Article 6-6.2 OUTSIDE CHIEF INVESTMENT OFFICER (OCIO) POLICY

1.0 Purpose

The Foundation has operated with an Outside Chief Investment Officer (OCIO) to manage the Foundations’ investments since 2012.

The Foundation Board, as part of a best practices commitment, will create a Request for Proposal (RFP) or Request for Response (RFR) every six years with the intent to test market responses, control costs, and receive the best available council and management from our OCIO partner. The RFP/RFR process will be led by the Investment Committee working with University Advancement staff.

Beginning in 2008 the Foundation hired its first Outside Chief Investment Officer and in such capacity is expected to select, retain and terminate fund managers (“subadvisors”) as necessary to execute the strategies of its investment programs. The OCIO will have discretion to develop and execute the investment program within the constraints of the guidelines of the Investment Policy Statement (IPS) The OCIO will be responsible for the timely implementation and administration of these decisions.

2.0 Expectations

The OCIO will, at a minimum:

2.1 Comply with "prudent expert" standards.

2.2 Know and comply with the policies as outlined in the Investment Policy Statement (IPS) document. It is OCIO’s responsibility to identify policies that may have an adverse impact on performance, and to initiate discussion with the Foundation Investment Committee or and University Advancement Staff toward possible improvement of those policies.

2.3 Maintain thorough and appropriate written risk control policies and procedures. Oversight of compliance with these policies must be ongoing and independent of line investment activity.

2.4 Reconcile every month accounting, transaction and asset summary data with custodian valuations, and communicate and resolve any significant discrepancies with the custodian.

2.5 Maintain frequent and open communication with Foundation Investment Committee and/or University Advancement Staff, on all significant matters pertaining to the investment policy, including, but not limited to, the following:

2.5.1 Major changes in the Investment Manager's investment outlook, investment strategy, investment process, subadvisors or portfolio structure;

2.5.2 Significant changes in ownership, organizational structure, financial condition or senior personnel;

2.5.3 All pertinent issues which the OCIO deems to be of significant interest or material importance

2.5.4 Meet with Management or its designees on an as-needed basis.

Title Outside Chief Investment Officer (OCIO) Policy

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