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Yeshiva University Endowment Fund

Name: Yeshiva University Endowment Office

Assets Under Management: $2.24 Billion (Source: Yeshiva University on 6/30/2013)

Annual Report: Yeshiva University and Related Entities Consolidated Financial Statements: June 30, 2013

Portfolio Insights: “Yeshiva University (the “University”) is a private, non-profit institution of higher education primarily based in New York City. The University was founded in 1886 as the Rabbi Issac Elchanan Theological Seminary (“RIETS”), with which it is still affiliated, and was chartered as a separate University in 1945. The university brings together the heritage of Western civilization and the ancient traditions of Jewish law and life.

The University derives its revenues principally from student tuition and fees, government appropriations, grants and contracts, clinical services, gifts, and investment earnings. Additional support is generated through auxiliary activities carried out by the University, such as dining services, student health services, and residence facilities. The University spends these resources to meet its instructional and research mission.” (Source)

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Top Yeshiva University Endowment Fund Headlines:

1) Yeshiva University, a century-old institution of Jewish life in New York, is juggling a modern problem: a stubborn budget deficit that reached $150 million in a recent year.

According to university officials and publicly available financial documents, the school with deep ties to the Orthodox Jewish community also has seen its investments shrink by hundreds of millions of dollars since 2007—due in part to poor internal budgeting and so-called alternative investments that lagged behind the broader market rally in recent years.

As school officials scramble to right the ship, they have turned to consultants Alvarez & Marsal Holdings LLC, who worked on the unwinding of bankrupt Lehman Brothers Holdings Inc., and to Kekst & Co., a crisis-communications firm that also represented Pennsylvania State University in the wake of its former assistant football coach’s child sex-abuse scandal. (Source)

2) The Yeshiva University Investment Accountant is responsible for the accounting, analysis and reporting related to the University’s investment portfolio. The University invests over $1 billion in a variety of investment instruments through separately invested accounts and a unitized investment pool. The Investment Accountant reports to the Associate Controller of Investments, and performs and supports key analyses related to valuation of investments, reconciliations, maintenance of related accounting records, and performs other financial reporting and audit preparation responsibilities. (Source)

3) Yeshiva University’s endowment fund now totals $1,164,744, it was reported last night at a meeting of the Endowment Foundation at the Astor Hotel. Bernard Gottesman, president of the Foundation, reported that it had increased by $250,000 during the past year. (Source)

4) Sid Browne resigned as chief investment officer of the $1.2 billion consolidated investment pool of Yeshiva University, New York, according to a source with knowledge of the situation who asked not to be identified. The university will launch a search for a new CIO, the source said.

J. Michael Gower, Yeshiva’s CFO and vice president for business affairs, declined to comment on the Dec. 24 resignation. Mayer Fertig, a university spokesman, wrote in an e-mailed response to questions “this falls under the category of a personnel matter and as matter of policy, we really cannot comment on those at all.” (Source)

5) Yeshiva University’s undergraduate schools and summer programs focus on academic excellence and provide a rich and full educational experience. Yeshiva College and Stern College for Women offers it students a growing list of online learning opportunities. (Source)

About Richard C. Wilson