When dealing with charitable organizations, the fiduciary must consider all of the following, except:

Explanation: As fiduciaries for charitable organizations, members must consider: long and short-term institutional needs in carrying out the charitable purpose, the charity's present and anticipated financial requirements, expected total return on its investments, trends in security price levels and general economic conditions. Investigation of violations involving supervisors is a compliance procedure under Standard IV (C), not under Standard III (A), which deals with Fiduciary Duties.