WHO WE ARE Assuring Grant Quality Ensuring Projects Make a Difference Stewardship – Ensures Rotarians that their contributions “DO GOOD IN THE WORLD” Managing Your Donations
- 16. “…The Rotary Foundation has gained prominence on the world stage. Governments trust us, and nongovernmental organizations want to partner with us to achieve mutual goals. Our careful stewardship of funds has been recognized as well.” -Jonathan Majiyagbe, June 2008
- 17. LEARN MORE! About Investments https://www.rotary.org/myrotary/en/document/rotary-foundation-investment- information About Global Grants https://www.rotary.org/myrotary/en/document/guide-global-grants About the Cadre https://www.rotary.org/myrotary/en/take-action/apply-grants/cadre-technical- advisers
- 18. Rate this session! Your feedback is valuable so remember to complete the brief session evaluation in the convention mobile app. To download the app, search for “Rotary Events” in your Apple or Android app store. This presentation and others from throughout the convention are available through the convention mobile app and on SlideShare at www.SlideShare.net/Rotary_International.
Notes de l'éditeur
- ERIC The Rotary Foundation is one of thousands of foundations around the world that work to help humanity. What sets The Rotary Foundation apart is its global nature – allowing Rotarians to do good not only in their local communities but to work with other Rotarians to provide sustainable solutions for people in need. The Rotary Foundation takes its mission seriously ensuring that every dollar received is put to work. Attention to stewardship, in all its processes assures all donors that their contributions will create sustaining value.
- Eric What does stewardship mean? Stewardship is careful oversight. It means that The Rotary Foundation uses its resources to maximize value for its donors. But its not just about the donors The Rotary Foundation is concerned with all its constituents. The Rotary Foundation takes great care in evaluating grants and implementing projects to ensure the outcomes provide a permanent positive impact. Stewardship isn’t just a definition, Stewardship is a way of life at The Rotary Foundation. It is just part of everything we do.
- ERIC Stewardship begins immediately when funds are received. Money is managed carefully to ensure that the right amount of funds are available at the right time in the right currency just when they are needed. Grant Application and Screening ensures that all applications are detailed and thorough, consider all aspects of the people, culture and communities that will be affected. Lessons learned from other projects are incorporated in the review to ensure that approved grants have the best chance of creating a long terms positive change. Every 3 years the programmatic quality is reviewed using the science of evaluation research to assess the effectiveness and the efficiency of individual projects and all TRF programs. The stewardship team, assures that sponsor clubs and districts are qualified and—at every step in the process—TRF donor monies are spent for the precise purposes intended by the Trustees, and without misdirection or waste. The Cadre of Technical Advisors has the unique role of supporting stewardship throughout all processes. Stewardship is not a concept. Stewardship is the combined actions of volunteers and staff that create sustained valued for people and communities.
- SAM Stewardship is a continual process. Stewarding never stops. As Eric said, Stewardship begins from the time that funds are received: Contributions are received in 28 different currencies deposited into 113 bank accounts around the world Banks are constantly reviewed to ensure financial soundness & stability of banks and ability to deliver the funds to the right place when they are needed On the next slide, I will cover more about investments but let me simply say that a combination of Rotarian experts and qualified staff work to ensure that the money contributed is safely invested so that it is available when needed and earns a reasonable return. With respect to payments – processes have been designed to safely transfer funds to club and district accounts to fund projects. internal checks and balances are in place to prevent diversion of cash and unauthorized transactions. THIS IS ONLY FOR INFORMATION – NOT PART OF THE PRESENTATION: Rotary’s three largest portfolios are the TRF Annual Fund, the TRF Endowment Fund, and the marketable securities portion of the RI General Surplus Fund, which we refer to as the RI General Fund. The TRF Annual Fund holds three years’ worth of Annual Fund contributions and is invested to generate earnings to pay for TRF’s fund development and general administrative expenses, which I’ll refer to as operating expenses . A portion of the Annual Fund, known as the Operating Reserve, is invested with a primary focus on preserving capital. During those years when Annual Fund investment earnings are not sufficient to pay for operating expenses, a portion of the Operating Reserve is used. Should cash inflows not be enough to cover grant payments, the Annual Fund can also provide liquidity for working capital needs. However, most of the time we receive more in Annual Fund contributions than we pay in grants funded from the Annual Fund. At the end of March, there was $458.1 million in the Annual Fund’s investment portfolio. TRF’s Endowment Fund hold the contributions the Foundation receives for