Whitney Benefits Maintains Fiduciary Excellence Certification

Whitney Benefits Maintains Fiduciary Excellence Certification

Whitney Benefits has maintained its certification for fiduciary excellence for the second year, an award attained through an independent audit determining adherence to "excellence in investment standards".

A media release from The Centre for Fiduciary Excellence, LLC, states that CEFEX has renewed Whitney's award for the second straight year.

Whitney Board President Tom Kinnison.

Whitney met requirements in fiduciary practices areas including investment agreements and returns, investment policy and other risk assessments, the release says. The CEFEX review process audits foundation documents and conducts on-site interviews with personnel.

“It’s one thing for Investment stewards to claim their fiduciary status; it’s quite another for them to prove their claim through an independent assessment,"
Pete Schoonmaker, finance and investment chairman for Whitney, said a media release. "We are pleased to let this community know that we are independently assessing ourselves to ensure the continuity of Whitney funding to its beneficiaries.”

Kinnison said it's important to Whitney to show well in such a review.

General Manager Carlos Pankset of CEFEX stated in the release “The renewal of this certification provides continued assurance to foundation donors and stakeholders that Whitney has demonstrated adherence to the industry's best fiduciary practices.”

Along with the contribution of community additions such as parks, pathways, soccer fields and an ice arena, Whitney Benefits has loaned more than $25 million in interest-free student loans and donated $59 million to local entities like the YMCA and Sheridan College. Whitney's assets grew to more than $100 million in 2011.

CEFEX is an independent certification organization with offices in Toronto, Canada and Pittsburgh, Pennsylvania. They work with industry experts to improve fiduciary practices of stewards like Whitney Benefits.

Carrol Realty
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