The president is elected by the Board of Trustees and, once elected, sits as an ex officio member of the board and of all its standing committees except the Audit Committee. Asset Allocation October 7, 2022 Yale Endowment Gains 0.8%, Duke, Cornell Post Small Losses in 2022. In terms of approach, I tend to look at big changes, big themes, to identify market inefficiencies, growth bottlenecks and forced selling pressure that tend to generate the environment for outsized returns, he said. Tel: 646-973-4400 1155 Avenue of the Americas Suite 1850 New York, NY 10036 investment@investment.cornell.edu corefixed@investment.cornell.edu Contacts . Executive Vice President and Chief Financial Officer | Cornell University Division of Financial Affairs Home Business Tools forms CU policies training KFS Support e-SHOP Executive Vice President and Chief Financial Officer There is currently no content classified with this term. As the most senior non-academic officer for the university, the EVP is the chief financial and administrative officer responsible for directing the financial and administrative services in support of the academic mission. Under Walsh's tenure, Cornell's endowment successfully avoided many of the liquidity problems that affected those of its peers last year. Cornell University is a private research university that provides an exceptional education for undergraduates and graduate and professional students. Cornell University recharge entities recover some or all of the cost of their products and services through user fees, subject to the requirements outlined in this document. Community Preservation Corporation . The Investment Office's well-established senior leadership team will manage the office in the interim until a new chief investment officer is named. Our institution is uniquely positioned for further transformation, and we have an amazing dean at the helm. Edwards, who stepped down from the post March 31. There are circumstances in which it may be necessary to transfer expenditures to or from a sponsored account subsequent to the initial recording of the charge in the general ledger, Cornell University provides advances of cash or other resources in limited circumstances to meet the business needs of the institution. In his new role, Puccino will financially lead a global health care enterprise embarking on a strategic expansion that will advance the institutions tripartite mission to care, discover and teach. Miranda earned a doctorate in economics from the University of Chicago in 1986 and a Bachelor of Science in foreign service from Georgetown University in 1981. The EVP is the chief . 395 Pine Tree Road, Suite 330 20-Apr-2016 10:05 AM EDT , by Cornell University. Given his experience in global investing, Miranda said he expects to globalize the return streams of the endowment. We have a great team, he said. Further, the university expects all members of the university community who are accountable for financial, Cornell University uses its property and facilities, primarily, to further its mission of learning, discovery, and engagement. Cornell University invites applications and nominations for the position of Executive Vice President (EVP) and Chief Financial Officer (CFO). endobj A key component to the institutions long-term growth centers on increasing its clinical footprint in New York. Puccino has served as assistant vice provost for financial planning and institutional reporting for the past decade, and has held numerous leadership positions in budget and finance over his 30-year career at Weill Cornell Medicine. 0 The University Board of Trustees is responsible for strategic management of all investable funds, and implements policy through the Investment Committee of the Board. He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. endstream endobj startxref Ms. DeStefano is a 1978 graduate of Syracuse University with a bachelor of science in accounting, and a 1997 recipient of a master of business administration in finance from the Curtis Johnson Graduate School of Management at Cornell University. Ithaca, NY 14850, Cornell University requires all operating units to develop their own unit-specific financial internal control plans using guidelines provided by the Office of the University Controller. Michael Abbott, Cornell's chief investment officer, stepped down on Sunday, according to Vice President for University Communications Tommy Bruce.The reason for Abbott's departure remains . At such times, the university has a prescribed method for evaluation and communication of these changes to university staff, faculty, and students. %PDF-1.6 % Aditya Misra. The university permits the use of its property and facilities for collaboration with industry or community, where such use is consistent with the universitys mission, Cornell