Finance and Administration - Board of Trustees - The University of ...

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Finance and Administration Committee - III. Minutes of Last Meeting1MINUTES OF THE FINANCE AND ADMINISTRATION COMMITTEETHE UNIVERSITY OF TENNESSEEBOARD OF TRUSTEESOCTOBER 27, 2011The meeting of the Finance and Administration Committee of the Board of Trustees washeld at 3:15 P.M. EDT, Thursday, October 27, 2011 in the Hollingsworth Auditorium onthe UT Institute of Agriculture Campus In Knoxville.I. Call to Order - Mr. Robert Talbott, Chair, called the meeting to order, andmade the following introductory remarks:1. While the public is invited and welcome at all Board meetings, ourmeetings are “in the public” but not “public meetings.”2. The Chair will recognize to speak only members of the committee, otherTrustees, and members of the senior staff.3. The Committee has a set agenda and prepared materials for that agenda.No “new business” has been brought to the Chair’s attention prior to themeeting.4. Lastly, the name of the Trustee making the motion and the second will beannounced to help in the preparation of minutes.II.Roll Call – Chair Talbott asked Mr. Charles Peccolo, Treasurer and ChiefInvestment Officer/Acting Chief Financial Officer to call the roll. He did soand advised the Chair that a quorum was present.PresentRobert Talbott, ChairCharles Anderson, MemberJoseph DiPietro, Non-Voting MemberBrian Ferguson, MemberJohn Foy, MemberDon Stansberry, Vice Chair of the BoardBetty Ann Tanner, MemberAlso present were other Trustees, Mr. Charles Peccolo, members of staff, andmedia representatives.3
Finance and Administration Committee - III. Minutes of Last Meeting1Chair Talbott welcomed Brian Ferguson and Betty Ann Tanner to the Financeand Administration Committee as new members.III.IV.Approval of Minutes of Last Meeting (Exhibit 1)—Action Item—ChairTalbott called for consideration of the last meeting’s minutes. Vice ChairStansberry moved approval of the minutes of last meeting as amended;seconded by Trustee Foy and approved unanimously.Treasurer’s Report on Endowment Investment Performance—InformationItem (Exhibit 2)—Chair Talbott asked Mr. Peccolo to present the Treasurer’sReport on Endowment Investment Performance. Mr. Peccolo began bydrawing the Committee’s attention to the slide presentation. He commentedthat approximately one year ago it was decided to hire a director ofinvestments and it would be someone that spends every waking momentdealing with that topic. We were fortunate in the search process, and theInvestment Advisory Committee interviewed and spent time with threedifferent candidates. Mr. Mecherle was the one selected. Rip is a nicknamethat he goes by but his proper name is Raymond. He is a graduate from theUniversity of Virginia with a Bachelor’s Degree and received his graduatedegree at Cornell University. He has thirteen years of investment experienceincluding portfolio construction and management. He has been at theUniversity for approximately nine weeks, and I have asked him to present theinvestment report for the fiscal year ended June 30, 2011.Mr. Mecherle, Executive Director of Investments thanked the Committee forallowing him to be there and hoped that they found the presentation andmarket discussion as interesting as he does day in and day out, particularlygiven how the markets have been a great deal of “fun” lately with all thevolatility. He then gave a quick snapshot of the management and oversightand the groups that are involved with the management of the invested fundsat the University of Tennessee. There is roughly $670 million plus as of June30, 2011. There are three groups that have some input with regard to themanagement and oversight of these funds. First, the investment group is aneight-member team (including him) that is involved with managing theConsolidated Investment Pool, Life Income Trusts and SeparateEndowments. Predominately its focus is on the research and portfoliomanagement of the CIP assets and back office functions such as cash flow andwire transfers. It also handles internal and external reporting requirementssuch as State Audit, meetings such as this, etc.The external group is Fund Evaluation Group (FEG) which helps a great dealwith the investment evaluation process and portfolio construction. FEG is aconsultant based out of Cincinnati, which has $33 billion in client assets24
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