ELS25: Why Endowment Size Should Not Dictate Your School’s Investment Approach
Live Event: 03/04/2025 at 2:00 PM (EST)
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Although universities with mega endowments make the headlines, 70 percent of all endowments are less than $100 million. Institutions with smaller endowments tend to invest very differently. The perception of risk can leave potential return on the table. Panelists focus on the reasons institutions with smaller endowments sub-optimize their investment portfolios and offer a framework that can improve results. Such a framework will address spending decisions, operations, revenue composition and trends, liquidity analysis and needs, and aligning the portfolio with the institution’s risk profile.
Learning Objectives
After this webinar, you will be able to—
- Understand how market volatility impacts the operating budget
- Evaluate corpus growth, time, and spending rates
- Focus on institutional financial viability as an endowment management strategy
Recording
This webinar will be recorded. Registrants will receive an email when the recording is available.
CPE Available: 1 Credit in Finance
Each individual must register and attend separately to earn credit.
NACUBO is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.nasbaregistry.org
Event Information
- Level: Intermediate
- Prerequisites: Minimum 1-2 years of experience as a professional in higher education or a related private industry.
- Advanced Preparation: None
- Delivery Mode: Group internet based
- Field of Study: Finance
- Length: 60 minutes
Steps to Earn CPE Credit
You can only earn credit for attending the session live. CPE credit cannot be earned for watching the recordings.
To earn CPE credit, you will complete the following tasks under the Content tab, after the session has ended:
- Pass the CPE codeword quiz. Write down the codewords posted in the Zoom chat at random times throughout the session and complete the quiz at the end of the session.
- Submit the CPE check-out code displayed at the end of the session.
- Download your CPE certificate.
You have until 5 pm Eastern Time on March 5, 2025, to complete these three steps or report technology issues with this site to online@nacubo.org.
For more detailed instructions, review the CPE Instructions page.
Timothy Richard Baird
Vice President of Business and Finance
Geneva College
Tim Baird began his career working in the human resources field with increased responsibility for financial matters. Upon graduation from Geneva, Baird worked in corporate headquarters of Tasty Baking Company (Tastykake) in Philadelphia along with a brief stint at WonderBread/Hostess Cakes as the Assistant HR Manager for the Philadelphia bakery. While working in the HR field, Baird earned a Master’s in Business Administration from St. Joseph’s University in Philadelphia in 2008. Baird returned to Geneva as the Director of Human Resources in 2005. In 2010, Baird assumed the role of Associate VP of Operations and HR for the College where he managed the personnel and benefits budgets and he lead capital spending for the College. In this and his current role, Baird leads the College’s efforts in the HR, facilities, vendor management, capital planning, construction management, and legal affairs functions. In August 2017, Baird assumed the additional responsibilities of the role of Vice President of Business and Finance. He focuses his efforts on the overall financial strategy, reporting and projections of the College. He provides executive leadership for the treasury and investments in collaboration with the Endowment Investment Committee of the Board.
John Griffith
Director, Endowment Management
Hirtle Callaghan
John Griffith is a director at Hirtle Callaghan and serves as the firm’s endowment specialist. He has over 28 years of nonprofit experience. Griffith leads the firm’s holistic planning process for institutions, working closely with investment committees to design customized investment programs that are fully aligned with their goals and risk tolerance. He also works directly with endowments on specific, client-driven projects. These projects help committees tackle key strategic issues, including spending policy, liquidity policy, debt ratios and covenants, capital campaigns, operating reserves and governance. From 2003 until 2014, he was the chief financial officer and treasurer of Bryn Mawr College before joining Hirtle Callaghan. Prior to Bryn Mawr, Griffith spent 15 years in various financial roles at the University of New Hampshire. Griffith started his career at Coopers & Lybrand.
Griffith earned a master's in finance from Bentley University and a bachelor's in business administration from the University of New Hampshire.
Audra Kahr
Executive Vice President for Finance and Administration
Lafayette College
Audra J. Kahr serves at the executive vice president, finance and administration at Lafayette College. She is the chief financial, business, and administrative officer of the college and provides guidance and leadership to ensure the efficient and effective stewardship of the college's physical and financial resources. She oversees all finance functions including budgeting, accounting, financial reporting, long-range financial planning, asset management, liability management, and risk management. She is also responsible for a range of administrative functions including facilities, sustainability, and business services, including dining and the bookstore.
Kahr previously served as chief financial officer/chief operating officer and treasurer for 18 years at Cedar Crest College. She spent nearly five years in public accounting at Deloitte & Touche serving retail and higher education clients in the northeast region. Kahr serves on the board of directors, is chair of the program and services committee at EACUBO, and is a certified public accountant.
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Commonfund Institute is among the nation’s most trusted sources for relevant, useful, and proprietary data, analytics, and best practices in financial management. The Institute provides a wide variety of resources, including conferences, seminars, roundtables, and online learning through Commonfund Institute Online. Insights cover topics such as endowments and governance; proprietary and third-party research such as the Commonfund Benchmark Studies®; publications including the Commonfund Higher Education Price Index® (HEPI); and events such as the annual Commonfund Forum and Investment Stewardship Academy. For more information, visit www.commonfund.org.
