READING, Pa. - Albright College was named small nonprofit of the year by "Foundation & Endowment Money Management" as part of the publication's 12th annual Foundation & Endowment Investment Awards, presented June 2 in Boston.
The publication, an arm of Institutional Investor magazine, praised Albright for careful management of its $54 million portfolio.
"Albright... has been able to work around the private equity market, where access has been notoriously difficult for smaller funds," it wrote. "... [T]he endowment has been a tiny but savvy player and has developed connections that have allowed it to enjoy unprecedented access to private equity deals."
The college's internally managed endowment enjoyed returns over the last half-decade that outpaced those of institutions with much larger funds, according to the 2012 NACUBO-Commonfund Study of Endowments.
"We don't try to time the market, which, as Charles Ellis wrote many years ago, is a 'loser's game,'" said Jay Yoder, a trustee and chairman of the board's investment subcommittee. "Instead, our strong performance is due to good governance, a smart investment policy, and the discipline to stick with that policy during tough times."
As of Dec. 31, 2012, Albright-controlled and -managed investments had returned 10.89 percent over the prior year; 9.72 percent over the prior three years; and 3.32 percent over the prior five years. college officials said.
The other nominees in Albright's category were Clemson University Foundation, LSU Foundation and University of Connecticut Foundation.
Allentown, PA 18102