Highlights of grantmaking include the continued funding for the operations and perpetual care of Terracina (1849) the home of Isabella and Charles Huston as well as their son Stewart Huston and his wife Harriet, Brandywine Mansion (1750) the home of Rebecca Lukens. Calvary Baptist Day School in Savannah, Georgia, received funding for furniture and the Media Center. The Hope House, a Savannah organization that assists low-income single mothers, also received funding. The Trust continued to employ an investment asset management organization who provides a diversified portfolio team of managers dedicated to specific classes of assets. The chief investment officer in charge of the Trust’s account provides the Trustees with an overall asset allocation performance review quarterly. Our asset value grew 10.3%, after all fees, for fiscal year 2007.
We believe our current structure enables us, through the efforts of the ten specialist managers, to review and act on opportunities in different asset classes. Our manager is also helping us review some of the investment issues that have become more mainstream in recent years like indexing, alternative investments and hedge funds, upside capture, etc. Many of the practices we are currently following were highlighted by our peers in publications like the recent 2005 NACUBO Endowment Study.
The Trustee meetings were divided between Savannah, Georgia, the home of both Cann Trustees, and Coatesville, Pennsylvania, the headquarters’ office of the Trust. The Trustees continue the legal services of Morgan, Lewis & Bockius, LLP, and the accounting services provided by Rainer and Company, Inc.
The Huston Properties, Inc., a wholly owned subsidiary managing the Trust headquarters building, continues to work closely with the residents and elected officials of the greater Coatesville community.