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Policy Details

7 -03

University policy regarding university investments

(A)       Policy statement. This statement of investment policy reflects the investment policy, objectives, and constraints for the Kent state university (“university”) operating accounts. This policy defines the authority and responsibilities for the management of investment operations and the standards to be used to monitor investment performance. In general, the purpose of this statement is to outline the policy and philosophy that guides the  management of the investment assets toward desired results.  It is intended to be sufficiently specific to be meaningful, yet flexible enough to be practical.

(1)       The mission of the university’s investments is to provide sustainable investment returns to fund current and future financial objectives with commensurate risk and return objectives based on the multiple investment time-frames. With recognition to this primary objective, the university will make reasonable efforts to invest in ethical and socially responsible companies.

(2)       As investment balances are in place to fund strategic needs and to ensure funding for debt service, university expenditures that are outside of the current approved budget should be approved by the president and chief financial officer. A decline in portfolio value deemed to be more than temporary in nature will be distributed proportionately to department fund balances as authorized by the chief financial officer. 

(3)       This statement of investment policy is set forth by the university in order that:

(a)       There is a clear understanding on the part of the board of trustees, the finance and administration committee, chief financial officer, the investment committee, the chief financial officer, and any investment advisor and managers retained by them concerning the investment policy and objectives for the funds under management;

(b)       Investment managers are given the guidelines and limitations expressed by the board of trustees, the finance and administration committee, the investment committee, and the chief financial officer, and any investment advisor and managers retained by them concerning the investment policy and objectives fro the funds under management;

(c)       Current and future board of trustees members, have a basis for understanding the investment process and evaluating performance. 

(B)       Eligibility and scope. The board of trustees has the general authority to implement this policy. In accordance with section 3345.05(C)(3) of the Revised Code, the board of trustees has established an investment committee as a subcommittee of the finance and administration committee of the board. The investment committee is responsible for the management of the investment operations working in collaboration with the chief financial officer of the University. The investment committee may employ professional advisors to assist in the discharge of these duties. The chief financial officer or his designees are delegated the authority to execute investment operations as approved by the investment committee. The chief financial officer or his designee will be responsible for monitoring fluctuations in cash needs by utilizing monthly updates to cash forecasts. When time is of the essence, the chief financial officer is authorized to execute cash and investment transactions up to ten million dollars as necessary to continue the operations of the university. Any transactions that amount to five million dollars or more will be reported to the investment committee at the next scheduled meeting. 

 (C)     Roles and Responsibilities.

            (1)       Finance and Administration Committee.

 (a)      The finance and administration committee authorizes the control and execution of the investment policy to the investment committee.

(2)       Investment committee. The duties and responsibilities of this committee are as follows:

(a)       Function as the investment committee for the university pursuant to Ohio Revised Code section 3345.05.

(b)       Recommend investment policy and authorization of delegated responsibilities to the committee and administrative leadership review and approval of the finance and administration committee and the board of trustees.

(c)       Oversee asset allocation and investment policies and strategies to be implemented by management.

(d)       Review performance of investments.

(e)       Review the statement of investment policy at least annually and as necessary recommend amendments and revisions for approval by the board of trustees.

(f)        Review and approve recommendations made by management regarding selection/termination of investment managers.

(g)       Review management’s assessment of the level of risk of university investments and how they may impact of Kent state’s financial profile.

(h)       Review written evaluations of investment managers’ quarterly performance and compliance of the respective fund managers with their stated objectives.

(i)        Review management’s assessment of each fund’s cash flow expectations and the resulting assignment of funds to pools on a periodic basis.

(j)        Retain and review independent investment advisors of any investments made by the University and have oversight of, and authority to appoint or release any investment advisor retained by the institution.

(k)       Report to the finance and administration committee of the board of trustees quarterly on investment performance and periodically on long-range goals and any other matters as the finance and administration committee requests or as the investment committee deems appropriate.

