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Cornell University Investment Policy

The investable assets of Cornell University provide financial support for the University’s educational mission. The University Board of Trustees is responsible for strategic management of all investable funds, and implements policy through the Investment Committee of the Board. The Committee establishes investment objectives, determines asset allocation, appoints investment managers, and monitors the overall investment program and investment results. The Committee meets at least four times per year, and delegates authority for day to day management, supervision and administration of the funds to the Chief Investment Officer. The source and intended use of assets dictate their placement in the Long Term Investment Pool (LTIP) or the Pooled Balances Investment Fund (PBIF). These asset pools are invested identically, but holders of each pool have different entitlement rights. When assets cannot be placed in either pool (due to a conflict in investment objectives or because of legal reasons) they are placed in Separately Invested Funds.

 

Objectives

Most of the Endowment that Cornell Actively manages is the Long Term Investment Pool (LTIP). It is a balanced fund consisting primarily of high-quality, readily marketable stocks and bonds. Generally stated the investment objective of the LTIP is to maximize total return (investment income plus market value changes) within reasonable risk parameters. Specifically, the objective is to achieve a total return, net of expenses, of at least 5% in excess of inflation, as measured by the Consumer Price Index, over rolling five year periods. The achievement of favorable investment returns enables the University to distribute increasing amounts over time from the LTIP so that present and future needs can be treated equitably in inflation adjusted terms.

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