The article provides a practical guide for managing nonprofit assets, addressing issues like underfunded pensions, investment strategies, and gifting strategies. It emphasizes the importance of setting clear goals, creating an investment policy, and selecting the right managers. The total return approach is recommended, along with asset allocation and considering new asset classes like real estate investment trusts and high-yield bonds. Alternative investments such as hedge funds and private equity are also discussed. The article highlights the need for portfolio rebalancing and performance measurement to ensure effective asset management.