ICAN InvestmentAssets for Endowment Funds Management

InvestmentAssets – Endowment Funds Management Inglewood Park Cemetery, an Endowment Care cemetery, is located in the state of California, and handles approximately $70M in investments monies.  Inglewood Park Cemetery, and its sister company, Park Lawn Cemetery, each have several funds in addition to the State required Endowment Care Fund, the earnings from which are used to maintain the cemetery grounds and facilities. The other funds include Commodities and Services purchased in advance by their clients, the earnings from which offset the price increases over time.  Jacqueline Gonzalez, Vice President of Fund Management, works directly with the Companies’ Investment Committee in managing these investments. Inglewood Park Cemetery used to leverage AS400 CCMS software, which had a General Ledger (GL) package designed for cemeteries. This meant that any asset reporting had to be processed manually using Microsoft Excel spreadsheets. Jacqui recalls, “This worked fine in the ‘80s when we had just 4-5 investment managers and 10 investment portfolios, but we’ve grown into a well-diversified operation with thousands of investments, such as equities, real estate, fixed income, mortgage backed securities, and much more, across our 42 portfolios.” Their month-end and year-end processes became very tedious to get through. It used to take them a full month to get through month-end processing, reporting and reconciliations. They were also very prone to error when dealing with their manual processes. “What we put in, we got out, and too much of our time was dedicated to checking and reconciling reports.” Jacqui shares. The volume of work required to handle monthly amortizations and interest accruals made it necessary   for those entries to be captured on a...