Quarterly Update
October 30, 2015
BTCF Board Appoints Next President
Peter Taylor (pictured) will be the fourth president in the foundation's nearly 30-year history.

It is our great pleasure to share the news that after a national search, the board of directors has appointed Peter Taylor as the next president of Berkshire Taconic Community Foundation. He will begin his service with us in early January 2016.

Peter comes to Berkshire Taconic from the Maine Community Foundation, a statewide community foundation with $400 million in assets and 1,500 funds, where he is vice president of programs.

"It's an extraordinary opportunity to succeed Jennifer Dowley as the next president of Berkshire Taconic Community Foundation," said Peter. "I believe deeply in the powerful role of community foundations in helping donors achieve their charitable goals and nonprofits meet their missions. I look forward to leveraging Berkshire Taconic's strengths and identifying new ways to lead on key issues and increase impact." Read the press release  
GRANTEE SPOTLIGHT
Aging Comfortably with Chore Service
Chore Service client Karl Saliter (seated) with volunteer Toli Fliakos (left) and daughter Donna.

Karl Saliter moved to Sharon, Conn. in 1969 with five kids and no job. He had been let go at the worst possible time for a fuel purveyor to get started in a new market. "So I decided to fight the problem," said Karl in a recent interview. "I went out and competed with the company that had fired me." 

Over the course of nearly 30 years, Karl went from a client base of zero to 3,000. "Everybody in the tri-state area knows him," says Toli Fliakos, Karl's caretaker. "He's always been modest about his success."

When Karl retired in 1997 and began to lose his mobility, he did not want to give up his busy social schedule. His daughter Donna connected him to Chore Service, a nonprofit organization that helps senior and disabled residents of all economic levels continue to live their lives comfortably with support from caretakers and housekeepers. For the last three years, Chore Service has received funding from Berkshire Taconic Community Foundation's Madeleine Beattie Wildes Fund, which provides grants to nonprofits serving residents of several northwest Connecticut towns who require assistance due to sickness or financial need. (Chore also invests its endowment with BTCF). Read more 
$1.5 Million Granted in Fall Cycle


In our third round of 2015 grantmaking, Berkshire Taconic distributed a total of $1.5 million: $101,948 in grants to schools, artists and individuals interested in pursuing education or training in a field of health care, and grants totaling $1.4 million from donors with charitable funds at the foundation. 
 
Through our competitive grantmaking, Berkshire Taconic awarded grants from the Adams Cheshire Educational Partnership (ACE), Gateway Fund, Pauline Young Music Fund, Martha Boschen Porter Fund and Tabor Foundation Fund.

A full list of grants and grant recipients can be found at www.berkshiretaconic.org/fallgrants




Quick Links
President's Message
 
My heart is full of gratitude as I write my last update to you as president of Berkshire Taconic. While I will remain on the job until December 31, the next quarterly dispatch will come from Peter Taylor, who as you are learning has been chosen by the board to succeed me. This terrific news caps a transition process that has been conducted with immense thought and care by our talented board.

As I reflect on our work together, I can't thank you enough for your partnership over these last 16 1/2 years. Our collective efforts have been truly inspiring and have made an unmistakable difference to all of our communities. Read more
Upcoming Grant Deadlines

End of Year Dates to Remember
GIFTS
Friday, December 18
Contact your financial institution to request  stock transfers by this date so that BTCF receives the stock by the December 31 deadline. 

Thursday, December 31
This is the last business day of the year to make a charitable gift. We'll be open until 5 p.m.

GRANTS
Friday, December 11
Donor Advisors: Kindly submit your grant recommendations for 2015 by this date to ensure your grant is received by December 31.
Contact Us
Berkshire Taconic
Community Foundation


800 N Main Street, PO Box 400
Sheffield, MA 01257-0400
t: 413.229.0370
f: 413.229.0329

info@berkshiretaconic.org
berkshiretaconic.org
Investment Returns as of 9/30/15
 
YTD
2015
1-Year Return
3-Year Return
5-Year Return
10-Year Return
Managed Pool*
- 2.4
- 1.4
6.6
6.4
5.7
Managed Pool Benchmark
- 2.8
- 2.1
6.1
6.4
4.7
Income Pool
- 2.1
- 1.0
0.3
1.7
N/A
Money Market
0.0
0.0
0.0
0.0
N/A
Socially Responsible Investment Pool
- 3.6
0.6
8.5
7.3
N/A
Berkshire Taconic Community Foundation's Managed Pool portfolio declined 5.1% in the third quarter of 2015, bringing the year to date performance down 2.4%. Notwithstanding, since inception in August 1999 the portfolio has generated an annualized return of 6.2%, outperforming a traditional global blend of assets (65% MSCI AC World Index/35% Barclays Global Aggregate Index) by 2% with substantially less volatility. Its ten-year average annualized return has outperformed the policy benchmark by a full 1%.

Strong relative performance from the foundation's investment managers helped to offset a general decline in global equities for the most recent quarter, and as a result, the portfolio outperformed its benchmark Index by .40%. However, the weight to domestic equities in a period that experienced a general market correction prevented higher gains from the non-U.S. (developed and emerging equity) and private equity segments of the portfolio. The foundation's flexible capital portfolio experienced minimal losses and remains positive (0.7%) for the year, with all managers outpacing their respective HRFI benchmarks. The fixed income segment of the portfolio contracted 1.4% and somewhat below the Barclays Capital U.S. Aggregate Bond Index, which increased 1.2% during the quarter. 

The foundation's portfolio has been built for a variety of market conditions in an effort to generate long-term performance in excess of inflation and grantmaking needs, with a high degree of diversification. While mindful of the market environment, the investment committee remains committed to the long-term, strategic management performance goals, making only modest adjustments to the asset allocation and replacing non-performing managers when necessary. 

*Portfolio assets were $106.6 million at September 30, 2015, and the portfolio distribution was 58.2% global public equity, 6.8% global private equity, 24.7% flexible capital, 1.2% inflation hedging, 7.7% global fixed income, and 1.4% liquid capital. During the quarter, the foundation increased its investments in the Causeway Global Value Fund, Highclere International Smaller Companies Fund, and the Dodge & Cox International Stock Fund, and made a new commitment to the Warburg Pincus Private Equity Fund XII.

For more information on the foundation's investment performance and managers, please visit our website or contact Vice President for Finance and Administration A. J. Pietrantone at by email or 413.229.0370.
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