Practice S-1.1

Investments are managed in accordance with applicable laws, trust documents, and written investment policy statements (IPS).

Practice S-1.2

The roles and responsibilities of all involved parties (fiduciaries and non-fiduciaries) are defined, documented, and acknowledged.

Practice S-1.3

Fiduciaries and parties in interest are not involved in self-dealing.

Practice S-1.4

Service agreements and contracts are in writing, and do not contain provisions that conflict with fiduciary standards of care.

Practice S-1.5

Assets are within the jurisdiction of appropriate courts and are protected from theft and embezzlement.

Practice S-2.1

An investment time horizon has been identified.

Practice S-2.2

A risk level has been identified.

Practice S-2.3

An expected, modeled return to meet investment objectives has been identified.

Practice S-2.4

Selected asset classes are consistent with the identified risk, return, and time horizon.

Practices S-2.5

Selected asset classes are consistent with implementation and monitoring constraints.

Practice S-2.6

There is an IPS which contains the detail to define, implement, and manage a specific investment strategy.

Practice S-2.7

The IPS defines appropriately structured, socially responsible investment (SRI) strategies (where applicable).

Practice S-3.1

The investment strategy is implemented in compliance with the required level of prudence.

Practice S-3.2

Applicable “safe harbor” provisions are followed (when elected).

Practice S-3.3

Investment vehicles are appropriate for the portfolio size.

Practice S-3.4

A due diligence process is followed in selecting service providers, including the custodian.

Practice S-3.5

A due diligence process is followed in selecting service providers, including the custodian.

Practice S-4.1

Periodic reports compare investment performance against appropriate index, peer group, and IPS objectives.

Practice S-4.2

Periodic reviews are made of qualitative and/or organizational changes of investment decision-makers.

Practice S-4.3

Control procedures are in place to periodically review policies for best execution, “soft dollars,” and proxy voting.

Practice S-4.4

Fees for investment management are consistent with agreements and with all applicable laws.

Practice S-4.5

“Finder’s fees” or other forms of compensation that may have been paid for asset placement are appropriately applied, utilized, and documented.

Practice S-4.6

There is a process to periodically review the organization’s effectiveness in meeting its fiduciary responsibilities.