SCHEDULE 14C
                                (Rule 14c-101)
                 INFORMATION REQUIRED IN INFORMATION STATEMENT
                           SCHEDULE 14C INFORMATION
       Information Statement Pursuant to Section 14(c) of the Securities
                             Exchange Act of 1934

[ ]  Preliminary information statement           [ ]  Confidential, for  use of
                                                      the Commission only
                                                      (as permitted by
                                                      Rule 14c-5(d)(2))
[X]  Definitive information statement

                         TIFF INVESTMENT PROGRAM, INC.
                (Name of Registrant as Specified in Its Charter)

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[ ]     Check box if any part of the fee is offset as provided by Exchange Act
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        was paid previously.  Identify the previous filing by registration
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                         TIFF INVESTMENT PROGRAM, INC.

                         TIFF INTERNATIONAL EQUITY FUND


                     590 Peter Jefferson Parkway, Suite 250
                        Charlottesville, Virginia 22911


                             INFORMATION STATEMENT


WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.


     This information  statement is being furnished to all persons owning shares
("members") of TIFF International Equity Fund (the "fund"), a series of the TIFF
Investment  Program,  Inc.  ("TIP"),  to provide such  members with  information
regarding  an  amendment  to the money  manager  agreement  between the fund and
Delaware International  Advisers Ltd. ("Delaware").  As discussed in more detail
below, the amendment changed the compensation that the fund pays to Delaware for
providing investment advisory services to the fund.

     TIP was not  required to obtain the approval of the fund's  members  before
approving the amended agreement because TIP has obtained an exemptive order (the
"order") from the Securities and Exchange Commission  exempting TIP from certain
provisions  of the  Investment  Company  Act of 1940  (the  "1940  Act") and the
regulations  thereunder  that would otherwise  mandate such approval.  The order
permits TIP to enter into new agreements or amend existing agreements with money
managers without obtaining member approval,  but the exemption does not apply to
the advisory agreement with TIP's investment advisor,  Foundation Advisers, Inc.
("FAI"),  or any amendments to such  agreement.  This  information  statement is
being provided to all members as required by one of the conditions of the order.

     The  board  of  directors  of  TIP  (the  "board")  expects  to  mail  this
information statement to members on or about May 9, 2003.

FUND INFORMATION

     As of April  10,  2003,  the  International  Equity  Fund  had  outstanding
15,401,980.548  shares of common stock  representing  a total net asset value of
$117,671,131.36, each dollar of net asset value being entitled to one vote.

As of April 10, 2003, the following  members owned of record or  beneficially 5%
or more of the shares of common stock of the fund:


NAME AND ADDRESS                                 AMOUNT AND NATURE               PERCENT
OF BENEFICIAL OWNER                              OF BENEFICIAL OWNERSHIP         OF FUND
                                                                           
Houston Endowment, Inc.                          6,923,322.916 shares            44.95%
600 Travis, Suite 6400
Houston, TX  77002

The BellSouth Foundation, Inc.                   1,212,603.256 shares            7.87%
1155 Peachtree Street, Room 14F05
Atlanta, GA  30309



     TIP's annual report,  including audited financial statements for the fiscal
year ended December 31, 2002, was sent to shareholders on February 28, 2003. The
fund will furnish,  without charge,  a copy of TIP's annual report to any member
upon  request.  To request a copy,  please  write to TIP at 590 Peter  Jefferson
Parkway, Suite 250, Charlottesville, VA 22911 or call TIP at 434-817-8200.

     FAI, 590 Peter Jefferson  Parkway,  Suite 250,  Charlottesville,  VA 22911,
serves as the fund's investment advisor. FAI is a taxable organization  operated
on a not-for-profit  basis and was formed by The Investment Fund for Foundations
("TIFF")  to  facilitate  investment  by  501(c)(3)   organizations  in  stocks,
securities,  and other assets. FAI is a registered investment advisor and serves
as the advisor to the TIFF mutual funds.

     Investors Capital  Services,  Inc., 33 Maiden Lane, 4th Floor, New York, NY
10038, serves as the fund's  administrator.  Quasar Distributors,  LLC, 615 East
Michigan Street, Milwaukee, WI, 53202, serves as the fund's distributor.

BACKGROUND

     FAI serves as the  fund's  investment  advisor  pursuant  to an  investment
advisory  agreement that provides,  among other things,  that FAI is responsible
for identifying  qualified  money  managers,  negotiating the terms of the money
manager  agreements and  monitoring the activities and  performance of the money
managers.

     Since the fund's  inception in 1994,  Delaware has managed a portion of the
fund's assets  pursuant to a money manager  agreement  between  Delaware and the
fund. The board,  including a majority of the directors who are not  "interested
persons" of the fund (as defined in the 1940 Act) (the "independent directors"),
initially  approved the money manager agreement with Delaware on March 21, 1994,
and after an  initial  period of two  years,  the  agreement  has been  approved
annually by the board,  including a majority of the independent  directors.  The
board, including a majority of the independent directors,  most recently renewed
the money  manager  agreement  with Delaware at a board meeting held on June 11,
2002.

     At a board  meeting held on March 11, 2003,  FAI  proposed,  and the board,
including a majority of the independent directors,  approved an amendment to the
money manager  agreement the effect of which is an increase in the fees the fund
pays to Delaware.  The amended money manager agreement was subsequently executed
and now governs the  relationship  between the fund and  Delaware.  As discussed
more fully below, the terms of the amended money manager agreement are identical
to those of the initial money manager agreement except for the fee schedule.

