The Investment Committee Governance Calendar: A Year-Round Guide to Oversight and Engagement

Stay on track all year. Download our customizable governance calendar and sample meeting agendas to help your investment committee fulfill fiduciary responsibilities, stay aligned, and make the most of each meeting.

Why a Governance Calendar Matters

A well-run investment committee doesn't rely on last-minute agendas or reactive decision-making. Instead, it follows a disciplined structure that promotes thoughtful oversight and informed governance.

By using a governance calendar, your committee can:

• Ensure consistent alignment with its fiduciary duties
• Promote transparency, accountability, and institutional memory
• Allocate time for critical reviews, policy reaffirmations, and strategic planning
• Make space for education and engagement so members stay informed and empowered
  

The calendar serves as a roadmap for the year—guiding your committee through regular investment reviews while also addressing policies, documentation, and governance responsibilities.

Core Annual Responsibilities of Investment Committees

Every nonprofit investment committee should plan to fulfill the following responsibilities each year:

• Review and reaffirm the Investment Policy Statement (IPS)
  
• Conduct or update the asset allocation study (every 3 years is appropriate unless there is a material change with the organization’s financial situation)
  
• Evaluate portfolio performance and determine any rebalancing needs
  
• Review the organization’s spending policy and confirm or adjust its implementation
  
• Participate in education sessions to understand strategy, risks, and trends
  
• Review investment strategies and performance
• Support the organization’s audit and compliance process through documentation and review
  

These tasks require dedicated time and attention—fitting them thoughtfully into your committee’s calendar helps ensure they don’t fall through the cracks.

The Optimal Investment Committee Meeting Calendar

We recommend a quarterly cadence, or at least semi-annual, with each meeting tailored to a specific area of focus. This approach balances strategic planning, policy oversight, and ongoing portfolio management.

Each quarterly meeting includes:

• Capital markets review
  
• Quarterly portfolio and investment performance update
• Meeting-specific governance and oversight focus

Q1: Strategy & Performance

Focus: Setting the foundation for the year

• Review full prior-year investment performance
  
• Discuss capital market assumptions and economic outlook
  
• Analyze current asset allocation vs. expectations
  
• Receive an update from the investment advisor (team, strategy, approach)
  
• Reaffirm committee charter and member responsibilities
  
• Confirm meeting cadence and planning
  

Q2: Implementation & Oversight

Focus: Policies, cash needs, and execution

• Review liquidity and fund movement policies
  
• Assess spending policy and current distributions
  
• Evaluate exposure to alternative investments (if applicable)
  
• Review gift acceptance policy
  
• Ensure strategy is aligned with anticipated cash needs
  
• Conduct onboarding or refresher training for new committee members
  
  

Q3: Governance & Policy

Focus: Fiduciary duties and documentation

• Investment Policy Statement Review & Approval
  
• Reaffirm Conflict of Interest Policy
  
• Conduct document vault audit to ensure version control and access
  
• Plan for committee succession (term limits, recruitment, rotations)
  
• Clarify responsibilities between committee and staff

 Q4: Engagement & Planning

Focus: Evaluation, planning, and preparation for the year ahead

• Review all advisory, fund-level, and custodial fees 
• Discuss potential portfolio adjustments based on evolving needs
  
• Identify key goals for the next year
  
• Conduct optional committee self-assessment

Optional Education and Committee Development

Many investment committees find value in incorporating occasional learning opportunities. These can be brief updates, presentations, or facilitated discussions that help members stay informed and engaged on relevant investment, governance, or policy topics.

Consider:

• Allocating time for a short educational segment once or twice a year
  
• Tying learning moments to current committee goals, market developments, or governance needs
  
• Using external advisors or internal staff to provide updates or lead brief discussions

Sample Meeting Agendas

Each quarterly meeting benefits from a clear, structured agenda that:

• Reinforces accountability and role clarity
  
• Ensures time is allocated for key actions and reviews
  
• Prompts thoughtful discussion and decision-making
  

Our downloadable templates offer suggested agenda items, with flexibility for organizations that meet more or less frequently.

Customizing Your Committee’s Calendar

Make your governance calendar your own by:

• Aligning to your fiscal calendar to match budget cycles or audit prep
• Delegating agenda preparation or policy reviews to committee members or staff
• Using the calendar as a communication tool with your full Board, to report on activities or gain approvals
• Planning periodic updates to the full Board. Provide a summary at least annually—typically in Q1 (after year-end performance review) or Q4 (to preview or confirm strategic plans)—covering performance, investment policy updates, spending policy changes, fee reviews, and any portfolio or governance shifts.
• Attaching key documents such as the IPS, fee benchmarking summary, or spending policy decisions to reinforce transparency and shared oversight

Customization ensures your committee's oversight fits the unique needs and rhythms of your organization.