Download The University of Akron Investment Policy Statement for Endowment Funds

THE UNIVERSITY OF AKRON
INVESTMENT POLICY
STATEMENT
ENDOWMENT FUNDS
Table of Contents
1) Statement of Purpose ......................................................................................... Page 1
2) Statement of Responsibilities ........................................................................... Page 1
Board Responsibilities ....................................................................................................... Page 1
Administrative Officers Responsibilities ........................................................................ Page 1
Investment Consultant Responsibilities ......................................................................... Page 2
Investment Consultant and Disclosures ........................................................................ Page 2
Investment Manager Responsibilities ............................................................................. Page 2
Custodian Responsibilities................................................................................................ Page 3
Statement of Social Responsibility .................................................................................. Page 3
3) Investment Objectives ........................................................................................ Page 3
4) Investment Guidelines ........................................................................................ Page 4
Liquidity .............................................................................................................................. Page 4
Asset Allocation ................................................................................................................. Page 5
Rebalancing the Portfolio ................................................................................................. Page 5
Domestic Equity Investment Manager Guidelines ...................................................... Page 6
International Equity Investment Manager Guidelines ................................................. Page 6
Fixed Income Investment Manager Guidelines ............................................................ Page 7
Cash and Equivalents Guidelines .................................................................................... Page 7
Restricted Transactions..................................................................................................... Page 7
5) Standards of Performance .................................................................................. Page 8
Performance Goals ............................................................................................................ Page 8
Performance Evaluation and Reporting......................................................................... Page 8
Portfolio Risk Guidelines ................................................................................................. Page 8
Selection of Investment Managers/Passive Index Funds ........................................... Page 9
Equity Investment Manager Review Process ................................................................ Page 9
Fixed Income Investment Manager Review Process ................................................... Page 9
6) Operations and Procedures .............................................................................. Page 10
Operating Procedures ..................................................................................................... Page 10
Allocation of New Gifts ................................................................................................. Page 10
Distribution Requirements ............................................................................................. Page 10
Endowment Spending Policy......................................................................................... Page 11
Administration Fee .......................................................................................................... Page 11
Annual Audit…………………………………………………………………...Page 11
University of Akron – Endowment Funds
Page 1
STATEMENT OF PURPOSE
The University of Akron (the “University”) shall establish broad guidelines for its endowed assets, hire an
investment consultant and investment managers, determine or approve asset allocation, and review
performance of investment managers on a quarterly basis.
The strategic investment objectives of The University of Akron Endowment Funds (the “Fund”) are as
follows:
To provide current income and long term financial support for the academic programs, student
scholarship and general operations of the University.
To preserve the real principal value of the endowed assets, as well as the level of spending in real
dollars, over the longer term.
The purpose of the Investment Policy Statement (the “Policy”) is to establish a clear understanding of the
investment objectives of the Fund. It shall be used as a guideline for the Finance, Fiscal Policy, and
Investment Committee (the “Committee”) as well as for the investment consultant and investment managers
hired by the University.
The Policy shall be effective until modified as conditions warrant by The University of Akron Board of
Trustees (the “Board”).
STATEMENT OF RESPONSIBILITIES
BOARD RESPONSIBILITIES
The Board is responsible for establishing the Policy that shall guide the Committee, the University’s
administrative officers, the investment consultant, the investment managers and the custodian in the
investment of the Fund.
The Policy is subject to annual review by the Committee. The Committee shall recommend modifications to
the Board in response to changes in applicable laws, changing economic and market conditions, and current
income needs of the University.
ADMINISTRATIVE OFFICERS RESPONSIBILITIES
The Vice President for Finance and Administration/CFO (the “Vice President”) and assignees are authorized
to invest the Fund’s assets through investment managers selected using a search process with the approval of
the Committee. The Vice President, with the approval of the Committee, is authorized to contract with
appropriate investment consultants to independently monitor and audit the performance and strategies of
investment managers.
The Vice President or Associate Vice President for Treasury and Financial Planning (the “Treasurer”) shall
have the responsibility to administer and oversee the Fund. The Vice President or Treasurer is also
responsible for maintaining the records of the investment of the Fund; reporting to the Committee the
performance and composition of the portfolios held by investment managers; and monitoring compliance
with the Policy.