THE MONEY MANAGER AGREEMENT

     BASIC TERMS. The money manager agreement provides that Delaware is required
to manage the  portion of the fund's  assets  allocated  to Delaware by FAI (the
"portfolio"),  subject to the  supervision  and  stated  direction  of FAI,  and
ultimately TIP's board, in accordance with the fund's  investment  objective and
policies;  make  investment  decisions  for the  portfolio;  and place orders to
purchase and sell  securities  on behalf of the fund.  Delaware's  discretion to
purchase and sell  securities  for the  portfolio is further  subject to written
guidelines developed by FAI.



     The  agreement  has an initial term of two years and provides  that it will
thereafter  continue  in effect from year to year only if such  continuation  is
specifically  approved at least  annually by (a) either (i) a vote of a majority
of the board or (ii) a vote of a majority of the outstanding  voting  securities
of the fund and (b) a vote of a majority  of the fund's  independent  directors.
The agreement  provides that it may be terminated by the fund, by TIP's board of
directors,  or by a vote of a majority of the outstanding  voting  securities of
the fund, or by Delaware,  in each case at any time upon 30 days' written notice
to the other  party.  In addition,  the  agreement  provides  for its  automatic
termination in the event of its assignment.

     The  agreement  provides  that  Delaware  is not liable to the fund for any
error of judgment  but shall be liable to the fund for any loss  resulting  from
willful  misfeasance,  bad faith,  or gross  negligence by Delaware in providing
services  under the  agreement  or from  reckless  disregard  by Delaware of its
obligations and duties under the agreement.

     MONEY  MANAGEMENT  FEE. For the services  performed and the  facilities and
personnel  provided,  the fund pays Delaware a fee  calculated at an annual rate
based on the fund's  average  daily net assets.  The  following  chart  compares
Delaware's fees under the initial and amended money manager fee schedules.


          INITIAL FEE SCHEDULE                              AMENDED FEE SCHEDULE
                                                         
          First $50 million of assets:    0.50%             First $50 million of assets:    0.550%
          Next $50 million of assets:     0.35%             Next $50 million of assets:     0.385%
          Amounts over $100 million:      0.30%             Amounts over $100 million:      0.330%


     For the fiscal year ended December 31, 2002, Delaware received a fee in the
amount of $152,510.11 for money management  services to the fund. If the amended
fee  schedule  had been in effect for the fiscal year ended  December  31, 2002,
Delaware would have received $167,761.12 for such services.

INFORMATION REGARDING DELAWARE

     Delaware is a London-based  money management  organization that has managed
institutional  separate  accounts and mutual  funds for over 13 years.  Delaware
Management   Company,   a  series  of   Delaware   Management   Business   Trust
(Philadelphia,  PA), an affiliate of Delaware, provides sub-advisory services to
Delaware with respect to that portion of the portfolio invested in securities of
issuers  located in the United  States.  In addition to managing  assets for the
fund, Delaware manages a portion of the assets of the TIFF Multi-Asset Fund.

     The directors and officers of Delaware and their principal  occupations are
set forth in the table below.  The principal  business  address of each director
and principal executive officer, as it relates to his or her duties at Delaware,
is 80 Cheapside, 3rd Floor, London, England EC2V 6EE.


NAME                                      POSITION
                                       
Charles Edgar Haldeman                    Chairman and Director
John Charles Campbell                     Director
George Edward Deming                      Director
Elizabeth Ann Desmond                     Regional Research Director, Director, Senior Portfolio Manager
David Keith Downes                        Director
John Emberson                             Director, Chief Operating Officer, Secretary
Clive Ashley Gilmore                      Deputy Managing Director, Director, Senior Portfolio Manager
John Kirk                                 Director and Senior Portfolio Manager
Graham Roger Heyworth Kitson              Vice Chairman and Director
Nigel Greenville May                      Regional Research Director, Director, Senior Portfolio Manager
Christopher Anthony Moth                  Director, CIO of Fixed Income, Senior Portfolio Manager
Hamish O. Parker                          Director and Senior Portfolio Manager
David George Tilles                       Managing Director and Chief Investment Officer



EVALUATION AND ACTION BY TIP DIRECTORS

     At a meeting on March 11, 2003, the directors of TIP considered whether the
amended  Delaware  agreement  would be in the best interests of the fund and its
members. The directors received information  concerning the new fee arrangements
and the ability of Delaware to perform its responsibilities  with respect to the
fund.  The directors  reviewed the nature and quality of Delaware's  services to
the fund and Delaware's experience and qualifications.

     In evaluating the amended agreement, the directors considered that the fees
to be paid under the new fee schedule were  competitive with those paid to other
money  managers  that manage  assets in emerging  markets.  The  directors  also
considered  (1) the historical  performance of the portfolio;  (2) the favorable
history,  reputation,   qualification,  and  background  of  Delaware;  (3)  the
qualifications of Delaware's personnel and its organizational capabilities;  (4)
the  favorable  quality  of  services  provided  by  Delaware  to the fund since
inception;  (5) the fees and total  expenses  of the fund  compared  to those of
similar mutual funds; and (6) other factors deemed relevant by the board.

     Based upon its review,  the board concluded that the amended  agreement was
reasonable,  fair,  and in the best  interests of the fund and its members,  and
that the fees  provided  in such  agreement  were  fair and  reasonable.  In the
board's  view,  continuing  to retain  Delaware to serve as money manager of the
fund under the terms of the amended Delaware agreement, was desirable and in the
best interests of the fund and its members. Accordingly,  after consideration of
all  factors as it deemed  relevant,  the  board,  including  a majority  of the
independent directors, approved the amended agreement.