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With the publication of the College Sustainability Report Card 2010, more than 1,100 school survey responses from over 300 institutions are now available online. In total, these surveys offer more than 10,000 pages of data collected from colleges and universities during the summer of 2009. To access surveys from other schools, go to the surveys section of the website. To see grades, or to access additional surveys submitted by this school, please click the "Back to Report Card" link at the beginning or end of the survey.
Name: Mike Curtin
Title: Vice President for Finance
Date survey submitted: 7/28/09
1) How does your school handle proxy voting on environmental, social, and governance issues?
(a) We do not have the ability to vote proxies as the entire equity holdings of the endowment are invested in mutual funds (e.g. CommonFund, Fidelity, Vanguard, etc.).
(b) We ask that our investment managers handle the details of proxy voting.
(c) We provide our investment managers with general guidelines that determine our proxy votes.
(d) We provide our investment managers with specific corporate governance guidelines that determine our proxy votes.*
(e) We provide our investment managers with specific environmental and social guidelines that determine our proxy votes.*
(f) A member of our school administration determines our proxy votes.
(g) A committee of administrators and/or trustees deliberates and makes decisions on proxy votes.
(h) A committee that includes student representatives deliberates and makes recommendations or decisions on proxy votes.
(i) School community feedback is incorporated into proxy voting decisions through town hall meetings or a website.
Your answers:
Proxy voting on corporate governance matters: a. & b. - We have both mutual funds and managed portfolios. For the managed portfolios, the management agreements specify that the investment managers handle proxy voting. However, the Finance, Administration and Outreach Committee of the University Sustainability Council is currently considering general, written guidelines for investment managers to follow to vote proxies.
Proxy voting on environmental and social resolutions: a. & b. - We have both mutual funds and managed portfolios. For the managed portfolios, the management agreements specify that the investment managers handle proxy voting. However, the Finance, Administration and Outreach Committee of the University Sustainability Council is currently considering general, written guidelines for investment managers to follow to vote proxies.
*Please provide URL or attach guidelines (optional).
2) If you answered "g" or "h" to question 1, please provide the following information about the committee: N/A
Name of committee:
Number of meetings held since August 2008:
Name of chair(s):
Position of chair (e.g., administrator, faculty, staff, student):
To whom does the committee report (e.g., Trustee Committee, President, Vice President):
Number of administrators on committee:
Number of alumni on committee:
Number of faculty on committee:
Number of staff on committee:
Number of students on committee:
Number of trustees on committee:
Total number of committee members:
3) Please indicate what information about proxy voting records is made available to each of the groups listed under "Your answers" (select all that apply):
(a) No information is made available
(b) Votes cast on proxy resolutions only by category (and not company specific)
(c) Votes cast on proxy resolutions on a company-specific level
(d) Votes cast on proxy resolutions on a company-specific level, including the number of shares
Your answers: Note: Since we don’t directly vote proxies any information would be provided by our managers on how they voted.
Trustees and senior administrators: c – upon request
Trustees, senior administrators and other select members of the school community: c – upon request
All members of the school community including faculty, staff, students and alumni: b – upon request
The public per open records law: b – upon request
The public: b – upon request
4) Where is information about proxy voting records made available?
(a) Information is not made available.
(b) Information is available at the investment office or similar office on campus.
(c) Information is sent to individuals upon request.
(d) Information is on the school website with password protection.
(e) Information is on the school website and is accessible to the public.
Your answers:
To the school community.
Proxy voting records on environmental and social resolutions: c – upon request
Proxy voting records on corporate governance matters: c – upon request
To the public.
