The Concord Advisory Group believes that a well-structured investment policy is essential to an efficiently managed investment program. Beyond typical investment objectives and guidelines, the policy should serve as an organization's administrative doctrine, outlining internal responsibilities as well as those of the outside vendors. This enables an organization to utilize the policy document as the governing doctrine in the management of their assets.

Concord first determines the client's need(s) by performing an initial portfolio review:

• Analysis of current portfolio constraints
• Analysis of plan investment structure
• Examination of current policy document(s) - [if established]
• Evaluation of Performance Objectives
• Evaluation of Historic & Current Asset Allocation
• Evaluation of Liability Structure of Sponsor
• Analysis of performance & risk experiences

Concord then assists clients in establishing effective policies that include:

• A statement of purpose
• Administrative responsibilities
• Structural guidelines
• Asset allocation guidelines
• Vendor responsibilities
• Performance objectives
• Risk constraints
• Social constraints

Concord performs all of policy creation or revision in-house, using internal expertise as well as internal and external data sources.

Socially Responsible Investing

Over fifty percent (50%) of Concord's client base has socially responsible investment (SRI) guidelines. These guidelines include both restrictive and proactive mandates. Concord assists such clients in many areas, including social guideline development, implementation, and oversight.

Concord monitors portfolio holdings in light of a client's specific SRI guidelines. We screen portfolios based on industry and specific company violations, and work with our clients and their investment managers to correct any conflicts. Once a security is flagged as a potential violation, we will perform a formal review of the security in regards to its source of revenues as well as overall business activities. Typically, a formal report is presented to the client so that they can take appropriate actions.

Concord utilizes the research and screening assistance of the Investor Responsibility Research Center (IRRC). Concord also conducts detailed research on investment vehicles offered by the asset management community that follow SRI principals. We also produce a SRI manager universe from our firm's in-house database.