One of the major decisions that a not-for-profit organization must make is whether to use active or passive investment vehicles. This topic has been particularly noteworthy recently, as the high correlations within domestic equity markets and coordinated activities of central banks have made it difficult for active managers to beat their benchmarks. There are arguments to be made on both sides of the active vs. passive investing debate. The decision to use active management, passive management or a blend of both is important. It is an evolving discussion that can be adjusted as organizational needs, the economy and financial markets change. But, it is important to remember that it is only one step in the investment process.