The Robert Toigo Foundation

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Robert Toigo Foundation
A n n u a l R e p o rt
focus | fōkəs | noun
fortit
1 the center of interest or activity
• an act of concentrating interest or activity on something
2 the state or quality of having or producing clear visual definition
• another term for focal point
foc
fortitude | fôrtətood | noun
1 courage in adversity
tude
Operating in a New Reality
In 2009, the finance sector was in an unprecedented cycle of rapid rises and dramatic falls. The
resulting impact on non-profits, and specifically those such as the Toigo Foundation dedicated to serving
the industry, has been profound. At the same time, the crisis within the finance sector validated the
need for new, more diverse leadership—in short, the Toigo mission.
In the first half of 2008, Toigo had one of its strongest growth periods in our 20-year history. With
focus and fortitude, Toigo skillfully secured commitments of more than $4 million in support of our
Foundation’s Legacy of Leadership Campaign—a welcome infusion of funds in an otherwise tough
philanthropic environment that continued through 2009.
cus
We demonstrated agility and foresight by focusing early and often on cost-containment measures,
coupled with an aggressive pursuit of 2008 year-end funding commitments. While some non-profits
scaled back operations or closed in 2009, Toigo pursued a different path: The Foundation redirected
investments into areas that could directly and positively impact minority retention. After dedicating
tremendous time and resources to attracting diverse professionals into finance, our objective was to
help prevent minority talent from being disproportionately affected by the industry’s volatility. There was
heavy emphasis on career management services and programming that directly benefitted the Toigo
network of 1,000+ Fellows and Alumni.
2009 also brought with it new compliance guidelines and reporting requirements for non-profits,
an onerous task if an organization does not have adequate systems of controls and procedures
beyond active governance practices. The new requirements ensure better transparency and reporting
consistencies, and make it easier for donors and potential donors to ask and answer financial and
reporting questions. Because of the strong governance policies and procedures in place, Toigo was able
to meet the new requirements with ease—and is now benefitting from more robust reporting.
With market shifts come demand for increased focus and innovation. We believe Toigo stepped up
and delivered on all fronts—responding to the growing needs of minority professionals in a volatile
economy coupled with prudent cash management. We tackled these challenges as we celebrated a
key milestone, our 20th anniversary year. In fact, we used the marker as an opportunity to examine our
programs and expand our roadmap to position the Foundation for added strength and relevance in the
decade ahead.
Nancy Sims | President
Robert Toigo Foundation
What We Do. What We Deliver.
Why We Are Different.
The Toigo community is a showcase of multi-cultural talent and the power that
diversity of thought delivers. We’ve built a brand that spans more than 20
prominent business schools across the country. Toigo represents a mark of
achievement, integrity, drive and leadership that transcends the business degree
and is embodied through our program’s participants.
The Toigo brand and organization has gained momentum over the years in large part
because of our market-driven operating style and ability to identify and act on donor
needs. In tough economic times, we saw other organizations retreat and scale-back.
Toigo’s mindset was different. We recognized that a changing market environment
would place different demands on our key constituents, and adroitly focused our
services to address those needs.
Our work begins with young minority professionals entering business school and
continues throughout their careers. This support of minority professionals through
every key phase of their careers sets Toigo (and our Fellows and Alumni) apart. The
close interchange between Toigo, minority talent, and industry firms is at the core of
Toigo’s culture. It’s part of our DNA, and allows for the feeling of family to transcend
even as the organization grows. It’s what defines the Toigo difference.
“As I approach nearly two decades of my career within the
financial services, I find that Toigo is more impactful and relevant
in helping me manage my career than ever before. The dynamics
and complexity of the issues I face often appear unique, peerless
and daunting. But through Toigo, I have been able to leverage the
collective insight and intelligence of our network to disaggregate
the challenges I face and meet them head-on with a greater edge.”
Toigo Alumnus, Harvard Business School, Class of 2001
difference
A Unique Perspective
Toigo surveys, conversations with Fellows and Alumni and independent research published by top experts reinforces that
minority job candidates face unique challenges as they launch their careers and grow as leaders. That’s why for the past eight
years, Toigo has provided added leadership development training to its Fellows and Alumni. Now, many of the MBA programs
have integrated this more holistic approach into their curriculums. For Toigo Fellows and Alumni, the Foundation will continue
to innovate, ensuring that its offerings directly address the unique issues faced by minority professionals.
100%
Changing market conditions had a dramatic impact on career aspirations among MBA students in 2009.
On-campus recruiting (and hiring in general) was significantly contracted, making post-graduate career
planning a challenge. Changes in the employment arena also drove demand among Toigo Alumni for career
management and job placement services.
Toigo responded on both fronts with focused services for MBA Fellows and Toigo Alumni. For Fellows, our
efforts concentrated on helping them identify and secure internships (for first year MBAs) and full-time offers
for those graduating. One-on-one interview training, resume review, and effective communication skills training
were part of the mix. For Alumni, Toigo provided intensive career coaching to help individuals navigate key
career decisions and transitions. These one-on-one counseling sessions with more than 300 Toigo Alumni and
career events proved to be of tremendous value to those in transition, as well as others in challenging work
environments.
Here is a look at some of Toigo’s 2009 stand-out achievements:
• 97%+ of Toigo Alumni remain in finance—an impressive record of success and impact.
• 100% of Toigo Fellows secured summer internships between their first and second years of their MBA
programs, compared with just 65% of their classmates in a challenging hiring environment.
• 300+ Toigo Alumni benefitted from one-on-one career coaching as they made key decisions regarding
current employment or new opportunities.
• 14 Toigo Alumni embarked on entrepreneurial careers in 2009, many tapping the Foundation for
insights.
• 12 Toigo Alumni are top-ranking public sector investment professionals at the nation’s largest public
and corporate plans and foundations—a true testament to give back and social responsibility.
“Sometimes, it takes one firm to give it that stamp
of approval and to say ‘let’s go out and create
something big here”
What We Do. What We Deliver .
New Programming.
The Wall Street Journal. October 22, 2009
Toigo introduced key new programs in 2009 to serve diverse finance
professionals as they launch and advance in their careers.
Toigo Bridge to Business
For smart organizations, tough times spark innovation—which together
can be the ideal combination for new business starts. 2009 was no
different. Toigo received a generous grant in 2009 from the Orbis
Foundation to help fuel new business starts among the Toigo network.
Recognizing entrepreneurship as a natural extension of the growth
of Toigo Alumni, the Foundation knew it could play an important
role in directly supporting the business aspirations of our Alumni,
while delivering broader benefits to the finance industry. In support
of Toigo’s vision, the Orbis Foundation awarded a multi-year grant
to help build Toigo’s Bridge to Business initiative. A core component
of the program includes grants awarded direct to Toigo Alumni to
fund the start-up / launch of ventures within the finance market. In
addition, as part of Bridge to Business, Toigo will provide individual
counsel during the start-up phase, access to an unrivaled network
of finance professionals and business experts. From private equity,
venture and hedge to real estate and asset management investment
firms, the range of new Toigo Alumni-led ventures is remarkable.
54% of business executives
believe corporate-citizenship activities—including environmental efforts,
ethical business practices, treating
employees well, and philanthropy—
are even more important during bad
economic times than good. 38% of
companies were forced to cut their
giving in 2009.
54%
• 10% of Toigo Alumni own and operate their own ventures.
• 14 new ventures were launched in 2009 by Toigo Alumni.
innovate | inōvāt | verb
1. make changes in something established, esp. by
introducing new methods, ideas, or products
• [ trans. ] introduce (something new, esp. a product)
Toigo Private Equity MBA Graduate Fellowship
In 2009, Toigo launched its Private Equity Post-Graduate Fellowship to provide a
viable path for minority candidates. The innovative, one-year rotation brings together
three critical components of the private equity deal relationship. No other Fellowship
provides that range of industry exposure.
The Carlyle Group’s pledge of $1 million over four years provided a prominent partner
for the launch of the Fellowship. Outreach to secure additional private equity firm
participation in this unique post-graduate fellowship continued with great success in
2010. Interested constituents included top investment officers from the institutional
investor arena, MBA professors, professional associations, industry thought leaders
and, above all, current MBA students.
• 50% of Toigo Fellows expressed interest in pursuing a career within the
alternative sector, including private equity, venture capital, hedge and real
estate.
• 30 days after launching its post-graduate Fellowship, 75+ MBA candidates
had applied—a testament to the demand for the offering.
“The private equity sector needs added diversity. Toigo’s Private
Equity Fellowship for MBA graduates is designed to deliver the
best and the brightest to the industry—it’s a launching pad for
young minority professionals to truly succeed.”
