1. PURPOSE

1.01        This Statement of Policy sets out guidance related to the management and allocation of investment income / (loss), investment management fees and core support operating revenue related to MakeWay’s ImpactDAF investments.  This policy supports the overarching ImpactDAF Investment Policy

2. SCOPE

2.01This policy applies to all ImpactDAF investments.

3. POLICY

3.01        Each ImpactDAF will be set up as a separate fund at MakeWay.

3.02        Each ImpactDAF will have its own segregated portfolio managed by a third-party investment manager. 

3.03        Each ImpactDAF will have a specific Investment Policy Statement.

3.04        The minimum donation amount for an ImpactDAF will be $1,000,000 CAD.

3.05        Investment income / (losses) including dividend income, realized gains / (losses) and unrealized gains / (losses) due to market fluctuations for each ImpactDAF will be allocated to that ImpactDAF on a quarterly basis. 

3.07        MakeWay management and administrative fees of 1.75% annually will be charged to each ImpactDAF on a quarterly basis based on current book value.

3.08        Additional investment expenses incurred based on each ImpactDAF’s specific portfolio will be charged to the ImpactDAF on a quarterly basis.

4. RESPONSIBILITY

4.01        It is the responsibility of the Finance department to review investment statements, calculate the allocation and review reasonability, and prepare related journal entries.

4.02        It is the responsibility of the Finance department to prepare quarterly ImpactDAF fund statements.

4.02        It is the responsibility of the Fund Holder to review their fund statements for accuracy.

5. DEFINITIONS

5.01        “Impact DAF” is a donor advised fund that is invested in a customized impact investing portfolio.

5.02     “Additional investment expenses” refers to additional underlying investment costs, administration, custody, audit, valuation, trustee, safekeeping, client recordkeeping and taxes.   

6. REFERENCES

011 Statement of Policy & Procedure - Investment Allocation Policy