Proxy voting records on environmental and social resolutions: c – upon open records request
Proxy voting records on corporate governance matters: c – upon open records request
5) Please indicate what information about endowment holdings is made available to each of the groups listed under "Your answers" (select all that apply):
(a) No information is made available
(b) Asset allocation
(c) List of external managers
(d) List of mutual funds
(e) Equity holdings
(f) Fixed income holdings
(g) Real estate holdings
(h) Hedge fund holdings
(i) Private equity holdings
(j) Venture capital holdings
(k) Natural resource holdings
(l) Cash
(m) Other holdings (please specify)
(n) All holdings
Your answers:
Available to trustees and senior administrators: n – at quarterly meetings and as requested
Available to trustees, senior administrators, and other select members of the school community: n – upon request
Available to all members of the school community, including faculty, staff, students, and alumni: n – upon request and if allowed by managers’ disclosure agreements
Available to the public per open records law: n
Available to the public: n – upon request
6) Please indicate where information about endowment holdings is made available to the school community and to the public:
(a) Information is not made available.
(b) Information is available at the investment office or similar office on campus.
(c) Information is sent to individuals upon request.
(d) Information is on the school website with password protection.
(e) Information is on the school website and is accessible to the public.
Your answers:
To the school community: c
To the public: c – upon open records request
7) Is your school currently invested in any of the following areas? (Please list all that apply.)
(a) Renewable energy funds or similar investment vehicles
(b) Community development financial institutions or community development loan funds
(c) On-campus energy and/or water efficiency projects through the endowment (as an investment and not a payout)
(d) None of the above
Your answer: b, c - investments in University owned projects that incorporate energy efficient designs and construction, such as the development of research park included water collection system
UPDATE 8/6/09: B: We purchase low interest bearing CD's from the Louisville Community Development Bank whose primary mission is to provide, "... loans to local area residents and businesses to create new jobs and support owner occupied housing in the Investment Area. Creating a better quality of life for inner city residents is the goal of LCDB and its depositors."
C: These are loans made to subsidiary LLC's of the Foundation for real estate development projects. The intention is to be repaid in full, with interest, and, when the projects become profitable, to share in the profits after the loans are paid off.
8) Is your school currently exploring investment in any of the following areas? (Please list all that apply.)
(a) Renewable energy funds or similar investment vehicles
(b) Community development financial institutions or community development loan funds
(c) On-campus energy and/or water efficiency projects through the endowment (as an investment and not as a payout)
(d) None of the above
Your answer:
· a – currently under consideration by the Finance, Administration and Outreach Committee of the University Sustainability Council, established in 2008 to enhance the University’s sustainability efforts. Committee would make recommendation to the University Administration and ultimately Foundation Board of Directors to expand investment policy options and provide additional guidance to outside Financial Advisor.
· b – currently invested, the above mentioned Committee is considering recommending increasing investment in green energy companies and technologies.
9) Does your school have any investment policy provisions, or use any investment managers, that consider environmental/sustainability factors?
(a) No
(b) Yes (please describe)
(c) Currently under consideration (please describe)
Your answer: c – under consideration by the Finance, Administration and Outreach Committee of the University Sustainability Council, established in 2008 to enhance the University’s sustainability efforts. This Committee would make recommendation to the University Administration. It is anticipated that the recommendation will receive positive acceptance by the University Administration. It ultimately would go to the Foundation Board of Directors for consideration and approval.
10) Does your school offer donors the option of directing gifts to an investment fund that considers environmental/sustainability factors?
(a) No
(b) Yes (please describe)
(c) Currently under consideration (please describe)
Your answer: c – The Finance, Administration and Outreach Committee of the University’s Sustainability Council is currently reviewing gift policies to expand donor flexibility in this regard. This Committee will make a recommendation during the current fiscal year. It is anticipated that the recommendation will receive positive acceptance by the University Administration.
Question 11 is for informational purposes only; responses will NOT be included in the Report Card evaluation process.
11) Please provide total endowment value as of the following dates:
6/30/2008: $714,988,000
9/30/2008: $686,795,000
12/31/2008: $590,042,000
3/31/2009: $565,506,000
6/30/2009 (may be submitted separately at a later date): Available 8/1/09
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