University of Akron – Endowment Funds
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INVESTMENT CONSULTANT RESPONSIBILITIES
The University shall retain an independent and objective investment consultant to provide professional
investment expertise and aid in adherence to the Policy. The investment consultant shall offer the services
listed below:
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Provide overall strategic investment guidance.
Monitor investment managers for individual compliance with the Policy.
Meet with the Committee quarterly to provide performance reporting and overall compliance with
the Policy.
Conduct investment manager searches as necessary.
Perform ongoing asset allocation studies and advise on the rebalancing of the Fund’s portfolio.
Continually review the Policy and recommend updates as appropriate.
Provide annual cost analysis of the Fund’s portfolio.
Help the Committee negotiate and reduce costs.
Provide annual fiduciary check list.
Undertake any specific projects for the Committee as requested.
INVESTMENT CONSULTANT & DISCLOSURES
The Vice President or Treasurer shall obtain from all investment consultant candidates under consideration
written disclosure of all affiliations, cross-ownership arrangements, referral arrangements, discounts,
compensation arrangements, and any other business relationships then existing or then being negotiated
between the investment consultant candidate and any investment manager within the universe of investment
managers monitored by such investment consultant.
Furthermore, after an investment consultant has been retained by the University, prior to any vote by the
Committee and the Board relating to the retention or termination of the services of a particular investment
manager, the Vice President or Treasurer shall obtain from the investment consultant written disclosure of all
affiliations, cross-ownership arrangements, referral arrangements, discounts, compensation arrangements, and
any other business relationships that may then exist or that are then being negotiated between the investment
consultant and the investment manager whose termination or retention is being considered. The term
“business relationships” as used in the preceding provisions of this paragraph refers to those relationships
considered conflicts of interest under the Ohio ethics law as applicable to the University.
INVESTMENT MANAGER RESPONSIBILITIES
The Fund’s assets shall be managed primarily by investment managers as approved by the Committee.
Investment managers chosen shall be leading professionals in their fields with proven records of superior
performance over time. The investment managers have the full discretion to invest the assets to best achieve
the stated objectives and performance standards within the guidelines and directives set forth in the Policy.
Investment decisions shall be subject to the usual standards of fiduciary prudence, commonly referred to as
the “Prudent Investor Rule,” and to the general guidelines of the Uniform Management of Institutional
Funds Act.
Each investment manager shall be provided with a copy of the Policy. In turn, as part of the investment
management contract that shall govern the total assets under their direct control, the investment managers
shall provide a quarterly written statement of their investment outlook, investment strategy and portfolio
structure.
University of Akron – Endowment Funds
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Each investment manager shall have the following responsibilities:
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Manage the Fund’s assets in accordance with the objectives and guidelines expressed in the Policy, or
in a separate written agreement that has received approval from the Committee, when deviation is
deemed prudent and desirable.
Submit a written request to the Committee whenever the investment manager feels that the
objectives and guidelines should be changed or an exception to the Policy should be made.
Adhere to the investment management style or styles for which the manager was hired.
Provide quarterly reports describing portfolio holdings, transactions, and performance net of fees.
Promptly inform the Committee regarding all significant matters pertaining to the investment
management of the assets of the Fund. For example, significant changes in the firm’s ownership,
affiliation, organizational structure, financial condition, professional personnel or fundamental
investment philosophy.
Meet with the Committee as deemed appropriate.
CUSTODIAN RESPONSIBILITIES
The University shall retain a custodial bank to hold the Fund’s assets. The general duties of the custodian are
listed below:
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Set up accounts for individual investment managers.
Hold all assets in safe keeping excluding mutual funds and passive index funds.
Value assets at fair market value.
Credit all dividends and interest to account on payable date and sweep cash to money market daily.
Settle all trades made in the various accounts.
Facilitate distributions from and additions to the accounts.
Facilitate transfers between investment managers.
Pay investment management fees from individual accounts after review by the Treasurer.
Provide monthly statements of all activity and account balances.
Provide on-line access to view activity and account balances.
STATEMENT OF SOCIAL RESPONSIBILITY
The Board recognizes the interest in the moral and social implications of the Fund’s management and
reserves the right to review all investment decisions of investment managers.
