UA-R-GC-1914-01-01-1980-11-05a_Page-001

THE AMERICAN UNIVERSITY IN CAIRO Minutes of the Annual Meeting of the Finance Committee November 5, 1980 The River Club, New York City Present: Messrs, Bickford, Crary, Hannon, Hedlund, McCloy (Chairman), O'Connor, Pedersen, Snaith, Stone, Winder. 1. Review of the Dollar Endowment. Robert Allen, Account Manager, Brown Brothers Harriman and Co. was present for this discussion and reviewed the history and performance of the endowment portfolio at BBH. After discussion the following procedures and guidelines for the investment manager were developed: a. The manager is given discretion to buy and sell securities within the A.U.C. Endowment Fund subject only to prior telephone confirmation by one of several members of the A.U.C. Finance Committee whose names will be supplied to the manager. b. The A.U.C. Special Reserve Fund ("quasi-endowment account") will be kept separately on the books of the manager and will consist of the present fund plus any subsequent additions placed into that fund from gifts to A.U.C. A minimum of $300,000 will be maintained within the quasi-endowment account to be held in liquid assets such as cash, short term treasury bills or money market funds. The balance in the quasi-endowment account may be invested in equities or otherwise in the judgment of the manager, and the holdings i