(3)       Responsibilities of the chief financial officer under this policy are as follows:

(a)       Advising the finance and administration committee and the board of trustees on its investments made pursuant to section 3345.05(C) of the Ohio Revised Code;     

(b)       Participating in the review and recommending the selection of an investment advisor in compliance with section 3345.05(D)(1) of the Ohio Revised Code;

(b)       Reviewing and recommending any changes to the investment policy of the university;

(c)       Approving the selection of an investment advisor or consultant in compliance with section 3345.05(D)(1) of the Ohio Revised Code;

(d)       Recommending asset subclasses within the asset classes described in this policy which constitute permissible areas for investment of the university assets in compliance with section 3345.05(C)(1) of the Ohio Revised Code; 

(e)       Recommending return and risk objectives and asset allocation targets for the university assets that are invested;

(f)        Working in connection with the investment advisor to recommend the selection of investment managers authorized to manage university assets;

(g)       Reporting to the finance and administration committee of the board of trustees at least quarterly on the performance status of the investments of the university.

(4)       Investment Advisor. The advisor may assist the university in: establishing investment policy, objectives, and guidelines; selecting investment managers; reviewing such managers over time; measuring and evaluating investment performance; and other tasks as deemed appropriate. Specific responsibilities of the investment advisor include, but are not limited to:

(a)       Periodic review of investment objectives, policy, and asset allocation and portfolio rebalancing;

(b)       Conducting investment manager searches when requested;

(c)       Providing "due diligence", or research, on the investment manager(s) including the recommendation to hire or retain investment managers;

(d)       Monitoring the performance of the investment manager(s) to provide the investment committee and the chief financial officer with the ability to determine the progress toward the investment objectives;

(e)       Communicating matters of policy, manager research, and manager performance to the investment committee and the chief financial officer;

(f)        Reviewing investment history, historical capital markets performance and the contents of this investment policy statement with any newly appointed members of the Board, staff, and others as requested;

(g)       Assist the investment committee in establishing benchmarks for evaluating the performance of investment manager(s); and

(h)       Provide a quarterly evaluation report to the investment committee and chief financial officer containing a cumulative summarization of the performance of the university investments.

(i)        Routinely monitor and provide attestation on a quarterly basis that all managers are in compliance with the investment policy approved by the board of trustees.

(5)       Investment managers. Investment managers (e.g., mutual funds, separately managed portfolios, partnerships, etc.) have discretion to purchase, sell, or maintain securities. Investment managers must be licensed either by the division of securities or registered with the Securities and Exchange Commission, and must be in compliance with the standards established in section 3345.05(D)(1) of the Revised Code. Specific responsibilities of the investment manager(s) include:

(a)       Discretionary investment management including decisions to buy, sell, or maintain individual securities, and to alter asset allocation within the guidelines established in this statement and consistent with the terms of the manager’s agreed upon strategy.

(b)       Reporting, on a timely basis, quarterly investment performance results.

(c)       Communicating any major changes to economic outlook, investment strategy, or any other factors that affect implementation of investment process, or the investment objective progress of the university’s investment management.

(d)       Informing the investment advisor, on a timely basis, regarding any qualitative change to the investment management organization:  Examples include changes in portfolio management personnel, ownership structure, investment philosophy, etc.

(e)       Voting proxies on behalf of the university.

(f)        Annually review investment policy and attest to compliance with the policy.

(6)       Custodian(s). The custodian will physically (or through agreement with a sub-custodian) maintain possession of securities owned by the university, collect dividend and interest payments, redeem maturing securities, and effect receipt and delivery following purchases and sales. The custodian may also perform regular accounting of all assets owned, purchased, or sold, as well as movement of assets into and out of the university accounts.

(7)       Additional specialists. Additional specialists, such as auditors, consultants, and technology providers, may be employed by the university to assist in meeting its responsibilities and obligations to administer university assets prudently.

(D)      Implementation.

(1)       The Kent state university investment pool is divided into three investment pools. 

(a)       Short-term pool. The short-term investment pool represents funds needed for expenditures in one year or less. The primary objective of the short-term pool is to provide for the preservation of capital with a secondary emphasis on maximizing income.

(b)       Intermediate-term pool. The intermediate-term pool represents funds that may be authorized for University unrestricted priorities, as defined and/or projected by the president, as well as to support the short-term pool on a temporary or permanent basis pursuant to the university budget. The primary objective of the intermediate-term pool is to provide income and principal growth, as well as liquidity commensurate with funds that could be spent over a period between one and ten years. 

(b)       Long-term. The long-term investment pool represents a “permanent core” fund not needed for working capital in any given single year. The primary objective of the long-term pool is growth of principal and income, the purpose which is to enhance the university’s ability to support programs and initiatives. A return allocation policy, as described herein (see: long-term pool: return allocation policy), provides the intermediate-term pool with annual accumulation of funds that are calculated in excess of inflation and reinvestment of portfolio growth.