INVESTMENT OBJECTIVES
Overall, the primary objective for the Fund’s investments is the preservation of capital for the long-term
growth of principal without undue exposure to risk. Investment managers are expected to use the Prudent
Investor Rule for the investment of funds under their management. This primary objective may be
accomplished by utilizing a strategy of equities, fixed income, alternative investments and cash equivalents in
a mix which is conducive to participation in a rising market while allowing for adequate protection in a falling
market. The investment manager(s)’s greatest concern should be total return with consistency of investment
performance. Due to the inevitability of short-term market fluctuations, which may cause variations in the
investment performance, it is intended that the following objectives shall be achieved by the investment
manager(s) over a three-to-five year moving period. The Fund has a long-term time horizon as the
endowments are set up in perpetuity.
University of Akron – Endowment Funds
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The investment objectives of the Fund shall be as follows:
1. The total return of the assets, net of investment manager fees, shall strive to exceed the Consumer Price
Index plus 4% over a five-year moving period. As the nature of inflation is dynamic, a secondary
benchmark of 7% may be used as a performance proxy.
2. The Fund shall be diversified both by asset class (e.g., equities, bonds, alternative investments and cash
equivalents) and within equities by economic sector, industry, quality, size, investment style, etc. The
purpose of diversification is to provide reasonable assurance that no single security or class of securities
shall have a disproportionate impact on the Fund.
3. The purpose of the fixed income portion (bonds and cash equivalents) is to provide a deflation hedge, to
reduce the overall volatility of the Fund, and to produce current income in support of the needs of the
University.
4. The fixed income portion shall normally represent approximately 35% (25% if alternative investments are
being used) of the Fund’s total assets at market value. The actual percentage will fluctuate with market
conditions.
5. The purpose of the equity portion is to provide a total return that shall simultaneously provide for
growth in principal and current income sufficient to support the University’s needs, while at the same
time preserve the purchasing power of the Fund’s assets. It is recognized that the equity portion entails
the assumption of greater market variability and risk.
6. The equity portion shall normally represent approximately 65% (60% if alternative investments are being
used) of the Fund’s total assets at market value. The actual percentage of equities and equity reserves will
vary with market conditions.
7. Additions to principal shall be allocated by the Vice President or Treasurer. As a general rule, new
monies shall be used to rebalance the Fund in the direction of the preferred asset allocation model.
8. Each investment manager shall be evaluated against a comparable style specific index. Each investment
manager shall also be evaluated versus a universe of investment managers with similar asset mixes and
shall be expected to consistently rank favorably over a three-to-five year moving period.
9. Alternative investments may be considered by the Committee.
INVESTMENT GUIDELINES
LIQUIDITY
When purchasing a security to place in a portfolio, it is expected that each investment manager shall consider
its aggregate holdings among all of its accounts to ensure that its total position in the security shall not be so
large as to inhibit rapid liquidation of the security.
University of Akron – Endowment Funds
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ASSET ALLOCATION
In order to achieve the investment objectives, the Fund’s portfolio shall be diversified across and within the
following major asset classes:
Without Alternative Investments
Minimum
Preferred
Maximum
Equities
Fixed Income & Cash
60%
30%
65%
35%
70%
40%
Large Cap Growth
Large Cap Value
10%
10%
15%
15%
20%
20%
5%
5%
7.5%
7.5%
10%
10%
7.5%
7.5%
10%
10%
12.5%
12.5%
Small/Midcap Growth
Small/Midcap Value
International Growth
International Value
With Alternative Investments
Minimum
Preferred
Maximum
Equities
Fixed Income & Cash
Alternatives
55%
20%
60%
25%
15%
65%
30%
Large Cap Growth
Large Cap Value
10%
10%
12.5%
12.5%
15%
15%
Small/Mid Cap Growth
Small/Mid Cap Value
5%
5%
7.5%
7.5%
10%
10%
7.5%
7.5%
10%
10%
12.5%
12.5%
International Growth
International Value
While the actual percentage of equity categories will vary with market conditions, levels outside these ranges
shall be closely monitored.
REBALANCING OF THE PORTFOLIO
Market value fluctuations and operational needs may cause variations from the established asset allocation
ranges. To ensure allocations consistent with the Policy, the Vice President or the Treasurer is responsible
for periodically rebalancing the aggregate portfolio and is authorized to make the necessary transfers to
maintain the allocation within the current guidelines and shall strive to keep divergences as brief as possible.
