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2010 ANNUAL REPORT


LEADERSHIP

ACHIEVEMENT

COMMITMENT

IMPACT EXCELLENCE

SUCCESS

INCLUSION

VISION

ADVANCEMENT

DIVERSITY

CONNECTION

COMMUNITY


2 0 10 M A RK ED T HE BEGINNING OF A NE W DECA DE F OR TOIGO, A ND W I T H I T, A PERIOD OF SPIRI T ED INNOVAT ION. Market and economic dynamics have a direct impact on the development and delivery of Toigo’s industry programs, Alumni services and fundraising efforts. At every turn, Toigo responsibly demonstrated its ability to assess and quickly implement strategic moves that helped strengthen the Foundation’s core services and set a course for future growth. Our focus in 2010 centered on leveraging our 20-year track record to create a base of offerings to support minority leaders at all levels of leadership. In 2010, we established ourselves as an organization that addresses diversity leadership issues from the classroom to the boardroom. Against a backdrop of challenging economic times and market volatility, Toigo showed its strength as an organization for the future. At the heart of our strategic vision was the launch of the Toigo Institute for Leadership Excellence, Advancement and Diversity (I-LEAD). Via the Institute, we enhanced an already vibrant exchange between the Foundation, its post-MBA talent, the industry and communities we serve. The Institute fosters meaningful relationships that are at the heart of our mission—the 1,000+ men and women selected as Toigo Fellows—enabling us to make a significant impact on their career success and bring greater diversity to business leadership. The Institute serves as an ideal platform for Toigo to collaborate with other like-minded organizations that, like Toigo, are committed to foster diverse leadership. In 2010, we revitalized our long-standing MBA Fellows program adding new leadership training and career services aimed at supporting the best and the brightest talent in finance. In a tight, extremely competitive job market, career support ensured that Toigo Fellows were positively poised for new career opportunities. Toigo Fellows outpaced their MBA colleagues in securing summer internships and full-time offers in finance—a true testament to the Toigo brand of excellence. Toigo’s work continues to be transformative—expanding beyond our original roots in fellowship and mentoring to bring new thinking and a broader base of leaders to the finance industry. With our team’s entrepreneurial drive and agility, the Foundation maintains a high touch/high impact operation. Our vision remains clear and more relevant than ever in a world where multicultural and multi-generational thinking and exchange are dominant. We invite you to learn more about our efforts and impact of the Toigo Foundation’s work.

NANCY SIMS | President & CEO Robert Toigo Foundation


Results.

IMPACT. Innovation.

Seeing things differently is a dominant characteristic of great leaders.

A vision of what can be is only the beginning. Articulating it and convincing others to advance the mission through action are tenets of successful leaders. Not surprisingly, these are the traits that define our founders Sue Toigo and the late Bob Toigo, and the organization they created.

FELLOWSHIP | Lifelong Leadership Nearly 1,000 minority professionals representing more than 20 of the nation’s top business school programs hold the distinction of Toigo Fellow. The Toigo Fellowship promotes academic excellence, ethical leadership and social responsibility among aspiring minority MBA students. Today, 95% of Toigo Alumni remain employed in various sectors of finance, including all areas within investment management, investment banking, real estate, private equity, venture capital, corporate finance/treasury and international finance. They represent all levels of leadership from Vice President to Managing Director, to CEO of their own enterprises. Reflecting the role Toigo has played in their career success, our Alumni return the Foundation’s investment by way of unparalleled volunteerism and financial support.


GROW ”Toigo has been an unbelievable source of support and mentorship as I begin my post-MBA career in finance. The feedback and ongoing relationship I have with my mentor and the Toigo Foundation has been crucial in my personal and professional career development. Toigo’s training resources and tight network are simply unmatched. I am fortunate to be part of such a great organization.” Byron Sun MBA Candidate & Toigo Fellow | Class of 2012 | The Wharton School, University of Pennsylvania

ADVANCE “Toigo has played a pivotal role in my career development, often serving as a sounding board as I strategize my career path ahead and navigate major transitions. Toigo’s support has been invaluable, allowing me to not only think a few steps ahead, but also plant the seeds of that change.” Maybel Y. Marte Vice President & Institutional Client Servicing Account Manager | PIMCO Toigo Alumna | Class of 2001 | The Wharton School, University of Pennsylvania