            (2)       Investment considerations. In accordance with section 3345.05(C)(1) of the Revised Code, across all university funds, an average of no less than twenty-five (25) percent of the total operating assets over the previous fiscal year must be invested in publicly-traded fixed-income securities, defined as:

(a)       Those securities issued by the United States federal government or its agencies, and/or;

(b)       The treasurer of the states, and/or;

(c)       Pooled investment program, and/or;

(d)       Obligations of the state of Ohio or any of its political subdivisions, and/or;

(e)       Certificates of deposits of any national bank located in the state of Ohio, and/or;

(f)        Repurchase agreements with any eligible Ohio financial institution that is a member of the Federal Reserve system or Federal Home Loan Bank, and/or;

(g)       Money market funds, and/or;

(h)       Bankers acceptances maturing in two hundred seventy (270) days or less.

(3)       Monies from various University funds may be pooled to maximize return or reduce expenses.

(E)       Investment management policy.

(1)       Investment manager selection. In its investment manager process, there is an under-riding philosophy that qualitative factors are a better indicator of an investment manager’s worthiness than past performance by itself. Manager retention shall be informed primarily by judgments relating, but not limited to, personnel, investment process, research capabilities, implementation of process, and business operations. The investment committee shall also make quantitative assessments based on an investment manager’s absolute performance, performance versus a benchmark, performance versus a peer group if available, sources of investment performance, risk characteristics, and reliability of track record, including the quality of the composite performance of all clients as reported by the investment manager.

(2)       Risk management. Understanding that risk is present in all types of securities and investment styles, short- and intermediate-term investment risk is a trade-off for long-term investment results. However, the investment managers shall make all reasonable efforts to control risk, and shall be evaluated regularly to ensure that the risk assumed is commensurate with the given investment style and objectives. Diversification across a variety of asset classes and investment managers is intended to minimize risks associated with concentration in a given asset class, manager style, and individual manager.

(3)       Adherence to investment discipline. Investment managers shall adhere to the investment management styles for which they were hired. Managers shall be evaluated regularly for adherence to investment discipline.

(4)       The investment goals of the university are pursued collectively across all of the underlying investments and are not imposed on each investment account and/or manager individually.  The goal of each investment manager, over a full market cycle, as defined on paragraph (L)(2)(a) of this rule, shall be to:

(a)       On a risk-adjusted basis, meet or exceed a market index, or blended market index, selected and agreed upon by the investment committee, based upon advice by the investment consultant, which most closely corresponds to their style of investment management.

(b)       Display an overall level of risk in the portfolio that is consistent with at least one specified benchmark.  Risk will be measured quantitatively, as well as on forward-looking qualitative judgments, as past risk is not necessarily a future indicator.

(F)       Specific investment objectives.

(1)       Short-term pool.

(a)       Description.

(i)        The short-term pool contains university funds needed for day-to-day operating expenses, generally at least totaling the amount of projected expenditures occurring within a one-year time frame.

(b)       Investment objective.

(i)        The investment objective of the short-term pool is to provide ongoing liquidity with the maximum income commensurate with the need for principal safety. Investment selection shall be based on the need for this Pool to fund day-to-day operating expenses and planned expenditures occurring within a one-year time frame.

(c)       Relative rate of return objective.

(i)        The performance of Short-Term Pool investments shall be measured relative to the 90-day US Treasury Bill Index.

(d)       Asset allocation guidelines.

Asset Class

Policy Target

Cash and Equivalents

100%

(2)       Intermediate-term pool

(a)       Description.

(i)        The Intermediate-term pool contains university funds in the amount exceeding those expenditures that will occur in one year or less, the use of which could occur over an intermediate time frame generally considered between one and five years. The funding of the intermediate-term pool may come from, but is not limited to, accumulated short-term funds that exceed projected operating needs over the subsequent year, funds set aside for specific initiatives, excess earnings from the long-term pool, and other amounts that are set aside by the chief financial officer.

(b)       Investment objective.

(i)        The investment objective of the intermediate-term pool is to earn a higher return on funds that are not identified as day-to-day operating expenses. Emphasis is placed on income and principal appreciation with an attempt to minimize return volatility.

