Page 8 - JSF Annual 2024 final

A Message from the Treasurer
Authentic organizations live their mission in a transparent way because they are driven by it. In 2018 Washington Post
reporter, Amy Wang, published an article about October Books in Southampton, England, whose mission goes beyond selling books. Wang wrote that because the bookstore was successful in creating an environment where people gather to form a community, it was easy for the community to come alongside them to form a human chain to help move thousands of books across the 528 feet distance to their new location.
JSF is fortunate to partner with organizations with aligned missions. These partnerships help move our own mission forward and support them to accomplish their goals while we gain new friends and expand our community in the process.
The committees accountable for monitoring our investments and finances, the Investment and Audit & Risks committees, continue their regular oversights to ensure that the Grant Committee will have confidence in looking for good and mission- aligned partners. The transparency continues with a monthly report by our Chief Financial Officer.
Also, our financial records are independently audited annually and have been since 1991. These and other financial documents are available on our website, jsf.bz.
Throughout the year, global markets faced geopolitical challenges, shifts in monetary policy, and an emphasis on resilience. Despite persistent volatility, most asset classes posted positive performance. Within this environment, the Foundation achieved a return of 11.4% for the year.
The U.S. equity markets in 2024 closely mirrored those of 2023, with strong gains driven primarily by technology and tech-oriented sectors. Growth stocks outperformed value stocks, and large-cap companies surpassed their small-cap counterparts, culminating in a 25.0% return for the S&P 500. This was a significant driver of performance for the Foundation given its meaningful allocation to U.S. equity. International developed market equities and emerging market equities delivered positive returns but lagged the U.S. by a wide margin with a strong U.S. dollar creating significant headwinds. Alternative strategies captured a portion of the equity market upside but generally yielded more subdued returns compared to U.S. equities. In the fixed income space, performance was mixed, as a sharp steepening of the U.S. yield curve resulted in negative returns for longer-dated securities.
The chart on the next page is a visual display of our asset allocations and charitable expenditures for the year, ending December 31, 2024. Our total asset goal is based on a revised policy of 5% + 2.5% (estimated inflation rate). Our annualized portfolio investment return, according to Prime Buchholz, was 12.0% in 2023 compared to 11.4% in 2024. Our real growth in total assets (the change in our total assets in excess of the Consumer Price Index) was 3.13% compared to the prior year’s 2.79%. The Foundation’s investments increased from $253 million in 2023 to $268 million in 2024. The Foundation is doing great, and our financial standing is very stable.
Bea O. Awoniyi, PhD
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