Over the past several years, the Oak Park-River Forest Community Foundation has been making changes to ensure every aspect of the organization and its work reflects its mission to advance a racially just society and equitable outcomes for residents of Oak Park, River Forest and surrounding communities.
“As a philanthropic institution, we have the ability to not only partner with local organizations working to solve the complex problems facing our region, but also to invest our assets in ways that can help reduce many of these problems at their root,” said Sheryl Martin, chief financial officer of the Foundation.
As it works toward the goal of 100% alignment with its mission, the Foundation is changing the way its investments are structured so they reflect best practices in the field — sustainable, responsible investing, with special attention given to investments that have particular relevance to racial equity and justice. As part of this shift, the Foundation recently named Bivium Westfuller (BWF) as its outsourced chief investment officer (OCIO). An OCIO works with the organization’s investment committee and senior leadership to determine appropriate investment goals, asset classes and risk parameters, in accordance with the organization’s mission and strategy.
The Foundation’s new investment strategy will encourage publicly traded companies to end practices that harm communities of color and adopt practices that promote racial justice through shareholder pressure — for example, by disclosing employment statistics on the racial makeup of their workforce. The strategy will also allow the Foundation to avoid supporting companies whose business practices or products do not align with its mission.
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