University of Akron – Endowment Funds
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DOMESTIC EQUITY INVESTMENT MANAGER GUIDELINES
1. The objective for the equity portion is to outperform the S&P 500 Stock Index. Performance shall be
monitored on a quarterly basis and evaluated over rolling three-to-five year periods. In addition, the
equity portion of the Fund shall strive to exceed the Consumer Price Index plus 6% over five-year
moving periods.
2. The equity portion shall be broadly diversified according to economic sector, industry, number of
holdings and other investment characteristics. Several complementary investment styles shall be used to
reduce portfolio risk.
3. Equity investment style is expected to be a criterion for investment manager selection within the context
of a diversified investment manager structure. Decisions as to individual security selection, security size
and quality, number of industries and holdings, turnover and other tools employed by active investment
managers and mutual funds are to be defined as individual investment manager standards and applied
subject to the usual standards of fiduciary prudence. However, investment managers are expected to
invest consistently in the style for which they were hired.
4. Unless otherwise instructed, equity investment managers may, at their discretion, hold investment
reserves of cash equivalents, but with the understanding that performance shall be measured against
stock indices described in their investment guidelines.
5. Each equity investment manager shall vote proxies for those securities under management absent any
specific directive to the contrary by the Committee.
6. Mutual Funds and/or Passive Index Funds are exempt from the Domestic Equity Investment Manager
Guidelines.
INTERNATIONAL EQUITY INVESTMENT MANAGER GUIDELINES
1. The international equity portfolio shall be diversified. Specifically, an investment manager’s portfolio
shall be diversified to the extent that no individual security purchased at market value makes up more
than 5% of that investment manager’s assets.
2. The sector and cash equivalent guidelines stated above for the domestic equity investment managers also
apply to the international equity investment managers.
3. Investments in a single market/country shall not exceed 35% of an investment manager’s portfolio
measured at market value.
4. No more than 30% of the portfolio may be invested in emerging markets. Emerging markets are defined
as those markets that are not included in the Morgan Stanley Capital International Europe, Australia and
Far East Index (MSCI EAFE).
5. Mutual Funds and/or Passive Index Funds are exempt from the International Equity Investment
Manager Guidelines.
University of Akron – Endowment Funds
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FIXED INCOME INVESTMENT MANAGER GUIDELINES
1. The objective of the core fixed income portion is to outperform the Barclays Aggregate Bond Index.
Performance shall be monitored on a quarterly basis and evaluated over rolling three-to-five year periods.
2. The core fixed income investment manager(s) is expected to employ active management techniques, but
changes in average maturity shall be moderate and incremental. Planned changes in overall average
maturity shall be communicated to the Committee.
3. For the core fixed income portion of the portfolio, the bonds purchased must be investment grade or
better by Moody’s or Standard & Poor’s rating services. If the rating of any bond is lowered below
investment grade, the investment manager shall notify the Committee with an explanation of the credit
downgrade and any recommended action. The prospect of credit risk or risk of permanent loss shall be
avoided.
4. In general, the core fixed income portion shall be well diversified with respect to type, industry and issuer
in order to minimize risk exposure. However, obligations carrying the full faith and credit of the U.S.
Government or Government Agency may be held without limitation. Generally, other than investments
in the U.S. Government or Government Agency, no single issue shall be allowed to exceed 5% market
value of the portfolio.
5. An opportunistic fixed income investment manager may be considered for up to 30% of the fixed
income portion of the portfolio. This type of investment manager may invest a percentage of its
mandate in high yield bonds, international bonds, TIPS, etc.
CASH AND EQUIVALENTS GUIDELINES
For the purposes of the Policy, Cash and Equivalents are defined as certificates of deposit, money market
funds, and market interest accounts at high investment grade banks having at least one-hundred million
dollars in equity capital and a long-term credit rating of at least “A” by Moody’s Investor Services or Standard
and Poor’s Corporation, and only if held as a short-term cash position.
Cash and Equivalents also include commercial paper from issuers having a credit rating in the top investment
grade (P1/A1) by Moody’s Investors Services or Standard & Poor’s Corporation, only if held as a short-term
cash position.
RESTRICTED TRANSACTIONS
1.
There shall be no short selling, securities lending, financial futures, margins, options or other specialized
investments without the prior approval of the Committee.
2.
There shall be no investments in non-marketable securities, commodities or speculative real estate
without the prior approval of the Committee.
3.
There shall be no investments in private placements or letter stock without the prior approval of the
Committee.