(c)       Relative rate of return objective.

(i)        The intermediate-term pool shall attempt to achieve a return in excess of a market weighted index, on an annualized basis, as measured by: twenty-five percent MSCI All Country World Index (stocks), seventy-five percent Barclays Capital U.S. Intermediate Government/Credit Bond Index (bonds). An intermediate-term pool Investment Policy Benchmark comprised twenty-five percent MSCI ACWI and seventy-five percent BC Intermediate G/C shall constitute the “KSU Intermediate-Term Pool Policy Benchmark.” Additional market-based blends may be utilized in addition to the “Policy Benchmark” for further comparative uses.

(d)       Asset allocation guidelines.

Asset Class

Minimum

Target

Maximum

Global Equities & Equivalents*

0%

25%

35%

Fixed Income & Equivalents

65%

75%

100%

*Global Equities Asset Class will be further allocated as follows:

 

Minimum

Target

Maximum

Domestic Equities

30%

60%

90%

International Equities

10%

40%

70%

(e)       Alternative investments may be incorporated as replacements for above asset classes within the limitations set forth in this rule.

(3)       Long-term pool.

(a)       Description.

(i)        The long-term pool represents a “permanent core” fund not needed for working capital in any given single year. The primary objective of the long-term pool is growth of principal and income, the purpose which is to enhance the university’s ability to provide for programs and initiatives.

(b)       Investment objective.

(i)        The primary investment objective of the long-term pool is to maximize capital appreciation over an extended time horizon, deemed approximately five to ten years or greater, the purpose which is to enhance the university’s ability to provide for programs and initiatives. Emphasis is placed on capital appreciation over intermediate income needs or short-term capital preservation.

(c)       Relative rate of return objective.

(i)        The long-term pool shall attempt to achieve a return in excess of a market weighted index, on an annualized basis, as measured by: sixty percent MSCI All Country World Index (MSCI ACWI: stocks), forty percent Barclays Capital U.S. Intermediate Government/Credit Bond Index (BC Intermediate G/C: bonds). A Long-Term Pool Investment Policy Benchmark sixty percent MSCI ACWI and forty percent BC Intermediate G/C shall constitute the “KSU Long-Term Pool Policy Benchmark.” Additional market-based blends may be utilized in addition to the “Policy Benchmark” for further comparative uses.

(d)       Asset Allocation Guidelines

Asset Class

Minimum

Target

Maximum

Global Equities & Equivalents*

40%

60%

80%

Fixed Income & Equivalents

20%

40%

60%

*Global Equities Asset Class will be further allocated as follows:

 

Minimum

Target

Maximum

Domestic Equities

30%

60%

90%

International Equities

10%

40%

70%

(e)       Alternative Investments may be incorporated as replacements for above asset classes within the limitations set forth in this policy statement.

(4)       Return allocation policy.

(a)       No less than annually, the investment committee will review investment returns and determine any reallocation of the returns to the short term or intermediate-term pools.

            (5)       Distribution of yield from investment resources.

(a)       Cash distributions (dividends and interest) returned to the university from invested funds will be aggregated into an investment return fund.  These funds will be available as necessary to be used for critical university needs and should be available for university use where appropriated funds would not be suitable. Market valuation adjustments to invested balances resulting from market change will be recorded into a reserve account and accumulated until a specific liquidation is adopted by the investment committee. 

(6)       Time horizon.

(a)       Based on historical data, it is anticipated that the university will have a strong probability of achieving its stated objectives over the long-term.  Since it is assumed that the University and its purpose will exist over a long period of time, long-term investment time horizons are used (e.g. ten, twenty, and thirty years) to establish the appropriate asset allocation policies and guidelines in order to attain these objectives.  Year by year and over shorter-term time horizons these objectives may not always be attained.  Nevertheless, emphasis on evaluating performance shall be over rolling three-year and five-year periods, rather than short-term, to determine the portfolio’s progress towards its objectives.

(G)      Definition of risk.

(1)       Any person or organization involved in the process of advising the university regarding the investment of assets shall understand how the investment committee defines risk so that the assets are invested in a manner consistent with the university objectives and investment strategy as outlined in this statement of investment policy.  The investment committee defines risk across all university funds, collectively, as the probability of not meeting the university's liabilities or cash flow requirements as determined by its objectives. Each pool’s risks are different. Generally, the primary risk of each pool is:

(a)       Short-term pool: Any temporary or permanent loss that is not recoverable in ninety days or less time.

