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University of Virginia Endowment Fund

Name: University of Virginia Investment Management Company (UVIMCO)

Assets Under Management:  $4.7 Billion (Source: CBS News)

Annual Report:  University of Virginia Endowment Fund’s Annual Report 2013 – 2014

Portfolio Insights: “To the Rector and Visitors of the University of Virginia, foundation trustees, and other members of the University community: I am pleased to report that the Long Term Pool returned 19.0% for the fiscal year ending June 30, 2014, and the value of the long-term University and foundation funds invested with the University of Virginia Investment Management Company (UVIMCO) has risen to $6.9 billion. Equity markets performed strongly during the fiscal year. Our policy portfolio benchmark earned 16.6% during the twelve months ending June 30, 2014, while global and domestic equities returned 23.6% and 24.6%, respectively. UVIMCO’s Long Term Pool participated in the equity market rally while maintaining diversifying positions in credit, real assets, fixed income, and cash.

We remain most focused on longterm returns. Across the twenty years ending June 30, 2014, UVIMCO’s Long Term Pool had an average annual return of 12.6%, exceeding by healthy margins both the policy portfolio benchmark return and the University’s spending rate.” (Source)

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Top University of Virginia Endowment Fund Headlines:

1) The University of Virginia has the biggest among schools in Virginia, Maryland and the District of Columbia — $5.17 billion.

Those are among figures for the 2013 endowment ranking made public Tuesday by the National Association of College and University Business Officers and the Commonfund Institute. Endowments typically represent funds or assets invested for the purpose of generating revenue to support a school. Such revenue might be channeled into student financial aid, for instance, or compensation for a professor who holds an endowed faculty chair. (Source)

2) The University of Virginia Investment Management Company (UVIMCO) is a University-related foundation that provides investment management services to the University, independent foundations and other entities affiliated with the University operating in support of its mission.

The University’s endowment consistently ranks among the five largest endowments of public institutions and among the thirty largest of all colleges and universities in the nation. Equally important, the endowment per student has consistently ranked among the largest in the nation for a public university. The University of Virginia endowment, managed by UVIMCO, is the University’s source of sustainable private support for instruction, service, and research.

UVIMCO is governed by a board of eleven directors, three of whom are appointed by the Board of Visitors and one appointed by the University of Virginia President. Daily investment management is delegated to UV IMCO’s full time staff. UVIMCO operates as a separate 501(c)(3) Virginia non-stock corporation. (Source)

3) October 26, 2010 — Lawrence E. Kochard, currently chief investment officer at Georgetown University, was today named chief executive officer of the University of Virginia’s Investment Management Company. A. Macdonald Caputo, chairman of the UVIMCO board and a member of the University’s Board of Visitors, said in his announcement that Kochard will join UVIMCO on Jan. 1.

Kochard, 54, who was the founding director of Georgetown’s investment office in 2004, comes to U.Va. with not only a strong background in finance, but also with University ties, including two economics degrees from the Graduate School of Arts & Sciences. He succeeds Christopher J. Brightman, who resigned earlier this year.

As CEO, Kochard will be responsible for overseeing the University’s almost $3 billion core endowment, held by the Board of Visitors, and cash management for the University. He and his 23-person staff also are responsible for management of certain endowment assets held by numerous University foundations. The University’s total endowment, including the related foundations, approaches $4.6 billion. (Source)

4) The William R. Kenan Endowment Fund of the Academical Village has established an endowment to fund educational outreach programs that further the educational mission of Jefferson’s Academical Village. The fund will support five awards of $5,000 ($4,000 for students, $1,000 for faculty advisors) for full-time research to be conducted during the summer. Undergraduate and graduate students currently enrolled at the University of Virginia are eligible to apply. The awards are open to students in all disciplines, all departments, and all schools. (Source)

5) UVa is able to succeed in its endeavors thanks to its large endowment funding and prudent investing decisions. The university’s endowment has consistently ranked in the Top 5 for public universities and in the Top 20 for all institutions of higher education. The University of Virginia Investment Management Company (UVIMCO) has led UVa to the upper echelon of college endowment funding and continues to provide valuable resources to the university.

Before beginning, it is important to understand the term endowment. Endowment is money that has been donated to the university for the purpose of enhancing the institution. The money often comes from alumni and can be applied toward scholarships, fellowships, endowed professorships, and many other areas. Since UVa is a state university, a substantial amount of its endowment also derives from the Commonwealth of Virginia. Sometimes stipulations can be enforced on the endowment. This limits the options for how the funds can be allocated, the time they may be instated, and/or how much money can be spent at any given time. (Source)

 

About Richard C. Wilson