Contacts
George Suttles, Executive Director | George.Suttles@commonfund.org | 646-348-9248
Allison Kaspriske, Director | Allison.Kaspriske@commonfund.org | 203-563-5021
Resources
Bank of America has been a leading investment advisor to endowments and foundations for over 160 years. With more than $65 billion under management, our dedicated team of approximately 200 professionals located in offices throughout the United States supports your mission with a comprehensive suite of fiduciary services, including–
Tailored investment services – We build customized investment programs designed to serve as an extension of your staff, supporting your institution’s spending needs. We take into account your income objectives, risk tolerance and liquidity requirements while observing the highest standards of fiduciary responsibility. Investment decisions are made using a total portfolio approach in which the objective is not simply to outperform benchmarks but to help meet a broad spectrum of goals for your institution.
Consulting and advisory support – Fulfilling your institution’s mission goes beyond a successful investment program. Our specialists provide assistance with other important matters that are essential in helping you to meet your goals —governance, Board education and assessment, and fundraising strategies, among others.
Administrative support – We help you to optimize your staff resources and ensure compliance with regulatory requirements by establishing operational protocols and developing and implementing policies and procedures to improve your institution’s administrative efficiency.
Contacts:
Bill Jarvis, Managing Director, Philanthropic Strategy & Delivery Executive, william_jarvis@bofa.com
Bernie Reidy, Managing Director, National Endowment and Foundations Executive, bernard.reidy@bofa.com
Resources
We help higher education institutions, including universities, colleges, and foundations, invest for change. Our research, advice, and customized investment solutions aim to help you achieve your investment outcomes while helping to advance your mission. Our services are flexible and tailored to meet the unique needs of your institution. Visit us online to learn more.
Resources
Higher education: Evolving and advancing through the sector’s challenges – In our two-part series, we explore the complex challenges higher education institutions are currently facing and provide actionable insights to help navigate this evolving landscape.
Top considerations for endowments and foundations 2025 – In this paper, we address four top considerations that E&Fs should keep in mind heading into the new year.
Swing state: investment themes and opportunities in 2025 and beyond – Through the course of this paper, we outline some of the key themes and opportunities we see over the next five years and beyond.
Optimizing operating cash: Effective liquidity management for Endowments & Foundations – We delve into the strategies for managing liquidity to ensure that your organization can meet its operational needs while maximizing potential investment opportunities.
Thoughts about rainy day funds (emergency reserves) – Many E&F’s experienced severe disruptions during the COVID pandemic and their reserves helped keep them afloat until government relief programs kicked in. Explore how we encourage E&Fs to react.
2025 Endowment & Foundation Quarterly Update – Each session will delve into the latest market trends, industry updates, and important topics that impact E&Fs, aiming to ensure you stay informed and prepared for the evolving environment.
Contact
Texas Hemmaplardh, U.S. Endowment & Foundation Leader, 212.345.0713, texas.hammaplardh@mercer.com
Fidelity Institutional offers institutional investors—including endowments, foundations, and retirement plan sponsors,—access to firsthand market knowledge and investment insights from one of the world’s largest proprietary investment research organizations. We also offer a broad and deep set of institutional investment management capabilities across global equities, fixed income, multi-asset class, high income, and alternatives. Visit i.fidelity.com/nonprofits rel="nofollow noopener noreferrer"> to learn more.
Contacts:
Danielle Frissell, Senior Vice President, Business Development, Danielle.Frissell@fmr.com
Eric Lussen, Senior Vice President, Business Development, Eric.Lussen@fmr.com
Resources
John W. Bristol & Co., Inc. (“JWB”) is a privately owned, independent investment adviser established in 1937 to advise college and university endowment funds and we have been helping clients in the educational field fulfill their missions for the better part of nine decades.
The firm manages equity, fixed income, and balanced accounts totaling approximately $6.7 billion for 108 clients as of December 31, 2024.Based on the NACUBO NSCEE study, our 10-year balanced account results rank in the top quartile of college endowment results for 2024 and have ranked in the top quartile on a 10-year basis for the past 10 years. This top-tier performance begins before your freshman class was born.
Our time-tested process has delivered equity returns superior to the S&P 500 over the past 10 years as well.
Endowments seeking to move into the top quartile should contact us to learn more.
Contact:
Benjamin M. Williams, Managing Director, Client Development, contact@jwbristol.com
Resources
Established in 1988, Prime Buchholz has a long history of serving higher education as an investment advisor/OCIO. Founded by two university CFOs, educational institutions represent approximately one-third of our 250 clients. We have a deep-rooted understanding of the unique financial needs of colleges and universities—our lasting client relationships highlight our ability to cater to their specific needs. Our proprietary analytics platform, PrimePlus®, automates data workflows, integrates multiple sources, and delivers real-time investment insights to endowments.
Contact:
Adam Leech, adam.leech@primebuchholz.com, 207.216.7483