investment in perpetuity. The purpose of this fund is to generate spendable earnings to support primarily program expenses and then to a lesser extent program operations and fund development and general administrative expenses. In addition to spendable earnings, return objectives also take inflation into consideration so we can grow the fund over time to preserve purchasing power and balance today’s spending needs and tomorrow’s. At the end of March, there was $340.9 million in the Endowment Fund, When expectancies are taken into consideration, which are the bequests Rotarians have told us they are leaving to the Endowment Fund as part of their estate plans, the Endowment Fund is over $1 billion, and the Trustees have set a lofty goal of increasing the Endowment Fund assets plus expectancies to $2.205 billion by the year 2025. The RI General Fund exists to help maintain a reserve for Rotary International and to provide investment earnings to supplement revenue. One of the considerations regarding this portfolio is whether to invest a portion of it similar to the Operating Reserve, and as part of this we’ll need to consider the impact to investment returns of a portion invested to preserve capital rather than to generate returns. The RI General Fund also provides a source of liquidity for working capital when cash inflows are not enough to pay RI’s operating expenses. At the end of March, there was $81.9 million in the RI General Fund.
- SAM The Investment process is a true collaboration of volunteers and staff The Rotary Foundation Trustees have ultimate oversight of investments: They set the investment policy and asset allocation and receive and consider recommendations from the Investment Committee The Investment Committee was chartered as a committee of The Rotary Foundation, and it reports directly to the TRF Trustees and has oversight of the funds of Ri and TRF The Investment Committee includes three TRF Trustees, one of whom is the committee chair and one of whom is usually the TRF Finance Committee Chair. The committee also includes six non-Trustee Rotarians that are investment experts appointed for six year terms. The Investment Committee is responsible for reviewing and monitoring the performance of Rotary’s investment portfolios, determining investment strategies, formulating and recommending investment policies for approval, and reviewing and approving the hiring and firing of investment managers. The investment advisor (New England Pension Consultant) is responsible for development and recommend investment strategies to the committee. The also provide preliminary due diligence on investment managers The investment staff work closely with the committee and implement the committee’s decisions Investment Information is available on line at Rotary.org and provides complete transparency regarding investment policy and outcomes: Including the investment policy statement, current investment manager appoints and historical returns. The Rotary Foundation has three major portfolios – the ANNUAL FUND, the ENDOWMENT fund, and the POLIOPLUS fund The Annual fund holds investments of 3 years of contributions; the endowment holds contributions from donors to be invested in perpetuity, and the PolioPlus Funds invests contributions that are spent typically within one year.
- SAM Finally, The Rotary Foundation has implemented a funding model to ensure that there are is sufficient money to fund projects in the majority of economic situations. An Operating Reserve has been established to fund operating expenses in years when the net investment returns are not sufficient. This allows The Rotary Foundation to continue to provide projects and positively impact lives even during difficult economic times.
- PAM One of the biggest lessons learned from the Matching Grant program was the difference between a successful project, that had the sponsor’s intended result of improving people’s lives, and those projects where the ultimate benefit rapidly faded after the initial enthusiasm. All projects, whether successful or not, require significant work and money. The Foundation wanted to help sponsors ensure that the projects in which they invested their time, effort and funds ultimately yielded the results they intended. With this in mind, the Trustees created global grants. Global grants are required to include sustainable elements – what one might call a success plan – to ensure that the communities where they take place really are better off once the Rotarians’ work is done. Rotary grant officers, area of focus managers, RRFCs and cadre members are all ready, willing and able to offer help with project design to ensure that the money that is spent on projects ultimately results in improvements to people’s lives.
- PAM Just this year the Programs Committee completed the 3 year review of the global grants program, which provided comprehensive data. Part of the feedback included an assessment of program strengths. They include: Rotarian preparedness to participate in Rotary Grants is increasing Rotarians participation in Rotary Grants is increasing the minimum grant budget of $30,000 is strongly support The sustainability concept is strongly support and there is improved satisfaction with the online system since launch This is great news and shows that the global grants program is making a difference. It has been big change for Rotarians, clubs and districts so we keep listening and refining our approach.
