Q. 3003 South State Street The university manages stock market volatility by maintaining a diversified portfolio, which includes stocks, bonds, absolute return, real estate, venture capital and other investments. The University of Michigan Office of Development, 3003 South State Street, Suite 9000, Ann Arbor, MI 48109-1288 800-343-0860. In the past 20 years, the university’s long-term investment strategy and spending policies have generated nearly $4.7 billion in endowment distributions to support U-M operations. How important is the university’s endowment to its overall budget? U-M provides outstanding undergraduate, graduate and professional education, serving the local, regional, national and international communities. The university’s endowment per student ranks 94th, lower than many private peers with much smaller student enrollments. umichnews@umich.edu Address. The advisory committee typically meets twice a year. We will be in touch soon. Errors are noted below: Thanks for reaching out. The Victors for Michigan fundraising campaign has raised more than $1 billion for student support, with much of that being invested in the endowment. In its report, the committee noted that the “overwhelming majority of the responses” to the committee and to the University administration supported divestment. University leaders are reaffirming support for the university’s investment practices while refuting new claims by the Detroit Free Press that imply wrongdoing on the part of the university and its regents in regard to interactions with university donors. The same lock-up period applies to quarterly distributions that are re-invested into the quasi-endowment. One reason donors give so generously to U-M is the confidence they have that the university will do its part to maximize their donations to support the university and its students. Led by Vice President and Chief Investment Officer Mark Schmid, the Office of Investments is dedicated to furthering the long-term goals of the University of Chicago and its affiliates. Brehm Scholars Program: Bill Brehm was a scholarship recipient when he attended U-M. Accordingly, we have consistently boosted financial aid for students with demonstrated need each year. It has provided student support every year since and today has a market value of nearly $30 million. About 51 percent of out-of-state undergraduates receive need- or merit-based financial aid. The following describes the University of Michigan’s policies regarding the investment of our endowment, along with some historical context and perspective. The annual appropriation from the state of Michigan also plays a key role in setting tuition and fees. Financial Operations is responsible for the administration of the UEF and Endowment Specific Funds. Monthly UIP distributions are generally not distributed to sponsored programs, agency or endowment funds. These figures represent endowment funds for U-M’s three campuses and Michigan Medicine, the university’s health system. For example, roughly $2.4 billion, or 20% of the endowment, is dedicated for use by Michigan Medicine and other clinical activities. Distributions are made quarterly and the principal is not withdrawn for university use until termination of the non-charitable interest. The endowment provides a margin of excellence for the university, but it does not replace the unrestricted funds coming from state support and student tuition dollars. The fund has supported 92 students since its inception. Q. What unites us is our love of the university that we so proudly served, and our frustration with the misimpressions of the university’s Investment Office and its relationship with U-M… Distributions on shares associated with a new contribution will begin at the end of the next quarter, after the contribution has purchased shares in the UEF, in accordance with the chart below: The UEF distribution policy, set by the Board of Regents, insulates the university’s budget from market volatility and provides for a quarterly distribution per share. Q. James Iseler The university is subject to the Uniform Prudent Management of Institutional Funds Act (UPMIFA) enacted by the State of Michigan in 2009. The university has an Investment Office, led by the university’s chief investment officer, and it is that team of professionals that evaluates potential investment opportunities in a variety of market segments to create a balanced portfolio with an appropriate level of risk. The board also has the flexibility to adjust the ranges as new investment opportunities arise. We will ask the Regents to appoint an ad hoc committee to investigate the ethical and moral implications of our investments only when the following conditions have been met: I encourage any community members who are interested in our investment policies to read the advisory committee reports on South African and tobacco divestment.
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