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Events and Programs
Events and Programs

2014 Endowment and Debt Management Forum

February 5-7, 2014
The Waldorf Astoria
New York, NY


Wednesday, February 5

10:30 amPre-Conference Corporate Showcase Registration
11:30 amPre-Conference Corporate Showcase
This is an optional day of programming- Please indicate during registration if you are going to attend this event. *Please note: No lunch will be served for this program*
Sessions will include:
11:30 am-12:30 pm: Five Years After the Financial Crisis: Did the Endowment Model Fail Us or Did We Fail the Endowment Model?
Casey Whalen Sellers, Roundtable Investment Partners

12:30 pm-1:30 pm: Financial Enterprise Risk Management: Identifying, Evaluating and Adapting to Risks Facing Higher Education Institutions
Jim Costello, J.P. Morgan
Charlie Giffin, J.P. Morgan
Michael Howard, Massachusetts Institute of Technology
Peter Taylor, University of California
1:30 pm-2:30 pm: A Continuum of Outsourced Investment Office Solutions: Three Case Studies
Rob Rodgers, C|A Capital Management
Bruce Myers, C|A Capital Management
2:30 pm-3:00 pm: Refreshment Break

3:00 pm-4:00 pm: What do we mean by inflation/deflation hedging?
Rick Nelson, Commonfund
4:00 pm-5:00 pm: Leveraging Endowment Investment Strategy to Improve Retirement Outcomes
Michael Jawor, Covariance Capital Management, Inc.
Timothy J. Pitney, TIAA-CREF
Scott Wise, Covariance Capital Management, Inc. 

Thursday, February 6

7:00 amRegistration & Continental Breakfast- Exhibits Open
8:00 amWelcoming Remarks

Bob Shea, NACUBO
Judy Van Gorden

8:15 amNACUBO-CommonFund Survey Panel Discussion

Willilam Jarvis, Commonfund
Michelle Matis, Valencia College
Ken Redd, NACUBO
Michael Strauss, Commonfund

This opening session provides a brief overview of the results of the annual NACUBO-CommonFund Study of Endowments. We will take a look back at the challenges endowment managers faced in fiscal 2013, with a review of the strategies that institutions used to confront volatile market conditions during the year.
9:05 amThe Golden Age of Higher Education Institutions is Over?

Ronald Ehrenberg, Cornell University

This session will discuss the growing inequality of financial resources, including endowments, across higher education institutions, how the financial models under which both private and public higher education operate are breaking down, and the steps that institutions have been taking and must take in the future to remain financially solvent.  Ehrenberg is an award winning economist at Cornell University, where he directs the Cornell Higher Education Research Institute. A former vice president and board of trustee member at Cornell, he currently is a member of the board of trustees of the SUNY system.
10:05 amRefreshment Break- Exhibits Open
10:20 amOutlook 2014: Is It Time to Buy or Bail?

Sam Stovall, S&P Capital IQ

Stovall will discuss his investment outlook for 2014, based on his assessment of stock market history, economic projections, fundamental forecasts, and technical trends. Stovall will address pressing investment questions including; When will the global economic recovery finally gather steam?  Will 2014 be a repeat of 1994, when the Fed raised short-term rates six times?  Will revenue growth finally contribute to EPS increases?  Are valuations compelling, attractive, or stretched?  What is the four-year cycle low and will it occur again in 2014?
11:25 amBeyond Campus Conflict: How Impact Venture Capital Can Address Student Concerns While Furthering Endowment Investment Goals

Nancy Pfund, DBL Investors

Endowments continue to feel the pressure from activist student groups and other campus stakeholders to invest in a socially and environmentally responsible way, oftentimes not worrying about the financial impact.   Hear Nancy Pfund outline how DBL invests in companies that deliver top tier venture capital returns and enable social, environmental and economic benefits.  DBL Investors was an early investor in electric car company Tesla Motors, which went public in summer in 2010, an investor in solar rooftop installer SolarCity which went public in late 2012, eMeter, which was acquired by Siemens in 2011, solar installer PowerLight, which was bought by SunPower in 2007, and a variety of other companies, including Primus Power, Ecologic, EcoScraps and Maiyet.
12:30 pmLunch
1:15 pmRemarks from Rick Ketchum, Chairman and CEO of FINRA

Richard Ketchum, Financial Industry Regulatory Authority

Rick Ketchum will give participant’s a macro view of the U.S. economy and his view of the regulatory landscape based on his career as a regulator at FINRA and the SEC and from his tenure at NASDAQ and Citigroup. He will also address the role of FINRA in protecting our financial system and investors and the critical role that FINRA plays in America’s financial system.
2:00 pmThe Key to Using Debt to Help Achieve Institutional Objectives is a Well-defined Financial Strategy

Jeff Amburgey, Berea College
Carl Balsam, North Park University
Lorrie DuPont, RBC Capital Markets
Mary Peloquin-Dodd, North Carolina State University

In today’s challenging economic environment optimizing the use of an institution’s resources is a priority.    With competing demands to preserve capital, yet accomplish the stated mission, higher education institutions must develop a well-defined framework to manage the use of those resources - for both current and future generations.   It is also true that no one financial management approach fits all institutions given the wide range of size, structure and resources of colleges and universities across the country. In today’s session panelists will discuss their financial strategies to accomplish their institution’s goals and objectives; including the use of debt.
3:00 pmRefreshment Break- Exhibits Open
3:30 pm2014 Fixed Income Investing Update

Lisa Black, TIAA
Thomas Girard, New York Life Investment Management
Douglas Peebles, AllianceBernstein LP
Melissa Roddy, Genworth Financial

During this session, attendees will hear the panelist’s views on:
-The timing, scope, and impact of a tapering of the Fed’s quantitative easing program.  In September 2013, the Fed surprised the market by not tapering its bond purchasing program but indicated that they would likely do so in the coming months.
-The ongoing debate over the federal debt ceiling.  What have investors done to prepare for the possibility that the debt ceiling may not be raised?
-If we have seen the end of a secular decline in interest rates, what does that mean for fixed-income investors and how should portfolios be positioned for a rising interest rate environment?
-With low inflation and continued near-zero fed funds rates for the foreseeable future, what are the investment opportunities for fixed income investors?
4:30 pmRoundtable Discussion for Endowments over $250 Million

Richard Anderson, Mercer Hammond Investment Consulting
Sally Staley, Case Western Reserve University

These groups will have targeted discussions, facilitated by experienced participants, of the problems, challenges and solutions that they have experienced in recent years. Emphasis will be placed upon a practical exchange of both problems and specific remedies for these problems
PLEASE NOTE: These sessions are not open to members of the press and media.
4:30 pmRoundtable Discussion for Endowments up to $250 Million

Bob Huth, Stetson University
John Palmucci, Loyola University Maryland

These groups will have targeted discussions, facilitated by experienced participants, of the problems, challenges and solutions that they have experienced in recent years. Emphasis will be placed upon a practical exchange of both problems and specific remedies for these problems
PLEASE NOTE: These sessions are not open to members of the press and media.
5:45 pmNetworking Reception

Friday, February 7

7:30 amContinental Breakfast- Exhibits Open
8:30 amWhat’s Your Ethics IQ?: 5 Principles Smart Business Officers Live By

Bruce Weinstein

What is the relationship between ethics and risk management?  When you return to campus from this meeting, how will you be able to lead more effectively?  In this lively, entertaining, and highly interactive session, Dr. Bruce Weinstein, The Ethics Guy, will show how five simple principles help you bring out the best in others and yourself everywhere you go.  You'll leave with a clearer sense of how to advance the economic viability and business practices of your institution.
The Leadership Series is supported by a generous contribution from TIAA-CREF
9:35 amRisk Management as a Driver for Institutional Policies and Procedures

Edie Behr, Moody's Investors Service
Susan Fitzgerald, Moody's Investors Service
Karen Kedem, Moody's Investors Service

With the increasing complexity of the higher education business model, coordinated financial planning incorporating an asset/liability management framework aligned with operational priorities becomes more critical.  Moody’s analysts will discuss how planning and risk management is evolving along with implications for institutional policies and procedures.  The impact of governance and management on an institution’s ability to adapt to the changing environment will also be explored.
10:45 amCheck-Out/Refreshment Break- Exhibits Open
11:15 amGrowing an Endowment Management Program: Ideas, Successes and Lessons Learned

Jack Rich, Abilene Christian University

How does a small endowment transform itself into a progressive endowment?  This presentation will discuss lessons learned and provide ideas on how small and midsized endowments can transition from small and simple into a larger, growing and more complex investment program.   Budget funding, governance, due diligence and dealing with increasingly complex investment philosophies will be discussed.   Jack Rich, CIO at ACIMCO-Abilene Christian University Investment Management Office, will share his experience in transitioning from $50 million invested in fixed income to a $330 million broadly diversified endowment.
12:15 pmClosing Remarks

Bob Shea, NACUBO
Judy Van Gorden

12:30 pmProgram Adjourns

Program Overview

2014 Endowment and Debt Management Forum
February 5-7, 2014

Estimated CPEs:15


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