UA-R-GC-1914-01-01-1988-11_Page-042

, • b) Approval of revised 1988/89 budget - The budget was approved as presented. c) Adjustment of percentage of funds allocated to Plant Fund in lieu of depreciation - Due to the fact that the budget now reflects "grossed up" tuition revenues, Mr. Snaith proposed that the percentage of the current operating budget used to determine transfers to Plant Fund be lowered from 5% to 3.5%. The proposal was approved. d) Investment Policy - After reviewing current investment policy and practice, the Finance Committee approved investment in The Common Fund's Real Estate Fund ($1 million) and Private Equity Fund ($1 million). In addition, the Committee agreed that some investment in foreign bonds was desireable and that the funds for such an investment should come from funds currently invested in equities. Accordingly they approved the investment of $1 million in The Common Fund's Global Bond Fund. The monies for these investments shall be taken from the equity portfolio of The Common Fund ($2 million) and from Sound Shore ($1 million). In addition the Committee approved that transfer of $2 million from The Common Fund's Short Term Investment Fund to their Intermediate Term Investment Fund in order to increase the yield on those monies not needed in the short term. e) Revision of TIAA Retirement Resolution - The Committee approved the-Version of the Retirement Resolution as presented. f) Possible Purchases - The Finance Committee accepted the following recommendations: Authorize further exploration of the Armenian Church and Theatre Building with authority to purchase at a price up to $250,000, but to be confirmed by the Executive Committee before action is taken: and Authorize purchase of the Mohamad Mahmoud property for up to $850,000. g) Transfer of remaining AID Pound Endowment Funds to AUC/UEEF Endowment - The Finance Committee agreed on the transfer of the unexpended balances of the csd 2476 and csd 210 grants to the UEEF. Finance Committee -2- November 21, 198