University prohibits any form of retaliation, intimidation, harassment, or adverse employment action against any trustee, officer, employee, former employee, independent contractor, agent, or volunteer of the university for disclosing or threatening to disclose any conduct that they have a, Cost sharing must be proposed, approved, administered, and accounted for in a consistent and prudent manner. Cornell University requires anyone handling cash, checks, or securities on its behalf to safeguard these assets by applying appropriate internal controls, and that securities be managed in compliance with the bylaws of the Board of Trustees. As chief financial officer, Puccino will direct the Finance Department and continue to lead the Office of Budget and Financial Strategy, which provides key services including institutional reporting; analyses of budgetary, business and institutional resources; and financial and risk management. Vice President for University Communications Tommy Bruce issued the following statement May 2: Michael Abbott stepped down from his position as chief investment officer at Cornell University May 1. At the same time Im very focused on managing the risk and the downside protection of the portfolio through quantitative techniques.. The university will accommodate those full- and part-time employees with valid business needs for mobile communication devices by issuing university-owned mobile communication devices. He is a results-driven professional with dynamic strategies that will ensure our endowment grows in depth and breadth as it maintains the stability required to support our educational and engagement mission, Kotlikoff said. _IyZ2qe7s~PUI k#QVZNm5eceZ)s/imFDAykT9A33vcN\4?Ei^V,;c WS;!cST}j7y17# The campaign, launched in June 2021, will enable Weill Cornell Medicine to invest in all three parts of its mission, which includes a precision health enterprise, updated biomedical research space and a new student residence. =^"-g$#B#\#=K&&_4I|w|\SqR:rKWayH!oyC*YS$ww`%Z.Ds*D Kenneth Miranda, director of the International Monetary Funds (IMF) investment office, has been selected as Cornells chief investment officer, Provost and Acting President Michael Kotlikoff announced today. Funds must be invested for a minimum of five years. The EVP is the chief financial and administrative officer responsible for directing theservices in support of the academic mission. (Acting) Chief Technology Officer (Apr 2022 - Jul 2022) Headed multiple departments of Corporate Strategy, Product Development, Process Improvement, Innovation and Sustainability, and Business Research + Reshaped EXIM's bank strategy towards Thailand Development Bank, focusing on investment to drive trade, competitiveness, and sustainability For more information see our quarterly endowment reports. I also feel proud to be leaving a stronger and more professional investment office than the one I found when I arrived.". James Walsh, chief investment officer in Cornell's Investment Office, has announced he will be leaving the university to return to England at the end of this academic year. Its been an absolute blessing to work for Steve Cohen; hes been an outstanding leader and an incredible mentor to me.. 317 Day HallCornell UniversityIthaca, NY 14853. EVP and CFO Joanne DeStefano is the Executive Vice President (EVP) and Chief Financial Officer (CFO) for Cornell University. Ive also been fortunate to work alongside a number of really talented people at Weill Cornell Medicine, whose unwavering support have made this role possible. 2021 Reports. These stewards of, Cornell University formally approves, issues, and maintains in a consistent format, official university policies in a central policy library. 505 0 obj <>stream All inquiries and materials will be held in confidence. A university device must be authorized by a dean or vice president, and must be purchased and serviced under the. %PDF-1.7 The Committee establishes. He has a clear understanding of todays complex and rapidly changing investment environment, said Opatrny. Vice . 1 0 obj Weill Cornell Medicine is conducting a national search for the second administrative position: executive vice provost and chief operating officer. This policy does not apply to any advance payment required by a vendor. Cornell University provides telephone service for individuals undertaking mission-related activities. Vice President for University Communications Tommy Bruce issued the following statement May 2: Michael Abbott stepped down from his position as chief investment officer at Cornell University May 1. CU Foundation Funds ", Skorton added, "Working with the Investment Committee, James helped the university weather the downturn and begin to regain much needed equilibrium in its investment performance. Puccino was also instrumental