(b)       Intermediate-term pool: A temporary or permanent of loss of purchasing power over rolling three-year periods. That is, the primary risk associated with the intermediate-term pool is the loss of real value (after inflation) over three-year periods.

(c)       Long-term pool: Excess volatility measured over intermediate three to five-year horizons in relation to the market-based “KSU Long-Term Pool Policy Benchmark,” as well as long-term permanent loss of principal, measured over market cycles, generally five to seven years on average.

(H)      Liquidity.

(1)       Sufficient liquidity and income should be maintained to pay the university wages, benefits, and other expenses, and any predictable and/or reasonable contingencies. To minimize the probability of a loss occasioned by the sale of a security forced by the need to meet a required payment, the investment committee will, along with the Investment Advisor, take the necessary steps to provide sufficient liquidity on an ongoing basis.  In the event of an unforeseen cash requirement, the investment committee will work with the investment advisor to provide the necessary liquidity.  As a general rule, when providing for liquidity, the strategic allocations as delineated in this document and accompanying exhibits shall be, within reason, a primary consideration.

(I)        Investment guidelines.

(1)       Allowable assets.

(a)       Cash equivalent. Treasury bills, money market funds, short term investment funds, commercial paper, banker's acceptances, repurchase agreements, certificates of deposit.

(b)       Fixed income securities. U.S. government and agency securities, corporate notes and bonds, mortgage backed bonds, preferred stock, fixed income securities of foreign governments and corporations, planned amortization class collateralized mortgage obligations (PAC CMOs) or other "early tranche" collateralized mortgage obligations.

(c)       Equity securities. Common stocks, convertible notes and bonds, convertible preferred stocks, American depository receipts (ADRs) of non-U.S. companies, stocks of non-U.S. companies (ordinary shares).

(d)       Funds. Mutual funds and hedge funds

(e)       Other assets. Guaranteed investment contracts, limited partnerships which invest in securities as allowed in this statement.

(f)        Private equity, real estate and other non-marketable alternatives.

(i)        In making investments, there is a pre-disposition to using funds-of-funds over direct investments in a single, or several single investment funds.

(ii)       The investment committee may authorize up to a ten percent total investment, at cost, in such non-marketable alternative investments.

(2)       Equity investments.

(a)       No more than five percent (at cost) or ten percent (at market) of the total portfolio may be invested in any one company; no more than twenty-five percent exposure to any one industry. For the purposes of these guidelines, the Standard and Poor’s definition of industry classification shall be used for clarification when necessary.

(b)       Foreign equity securities are a permissible investment both on an American depository receipt (“ADR”) basis as well as ordinary shares.

(c)       Preferred stock and convertibles are permitted.

(d)       The investment advisor is responsible for monitoring equities to be sure guidelines are satisfied. If guidelines are not satisfied, the investment advisor will notify the chief financial officer promptly. The chief financial officer, based on advice from the investment advisor, will determine what action shall be taken.

(3)       Fixed income investments and cash equivalents.

(a)       At least seventy percent of all fixed income investments must be rated investment grade or better by either Moody’s or Standard & Poor’s (Baa/Moody’s or BBB/ Standard & Poor’s) as to domestic securities, and AA rated by those agencies or their foreign counterparts as to foreign securities.

(b)       Commercial paper should be rated A1 (or equivalent) or better. 

(c)       Diversification: No more than 10 percent exposure (at cost) to any one company, or twenty-five percent exposure (at cost) to any one industry. U.S. Treasury securities are exempt from this restriction.

(d)       Foreign fixed income securities are permissible investments.

(e)       The investment advisor is responsible for monitoring fixed income and cash equivalents pursuant to these guidelines. If guidelines are not satisfied, the investment advisor will notify the chief financial officer promptly. The chief financial officer, based on advice from the investment advisor, will determine what action shall be taken.

(4)       Alternative investments. Investments in alternative investment strategies are permissible within the context of the overall investment allocation. The objective of such strategies will be to diversify the portfolio, complementing traditional equity and/or fixed-income investments to improve the overall performance consistency of the pool(s). The primary purpose for including alternative investments is greater diversification and an emphasis on returns less correlated to market risk. Only investment funds that provide annual audited financial statements are eligible for investment.