4.
Individual securities can represent no more than 8% of an investment manager’s portfolio.
5.
No investment manager shall engage in restricted transactions with the exception of alternative
investments that have been pre-approved by the Committee.
University of Akron – Endowment Funds
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STANDARDS OF PERFORMANCE
PERFORMANCE GOALS
1. The Fund’s portfolio shall be monitored on a continual basis for consistency in investment philosophy,
return relative to objectives and investment risk as measured by asset concentrations, exposure to
extreme economic conditions and market volatility. The portfolio shall be reviewed by the Committee on
a quarterly basis, but results shall be evaluated over rolling three-to-five year periods. The Committee
shall be informed on a regular basis regarding underlying performance expectations.
2. The Committee shall review quarterly the performance and risk characteristics of the Fund as well as the
individual investment managers and asset classes. The Fund shall be measured against the overall market
as compared to the asset allocation and represented in a custom balanced index.
3. The Fund’s asset allocation shall be measured against a like universe to determine overall performance
compared to similar allocations. Additionally, each investment manager shall be individually compared to
their appropriate index as well as corresponding investment manager universe to determine performance.
PERFORMANCE EVALUATION AND REPORTING
Individual investment manager performance shall be measured against the appropriate index as follows
below:
Large Cap Growth
Large Cap Core
Large Cap Value
Mid Cap Growth
Mid Cap Value
Small/Mid Cap Growth
Small/Mid Cap Value
Small Cap Growth
Small Cap Core
Small Cap Value
International
Emerging Markets
Fixed Income
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Russell 1000 Growth
Russell 1000
Russell 1000 Value
S&P 400 Growth
S&P 400 Value
Russell 2500 Small/Mid Cap Growth
Russell 2500 Small/Mid Value
Russell 2000 Growth
Russell 2000
Russell 2000 Value
MSCI EAFE Growth/Value
MSCI Emerging Markets
Barclays Aggregate Bond
PORTFOLIO RISK GUIDELINES
1. It is recognized by the Committee that a certain amount of volatility shall be incurred in order to meet
the objective of long term growth of capital. However, the annualized standard deviation of the total
portfolio shall not exceed the comparable balanced index by more than 5%.
2. Because the growth of the portfolio is largely dependent on the equity portion, a level of volatility (beta)
for the equity portion of 1.15 to that of the Standard & Poor’s 500 Index of 1.00 is tolerable if necessary.
However, the level of volatility (beta) of the total portfolio shall not exceed 0.75 to that of the Standard &
Poor’s 500 Index of 1.00.
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3. The intent of the fixed income and cash portions is to reduce the overall volatility of the portfolio.
Therefore, the standard deviation of the fixed income portion shall not be significantly higher than that
of the Barclays Aggregate Bond Index.
SELECTION OF INVESTMENT MANAGERS / PASSIVE INDEX FUNDS
When considering the appointment of a new investment manager or passive index fund, the Committee shall
utilize a documented search process by which an investment manager’s/passive index fund’s performance,
history, risk posture, fee structure, professionals and similar attributes can be carefully scrutinized. This
information shall be used to determine if the investment manager/passive index fund is appropriate for
appointment of funds.
EQUITY INVESTMENT MANAGER REVIEW PROCESS
1. Failure to follow the Policy may be grounds for removal. Written notification from the Vice President or
Treasurer shall be sent to the investment manager establishing the violation with a specific time frame to
comply with the Policy; noncompliance may result in termination.
2. Failure to consistently meet investment benchmarks, as established within a reconciled performance
monitor, over an extended period of time may result in an investment manager being placed on “watch”
and may eventually lead to termination. Specifically, if an investment manager trails their respective index
or bogey by 200 basis points over 3 years and the investment manager is in the 50% percentile ranking or
below of a comparable investment manager universe, then the investment manager is immediately placed
on “watch.” All performance shall be reviewed on a “net-of-fee” basis.
3. Substantive changes in an investment manager’s philosophy, process, people or fees may result in the
investment manager being placed on “watch” and may result in termination.
4. Written notification from the Vice President or Treasurer shall be sent to any investment managers
placed on “watch.”
5. The investment consultant shall notify the Committee of any investment managers in violation of the
Policy or of any investment managers placed on “watch.”