in conceptualizing and implementing the institutions expanded scholarship program that provides debt-free education to medical students in financial need. Search for Executive Vice President and Chief Financial Officer, Chief of Staff and Special Counsel to the President; Chair, Search Advisory Committee, Charles Field Knight Dean of the Cornell SC Johnson College of Business, Vice President and Chief Human Resources Officer, Senior Associate Dean for Clinical Affairs, Weill Cornell Medicine, Chief Administrative Officer, Cornell Tech. Interim Provost for Medical Affairs; Interim Dean of Weill Cornell Medicine, Deputy Provost and Presidential Advisor for Diversity and Equity, Chair, Vice President for Facilities and Campus Services, Vice President and Chief Global Information Officer, Chief of Staff and Special Counsel to the President, Executive Vice President and Chief Financial Officer, Vice President for Student and Campus Life, Vice President and Chief Human Resources Officer, Vice President for Alumni Affairs and Development, Vice President for Research and Innovation, Joseph Silbert Dean of the College of Engineering, Dean of the Ann S. Bowers College of Computing and Information Science, Dean of the Jeb E. Brooks School of Public Policy, Dean of the Graduate School and Vice Provost for Graduate Education, Kenneth F. Kahn Dean of the School of Industrial and Labor Relations, Rebecca Q. and James C. Morgan Dean of the College of Human Ecology, Ronald P. Lynch Dean of the College of Agriculture and Life Sciences, Harold Tanner Dean of the College of Arts and Sciences and Hans A. Bethe Professor, Charles Field Knight Dean of the Cornell SC Johnson College of Business, Dean of the School of Continuing Education, Jack and Rilla Neafsey Dean and Vice Provost of Cornell Tech, Anne and Elmer Lindseth Dean of the Samuel Curtis Johnson Graduate School of Management, Dean of the Peter and Stephanie Nolan School of Hotel Administration and E. M. Statler Professor of Hotel Administration, Austin O. Hooey Dean of the College of Veterinary Medicine, Gale and Ira Drukier Dean of the College of Architecture, Art, and Planning, Dean of the Charles H. Dyson School of Applied Economics and Management, Vice Provost for Engagement and Land-Grant Affairs, Dean, Weill Cornell Medical College-Qatar, Dean, Weill Cornell Graduate School of Medical Sciences, Executive Vice Provost, Administration and Finance, Associate Vice President, Deputy General Counsel, and Secretary of the Medical College, President and CEO, Physician Organization, Senior Associate Dean, Innovation and Initiatives, Senior Associate Dean, International Affairs and Affiliations. Each operating unit is responsible for following university procedures to achieve accurate capital asset reporting and compliance with government requirements. Executive Staff Assistant. Cornell University requires salary confirmation for individuals paid with sponsored funds, federal appropriations, or committed cost sharing. This includes possession, issuance of copies, and storage of keys and other access devices. The positive projections for the performance of Cornell's endowment and other investments, which are exceeding expectations, will not be affected. Get Cornell news delivered right to your inbox. Kenneth Miranda, director of the International Monetary Fund's (IMF) investment office, has been selected as Cornell's chief investment officer, Provost and Acting President Michael Kotlikoff announced today. Puccino will help evaluate the institutions real estate investments, ensuring that Weill Cornell Medicines leases for its administrative offices reflect current and future need. 4 0 obj Joanne DeStefano is the Executive Vice President (EVP) and Chief Financial Officer (CFO) for Cornell University. Back Submit. Report this profile Report Report. Scott is an outstanding tactician whose deep reservoir of financial and institutional knowledge will be instrumental to preserving Weill Cornell Medicines fiscal integrity, stability and resilience, said Dr. Augustine M.K. I wish him all the best in his future endeavors.". Executive Vice President and Chief Financial Officer | Cornell University Division of Financial Affairs About Us Business Tools Our Policies Contact forms CU policies training KFS Support e-SHOP Executive Vice President and Chief Financial Officer There is currently no content classified with this term. x\Yo~7G(JE v"E&n/#;693\Y(QM-,sjqY]WWZ]^J~_=VoO{|X||juL^'I *VfHH|]h{.oHR$7G$?0L8 "After three-and-a-half interesting and enjoyable years at Cornell and in Ithaca, my family and I have decided to return home to the United Kingdom," said Walsh. Comments, questions, nominations, and applications should be directed to the Search Advisory Committee at evpcfosearch@cornell.edu. East Hill Office Building hT[o0+~TuvB