(a)       As a whole, Alternative Investments (as equivalents for the asset classes above) shall not exceed thirty percent of the total portfolio.  Within the alternative investment limitation, non-marketable investments may not exceed more than ten percent of the total portfolio. Non-marketable investments are those considered illiquid until sold by the investment manager, such as private equity or private real estate.

(b)       Hedge fund strategies: Eligible strategies include, but are not limited to: statistical arbitrage, equity market neutral, convertible arbitrage, distressed securities, merger arbitrage, fixed income arbitrage, equity long/short, global macro, short selling, managed futures, structured products, micro finance and portable alpha.

(c)       Funds of hedge funds: The investment committee may elect to invest in funds of hedge funds. The funds of hedge funds structure helps to provide an additional layer of diversification relative to relying on a single-manager or single-strategy hedge fund approach.

(d)       Single-manager hedge funds: The investment committee may elect to invest with single-manager hedge funds. In general, single manager funds are anticipated in instances where there are directly accessible strategies or market exposures that are not efficiently accessed through fund of funds.

(e)       Hedge funds and funds of hedge funds investments are often less transparent than traditional investments, and therefore investments shall be made only in funds where investment, operational, and legal due diligence as well as ongoing monitoring are performed by the investment advisor. Liquidity in such investments may also be limited, including lock-up provisions and redemption or withdrawal fees. Liquidity constraints shall be weighed when making allocations to the managers responsible for the investments in these funds.

(f)        Funds of alternative investment strategies (such as funds of hedge funds) are expected to provide diversification by investing in approaches that do not correlate directly with traditional equity and/or fixed-income investments, and therefore serve as a source of diversification.

(g)       Fund of funds preference: For diversification and liquidity purposes, it is the goal of the investment committee to maintain at least sixty percent of its alternative allocation in funds of funds.

(J)       Investment manager performance review and evaluation.

(1)       Performance reports generated by the investment advisor shall be compiled at least quarterly and communicated to the investment committee for review.  The investment performance of the total portfolio, as well as asset class components, will be measured against commonly accepted performance benchmarks as described throughout this document.  Consideration shall be given to the extent to which the investment results are consistent with the investment objectives, goals, and guidelines as set forth in this statement.  Portfolio(s) are generally measured over a full market cycle, though there is always the right to terminate a manager for any reason including but not limited to the following:

(a)       Significant qualitative changes to the investment management organization.

(b)       Investment performance, which is significantly less than anticipated given the discipline employed, and the risk parameters established, or unacceptable justification of poor results.

(c)       Failure to adhere to agreed upon or communicated investment parameters or the terms of an agreement with the university, including communication and reporting requirements.

(d)       Change in fee structure.

(e)       Performance against peers.

(2)       Investment managers shall be reviewed regularly regarding performance, personnel, strategy, research capabilities, organizational and business matters, and other qualitative factors that may impact their ability to achieve the desired investment results.

(K)       Investment policy review.

(1)       To assure continued relevance of the guidelines, objectives, financial status and capital market expectations as established in this statement of investment policy, the investment committee will review the investment policy at least annually. However, the investment committee reserves the right to amend the investment policy guidelines at any time.

(L)       Definitions. For the purposes of this rule, the following terms are defined as follows:

(1)       Indices.

(a)       MSCI All Country World Index (MSCI ACWI). The MSCI ACWI Index is a market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI is divided approximately across all stock markets, in proportion to their size across the globe. The US markets are approximately forty-five to fifty percent of the global markets, and other developed and emerging markets comprise the remainder in proportion to their sizes.

(b)       Barclays Capital U.S. Intermediate Government/Credit Bond Index. The index measures the performance of U.S. dollar denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.

(2)       Other definitions.

(a)       Full market cycle. A full market cycle is generally described as the intermediate- to long-term period during which capital markets exhibit upward, downward, and then upward again behavior (historically five to seven years on average, though time-frame may be shorter or longer depending on the market environment). Because market cycles tend to present themselves differently over time, a longer-term orientation enables the university more fully to judge performance in light of the unique characteristics of each period rather than project based on more difficult to discern short-term results.

 

 

Effective: October 2, 2014  

Prior Effective Dates: 10/12/1993, 10/31/2002, 2/24/2003, 9/20/2005, 6/1/2007, 6/22/2007  

Related Forms: