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Events and Programs
Events and Programs

2016 Endowment and Debt Management Forum

February 3-5, 2016
The Waldorf Astoria
New York, NY


Wednesday, February 3

12:00 pmCorporate Showcase Registration Open
12:00 pmPre-Conference Corporate ShowcaseThis is an optional day of programming- Please indicate during registration if you are going to attend this event.
1:00 pmThe Role of Enterprise Risk Management in Achieving Financial Health

Eric Jordahl, Kaufman Hall | Axiom Software
Charles Kim, Kaufman Hall | Axiom Software

Colleges and universities are entering a period of operating stress characterized by challenges to traditional revenue growth, limitations on the ability to cut operating costs, and need for continued investment to support significant fixed asset infrastructure. This increasing stress is changing both the financial health and the risk profile of most institutions. This presentation will (i) assess the differences between financial health and risk optimization and (ii) identify how to integrate operations and balance sheet under a comprehensive risk framework.
2:00 pmPrivate Investments’ Renaissance in Asia

Richard Chau, Tulane University
Bei Saville, Northern Trust Asset Managment

The investment landscape has changed dramatically in Asia. Ten years ago, it was about outsourcing and commodities. Today, it is about meeting its own growing middle class needs for better quality services and products. The markets within the region have deepened their connections over the past decade. Cross markets flows of tangibles (goods, services, talent and capital) and intangibles (fashion and social media trends) have reshaped the opportunity set. Endowment investors are embracing this new Asia growth story while adopting a holistic investment approach to identify major themes and invest in the right structures with experienced local partners.
3:00 pmRefreshment Break
3:30 pmHedge Funds are Dead: Long Live Hedge Funds

Nolan Bean, Fund Evaluation Group, LLC
Karl Scheer, University of Cincinnati Main Campus

Given general underperformance of hedge funds the past 6 years (versus equity markets) and the highly publication announcement of CalPERS eliminating their allocation, we will reexamine the value proposition of hedge funds, and if they deserve a meaningful allocation in endowment portfolios going forward.

Thursday, February 4

7:45 amRegistration & Welcome Breakfast in Exhibit Hall
8:45 amWelcoming Remarks

Bob Shea, NACUBO
Sally Staley, Case Western Reserve University

9:00 amCharacteristics of Over Indebted Economies

Lacy Hunt, Hoisington Investment Mgmt.

Dr. Lacy Hunt, an internationally known economist, will inform us on why transitory spurts in economic growth, inflation, wage rates, and bond yields cannot be sustained because debt is too much a constraint on economic activity. Debt is an increase in current spending in exchange for a decline in future spending unless the debt generates an income stream to repay principal and interest. Unfortunately we have too much unproductive and counterproductive debt that does not do that.
10:05 amResults of the 2015 NACUBO-Commonfund Study of Endowments

William Jarvis, Commonfund
Ken Redd, NACUBO
Michael Strauss, Commonfund
Carl Vance, Lewis and Clark College

This 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 2015, with a review of the strategies that institutions used to confront volatile market conditions during the year, and preview of the challenges that investment pros and chief business officers will face in FY16 and beyond.
10:50 amRefreshment Break in Exhibit Hall
11:15 amDebt Issuance, An Increased Due Diligence Burden

Charles Ellinwood, Barclays Capital
Bob Huth, Stetson University
James Normile, Winston & Strawn LLP

Review significant changes in tax-exempt and taxable bond issuance by colleges and universities in the aftermath of the financial recession.  These changes include enhanced guidelines with respect the disclosure and due diligence as well as the nature of relationships among governmental issuers, colleges and universities, financial advisors and underwriters in a tax-exempt or taxable bond transaction.
12:15 pmLunch
1:30 pmCIO Panel discussion for Endowments over $250 million

Stephen Golding, Ohio University Main Campus
John Griffith, Hirtle, Callaghan & Co.
Cathleen Rittereiser
Jean Walshe, J.P. Morgan Asset Management

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.
1:30 pmCIO Panel discussion for Endowments up to $250 million

Kathryn Karlic, TIAA
Heather Myers, Russell Investments
Alan Robertson, Morehouse College
Carl Vance, Lewis and Clark College

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.
2:30 pmRefreshment Break in Exhibit Hall
3:00 pmA Conversation about Markets: Where We Are and Where We Are Going

Robert Doll, Nuveen Asset Management
David Kelly, J.P. Morgan Asset Management
Craig Woody, University of Denver

4:05 pmA New Array of Financing Options . . . and Pitfalls

Roger Goodman, The Yuba Group, LLC
Karen Kedem, Moody's Investors Service
Janine Wilcox, New York University

In recent years the array of financing options available to colleges and universities has expanded with more frequent use of private placement or directly purchased debt and increased attention to third-party, “off-balance sheet” financings.  The session will provide an overview of financing alternatives that have increased in popularity in recent years, including competitive sales, taxable issuance, direct bank purchases and private placements.  In addition, key trade-offs and considerations of each structure will be discussed.  For example, the need to carefully evaluate covenant risks, disclosure requirements, up-front costs of issuance, renewal risks and more.  The panel could include a rating agency representative to discuss their evaluation of the credit risks across these financing options.
5:05 pmNetworking Reception in Exhibit Hall

Friday, February 5

7:45 amRegistration & Continental Breakfast
8:45 amMicroInequities: The Power of Small

Stephen Young, Insight Education Systems

The essence of the MicroInequities: The Power of Small program is to bring to leadership’s attention the power that micro-messages have on leadership effectiveness, employee performance and customer retention and loyalty. One of the program’s key messages is the inextricable link this new knowledge and skill has on the business case. This is a recurring link throughout the session with tangible examples of the direct impact on internal and external performance.
The performance of every employee, at every level, hinges directly on the influence of environment, culture and leadership messages. As we have all observed, it is not uncommon for a “poor” performer to be managed out of the business, who then takes a similar job at a different company and does exceptionally well in their new role.  In those cases, the employees’ performance had nothing to do with their skill or ability. Clearly, the performance was influenced entirely by their environment and the messages they were being sent that caused the performance to either become shut down or “unlocked.”
The Leadership Series is supported by a generous contribution from TIAA-CREF
9:50 amThe Economy and Monetary Policy

Alan Blinder, Princeton University

Princeton University economist and former Vice Chairman of the Federal Reserve Board of Governors, paints a detailed picture of the current economic situation and explores what goes into the Federal Reserve's monetary policy. He will also provide his perspective on how the Federal Reserve is likely to move forward in 2016 and beyond.
10:50 amCheck-out/Refreshment Break in Exhibit Hall
11:15 amSmart Beta Panel

Yves Choueifaty
Michael Hunstad, Northern Trust Asset Managment
Tim O'Hara, Strategic Investment Group
Ryan Taliaferro, Acadian Asset Management

12:15 pmClosing Remarks

Bob Shea, NACUBO
Sally Staley, Case Western Reserve University

12:30 pmProgram Adjourns

Program Overview

2016 Endowment and Debt Management Forum
February 3-5, 2016

Estimated CPEs:12


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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:

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