This report provides commentary and exhibits based on a survey of our U.S.-based endowment clients on aspects of operations management, with a focus on six categories: finance office staffing; liquidity; debt; financial reporting and accounting; performance reporting; and regulatory, tax, and legal matters.
Governance of endowed institutions now requires the explicit recognition of new risks, and trustees must be aware of important changes in legislative guidelines pertaining to investing and spending, in governance disclosures required by the IRS, and even in the very definition of endowment.
This paper explores alternatives for managing currency exposure inherent in diversified portfolios.
This primer discusses securities lending programs.
Due to the recent market volatility, many investors may be facing a liquidity crunch, and some a severe liquidity crisis. This paper is designed to outline a coherent process for assessing the sources and uses of cash, examine the implications of different decisions investors might make about their liquidity needs, and recommend some general guidelines…
During prolonged bear markets, investors naturally focus on how best to allocate portfolio assets to ensure they are not wholly exposed to the full brunt of declining equity prices. However, as the economy deteriorates and the financial sector in particular suffers declining revenue and job losses, investors should also consider whether they have increased exposure…
A concise review of issues pertinent to investment committee members, particularly (1) the law applicable to fiduciary responsibility; (2) its enforcement; (3) its evolving interpretation; and (4) second-order effects centering on changing views of accountability and risk, and coming from auditors and debt rating agencies.
This report examines state and federal law governing the fiduciary responsibilities of nonprofit entities, particularly investment committees, and IRS enforcement of transactions involving “excess benefit” and “disqualified persons.” Exhibits include sample conflict of interest and disclosure policies.
As assets under management grow, investment flexibility is limited and managers must make choices. How much money can investment managers take in before the ability to add value fades away to market returns minus fees?
Observations on investment implications from the 2003 Tax Act.