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2023 Endowment Leadership Series

February 9–April 20, 2023 | Online | See Schedule for Details

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Overview

Building on the online series originally launched in 2021, NACUBO will again offer a biweekly series exploring endowment fundamentals in 2023—tackling tough questions about asset management and sharing the latest information on key issues that affect endowment investing, spending, and governance. Over the course of this six-session series, thought leaders from leading investment companies, the higher education sector, and other stakeholders will share their expertise on current trends and challenging topics.

How to Attend

After you register, you will navigate to your NACUBO classroom to attend the live sessions and later access the recordings. Sessions will be loaded into new registrants' classrooms a few days before each session.


Endowment Management Webcast Workshop

CPE Information

Estimated 9 CPE Credits

Please note you can only earn credit for attending the program live. 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.

Rates

Cancellation Policies

Member Standard

$299

Non-Member Standard

$475

Schedule

Fundamentals of College and Nonprofit Endowments

February 9, 2023 • 2–3:15 pm ET  •  1.5 CPE Credits

If endowments are not reserves or rainy-day funds, what are they? Experts will explain the legal and governing structure of endowment funds and cover how endowments are managed to provide colleges, universities, and other nonprofit organizations with a steady and reliable source of funding over the long term. This session explores the basic structure of endowments and covers how they are managed to support current operations without shortchanging the future.

Learning Objectives

  • Describe the importance of endowment funds for scholarships and student aid, university research, public service, and campus infrastructure
  • Recognize the long-term objectives of investment practices and policies
  • Compare the differences between in-house versus outsourced investment management
  • Explore current issues impacting endowments such as socially conscious investing


Results from the 2022 NACUBO-TIAA Study of Endowments

February 23, 2023 • 2–3:15 pm ET • 1.5 CPE Credits

The 2022 NACUBO-TIAA Study of Endowments is expected to show that college and university endowments posted sharply lower returns in fiscal year 2022. These lower returns, and the prospect for tough market conditions in the future, bring even more pressure for universities to spend more endowment dollars to support students and faculty. The returns also come as campus leaders are facing rising inflation, lower enrollments, and increasing calls for adding new diversity, equity, and inclusion policies.

This session provides an overview of the results of the 2022 NACUBO-TIAA Study of Endowments, the most comprehensive analysis of endowment investment returns, asset allocations, and governance policies and practices at U.S. higher education institutions and affiliated foundations. College and university chief investment officers and other panelists will look back at the investment returns, asset allocations, and other factors that influenced performance in fiscal 2022. Panelists will also address the challenges of the financial market conditions they are facing in 2023 and beyond. We will also review the potential changes in spending strategies institutions used during the year.  

Learning Objectives

  • Compare your institution’s FY22 investment results against national averages by endowment size and institution type
  • Recognize differences in returns by endowment sizes and asset class
  • Appraise the market challenges in fiscal 2023 and beyond
  • Discover how institutions are integrating diversity, equity, and inclusion (DEI) policies into their endowment investing policies and practices


Legislative and Regulatory Considerations for 2023

March 9, 2023 • 2–3:15 pm ET • 1.5 CPE Credits

In recent years, congress enacted a new net investment income tax on certain private college and university endowments, the Federal Trade Commission proposed changes to the Hart-Scott-Rodino Antitrust Improvement Act, and the Securities and Exchange Commission proposed new security-based swap reporting rules and new private investor disclosures. On Capitol Hill, several lawmakers introduced proposals for new endowment taxes and spending requirements. During this session, government affairs experts will explore what the new congress may seek to enact in the 118th congress and discuss the federal regulatory outlook for 2022.

Learning Objectives

  • Understand the impact of the 2022 midterm election results and what it means for the federal legislative agenda
  • Recognize the federal rulemaking processes that are underway and how they may impact college and university investment operations
  • Develop strategies for working with advocates to monitor and respond to federal legislative and regulatory actions


RI, ESG, and Diversity: Defining Goals and Designing Strategies

March 23, 2023 • 2–3:15 pm ET • 1.5 CPE Credits

College and university investment offices have been responding to stakeholders’ social concerns for decades. Responsible investing (RI) involved responding to calls to divest from South Africa because of apartheid in the 1960s-1980s and now includes considering concerns about climate change and racial equity issues in terms of management and fund ownership. For example, data has shown that a lack of diversity in the asset management field, and a lack of diversity among college and university asset managers specifically, is an ongoing and persistent issue that some colleges and universities have begun to address. Others have made major new strategic investment decisions to stop investing in fossil fuels. Further, there is increasing interest from regulators and others to increase reporting on hard-to-define environmental, social, and governance (ESG) investing. During this session, explore strategies for investing with impact and with fiduciary duty.

Learning Objectives

  • Learn how to define investing with impact
  • Discover how colleges and universities are seeking high-impact solutions that deliver competitive returns and pursue ESG goals
  • Understand diverse asset management myths and opportunities


Endowment Spending Considerations

April 6, 2023 • 2–3:15 pm ET • 1.5 CPE Credits

With record rates of return reported by all types of institutions in fiscal year 2021, there was pressure to spend more on students. Some institutions made single purpose spending appropriations. Others stayed the course, resulting in modest spending increases over time due to the spending “smoothing” effect of multi-year trailing average returns. Can a single year of significant spending compromise intergenerational equity? Since returns can be unrealized, what will a market correction mean for institutions that significantly increase spending? What are the best strategies to ensure stability while increasing spending? This session’s experts will address such questions, especially given large swings in returns over the past two years. The latest strategic investment practices that consider national and global economic policy decisions will also be discussed.

Learning Objectives

  • Evaluate trends in endowment spending rates and spending dollars by endowment size
  • Appraise the challenges and opportunities of spending when spending in the short-term diverges from policy
  • Assess spending rate policies and practices that can better meet institutionally specific resource needs


Portfolio Construction

April 20, 2023 • 2–3:15 pm ET • 1.5 CPE Credits

With endowment returns sharply lower, college and university chief investment officers continue to face difficult questions related to how best to deploy their assets. Is now the time to consider a portfolio rebalance? If not, what asset allocation discussions should CIO be making? What role should current and future spending needs play in conversations related to allocation decisions? This session will provide a deep dive into asset allocation considerations to ensure intergenerational equity in an era of even greater market volatility. Specifically, the speakers will discuss key factors in developing a resilient portfolio that includes risk tolerance, spending considerations, and rebalancing approaches. 

Learning Objectives

  • Evaluate asset allocation strategies while incorporating lessons learned from the FY22 market declines
  • Discover new ways to harness technology in portfolio management to improve decision making
  • Learn how chief investment officers are incorporating emerging asset classes into their endowment portfolios


Upcoming

Worker Classification

December 8, 2022 | 2:30–3 pm ET | Online

Town Hall Meeting: Tuition Discounting for Publics (December 2022)

December 14, 2022 | 3–4 pm ET | Online

Town Hall Meeting: Tuition Discounting for Publics (January 2023)

January 18, 2023 | 12–1 pm ET | Online