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Business and Financial Policies and Procedures

Responsibilities

The Board of Trustees develops basic University policy on investments and delegates the execution of those policies to its administrative agents, who are required to be guided by the Board's policies and report to the Board. The Comptroller has been delegated transaction authority to assist the Audit, Budget, Finance, and Facilities Committee of the Board in the areas of investments and banking. That Committee meets regularly to review the University's investment program. The investment policy describes the overall level of risk the Board of Trustees deems appropriate.

The Vice President/Chief Financial Officer and Comptroller is authorized to manage University investments at his/her discretion consistent with the Board of Trustees' policy and/or with investment managers appointed by the Board of Trustees.

The investment function is centralized in Treasury Operations. The Vice President/Chief Financial Officer and Comptroller has delegated to the Senior Assistant Vice President for Treasury Operations the authority and responsibility to develop, and, after necessary consultations, disseminate guidelines and procedures regarding the investment of University funds. The Senior Assistant Vice President for Treasury Operations is also authorized to develop, install, and oversee the operations of suitable business systems to accomplish this function. The Senior Assistant Vice President for Business and Finance or delegate is responsible for the security and administration of University bank accounts. The Senior Director of Treasury Operations is responsible for the daily management of University bank balances and general oversight of EFT activity. Requests for exceptions to approved investment policies should be addressed to the Comptroller.

The Senior Assistant Vice President for Treasury Operations is also responsible and has authority for day-to-day investment operations. Endowment investment transactions are reported to the Board of Trustees. Investment managers are appointed by the Board of Trustees to execute the policy and invest the assets in accordance with established policy, but apply their own judgments concerning relative investment values. Investment managers are accorded full discretion, within policy limits, to select individual investments and diversify their portfolios.

The Policy for Management of University Endowment Farms became effective January 19, 2006. The University of Illinois Endowment and Non-Endowment Farms are managed by Treasury Operations, Agricultural Property Services.

Last Updated: March 17, 2011 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2010

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