A fiduciary is anyone who has the legal responsibility of caring for someone else’s money. All foundation board members and investment committee members would generally be called fiduciaries.
Fiduciaries do not have the legal responsibility of hitting home runs with the investments under their care; there is no “target” of 6% or 8% annual return that you need to meet. The law does require, however, that fiduciaries be well informed about the assets and follow a prudent process in caring for the assets entrusted to them.
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