Professional investment managers safeguard and invest the Community Foundation's funds. An investment committee comprised of members of the Community Foundation's Board of Trustees and others with investment expertise sets the overall investment policy and monitors the performance of these managers. The Community Foundation's accounts are audited annually by an independent auditor and are available for public review.

The Community Foundation's current investment managers are:

• BB&T Trust
• Brown Investment Advisory & Trust Company
• Citigroup Smith Barney
• First United Bank & Trust
• Frederick County Bank
• M&T Investment Group/MTB Investment Advisors
• Merrill Lynch
• PNC Institutional Investments
• Sandy Spring Bank

For more information about these investment managers or their fees, please contact the Community Foundation.

One hundred percent of each donation specifically earmarked for a particular fund is added to that fund. Thus, the Community Foundation meets its operating expenses in three ways:

• First, the Community Foundation receives many gifts from donors designated for operating expenses, including gifts received from members of The Widening Circles Society.
• Second, the Board of Trustees solicits gifts to be placed in a special fund called The Administrative Endowment Fund to support operations.
• Third, each fund is assessed a small management fee to help offset the costs of administering the Community Foundation. Scholarship funds are assessed a management fee of 1.5 percent annually. All other funds are assessed 1 percent per year.  The minimum annual fee charged each fund is $200.