TAILIEUCHUNG - Principles of Endowment Management - The seven key issues facing trustees and financial officers

The final step in appraising records is determining their retention period. Keeping records, either in offices or storage areas, is very expensive and the actual or potential value of the records must be weighed against the cost. Most managers tend to keep records too long “just in case” and unwittingly extend the agency liability for as long as the records exist. Except for perpetual records, most administrative records should only be kept two or three years and certainly not more than five. Program records (unique and representative of the function of the office) are typically large files and kept for longer periods of time. Attachment A contains. | commonjiind INSTITUTE Principles of Endowment Management The seven key issues facing trustees and financial officers PRINCIPLES OF ENDOWMENT MANAGEMENT A publication of Commonfund Institute For the Nonprofit Community Commonfund Institute is dedicated to the advancement of investment knowledge in the nonprofit community and the promotion of best financial-management practices among nonprofit organizations. The Institute s programs and services are designed to serve financial practitioners fiduciaries and scholars. Its programs include seminars and roundtables on such topics as endowment and treasury management proprietary and third-party research publications and special events such as the annual Commonfund Forum and the Commonfund Prize for the best contribution to endowment investment research. The Institute was established by Commonfund in 2000 to serve as the center for its research and education initiatives with John S. Griswold Jr. Executive Director and Senior Vice President of Commonfund Group as its head. The trustees of an endowment institution are the guardians of the future against the claims of the present. Their task is to preserve equity among generations. JAMES TOBIN 1981 Nobel laureate Sterling Professor of Economics Yale University The responsibility of managing an management perspective. The dis- To simplify our presentation we will educational endowment differs funda- tinction may elude the experienced suggest one essential principle for each mentally from the responsibilities of most other investment fiduciaries. The difference arises from the nature of the beneficiaries. In most asset management practices the beneficiaries or clients can speak for themselves. In the case of an endowment however most of the beneficiaries have not yet been born. Future generations of students have as much entitlement to the benefits of the endowment as those currently enrolled and their rights must be protected. That differential in time horizon between life .

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