6. The Committee retains the right to terminate an investment manager at any time for any reason.
FIXED INCOME INVESTMENT MANAGER REVIEW PROCESS
1. Failure to follow the Policy may be grounds for removal. Written notification from the Vice President or
Treasurer shall be sent to the investment manager establishing the violation with a specific time frame to
comply with the Policy; noncompliance may result in termination.
2. Failure to consistently meet investment benchmarks (Barclays Aggregate Bond Index), as established
within a reconciled performance monitor, over an extended period of time, may result in an investment
manager being placed on “watch” and may eventually lead to termination. Specifically, if an investment
manager trails its respective index or bogey by 100 basis points over 3 years and the investment manager
is in the 50% percentile ranking or below of a comparable investment manager universe, then the
investment manager is immediately placed on “watch.” All performance shall be reviewed on a “net-offee” basis.
3. Substantive changes in an investment manager’s philosophy, process, people or fees may result in the
investment manager being placed on “watch” and may result in termination.
University of Akron – Endowment Funds
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4. Written notification from the Vice President or Treasurer shall be sent to any investment managers
placed on “watch.”
5. The investment consultant shall notify the Committee of any investment managers in violation of the
Policy or of any investment managers placed on “watch.”
6. The Committee retains the right to terminate an investment manager at any time for any reason.
OPERATIONS AND PROCEDURES
OPERATING PROCEDURES
The Fund shall be commingled or pooled for investment purposes unless a donor specifically directs that the
gift be separately invested, or unless the funds given are in securities that do not have a ready market or for
other reasons are unacceptable to hold in an endowment pool.
The Fund’s endowment pool shall be unitized. Each new gift added to the pool shall receive units based
upon the market value of the gift and the unit value of the pool on the date the gift is added to the pool. The
annual payout, under the endowment spending policy (see “Endowment Spending Policy,” Page 11) shall be
calculated on a unit basis for distribution purposes.
ALLOCATION OF NEW GIFTS
New gifts shall be allocated among the asset categories on the basis of their long-term targets as specified by
the Policy (see “Asset Allocation,” Page 5).
Within an asset category, gifts shall be allocated among that category’s investment managers in a pro rata
manner by using percentages assigned by the Committee in the following manner. Each investment manager
shall be assigned a percentage of the adjusted long-term target of its asset category. This percentage can
range from zero to 100%. The total of the percentages assigned to the investment managers in a particular
asset category must equal 100%. The asset allocation shall be used as a guide to allocate funds to individual
investment managers.
At its direction, the Committee may exclude an investment manager or asset class from the new gift
allocation computation.
The Vice President or Treasurer shall determine the timing of the gift allocation process. The frequency shall
be as deemed appropriate.
New gifts may be used to rebalance the portfolio or to contribute toward the quarterly distribution
requirements.
DISTRIBUTION REQUIREMENTS
Each quarter, the Treasurer shall determine the total necessary to be disbursed from the Fund’s endowment
pool. Disbursement amounts shall be in conformance with Policy specifications (see “Endowment Spending
Policy,” Page 11, and “Administrative Fee,” Page 11). These disbursements shall be made, where possible, in
the last month of each quarter. The amount to be disbursed from each investment manager shall be
determined on a pro rata basis of each investment manager’s market value at the beginning of that month.
University of Akron – Endowment Funds
Page 11
At its discretion, the Committee may exclude an investment manager or asset class from the disbursement
process.
ENDOWMENT SPENDING POLICY
The goal of the University’s endowment spending policy is to balance the long-term objective of maintaining
the purchasing power of the Fund while providing a predictable, stable, and sustainable level of income to
support current needs.
The annual payout under the endowment spending policy shall be calculated as a percentage of the moving
average of the market value of the Fund’s endowment pool, using the three preceding year-end market values.
The endowment spending policy shall be 5%.
Exceptions to the endowment spending policy shall be made for annuity contracts or restricted gifts calling
for annual payments which differ from the standard.
ADMINISTRATIVE FEE
The Treasurer may levy an administrative fee, where feasible, not to exceed one-and-one-half percent (1.5%)
of the market value of the Fund’s endowment pool.
ANNUAL AUDIT
The Fund shall be subject to audit by the independent accountant engaged by the University to conduct the
annual audit, who shall report audit findings to the Board through the Audit Committee.
September 1994
REVISED:
September 1999
February 2002
April 2003
December 10, 2008