- PAM The Programs Committee discussed a number of opportunities that the Trustees should consider as part of the introduction of the new grant model: The Foundation needs to develop new grant type to support projects of significance in the areas of focus in preparation for the end of polio – regardless of whether there is a corporate project or not – we need to build Rotary’s capacity in each area to know where we have the potential to have the greatest impact We have an opportunity to take advantage of recent improvements to training, communication and change management to increase Rotarian awareness about resources We now have the data from the grant model evaluation that can be used to target areas of dissatisfaction with the online application tool and make improvements We can consider further improvements to helping clubs find partners and collaborate on projects to increase participation in Rotary Grants more efficiently Constant attention to improvement with an eye to sustainability and positive impact will allow The Rotary Foundation to continue delivering valuable programs into the future.
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- PETER There are several aspects to the Foundation’s Quality Assurance efforts. The Rotary Grants team reviews all applications to make sure that they are complete and meet all qualifying criteria. The Stewardship team assures that sponsor clubs and districts are qualified and that TRF donor funds are spent for the precise purposes intended by the Trustees, and without misdirection or waste. Rotary’s strategy team uses evaluation research to assess the effectiveness and the efficiency of individual projects and all TRF programs. The Cadre of Technical Advisors has the unique Foundation role of supporting all three Quality Assurance functions.
- PETER CADRE PLAYS CRITICAL ROLE in Supporting the Foundation’s stewardship efforts Cadre members are Rotarian volunteers with professional skills in each of the areas of focus and financial auditing. They work with TRF throughout the full life cycle of the grant to ensure stewardship of Rotary funds while Rotarians are planning, implementing, and monitoring. Cadre Members use expertise to: ADVISE Rotarians planning and implementing projects ASSIST the Trustees in the review and approval process ENSURE stewardship by evaluating and auditing the implementation of TRF projects after approval SHARE Best practices for project implementation and financial management
- PETER The Cadre program continues to experience tremendous growth – both in numbers and activity. This year, our membership has grown by more than 30% from Rotary year 2013 – 14. We now have over 600 members in 67 countries. We also conducted a record number of assignments including pre-application site visits and technical reviews, interim monitor site visits, and audits. These reviews included more than 275 grants totaling over $40 million. These cadre reviews ensure proactive monitoring of Rotary’s funds and help to support Rotarians doing good in the world.
- PETER In 2014-15 the Stewardship Dept. also established a number of new processes and requirements to add transparency to the cadre process. All cadre are now conducting a Site Visit Feedback meeting at the end of every visit. These offer an opportunity for cadre members to sit down with project sponsors and summarize the cadre finding in an open setting. At this time, they can: Discuss project strengths and weaknesses Provide advice, suggestions, and offer guidance on next steps Share experiences via two-way communication Staff are also conducting surveys of Rotarian sponsors following cadre visits giving them an opportunity to provide feedback on the cadre site visit experience. This allows us to revise and strengthen future visits and improve the overall cadre process And there are a number of tools on the RI Website connecting cadre members and Rotarians seeking advise or looking to share experiences. One example are the Rotary Discussion Groups which provide a platform for Rotarians planning projects an opportunity to ask and interact with cadre experts
- ERIC Stewardship is part of the foundational principles of The Rotary Foundation. Attention to stewardship in everything we do allows the donors, the grant recipients and the people affected by the projects to be assured that monies contributed will lead to sustainable , meaningful change. Stewardship separates The Rotary Foundation from other charitable organizations. Your money will not be diverted. Your money will make a difference. You can be assured that your contribution will DO GOOD IN THE WORLD!
- ERIC This history of attention to stewardship has had long term positive impact on the public image and awareness of The Rotary Foundation. As Past President Jonathan Majiyabe noted in his speech. The attention to stewardship The consistent delivery of high quality projects The continued learning and improvement Have all allowed Rotary to play a prominent role in humanitarian programs Rotary is a trusted partner and continues to deliver long term sustainable projects to change the world
- ERIC If you are interested in learning more about The Rotary Foundation and its stewardship activities, you may wish to visit the sites shown here. I would like to open up for questions now.