A CALI POLY Foundation Investment Committee Meeting Minutes Saturday, October 26, 2024 In-Person/Zoom Video Conference Committee Members Present: Lisa Anderson Chuck Harrington Abegail Lara Jeff Armstrong Rich Jacobsen Jim Marderosian Marc Benadiba Jennifer Jipson Ryan Martinez Dick Bradshaw Tammy Kiely William Swanson Committee Members Absent: Mike Abbott Mike Applegate Board Members Present: Phil Bailey Ken Stone Staff: Allison Baird-James Dave Marshall Lisa Rockwel-Harpster Stacy Cannon Samantha Mauro Cody Van Dorn Aaron Curti Amanda McAdams Grant Kirkpatrick Christine Mott Hutchinson Invited Guests: John Betz Michael Dumont Damon Whelchel 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 August 24, 2024, Investment Committee meeting minutes. Minor changes were identified; accordingly, a motion was made, seconded, and passed to approve the minutes. Review Performance Report through September 30, 2024 TIAA Kaspick Investment Managers Damon Whelchel presented the quarterly endowment performance report. The Cal Poly Foundation endowment ended the quarter September 30, 2024, at $311.0 million, up from $290.Imillion at June 30, 2024. Over the quarter, the endowment experienced net withdrawals of $4.1 million. For the quarter, the endowment returned 8.4% (net of fees), ahead of the Aggressive Growth multi-asset oenchmark of 8.2%. The Allocation Summary handout showed total equity of 84.7%, .7% above the target allocation %. The Aggressive Growth Allocation handout showed adjustments to strategic and tactical allocations. A 12-14-month project looked at every asset class; the portfolio is optimized, leaving little room for improvement. Tactical adjustments were 1%. A change of manager of the Internation Large Companies is in progress. Annualized return versus the standard deviation is highlighted on page 22 of the meeting book and shows the CPF has a higher return with less risk versus the porffolio benchmark. It was suggested that it would be helpful to see trend data on the chart. The full report is available starting on page 6 of the meeting book. Campus Programs Update - For Information Only Fixed income investments Treasurer Marc Benadiba provided a review of the Campus Programs Funds on pages 54-55 of the meeting book. As of September 30, 2024, Campus Programs Funds totaled $38 million with approximately 100% invested in treasury bills. Over 1200 funds make up the Campus Programs Funds Actively meeting with colleges to review: spending plans, ensuring moneyis cycling through. For the same period, the Facilities Investment Fund Assets totaled $55 million in bonds, brokered CDs, and money market accounts. Total gifts into the Campus Programs Funds for the quarter ending September 30, 2024, totaled $7.4 million. Total expenses from the Campus Programs Funds for the quarter ending September 30, 2024, totaled $9.1 million. The charitable gift annuity is in the final stages of negotiations. The $5 million line will be used for projects that require pledge financing. Policy Review Policy 105 Planned Giving Mr. Benadiba provided a review of Policy 105 Planned Giving. As outlined on the summary memo on page 56, the review included language modifications to reflect process in which legal is consulted only on complex agreements, all others are handled internally by the Trusts & Endowment Administration department and the Office of Gift Planning. Methods of Giving was updated to forego applying with the California Department of Insurance to issue Charitable Gift Annuities. References have been updated to refer to Cal Poly Partners policies. Mr. Benadiba called on the committee for input on the policy. No edits were recommended. A motion was made, seconded, and passed to approve Policy 105. Other Cal Poly Partners (CPP) CEO Cody VanDorn gave an update on Vista Meadows, the new faculty and staff housing project in development at the Slack Street and Grand Avenue entrance to campus and the recent acquisition of The Harvest Lofts rental units. Adjournment With no further business, the meeting was adjourned at 9:19 a.m. Respegtfully submitted, adh Dick Bradshaw Investment Committee Chair Cal Poly Foundation Board