Offered annually by Commonfund Since 1993, the Endowment Institute is an intensive week-long seminar for trustees, senior investment and financial officers of nonprofit organizations, taught by leading academia and practitioners. The institute focuses on investment policy, portfolio management, and governance issues, illuminating a path that leads from academic theory to real-world practice. You'll have the opportunity to analyze investment theories and concepts and to discuss their practical application to your own endowment.
- Charley Ellis, Former Chair, Yale Investment Committee
- Ted Aronson, Aronson + Johnson + Ortiz
- Elroy Dimson, London Business School
- Will Goetzmann, Yale School of Management
- Leon Metzger, Yale Law School
- Geert Rouwenhorst, Yale School of Management
- Verne Sedlacek, Commonfund
- Lyn Hutton, CFA, Commonfund
- Arnie Wood, Martingale Asset Management
- Tom Hyatt, Sonnenschein, Nath & Rosenthal, LLP
- Keith Brown, University of Texas
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Portfolio liquidity
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Portfolio theory
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Asset allocation
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Spending policy
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Using derivatives in endowment portfolios
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Maintaining intergenerational equity
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Manager due diligence
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Risk management
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Current economic conditions
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The role of hedge funds
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Fiduciary duty and responsibility
Course Objectives:
Level I (July 11 - 16, 2010) will introduce nonprofit financial staff and trustees to the basic concepts involved in investing long-term assets for nonprofits. It is conducted as a series of lectures by well-known academic experts and managers/practitioners. While it requires little knowledge of technical terms, some experience in investing and knowledge of basic terms is helpful. It does involve fairly extensive prior reading and we encourage class participation and group study with peers. Click here to view a sample Level I agenda.
Level II (July 25 - 29, 2010) will explore the leading edge of theory and practice as it relates to the management of long-term funds in nonprofit organizations. The Level II curriculum primarily consists of longer (1.5 - 3.0 hour) sessions which are interactive and based on case studies. There is extensive required reading both before and during the course, as well as mandatory daily group study and discussion. Click here to view a sample Level II agenda.
Learning Objectives:
- In Level I, participants will be introduced to Modern Portfolio Theory and the history of the Equity Risk Premium. They will be able to differentiate between the primary asset classes and strategies – marketable securities, hedge funds, real estate, private capital & commodities; assess the benefits and limitations of various spending formulas common among nonprofits and their impact on the portfolios they manage for their institutions; implement the basic steps of portfolio risk management and due diligence, and understand how they can apply them to their managers searches and internal practices. Registrants for this intermediate course must have a thorough understanding of financial and investment terms. Depending upon the sessions attended, a maximum of 29 CPE credits may be earned for classroom time. Additional credits may be earned for time spent in course mandated study groups. 1 credit is earned for every 50 minutes of class/study time.
- Participants in Level II will gain an in-depth understanding of how to maintain intergenerational equity in their endowments; the selection and implementation of spending rules; and the keys to effective governance and fiduciary duties. They will become conversant in the theory and practice of portfolio construction, asset allocation, risk management, and the provision for liquidity in their long term portfolios and in the financial structure of their institutions. Registrants for this advanced course must complete Level I or have an extensive background in finance and/or nonprofit endowment management. Depending upon the sessions attended, a maximum of 21 CPE credits may be earned for classroom time. Additional credits may be earned for time spent in course mandated study groups. 1 credit is earned for every 50 minutes of class/study time.
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. State Boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.
The Endowment Institute, Level I & II, is a group live program.
Tuition
Full tuition and study materials for the program are $2,750 for Commonfund members and $3,000 for non-members. The fee covers tuition, meals and course materials. Participants are responsible for travel, hotel and personal expenses.
Hotel/Accomodations
Commonfund has reserved a block of rooms at the Omni New Haven Hotel for participants. To make a reservation in this block and receive a special rate of $179 per night, please call the hotel directly at (203) 772-6664 and mention "Commonfund Institute".
Meals
All meals will be provided.
Dress
Dress for the program is business casual.
Airport/Travel Info
Click here for detailed airport and travel information.
For further information or questions regarding the 2010 Endowment Institute please contact Allison Parker, Commonfund Institute, at (203)563-5021 or click here.