"University treasury officers have special issues that are distinct from those of corporate treasurers," said Howard Coonley II, Chief Operating Officer of Commonfund Treasury. "However, while academic institutions have different revenue and payment streams than commercial organizations, they face the same pressures to maximize returns from short-term cash management and operate more efficiently with the same or fewer resources."

"We are excited to be a one of the founding partners in so unique an endeavor … the creation of a vehicle which facilitates learning amongst treasury management professionals," said Larry Goldstein, executive vice president of NACUBO. "We did a survey of more than 400 of the Nation's top schools and found that an Institute like the one we have co-founded is definitely needed, wanted and will be supported."

"The Institute's mission is to build a treasury community within the education industry," said Jon Speare, Managing Director of Commonfund Treasury. "It will provide proven solutions from industry leaders in both the nonprofit and for-profit sectors that education professionals can implement immediately."

The Institute will be governed by an Executive Committee made up of representatives from Commonfund, NACUBO, and five schools including Vanderbilt University, Ohio State University, Indiana University, University of Southern California, and Babson College. The committee's goal is to develop a curriculum that will eventually be embraced by the Association of Financial Professionals (formerly the Treasury Management Association), and will earn CCM credits.

"Treasury management is an integrated system of value-adding processes that is undergoing a continuing evolution. There was a time when treasury was viewed simply as maximizing return. Then, it became a matter of cost-efficient processing. Then, it transformed into a discipline in which customer satisfaction was key," said John Eldert, Vice President of Business and Financial Affairs at Babson College. "Now, the driving force is data and information conveyance. We are also seeing innovation take place at an increasingly rapid rate, so we need to integrate best practices to optimize these multi-layered, value-adding processes. The treasury management industry's primary goal today should be universal understanding and adoption of these processes. We see the Treasury Institute for Higher Education not only facilitating this understanding, but also helping drive innovation."

Some issues the Institute will focus on include technology in treasury; e-commerce; operating cash investment performance; re-engineering treasury, advanced principles of cash management; treasury risk management and career development. It will also seek the participation and sponsorship of financial services and technology providers.

"This Institute will serve as a unique forum where treasury professionals can come together and discuss new ideas, industry developments and implementation in practical, real-world terms. We feel it will become an invaluable resource where members can communicate with a group of their peers, benefiting from their collective insight and experience,"said Carol Womack, Assistant Treasurer, Vanderbilt University. "It is truly exciting to be part of the team which has not only developed and launched the Treasury Institute for Higher Education, but is actively shaping its direction for the future."

The Institute will deliver state-of-the-art instruction through a variety of media. Initially, it will offer 2 ½-day seminars at various locations, which will focus solely on the challenges and opportunities in treasury management for educational institutions. The seminars are scheduled to begin in January, 2001 and will be administered by Professional Development Group. Costs are estimated at about $500 per person — less than many other treasury courses.

"The Institute's yearly forum — this year in New Orleans in January — will cover the complex issues and challenges facing larger schools," said Dennis Reedy, Managing Director — Treasury Operations. "The Forum will not only be a discussion of today's best practices, but a driving force behind what they should and will be in the future."

Participants will soon be able to register for the seminars at www.treasuryinstitute.org, www.prodev.com or through Commonfund's web site at www.commonfund.org. The Institute plans to offer other programs over the long-term including an annual conference, topical roundtables, distance learning, Web-based information and publications.

About Commonfund
Founded in 1971, The Common Fund for nonprofit organizations ("Commonfund") is a nonprofit membership corporation devoted to enhancing the financial resources of educational institutions through superior fund management and investment advice. Securities are offered through Commonfund Securities, Inc. ("CSI"), a member of the NASD and a subsidiary of Commonfund. Directly or through its subsidiaries, Commonfund Capital, Commonfund Treasury, Commonfund Realty, and Commonfund Asset Management Company, Commonfund manages in excess of $25 billion for more than 1,350 member schools, representing the largest pool of educational endowment and operating funds in the world. In response to the growing needs of educational institutions and the wide range of investment alternatives available today, Commonfund, together with its subsidiary companion organizations, offers more than 30 different endowment investment programs and funds for the management of short-and intermediate-term operating cash reserves.

About NACUBO
NACUBO, founded in 1962, is a nonprofit professional organization representing chief administrative and financial officers at more than 2,100 colleges and universities across the country. NACUBO's mission is to promote sound management and financial practices at colleges and universities. Over two-thirds of all higher education institutions in the United States are members of NACUBO.