A.J. Note: On occasion, the Office of University Investments or the Office of Trusts, Estates, and Gift. The Investment Office helps support the Universitys mission of being a top research university that provides accessibility to students. Cornell University2023University PrivacyWeb Accessibility Assistance. Cornell University funds may be used for ordinary, reasonable, and actual business-related expenses incurred in furtherance of the university's missions. Formerly, he was a senior adviser on George Washington Universitys Committee on Investments. Cornell University expects its units to maintain accurate and complete inventories of their space, through the procedures contained herein. Miranda will manage Cornell's $6 billion investment portfolio and lead the Office of University Investments, starting July 1. I look forward to my continued work with them as we prepare Weill Cornell Medicine for what comes next, he added. Im thrilled hes joining my senior leadership team and look forward to continuing to work closely with him as we realize our vision for Weill Cornell Medicines long-term growth and success., Im honored to serve Weill Cornell Medicine as its chief financial officer, Puccino said. He will seek to increase Weill Cornell Medicines clinical footprint throughout New York City, invest in the institutions biomedical research activities with the goal of increasing sponsored research opportunities, and oversee the financial planning for a new student residence. December 2021 Quarterly Report. Individuals engaged in developing and maintaining university policies must follow the requirements outlined in this document for drafting, approving,. Prior to joining Cornell University in 2021, she worked at the School of Health Sciences and Human Performance at Ithaca College. In the year and a half since Kenneth Miranda stepped up to lead Cornell's investment office as chief investment officer, the team has reported strong endowment returns, implemented new investment strategies for 2017, and completed phase one of a move to New York City. A recent expansion of physician services across the city has yielded an almost 40 percent increase in clinical revenue in the past five years, Puccino said. His high-level expertise in long-term investments means he is poised to meet Cornells unique needs, goals and risk tolerance. Chief Investment Officer. I have had the honor to work with a great group of talented and dedicated people, and I've learned a lot during my time here that I will apply to new endeavors in the U.K. R(jG=[@8} Jd?b>cD"n'Q)AYvy*)4(*6"$!8j#?i UO^ 2h. . The review process will begin immediately upon receipt of materials. Im familiar with the culture and have always envisioned myself working in higher education.. This policy is being revised and is unavailable at this time. He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. Policy Number: 4.11. This policy includes a chain of command, Cornell University requires that departments and units maintain control of all devices and systems that provide access to university facilities and vehicles. Efforts are underway to identify opportunities for future clinical growth, which will have important implications for the institution as a whole: Clinical revenue is the economic engine of Weill Cornell Medicine and provides the financial oxygen for its esteemed research and education programs, he said. He was then named CIO in May 2012. Senior Investment Officer: Sean Graham Senior Investment Officer, Operations (Head of Operations) Mihir Meswani Senior Investment Officer: Anthony Thai, CFA Senior Investment Officer: Roger B. Vincent Jr. Senior Investment Officer: Sean Olesen, CFA, CAIA Investment Officer: Andrew Park, CFA, FRM Investment Officer He also lauded colleagues Assistant Vice Provost for Operations and Support Services Patrick Gallagher; Chief Information Officer Dr. Curtis Cole; Assistant Vice Provost for Capital Planning Dmitri Konon; and Managing Director of Business Systems and Operations Adam Garriga. % AJ Edwards, Cornell University Cornell University's CIO AJ Edwards will be stepping down effective March 31, the Ivy League school announced. Similarly, research support from the National Institutes of Health has surged 75 percent in the past five years, and the number of investigators who are funded by the NIH has increased by 50 percent, Puccino said. Accordingly . If you have a disability and are having trouble accessing information on this website or need materials in an alternate format, contactweb-accessibility@cornell.edufor assistance. He currently serves as a member of the Food and Agriculture Organizations advisory committee on investments. Currently, senior investment officers Cody Danks Burke and Roger Vincent are serving as interim co-CIOs. "After three-and-a-half interesting