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Endowment Board University of North Carolina Wilmington November 20, 2014 1.

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Presentation on theme: "Endowment Board University of North Carolina Wilmington November 20, 2014 1."— Presentation transcript:

1 Endowment Board University of North Carolina Wilmington November 20,

2 Endowment Board University of North Carolina Wilmington 2 Thursday, November 20, 2014 at 3:00 pm Burney Center, Ballroom A Agenda WelcomeMr. Michael Shivar Approve Minutes of April 3, 2014Mr. Michael Shivar Review of FY 2015 Q1 Endowment ReportsMs. Roberta LaSure Update: Amendments to Operating Procedures of UNCIF Ms. Roberta LaSure Update on Spending DistributionsMs. Roberta LaSure Investment Committee members Mr. Eddie Stuart/Dr. Rick Whitfield Closed SessionMr. Michael Shivar Open Session – Closed Session Recommendations **Mr. Michael Shivar Conflict of Interest Disclosure formsDr. Rick Whitfield AdjournmentMr. Michael Shivar ** Action Items

3 Endowment Reports FY 2015 through September 30,

4 Endowment Investment Portfolio at September 30, 2014 Total Endowment FundsUniversity EndowmentsFoundation Endowments ** Fiscal Qtr and Year To-Date Fiscal Year To-Date 7/1/14 -9/30/14 BEGINNING MARKET VALUE $ 87,911,176 $ 83,729,118 $ 4,182,059 RECEIPTS Contributions 247, ,625 2,672 TOTAL RECEIPTS $ 247,297 $ 244,625 $ 2,672 EARNINGS Interest and Dividends 108,786 99,964 8,822 Realized Gains /Losses 1,514,342 1,435,549 78,793 Unrealized Gains /Losses (1,194,988) (1,173,428) (21,560) TOTAL EARNINGS $ 428,140 $ 362,085 $ 66,055 DISBURSEMENTS Annual endowment distributions (2,916,688) (2,782,359) (134,329) Annual administrative fees (740,601) (718,951) (21,650) Investment Fund Fees (54,733) (51,910) (2,823) Donor repurposing (3,703) TOTAL DISBURSEMENTS $ (3,712,022) $ (3,553,220) $ (158,802) ENDING MARKET VALUE $ 84,874,592 $ 80,782,608 $ 4,091,984 4 ** Includes $1,463,267 not managed by Board but by students as part of student managed investment portfolio

5 University’s Portfolio Performance through September 30, 2014 Annualized Net September 30, 2014 Return sinceDate Portfolio vs. Benchmarks1 YR3 YR5 YR10 YRinceptionof inception UNCW Endowment Portfolio11.4%12.4%9.6%8.6%7.7%07/01/87 CPI + 4.5% (spend rate)6.2%6.1%6.5%6.8%7.3% CPI +5.75% (spend rate + admin fee)7.5%n/a 8.5% 5

6 Portfolio Asset Allocations at September 30,

7 UPDATE Endowment Spending Distributions FY at 4.5% policy spend rate 7

8 Endowment Distributions * 4.5% Policy Spend 4.5% Policy Spend 4.5% Policy Spend Rate # Endow.Distribution $# Endow.Distribution $# Endow.Distribution $ University Endowments339 $ 3,112, $ 2,782, $ 2,207,145 Foundation Endowments8 150, , ,754 $ 3,262,771 $ 2,908,158 $ 2,309,899 Endowments Not Distributing Earnings underwater -1 insufficient accumulated earnings not fully funded by donors * 14.6% net investment return for FY supports 4.5% spending policy rate for

9 Endowment Spending by Purpose;

10 CLOSED SESSION 10

11 OPEN SESSION 11

12 Endowment Board University of North Carolina Wilmington 12 Thursday, November 20, 2014 at 3:00 pm Burney Center, Ballroom A Agenda WelcomeMr. Michael Shivar Approve Minutes of April 3, 2014Mr. Michael Shivar Review of FY Q1 of 2015 Endowment Activity & PerformanceMs. Roberta LaSure Update: Amendments to Operating Procedures of UNCIFMs. Roberta LaSure Update on Endowment Spending DistributionsMs. Roberta LaSure Investment Committee members Mr. Eddie Stuart/Dr. Rick Whitfield Closed SessionMr. Michael Shivar Open Session – Closed Session Recommendations **Mr. Michael Shivar Conflict of Interest Disclosure formsDr. Rick Whitfield AdjournmentMr. Michael Shivar ** Action Items

13 Action Items from Closed Session Subject to and consistent with recommendations from the chancellor to, and direction from, the UNCW Board of Trustees, approve the items and recommendations discussed in Closed Session. 13

14 Endowment Board University of North Carolina Wilmington 14 Thursday, November 20, 2014 at 3:00 pm Burney Center, Ballroom A Agenda WelcomeMr. Michael Shivar Approve Minutes of April 3, 2014Mr. Michael Shivar Review of FY Q1 of 2015 Endowment Activity & PerformanceMs. Roberta LaSure Update: Amendments to Operating Procedures of UNCIFMs. Roberta LaSure Update on Endowment Spending DistributionsMs. Roberta LaSure Investment Committee members Mr. Eddie Stuart/Dr. Rick Whitfield Closed SessionMr. Michael Shivar Open Session – Closed Session Recommendations **Mr. Michael Shivar Conflict of Interest Disclosure formsDr. Rick Whitfield AdjournmentMr. Michael Shivar ** Action Items


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