LEAD “Toigo is a truly unique organization that has had a profound impact on my career progression and development as a leader. As I’ve grown professionally, the mission and value proposition of the Toigo Foundation have expanded as well. Today, I benefit from an unparalleled network of diverse financial professionals and executives—with Toigo connections as a key component. I also benefit from opportunities to mentor and coach others. While the impact of the Toigo Foundation can be measured in dollars and cents, the value of the lives being changed is priceless. My Toigo experience has changed my life.” Shundrawn A. Thomas Managing Director & Global Head | Exchange Traded Funds Group | Northern Trust Corporation Toigo Alumnus | Class of 1999 | The University of Chicago Booth School of Business


EXPANDEDprograms

for ALL KEY CAREER MILESTONES

In 2010, the Toigo Foundation focused on programs that directly supported the career aspirations of our Fellows and Alumni. Four core programs include:

Banking Is Back In Spring 2010, Toigo launched Banking Is Back, an innovative initiative aimed at driving interest in career opportunities in the investment banking sector. The program included a day-long event with 75+ MBA candidates meeting with professionals from Bank of America Merrill Lynch, Citi, Credit Suisse, Goldman Sachs, JPMorgan Chase and UBS to learn about career paths and employment opportunities. Career “intensives” provided attendees with a look at Equities Research, Investment Banking, Private Wealth Management and Sales and Trading. Toigo’s Banking Is Back website included podcasts featuring advice from professionals at each of the participating firms—as well as tips for MBA candidates direct from firm recruiters.

Private Equity MBA Graduate Fellowship Launched in 2009, this one-year Fellowship provides graduating minority MBAs with unparalleled entrée to the private equity sector . More than 100 applicants vied for a Fellowship rotation at The Carlyle Group, Vista Equity Partners and Palladium Equity Partners followed by rotations with a portfolio company and plan sponsor/limited partner. As part of the selection process, Toigo hosts a First Look event with 30+ MBA finalists attending and competing in a high-energy case competition. Professionals from the participating Private Equity Fellowship firms and Toigo Alumni working in Private Equity serve as coaches and interviewers.


Bridge to BusinessTM Backed by a $1 million dollar grant from the Orbis Foundation and the leadership and passion of a Toigo Alumnus, Toigo launched the Bridge to Business initiative, which includes financial support, coaching, and strategic assistance to Alumni launching their own ventures. The goal of the program is to support and nurture the entrepreneurial aspirations of minority professionals. The centerpiece of the initiative is a $100,000 grant to be awarded to a Toigo Alumni to fuel business operating, marketing and strategic growth initiatives for their venture. Our focus in 2010 was establishing the program framework and selection criteria.

ToigoPROTM

Professional Recruitment Support & Online Job Bank Toigo’s online job bank connects diverse candidates at all levels of leadership with employers seeking talent. Planned enhancements will allow Toigo to push confidential profiles of minority candidates seeking career changes to recruiters who are actively seeking talent. Toigo’s MidCareer Job Fairs attracted 100+ minority professionals seeking new career opportunities and more than 50 firms actively hiring.


CELEBRATING the Annual GALA

VISION

Toigo’s annual Gala returned to its New York City roots, drawing nearly 1,000 finance leaders to the American Museum of Natural History. In the Toigo tradition, the evening celebrated the contributions of individuals and organizations committed to making diversity a top priority in their business, community and personal initiatives. Whether senior industry professionals or rising stars, each honoree exemplifies what is possible when we collaborate to drive a new spirit of inclusiveness in our industry. ABC News anchor Claire Shipman served as the evening’s master of ceremonies, providing timely perspectives on women in leadership.


Governance

The Toigo Foundation continues to be recognized for its unwavering standards of governance practices, oversight and transparency of operations. The Board of Directors includes a strategic mix of senior professionals, representing a range of industry sectors and professions. All members are vigilant in their commitment to fiduciary care and open communications regarding industry imperatives. The Board structure supports a clear distinction between its governance and the work of the Foundation’s 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-profi t. It also demands a discipline for consensus building necessary to direct the organization and to effectively carry out mission-driven activities supporting the interests and growth of the organization.

Operations The Foundation operates with integrity and accountability in all interactions and programs. Toigo has maintained public trust and confidence through ongoing, open communication. This approach, coupled with results-driven programming, directly benefi ts program participants and other constituencies served by the Foundation. The Toigo team includes a unique blend of talented professionals with previous orientation to the finance industry, diverse perspectives and experiences mirroring the spirit of inclusiveness it promotes for the industry. The team’s entrepreneurial operating style and service orientation enables Toigo to deliver high impact, high touch programs.