CIO from Top Institutional Investor / Public Plan Sponsor
• true understanding of the relative
importance of things; a sense of proportion
perspective | pərspektiv | noun
1. a particular attitude toward or way of
regarding something; a point of view.
What Diverse Talent Is Saying
60% believed diversity has been “back burnered”
in the downturn.
55% agreed/strongly agreed current
market conditions were having a greater or
disproportionate impact on the careers of
minorities than on non-minority colleagues.
Source: Toigo Pulse Survey respondents.
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Thought Leadership
Gathering and analyzing the opinions of Toigo Alumni and minority finance
professionals to provide us with an invaluable pulse on current thinking and
challenges facing employers.
Realizing the changes affecting employment, Toigo conducted and published
a pulse survey in 2009 entitled Futures & Options: Exploring Minority Talent
& Career Management Issues within a Changing Finance Industry. In it, we
examined the impact of the economic downturn on minority professionals’
careers and aspirations, as well as trendlines relating to minority professionals’
perceptions of their employers’ commitment to diversity and inclusion.
As a partner to industry, Toigo will continue to research and publish thought
leadership that provides Toigo insights, showcases recognized experts on
inclusion and leadership, as well as perspectives from Toigo’s growing network
of minority finance professionals, mentors, donor firms and its industry and
educational partners. Our goal is to continue to serve as a timely, relevant
resource to firms of all sizes and in all sectors.
2009
Toigo he
vision | vizhən | noun
1 the faculty or state of being able to see
• the ability to think about or plan the future with
imagination or wisdom
• a mental image of what the future will or could
be like
“Without a doubt, Toigo was the best part of my
MBA experience.”
Anderson (UCLA), MBA Class of 1996
“Toigo has more than changed the face of finance...
it has made a lasting impression on our world.”
University of Chicago Booth, MBA Class 1999
“This organization is in a league of its own.”
Columbia Business School, MBA Class 2009
believe
“Toigo helped me believe I can.”
Northwestern Kellogg School of Management, MBA Class of 2010
elped me
Celebrating the Vision
Milestones are important markers. 2009 marked Toigo’s
20th aniversary. Our annual Gala celebration, held for the
first time in Los Angeles, drew more than 1,200 leaders
from finance, media and allied industries­—a true reflection
of our expanding reach.
Twenty years ago, Sue Toigo and the late Bob Toigo
witnessed firsthand the need for greater diversity of thought
and experience within the capital markets. Using their own
funds and with the support of a small group of firms, they
launched what today is now the Toigo Foundation. The first
class of seven Fellows were all minority MBA candidates at
Columbia Business School, all passionate about finance
and all exhibited a deep sense of what strong, ethical
leadership meant both personally and professionally. Those
seven original Toigo Fellows remain in financial services
today and are passionate supporters of the Foundation.
e I can.
Toigo has grown in scope and reach over the past two
decades. The support Toigo provides and its impact go
well beyond the two-year window of the MBA program. Our
support of Fellows and Alumni spans their careers and has a
lasting effect on their lives. As one Toigo Alumna eloquently
said, “they made it possible for us believe in ourselves.”
“The Toigo Foundation is a dream maker.”
Wharton, MBA Class 2007
Model Governance, Disciplined Operations.
The Toigo Foundation has been recognized for its high standards of governance
practices, oversight and transparent operations. The Board of Directors represents a
strategic mix of senior professionals from all industry sectors the Foundation serves
and a vigilant commitment to fiduciary care and open communications regarding
industry needs. The Board is disciplined in drawing the important distinction between
its work and the service of its management team, allowing for objective critique of
strategic programming and oversight.
A dynamic governance structure encompasses critical thinking, inquiry and dialogue
on issues that impact the non-profit. It also demands consensus building to direct the
organization and effectively carry out mission-driven activities supporting the interests
and growth of the organization.