and enjoyable years at Cornell and in Ithaca, my family and I have decided to return home to the United Kingdom," said Walsh. stream Walsh reports jointly to President David Skorton and Board of Trustees Investment Committee Chair Paul Gould, who said, "James has managed our endowment office professionally during a very difficult economic period, and we have appreciated his leadership. Ken Miranda received a base salary of . Jackie Wandell serves as the Executive Assistant to the Vice President and Chief Risk Officer, Aditya Misra. It had become apparent that his style of conducting business is inconsistent with Cornell's policies and expectations. The Office of University Investments implements policies established by the board of trustees and its Investment Committee. Director of the IMFs investment office since 2000, Miranda also has been a member of the Cornell University Board of Trustees Investment Committee since February 2012. The Chief Investment Officer is responsible for the day-to-day oversight of the Investment Office, and is supported by a dedicated team of investment professionals. In the unlikely event that a unit must ask the university to establish and maintain a separate account, the university requires the unit to institute, The university will accommodate those full- and part-time employees with valid business needs for mobile communication devices by issuing university-owned mobile communication devices. This includes understanding workload and cost implications of the cost-sharing commitment; determining when cost sharing is necessary and appropriate; and accurately recording and reporting. Choi, the Stephen and Suzanne Weiss Dean of Weill Cornell Medicine. Cornell University funds may be used for ordinary, reasonable, and necessary business-related travel expenses incurred in furtherance of the university's missions. 2 0 obj I am looking forward to collaborating with the solid staff in the Office of University Investments who have a valuable, proven skill set, Miranda said. Miranda will manage Cornells $6 billion investment portfolio and lead the Office of University Investments, starting July 1. He will continue to grow Weill Cornell Medicines economic relationship with its clinical partner NewYork-Presbyterian, the bond between them immeasurably stronger amid the COVID-19 pandemic. l[c.2HK@)'W@]!$xB8K@! The effectiveness of this effort is dependent on the development of periodic review of comprehensive plans. As the most senior non-academic officer for the university, the EVP and CFO is the chief financial and administrative officer responsible for directing the financial and administrative services in support of the academic mission. We are immensely proud to have Ken leading our investment team. A recognized leader in the community development finance industry, Rafael E. Cestero brings more than 30 years of experience in tackling the most pressing housing challenges cities across the nation are facing. If you have a disability and are having trouble accessing information on this website or need materials in an alternate format, contactweb-accessibility@cornell.edufor assistance. CORNELL UNIVERSITY POLICY LIBRARY POLICY 4.6 Volume: 4, Governance/Legal Chapter: 6, Standards of Ethical Conduct Responsible Executive: President Responsible Offices: Provosts/Executive Vice President and Chief Financial Officer Originally Issued: October 1996 Last Updated: February 8, 2021 Standards of Ethical Conduct POLICY STATEMENT In addition, device holders are required to, Executive Vice President and Chief Financial Officer, Personal and Private Activity Using University Property and Facilities, Accepting Credit Cards to Conduct University Business, Charging Directly to Sponsored Projects Costs that are Normally Considered Indirect, Advances (Including Petty Cash and Accounts Receivable), Safekeeping of Financial Assets, Including Cash, Checks, and Securities, Establishing and Maintaining Accounts at Banks and Financial Institutions, Formulation and Issuance of University Policies, Responsible Use of Video Surveillance Systems, Management of Keys and Other Access Control Systems. Edwards will assume Abbott's responsibilities on an interim basis until the university has identified a suitable replacement. In managing these funds, he made investments across a broad array of asset classes, themes, strategies and managers. As the most senior non-academic officer for the university, the EVP and CFO is the chief financial and administrative officer responsible for directing the financial and administrative services in support of the academic mission. Accordingly, he and the university have agreed that it is in their mutual interests to end the relationship. Get Cornell news delivered right to your inbox. The Executive Vice President and Chief