Thought

LEADERSHIP.

Carefully prepared with a balance of facts and learning tools and drawing upon industry, academia and participant perspectives, Toigo’s thought leadership stimulates discussion and exchange. In 2010, Toigo published Banking Fellowships: Insights for Leveraging the True Value to provide its partners with perspectives from MBA talent on the value of banking fellowships and other hiring initiatives. In 2010, Toigo Foundation team members also provided perspective and commentary at a number of industry events, including business forums organized by a mix of membership organizations, MBA roundtables and industry professional networking events.


ACCOUNTABILITY

nt & Ad

nistration

10

e em

mi

% Manag

86%

Di

r

4%

In dir e ct

ec

r P t

Services m a r og


Statement

of FINANCIAL POSITION

December 31, 2010

ASSETS Cash and cash equivalents Contributions receivable, net Other receivables Prepaid tuition Other assets Total current assets Property and equipment, net Total assets

2010 $ 1,000,610 4,331,990 8,712 103,750 57,735 5,502,797 65,391 $ 5,568,188

LIABILITIES AND NET ASSETS LIABILITIES Accounts payable

$ 144,494

Accrued expenses

69,550

Total current liabilities

$ 214,044

NET ASSETS Unrestricted (deficit)

(232,340)

Temporarily restricted

5,586,484

Total net assets

5,354,144

Total liabilities and net assets

$ 5,568,188


Statement

of ACTIVITIES

For the Year Ended December 31, 2010

UNRESTRICTED

2010 TEMPORARILY RESTRICTED

TOTALS

REVENUES, GAINS AND OTHER SUPPORT Contributions Interest income

$ 684,704

$ 1,843,185

$ 2,527,889

453

453

Other revenue (expense)

20,979

20,979

Loss from disposal of property and equipent

15,040

15,040

596,718

281,525

878,243

1,927,103

(1,927,103)

3,244,997

197,607

3,442,604

2,787,238

2,787,238

Management and general

318,617

318,617

Fundraising

140,192

140,192

3,246,047

3,246,047

Special events revenue * Net assets released from restrictions Total revenues, gains and other support

EXPENSES Program services

Total expenses Change in net assets Net assets (deficit) at beginning of year Net assets (deficit) at end of year

(1,050)

197,607

196,557

(231,290)

5,388,877

5,157,587

$ (232,340)

$ 5,586,484

$ 5,157,587

(*) net of $344,302 in expenses


BOARD OF DIRECTORS

TOIGO

FOUNDER Sue Toigo

Fitzgibbon Toigo Associates

EXECUTIVE OFFICERS CHAIRMAN VICE CHAIR TREASURER

Marcos A. Rodriguez Denise Nappier Walt Koziol

Palladium Equity Partners, LLC State of Connecticut Illinois Municipal Retirement Fund

SECRETARY

Andrea Beldecos

UBS AG

GOVERNING BOARD William L. Cobb, Jr. David Fann Jay Ferguson Jose Fernandez Susan Graham Carla Harris Henry Jones Terry L. Jones Melvin Lindsey Victor MacFarlane David Marchick Win Neuger Barbara Novick Carlyle Peake Shaka A. Rasheed Janice Cook Roberts

The Church Pension Fund TorreyCove Capital Partners Vicente Capital Partners StepStone Group Ernst & Young LLP Morgan Stanley California Public Employees’ Retirement System Syncom Management Company, Inc. Artio Global Investors MacFarlane Partners The Carlyle Group PineBridge Investments BlackRock BBVA Wholesale Banking & Asset Management Citadel Asset Managment (and Toigo Alumnus) Kohlberg Kravis Roberts & Co.

Shelley Ilene Smith

ADVISORY BOARD Christopher J. Ailman Joe Alejandro Solange F. Brooks Moctesuma Esparza Orin Kramer John C. Liu Lisa Mazzocco Frank Quintero Anne Stausboll Ash Williams Paul R. Yett

California State Teachers’ Retirement System Patrolmen’s Benevolent Association California State Teachers’ Retirement System Maya Entertainment New Jersey Division of Investment Office of the New York City Comptroller Los Angeles County Employees’ Retirement Association The Yucaipa Companies California Public Employees’ Retirement System Florida State Board Administration Hamilton Lane Advisors

2010 PRESIDENT Nancy Sims

Robert Toigo Foundation


A FOUNDATION FOR THE FUTURE


Robert Toigo Foundation 2010 Annual Report