FIA has successfully served endowments and foundations for many years. Drawing on broad experience and robust research resources, we begin with an analysis of existing conditions, including the spending formula, allocation of assets, the investment policy statement, the manager lineup, the custodian, and the expenses of the fund. Our analysis either validates the existing asset allocation or suggests a more efficient one. The study may also serve to communicate with board members the risk and return characteristics of different asset mixes and the benefits of diversification. FIA maintains up-to-date research on a wide range of managers of alternative investments in areas such as private equity, venture capital, hedge funds, and real estate. Ongoing monitoring of fund performance is provided in person at regular quarterly reviews, and manager searches are organized and conducted in close communication with the committee as needed. Expenses and fees are benchmarked against peers to ensure that costs are reasonable. In many cases, FIA can assist administrative functions by suggesting new reports or customizing existing ones.