CALI POLY Foundation Investment Committee Meeting Minutes Saturday, February 8, 2025 In-Person/Zoom Video Conference Committee Members Present: Mike Applegate Jennifer Jipson Ryan Martinez Jeffrey Armstrong Tammy Kiely Bill Swanson Dick Bradshaw Abegail Lara Rich Jacobsen Jim Marderosian Committee Members Absent: Chuck Harrington Board Members Present: Phil Bailey Laura Pickering Cynthia Jackson Elmoore Ken Stone Staff: Allison Baird-James Lori Jordan Melissa Bean Grant Kirkpatrick Stacy Cannon Samantha Mauro Aaron Curti Amanda McAdams Ella Fisher Dave Marshall Damon Fleming Christine Mott Hutchinson Jen Haft Lisa Rockwell-Harpster Invited Guests: Matt Weinstein Damon Whelchel Howard Yu. Call to Order Committee Chair Dick Bradshaw called the meeting to order and welcomed members. Mr. Bradshaw announced a quorum of directors in attendance and that the meeting was ready to proceed with its business. Approval of Minutes Mr. Bradshaw asked members for amendments to the October 26, 2024, Investment Committee meeting minutes. No changes were identified; accordingly, a motion was made, seconded, and passed to approve the minutes. Review Performance Report through December 31, 2024 TIAA Kaspick Investment Managers Damon Whelchel and Howard Yu presented the quarterly endowment pertormance report. The Cal Poly Foundation Endowment ended the quarter December 31, 2024, at $298.4 million, down from $311.0 million as of September 30, 2024. Over the quarter, the endowment experienced net withdrawals of $0.9 million. For the quarter, the endowment returned- -3.7% (net off fees), behind the Aggressive Growth multi-asset benchmark of-3.0%. Market Index Returns, highlighted on page 10 of the board book, gave no sense of anything interesting domestically. While internationally the MSCI EAFE was down 8.1% The Year-to-Date handout showed the Foundation to be up 2.9% against the 2.6% benchmark. The Allocation Summary handout showed total equity of 84.3%, .3% above the target allocation percentage. Page 15 of the meeting book further examined the allocation summary with discussion surrounding potential market volatility. In November, a manager change was made in the International Large Cap fund replacing Morgan Stanley with Artisan International. This has shown better, more consistent performance. Major projects moving forward include looking at the construction of domestic large companies and additional tools available for tactical decision making. The full report is available starting on page 5 of the meeting book. Campus Programs Update In the absence of CPF Treasurer Marc Benadiba, Aaron Curti, Executive Director of Foundation Finance, provided a review of the Campus Programs Funds on pages 51-53 of the meeting book. As of December 31, 2024, Campus Programs Funds totaled $35.9 millioninvested in treasury bills, bonds, and money market accounts. For the same period, the Facilities Investment Fund Assets totaled $53 million invested in treasury bills and money market accounts. Total gifts into the Campus Programs Funds for the quarter ending December 31, 2024, totaled $11.0 million. Total expenses from the Campus Programs Funds forthe quarter ending December: 31, 2024, totaled $12.9 million. Foundation Resolutions Chair Dick Bradshaw gave a brief overview of the Foundation resolutions relating to the charitable gift annuities (CGAs). These must be approved by the Foundation prior to submission of the CGA application to the Department of Insurance. These were approved by the Investment Committee via written consent and will be put before the Board for approval at thel Board of Directors meeting. Adjournment With no further business, the meeting was adjourned at 9:15 a.m. Respectfully submitted, 71 rayk - Dick Bradshaw Investmént Committee Chair Cal Poly Foundation Board