Page 8 - 2023 JSF Annual

Belle Liang and Tim Klein (2022) posit in their book How To Navigate Life, “No other human, no matter how well- meaning, can give another the answers to their purpose question.” (p. 118).
Our partners are clear about the purpose of their organization — using education as a force for change — so we play a small part in their efforts while we educate ourselves. After all, education is an enlightening experience for all. The environment in which many of them work communicates their purpose clearly, and the students with whom they work embrace the power of education. This leads to social and economic self- sufficiency.
JSF has maintained its steadfast support and continued intentional partnership, using its treasury as the vehicle, to enable education as a powerful force for change. The Board continues to develop strategies and make decisions that align with the Foundation’s focused mission and goals.
Our financial goal of generating long-term returns to provide grants and grow our asset base in real dollars remains the same. Global financial markets in 2023 were defined by volatility as investors navigated the effects of inflation, geopolitical tensions, policy decisions, and post-pandemic consumer trends. Despite the volatility, most asset classes ended 2023 on a positive note. This benefited the Foundation and it generated an 11.5% return over the year.
Returns over the year were led by global public equity markets. Within the U.S., the S&P 500 gained 26.3% in 2023, exiting the bear market and falling just short of all-time highs registered in early 2022. Public equities outside of the U.S. also generated strong growth. The equity market strength was a strong tailwind for the Foundation given its significant equity allocation. Returns across alternative strategies and fixed income were more modest as high inflation and interest rate volatility dampened returns.
The visual display on the chart on the next page communicates information about our investments, asset allocations, and charitable expenditures for the year ending December 31, 2023. Our annualized total asset goal remains the same at 5% plus the rate of inflation. Our annualized total portfolio value grew from –13.1% in 2022 to 11.5% in 2023. Our real growth in total assets was 2.22% compared to last year’s -24.21%.
The Foundation’s investments have grown from $238 million in 2022 to $251 million in 2023. The Foundation is doing well, and our financial standing is sound.
Page 6 Annual Report
A MESSAGE FROM THE
TREASURER
Bea O. Awoniyi, PhD