Much has been written about the uncertain market environment and the challenges that non-profit fiduciaries face as they seek to reach their investment return targets. For many non-profit organizations, the investment program has provided a lever to fulfill their spending commitments, grow their asset bases, and support the needs of their communities. With interest rates at historic lows and the ability to meet long-term goals pared down by financial market volatility, many non-profits are reconsidering their approaches to their investment programs.

This Viewpoint explains why the following practices are critical to the success of a non-profit organization's investment portfolio:

• Clear outcomes
• Holistic and dynamic management
• Total-portfolio risk management
• Governance, structure and document alignment