Five attributes that distinguish TIFF from the many vendors seeking to manage money for eligible charities:
I. TIFF is a cooperative-style investment organization that does not seek to earn a profit. While TIFF pays its staff competitive compensation, TIFF does not have any equity owners seeking to make a profit on TIFF's business. As a result, TIFF offers its products and services at a fee level we believe to be very competitive, and TIFF does not face the asset-raising pressures that many commercial investment firms may face.
II. TIFF is an organization that exists solely to help eligible charities seek to earn enhanced investment returns. TIFF's focus is singular. We do not offer IRAs, 401(k)s, checking accounts, or brokerage accounts. TIFF manages money for one class of investor - endowed non-profit organizations. TIFF's investment programs help such charities exploit the economies of scale inherent in many aspects of investing. TIFF uses its considerable expertise in endowment management to identify and implement "best practices" on behalf of its non-profit members.
III. TIFF does not seek to capture a dominant share of the huge "market" that it seeks to serve. Beyond a certain hard-to-define point, size can become the enemy of success in investing. TIFF prefers to seek excellent investment results on behalf of a limited number of members rather than achieving mediocre results by stewarding too large a fraction of the $1 trillion plus in assets that eligible non-profit organizations control.
IV. TIFF's staff is highly experienced, passionate about its work, and has the proper incentives. Consistent with its aim of seeking to produce superior results for a limited number of members, TIFF has no marketing staff and does not reward its staff for attracting new accounts or capital. Rather, it attracts and retains skilled professionals by offering them a stimulating work environment plus compensation plans that link their incomes directly and materially to the returns they produce for TIFF's members. This attribute, perhaps more than any other, makes TIFF's culture distinctive in the money management world.
V. TIFF's boards comprise some of the most talented and accomplished institutional investors in the world. TIFF's outside board members serve because they enjoy access to the dynamic, continuous, and valuable exchange of ideas among TIFF's boards and staff and because they desire to give back to the non-profit sector by sharing their investment expertise with other charitable organizations. The majority of board members currently serve as volunteers who receive no fees or salary but are eligible for expense reimbursement and a matching charitable gift program offered by TIFF.
