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University of Akron & Foundation Endowment Fund

Name: Office of Treasury Services Investment Policies

Assets Under Management: $495.9 Million (Source: University of Akron & Foundation on 8/6/2014)

Annual Report: The University of Akron (a component unit of the State of Ohio) Financial Report With Supplemental Information June 30, 2014

Portfolio Insights: The discussion and analysis of The University of Akron’s (The University) annual financial performance provides an overall review of The University’s financial activities for the fiscal year ended June 30, 2014. This discussion and analysis views The University’s financial performance as a whole; readers should also review the financial statements and related notes to the financial statements to enhance their understanding of The University’s financial performance.

Investment income, net of investment expenses, increased $12.2 million and $4.9 million in 2014 and 2013, respectively. The changes are due to overall fluctuations in returns on all investments and realized gains when investments were transferred to a new investment manager in spring 2014. (Source)

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Top University of Akron & Foundation Endowment Fund Headlines:

1) The purpose of an Investment Policy Statement is to establish a clear understanding of the investment objectives of the funds.  It is used as a guideline for the investment committee as well as for the investment consultant and the hired investment managers.

The University of Akron has two separate investment policy statements:  one for its operating funds and a second for its endowment funds.  The University of Akron Foundation has an independent investment policy statement for its endowment funds. (Source)

2) The University of Akron Foundation was incorporated in 1966 and is organized and operated exclusively for the benefit of the University of Akron. Specifically, as a 501(c)(3), not-for-profit organization, the UA Foundation receives monies on behalf of the UA, manages and invests those funds, and administers them in accordance with donor wishes.

The UA Foundation is governed by a Board of Directors and special committees who safeguard and manage its assets. Many are leaders in the business and professional community, contributing their time and expertise to ensure a bright future for The University of Akron. (Source)

3) The Treasurer’s office performs many vital functions for the University of Akron. These responsibilities include the coordination of debt issuance, cash management, endowment investment administration, and producing various reports for the University’s Board.

The Treasurer’s office is also responsible for many important areas within the University of Akron Foundation, a not-for-profit organization operated exclusively, yet separately, for the benefit of the University of Akron. These duties include processing of expenditures, endowment and non-endowment investment administration and reporting, college/department reporting, life income and charitable gift annuity management, the preparation of financial reports, and Foundation board reports.

The Treasurer’s office is also responsible for receiving and accounting for donations given by University of Akron employees and retirees during the annual United Way Campaign. (Source)

4) Brian Davis holds both a bachelor’s degree in Mechanical Engineering, and a master’s degree in Medicine (Biomedical Engineering) from the University of Cape Town (South Africa), and a Ph.D. from Penn State University. He had a staff-level appointment at the Cleveland Clinic from 1992 to 2010.

In terms of medical devices, Dr. Davis has led a number of initiatives focused on rehabilitation technology and instrumentation for assessing a patient’s risk for diabetic foot ulceration. He is currently the Principal Investigator on a State-funded project aimed at commercializing sensors for diagnosing connective tissue disorders. He is also leading an educational program named “BEST Medicine” that encourages middle and high school students to develop interests in engineering, science and technology, particularly as these relate to designing novel medical devices. Dr. Davis is a member of a number of professional societies, including the International Society of Biomechanics – a society for which he served as President from 2005 to 2007. (Source)

5) Scott L. Scarborough became the 16th president of The University of Akron on July 1, 2014.

He had previously served as provost and executive vice president for academic affairs at The University of Toledo since 2012. Scarborough was UT’s chief academic and operating officer, responsible for 12 colleges and the divisions that managed student affairs, enrollment management, libraries, registrar’s office and the university teaching center. He directed the development of a new five-year strategic plan for the main campus, and emphasized such strategic priorities as ensuring academic quality, enhancing academic distinction and improving the student experience. (Source)

About Richard C. Wilson