Risk, Return and Social Impact

Demystifying the Law of Mission Investing by U.S. Foundations

Anne Stetson and Mark Kramer

2008, 129 pages. FSG Social Impact Advisors, 20 Park Plaza, Suite 320, Boston, MA, 02116, 617-357-4000, www.fsg-impact.org


This report provides offers a comprehensive analysis of the legality of mission investing, examples from leading foundations of mission investing in practice, and practical recommendations to foundations and their advisors to facilitate mission investing within the framework of the law. Suitable for foundation attorneys and advisors, as well as those foundation staff and board members seeking an in-depth study of the topic, the report analyzes the relevant Uniform Laws, IRS regulations and letter rulings, and relevant case law. In addition to a study of applicable federal tax law, it includes an in-depth analysis of the laws of California, New York and Oregon.

An accompanying document, A Brief Guide to the Law of Mission Investing for U.S. Foundations is a short 18-page booklet, suitable for foundation staff and boards, as well as their advisors, explaining in non-technical language the factors foundations must consider in making mission investments.