The Foundation is committed to building an environment of integrity and accountability
in all interactions and programs. Its efforts have garnered the highest ratings from
agencies that monitor non-profit operations and fiscal practices. Toigo has maintained
public trust and confidence through ongoing, open communication and full
transparency of its operations. This approach coupled with results-driven programming
directly serves and benefits the participants of the program.
integrity
82% direct program services
11% management & administration
7% indirect
Toigo donors have the assurance that the maximum percentage of funds
directly benifits our key stakeholders—our Fellows and Alumni.*
* Taken from Toigo 2009 990.
accountability | əkowntəbilitē | noun
1 (of a person, organization, or institution)
required or expected to justify actions or
decisions; responsible
Statement of Financial Position
December 31, 2009
ASSETS
2009
Cash and cash equivalents
$ 766,601
Contributions receivable, net
4,452,053
Other receivables
Other assets
Total current assets
Property and equipment, net
Total assets
­­—
59,506
5,278,160
107,531
$ 5,385,691
LIABILITIES AND NET ASSETS
Liabilities
Accounts payable
$ 183,965
Accrued expenses
44,139
Total current liabilities
$ 228,104
Net assets
Unrestricted (deficit)
(231,290)
Temporarily restricted
5,388,877
Total net assets
5,157,587
Total liabilities and net assets
$ 5,385,691
Statement of Activities
For the Year Ended December 31, 2009
UNRESTRICTED
2009
TEMPORARILY
RESTRICTED
TOTALS
Revenues, gains and other support
Contributions
Interest income
$ 744,940
$ 2,392,612
$ 3,137,552
1,605
­­—
1,605
Other revenue (expense)
(24,731)
­­—
(24,731)
Special events revenue *
356,024
73,350
429,374
1,076,592
(1,076,592)
2,154,430
1,389,370
Net assets released from restrictions
Total revenues, gains and other support
—
3,543,800
Expenses
Program services
2,572,457
—
2,572,457
Management and general
349,918
—
349,918
Fundraising
220,604
—
220,604
3,142,979
—
3,142,979
Total expenses
Change in net assets
Net assets at beginning of year
Net assets (deficit) at end of year
(*) net of $537,110 in expenses
(988,549)
1,389,370
400,821
747,259
3,999,507
4,756,766
$ (231,290)
$ 5,388,877
$ 5,157,587
lead
leader | lēdər | noun
1 the person who leads or commands a group,
organization, or country
• a person followed by others
• an organization or company that is the most
advanced or successful in a particular area
der
2009 Toigo Governance
The Toigo Foundation’s 2009 Board of Directors, including a Governing Board and
Advisory Board with distinct and separate duties, provides invaluable governance and
support to the organization.
EXECUTIVE OFFICERS
Chairman
Vice Chair
Treasurer
Secretary
Founder
President
Marcos A. Rodriguez
Denise Nappier
Walt Koziol
Andrea Beldecos
Sue Toigo
Nancy Sims
Palladium Equity Partners, LLC
State of Connecticut
Illinois Municipal Retirement Fund
UBS AG
Fitzgibbon Toigo Associates
GOVERNING BOARD
Jane Byers Russo
William L. Cobb, Jr.
David Fann
Jay Ferguson
Jose Fernandez
Ivan Gallegos
Carla Harris
Henry Jones
Robert Jones
Terry L. Jones
Melvin Lindsey
Victor MacFarlane
Victor Miramontes
James Mitchell, Jr.
Barbara Novick
Shaka A. Rasheed
Janice Cook Roberts
Dwight Skerritt
Shelley Ilene Smith
JPMorgan
The Church Pension Fund
PCG Asset Management
Vicente Capital Partners (Toigo Alumnus)
StepStone Group
Goldman Sachs
Morgan Stanley
California Public Employees’ Retirement System
Morgan Stanley
Syncom Management Company, Inc.
Artio Global Investors
MacFarlane Partners
CityView
GE Asset Management
BlackRock
JPMorgan Asset Management (Toigo Alumnus)
Kohlberg Kravis Roberts & Co.
Credit Suisse
LACERS
ADVISORY BOARD
Christopher J. Ailman
Joe Alejandro
Cesar Baez
Solange F. Brooks
Moctesuma Esparza
Orin Kramer
Lisa Mazzocco
Clare Murphy
Frank Quintero
Anne Stausboll
William C. Thompson, Jr. Ash Williams
Paul R. Yett
California State Teachers’ Retirement System
Patrolmen’s Benevolent Association
Centinela Capital Partners, LLC
California State Teachers’ Retirement System
Maya Entertainment
New Jersey Division of Investment
Los Angeles County Employees’ Retirement System
City and County of San Francisco Employees’ Retirement System
The Yucaipa Companies
California Public Employees’ Retirement System
New York City Comptroller
Florida State Board Administration
Hamilton Lane Advisors
The Toigo Foundation thanks Four Design for design and production and
Segesta Communications for copywriting and project management.
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www.ToigoFoundation.org
180 Grand Avenue Suite 900
Oakland, CA 94612
510.763.5771
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