march 5, 2004

DEL MAR TIMES

Del Mar Foundation announces Endowment & Investment Advisory Committee

By Lynn Gaylord

Over the last 22 years, the Del Mar Foundation has sponsored the Summer Twilight Concerts, the "First Thursdays" cultural arts series of lectures and concerts, children's events, family picnics, luaus and much more. We have directed such important projects in town as the restoration of the Del Mar Powerhouse and installation of public art. We have incubated community organizations such as Community Connections and the Friends of the Powerhouse. Acting this year as fiscal sponsors for the Garden Club and the beautiful Library Wall Mosaic as two examples, we believe we are helping to build civic pride in our beautiful community.

We are now embarking on a new and vitally important task. We have assembled a few of the very best and brightest investment-minded citizens to manage endowments entrusted to the Del Mar Foundation. Asked by the San Dieguito River Park Joint Powers Authority to manage and grow $500,000 over the next 30 - 40 years for lagoon maintenance, the Foundation formed an Endowment and Investment Advisory Committee. For background on this endowment, please see the article in last week's Del Mar Times (February 27, 2004). It is also available from www.DelMarFoundation.org "In the News."

This talented new investment team is comprised of Richard Hertzberg, Laura DeMarco, Charlie Gaylord, Joe Sullivan, and Joel Holliday. Over the last two months they have met extensively to work out a very sophisticated management and control policy as well as an agreement with the JPA over the management and eventual disbursement of these funds. Experienced with investments with many more zeroes than this sum of $500,000, this dedicated team treated this endeavor as if it were dealing with monies of their own.

Individually and together they are quite an impressive group. Between these five individuals they have over 150 years of work experience as CEOs, CFOs, and members of the Boards of public companies. They are board members and consultants to major universities and foundations. Together they have put in years and years of undergraduate and graduate degrees in management, engineering and finance. Three are graduates of the prestigious Harvard Business School.

Asked why she chose to accept this huge responsibility, the Chair of the Investment Advisory Committee Laura DeMarco said, "I just see it as a great opportunity to contribute my investment knowledge to the community." So humbly spoken by the woman who helped to take the investment management firm of Nicholas-Applegate from $100 million in assets when she joined in 1985 to over $40 billion by the time she retired last year.

"I am grateful that I can be of some use to my community," said Dick Hertzberg when asked to give of his time. "It's a good feeling to be able to give back to such a worthy endeavor." Dick is currently the Chairman of Chancellor's Associates at UCSD and a member of the Board of Trustees of the UCSD Foundation.

With this investment team, the Del Mar Foundation now has the capability to set up endowments for the community. Perhaps you would like to see flowers in every median, make sure senior citizens can always afford to live in Del Mar, or like the fact that we may someday have a civic center. Please keep in mind that this can all be done right here, right now at the Del Mar Foundation. If you are interested in setting up an endowment, call us at (858) 635-1363.