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Long Island University Endowment Fund

Name: Long Island University

Assets Under Management: $565.2 Million (Source: Long Island University on 8/31/2013)

Annual Report: Long Island University Financial Statements August 31,2013 (with Independent Auditors’ Report Thereon)

Portfolio Insights: “Long Island University (the University), founded in 1926, is a coeducational institution serving an enrollment of approximately 17,000 students plus an additional 7,600 noncredit bearing students. The University conducts undergraduate, graduate, and doctoral programs on campuses on or near Long Island, New York. Alternative investments, including multi-strategy, hedge funds and real estate investments, are valued using net asset values provided by external investment managers, as a practical expedient in determining fair value.

The University’s spending policy annually allocates the amount of the total returns which can be spent and reinvested for future earnings for its unitized pooled endowment fund. Under this policy, the University currently appropriates for distribution each year 4.5% of the average fair value of its pooled endowment fund for the 20 quarters ending the February 28th preceding the fiscal year in which the distribution is planned.” (Source)

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Top Long Island University Endowment Fund Headlines:

1) Dr. Kimberly R. Cline became the 10th president of Long Island University (LIU) in July 2013. Regarded in higher education realms as a transformational leader, she has launched a strategic planning effort to provide a roadmap for the University’s future and partnered with faculty and staff to forge new opportunities for LIU.

Under Dr. Cline’s leadership, two colleges and one academic school have been added – Honors Colleges at LIU Brooklyn and LIU Post and LIU Post School of Computer Science, Innovation, and Management Engineering. New career-ready academic programs in Digital Game Design, Fashion Merchandising, Equine Studies, Branding and Licensing, Sports Management, and Financial Engineering have been added along with dual-degree programs that lead to both a bachelor’s degree and M.B.A. in five-years. The LIU Fast Track program will allow ambitious high school students to begin working on a bachelor’s degree before college. (Source)

2) The Business and Finance Division provides financial services for the academic, administrative and student service operations of the University, ensuring that all business transactions are processed in an efficient, cost-effective manner that complies with appropriate internal and external controls and regulations. The Division manages relationships with outside financial service organizations including commercial banks, investment bankers, credit-rating agencies, investment consultants, investment managers and insurance brokers.

Responsible for developing the institution’s annual operating and capital budgets and managing its billing and collection functions, the Division also aims to optimize the returns on University investments. In addition, its Student Financial Operations offices are committed to providing students with personalized attention and convenient online services, helping them to fulfill their financial obligations to the University. (Source)

3) Reporters who risked their lives in 2014 to cover the Ebola epidemic, traced the rise of the Islamic State, and revealed secret ransoms paid for the release of hostages are winners of Long Island University’s 66th annual George Polk Awards in Journalism.  Additional honorees include reporters who uncovered systemic failure in two federal agencies, the Secret Service and the Veterans Administration, as well as journalists who exposed brutal treatment of prison and jail inmates.

Awardees will be honored at a ceremony at The Roosevelt Hotel in Manhattan on Friday, April 10.

“The excellent work across a variety of media platforms reflected by 558 nominations from news organizations, individual journalists, and members of our advisory panel suggests that journalists are adapting well to a landscape no longer dominated exclusively by print,” said John Darnton, curator of the awards. (Source)

4) After conducting a nationwide search, Long Island University, the seventh-largest private university in the nation, has named Robert Altholz, vice president for business and finance, and treasurer of Saint Louis University, St. Louis, MO, to the position of vice president for finance and chief financial officer. He replaces Mary M. Lai, who served in this capacity for 57 years an extraordinary record unequalled in American higher education.

In his new role, Mr. Altholz will oversee the University’s financial affairs and provide executive leadership as one of nine officers on the University’s senior management team. Responsible for developing long- and short-term financial programs in support of the University’s mission, he will manage all treasury and central financial administrative functions; maintain banking and investment relationships; and interact with bond rating agencies and external auditors. He will take a leadership role in implementing the University’s Best Practices Initiative, helping to spearhead a conversion of existing financial systems through an Enterprise Resource Planning system. (Source)

5) LIU isn’t alone. Mount Saint Mary College in Newburgh, N.Y. and Centenary College in Hackettstown, N.J. offer similar same-day, on-the-spot admissions events. According to Jackie Nealon, Long Island University’s vice president of enrollment, LIU takes it a step further in the spring and sends admissions officers into Long Island high schools to admit students on location–the academic version of a house call.

If LIU sounds a bit desperate, it is. From a financial standpoint LIU is suffering from a host of ills common to hundreds of colleges today. According to the most recent financial data LIU has supplied to the Department of Education, its Post campus has been running at an operating deficit for three years. Its core expenses, or those essential for education activities, have been greater than its core revenues. Like many other schools, Post is a tuition junkie, with nearly 90% of its core annual revenues derived from tuition and fees. (Source)

About Richard C. Wilson