Commonfund Investment Management & Governance Seminar
Wednesday, September 28, 2005
7:30 a.m. - 2:30 p.m.
The Harvard Club
Boston, Massachusetts
A seminar designed exclusively for trustees and financial officers of nonprofit institutions
Join us Wednesday, September 28, 2005 in Boston for a half day of presentations and discussions focused on the financial issues facing today's nonprofit institutions.
Registration is free and space limited, so reserve your space today by clicking here to register online. You can also email or call Ms. Sherry Duffy, at (203)563-5084 or email sduffy@cfund.org for program information.
See you in Boston .
Sincerely,
Executive Director, Commonfund Institute
KEYNOTE SPEAKER
Mike Barnicle
Mike Barnicle is a veteran print and broadcast journalist known for his biting, to-the-point commentaries. Mike is a columnist for The New York Daily News, and has provided commentary to NBC. Barnicle is a regular contributor to MSNBC's HardBall with Chris Matthews; a host of a regular radio program on WTTK Radio in Boston; and has been a regular contributor since 1982 to WCVB's Chronicle program, a nightly news magazine.
Mike will help conclude the session by sharing his interesting and entertaining viewpoint on the currect political-economic environment.
AGENDA
7:30 a.m. - 8:30 a.m. Continental Breakfast & Colleague Networking
8:30 a.m. - 8:35 a.m. Welcome & Introduction
John S. Griswold, Jr., Executive Director, Commonfund Institute
8:35 - 9:15 a.m. The Economic Landscape
Michael Strauss, Chief Economist, Commonfund
9:15 - 10:15 a.m. Asset Allocation in a Low Nominal Return Environment: Have the Rules Changed?
Lyn Hutton, Chief Investment Officer, Commonfund
The forecast for a period of below average market returns has understandably caused concern among investment committees of nonprofits. Recent hedge fund performance has only furthered the concern, leading many to wonder where returns will come from to cover spending and payout needs. With all of the various approaches to capturing alpha and defining beta, this session seeks to offer some fresh thinking on how nonprofit institutions might want to approach their asset allocation decisions.
10:15 - 10:30 a.m. BREAK
10:30 - 11:30 a.m. The Cost of Cash: How Liquid Should You Be? Taking Advantage of Timeframe Arbitrage
Verne O.Sedlacek, President & CEO, Commonfund
Based on the findings from the Commonfund Benchmarks Study®, most nonprofits invest the overwhelming majority of their funds in investment programs that maintain daily liquidity. Does this make sense, particularly for those nonprofits whose missions call for them to exist in perpetuity? The need for periodic distributions and rebalancing can account for some of the need for liqiudity, but evidence shows that performance of nonprofits suffers because of a bias to investing in more liquid investment structures. This session looks at the data, the opportunities that "time frame arbitrage" offers, and introduces other ways nonprofits may want to structure their portfolios.
11:30 - 1:00 p.m. Governance - Strengthening Transparency, Governance and Accountability of Charitable Organizations
Part I: Topline findings of the June 2005 final report to Congress and the Nonprofit Sector
Christopher M. Jedrey, Attorney, McDermott, Will & Emery
Part II: Panel Discussion
John S. Griswold, Jr., Commonfund Institute, Moderator
Susan Whealler Johnston, Vice President, AGB
Christopher M. Jedrey, Attorney, McDermott, Will & Emery
David W. Bahlmann, President, Ball State University Foundation
1:00 - 2:15 p.m. Luncheon & Keynote
Mike Barnicle, Political and Social Commentator, New York Daily News and MSNBC Commentator
For those who believe that, as Tip O'Neill said, "All politics is local" - Mike Barnicle's thoughtful commentary will provide an informative and entertaining look at how politics, the economic environment, and social change affect our lives. Barnicle has a knack for looking at today's news - whether it's an upcoming election, a new tax proposal, or just pop culture - and offering up a point of view that considers the impact - on workers, on families, on children - and on society. At times funny, at times irreverent - but always timely - Mike Barnicle's blend of humor and content promises to provide a thought provoking and entertaining conclusion to the program.
* Approximate close time of 2:30 p.m.
ADDITIONAL PROGRAM INFORMATION
Dress Code
Business dress is required at The Harvard Club
Continuing Professional Education Credit
Commonfund 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. For more information regarding administrative policies such as complaint or refund, please contact our offices at 15 Old Danbury Road , Wilton , CT , 06897-0812 . State boards of accountancy have final authority on the acceptance of individual courses for CPE credits. Complaints regarding registered sponsors may be addressed to the National Registry of CPE sponsors, 150 Fourth Avenue North, Suite 700 , Nashville , TN , 37219-2417 . Website: www.nasba.org
About the Association of Governing Boards
The Association of Governing Boards of Universities and Colleges (AGB) is the only national organization providing university and college presidents, board chairs and individual trustees of both public and private institutions with the resources they need to enhance their effectiveness.
For more than 80 years, the AGB has had one mission: to advance the practice of citizen trusteeship and help ensure the quality and success of our nation's colleges and universities. To accomplish its mission, AGB has developed programs and services that:
- strengthen the partnership between president and governing board;
- define the responsibilities of governing board members;
- provide guidance to regents and trustees, inspiring a level of professionalism for a voluntary function;
- identify issues that affect tomorrow's decision making; and
- foster cooperation among all stakeholders in higher education
Website: www.agb.org
About Commonfund Institute
Commonfund Institute was founded to house the education and research activities of Commonfund and to provide the entire nonprofit community with investment information and professional development programs. Commonfund Institute is dedicated to the advancement of investment knowledge and the promotion of best practices in financial management. Commonfund Institute provides a wide variety of resources, including conferences, seminars and roundtables on topics such as endowments and treasury management; proprietary and third-party research and publications including the annual Commonfund Benchmarks Study; and events such as the annual Commonfund Endowment Institute and the Commonfund Prize for the best contribution to endowment investment research. Its broad range of programs and services are designed to serve financial practitioners, fiduciaries and scholars.
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