Financial Officer ("EVP" or "EVP/CFO"), reporting to the President, is the most senior non-academic officer for the university. We are fortunate to hire someone of Kens caliber. For all units that accept credit cards as a method of payment for goods or services in relation to university business/operations, Cornell University requires compliance with Payment Card Industry Data Security Standards (PCI-DSS) protocols, and with the procedures outlined in this document, Cornell University expects its faculty, staff, and students, when dealing with federal and other sponsored funds, to follow Generally Accepted Accounting Principles (GAAP); comply with all government and sponsor rules and regulations; and follow established standards for determining when it is. Miranda will report to trustee Donald Opatrny 74, chair of the Investment Committee, and Joanne DeStefano, Cornells executive vice president and chief financial officer. The core team of professionals in the university's investment office is already working effectively with the investment committee of the Cornell Board of Trustees to implement a smooth transition and ensure that the university meets its investment targets. Locally, Ms. DeStefano serves as a member on the Cayuga Medical Center (CMC) board of directors and executive committees and previously served as the chair of CMCs patient and quality safety committee and as the chair for the Cornell 2008 United Way campaign. It is the responsibility of each operating unit to use, account for, and report such program income properly. Cornell University allows the use of approved video surveillance systems through a transparent process, subject to rules governing equipment installation and employment, and use of the resulting recorded material. Chief Executive Officer . It is an honor and privilege to contribute to the role of the endowment in supporting students, faculty research and scholarship at this world-class research institution., Many of his family members have worked in academia, he added. Mr. Girish V. Reddy (Chair): Mr. Donald C. Opatrny: Mr. J. Allen Smith (Vice-Chair): President Martha E. Pollack Cornell University: Mr. Douglas Braunstein Hudson . Ykf@xPYfXLZwbdcIYFi9}"wi/s1?|Lm:'rvo(VzXjs*EPK .6wi@Zz20T3C|21_geikG; 0d+G{ U*:4xc6J(X=&~E||EsJ}:l:D6hau(?sRZOF_S^ 1300 York AvenueBox 314 endobj The Investment Office is responsible for implementing policies establishedby the University Board of Trustees and its Investment Committee. Cornell University. September 2021 Quarterly Report. Jq3oPgK2Gs7(WUg\ Units of the university that have activities that generate unrelated business income will be charged all applicable income taxes. A university device must be authorized by a dean or vice president, and must be purchased and serviced under the, Cornell Universitys Board of Trustees delegates significant procurement authority for the acquisition of goods and services from external sources on the universitys behalf. Kelly E. Cunningham Chief of Staff and Special Counsel to the President Joanne M. DeStefano Executive Vice President and Chief Financial Officer Ryan T. Lombardi Vice President for Student and Campus Life Christine D. Lovely Vice President and Chief Human Resources Officer Joel M. Malina Vice President for University Relations Kenneth M. Miranda So far in fiscal year 2010, Cornell's endowment performance is up 10 percent, after losing more than a quarter of its value in fiscal year 2009, as was the case with many of the university's peers in the wake of the 2008 financial crisis. In this section: Search Committee ( see below) Edwards to step down. Edwards has served as senior investment officer since March 2008. Cornell University acquires, records, inventories, maintains, and disposes of capital assets. . The university recognizes the need for personal telephone use, but expects individuals to pay directly for personal long-distance telephone calls. KP}Gz%Xxk+0 #IR}67|JLA]zetUmJ3ZOHM' OZx /)B66J&_}M$c()1Qw[f4^+XBYm}*PIRD z.Ajx4.r7U'TJBUW|@,,8 ?IT$.d[eS5))b`AD`@[I$Lpk9h <> <> This policy replaces University Policy 3.3, Travel Expenses for Concur Users and travel portions of University Policy 3.2.1,. Rafael Cestero, BS PAM '90 . *Y1M/O[5hi%H S`nm_,FWs ?=&^Vjz*TNs`a'4 ],*s:S^,L+\cuSF{pr_SyaBsKMbe[x\RXX+dEx-aeI>nXW*TV This policy establishes these circumstances and the procedures for making such advances. New York, NY 10065 He will succeed these financial responsibilities from Stephen M. Cohen, executive vice provost for administration and finance, who will retire in September and whose role is being divided into two. The Executive Vice President and Chief Financial Officer ("EVP" or "EVP/CFO"), reporting to the President, is the most senior non-academic officer for the university.
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