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THE COLUMBIA ENDOWMENTFISCAL YEAR 2016 YOUR
LASTING IMPACT
Strengthened by Commitment
This report reflects the momentum of a Columbia community more committed, and more ready, than
ever to playing a leading role in groundbreaking discoveries and real-world solutions. This community
extends from our youngest undergraduates to our most distinguished faculty, from our newest alumni
to generations of donors whose legacy is realized through the Columbia endowment.
Thanks to donor generosity and expert management, the total value of Columbia’s endowment
on June 30, 2016 stood at $9 billion. In a year of market volatility, when nearly all peer University
endowments had larger negative returns, Columbia produced an endowment portfolio return of -0.9
percent for the fiscal year. For long-term returns, Columbia remains a leader in its peer group. The
University’s past 5- and 10-year returns are 7.4 percent and 8.1 percent, respectively.
In September, we were delighted by the news that Peter Holland had been named chief executive
officer of Columbia’s Investment Management Company (IMC). As chief investment officer since
2003, Peter was instrumental in more than doubling the size of our endowment. In this new role,
Peter’s experience and wisdom will ensure that the University continues to thrive.
The progress of the new Manhattanville campus shows that Columbia and its mission are indeed
thriving. Manhattanville unmistakably reflects the power of immense architectural and strategic
vision, and the impact of donors who make great buildings and far-reaching ambitions possible. Their
transformative capital gifts set a stage of enormous promise, one that only endowment can realize.
Endowment, like the inspirational gift that created the Mortimer B. Zuckerman Mind Brain Behavior
Institute, funds not only state-of-the-art spaces, but also the people, programs, and discoveries they
nurture in perpetuity. Our endowment ensures that this new campus and the promise it holds will pay
dividends for generations to come.
As President Lee C. Bollinger said at the recent dedication ceremony for the Manhattanville campus,
“A truly great university…will continually ask itself whether it must change the ways in which it
thinks and the ways in which it serves.” Manhattanville embodies our commitment to fostering
interdisciplinary collaborations among the most inspiring and creative minds across our campuses,
and to reaching out to partners outside the University to address the great questions facing our society.
The range of wonderful donor stories in this report shows there is no limit to what Columbia can
accomplish. Columbia is a university built by people, dedicated to serving those of all walks of life, both
in our classrooms and beyond our walls, as we strive to address the great questions of our time. Thank
you for being part of our community and joining us in this commitment.
Sincerely,
Amelia J. Alverson
Executive Vice President for University Development
and Alumni Relations
THE MANHATTANVILLE CAMPUS EMBODIES OUR
COMMITMENT TO FOSTERING INTERDISCIPLINARY
COLLABORATIONS AND REACHING OUT TO
PARTNERS OUTSIDE THE UNIVERSITY.
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The Roy and Diana Vagelos Education Center
GIFTS STRENGTHEN COLUMBIA’S ABILITY
TO BALANCE THE NEEDS OF THE
UNIVERSITY TODAY WITH ITS
VISION FOR THE FUTURE.
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INTERDISCIPLINARY RESEARCH INITIATIVES SEED (IRIS) FUND PROGRAM
Neil and Sherry Cohen
COMMITMENT TO HEALTH
“ FUNDING FROM THE IRIS FUND PROGRAM BROUGHT US TOGETHER AND ALLOWED OUR COLLABORATION TO GEL AND MOVE FORWARD.” —JONATHAN JAVITCH, MD, PHD
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Columbia researchers Jonathan Javitch, MD, PhD, and Dalibor
Sames, PhD, were on to something. A few years ago, the two joined
forces to investigate an antidepressant used for decades in Europe.
The drug, tianeptine, is rapid acting and purportedly effective
in treating types of depression that are resistant to standard
antidepressants, yet its mechanism of action remained unclear.
What the pair discovered surprised them both.
“It turns out that tianeptine
activates the same receptor as
morphine, but apparently without
many of the side effects of mor-
phine,” says Javitch. “We realized
that if we could validate this action
as the source of its antidepressant
effects, it could be an exciting lead
compound for a new type of anti-
depressant as well as safer, more
effective treatments for pain.”
Javitch, the Lieber Professor
of Experimental Therapeutics in
the Department of Psychiatry, is
a professor in the psychiatry and
pharmacology departments while Sames is a professor in the chemistry
department. They enlisted Professor René Hen in the departments of
psychiatry, neuroscience, and pharmacology for help moving forward.
Working as an interdisciplinary team, they had all the elements to get
this promising research off the ground—all except for one: funding.
Securing funding is a challenge for medical researchers,
particularly at the early stages of a project. The National Institutes of
Health (NIH) and other organizations award grants, but only after a
project is further along. Thankfully for Javitch’s collaborative team, a
new program at Columbia would cover the gap.
The Interdisciplinary Research Initiatives Seed (IRIS) Fund
Program was created to promote interdisciplinary/multi-investigator
research projects. Program awards fund projects through their
preliminary phase, at which point researchers can seek external
funding. Neil and Sherry Cohen fund the program as a way to support
innovative medical research at Columbia.
“Effectively, we are funding the testing and development of a
raw concept to help push the edge,” says Neil. “If after two years of
brilliant minds working on it, a concept evolves into something that
others believe makes sense to pursue on a larger scale by providing
significant research support, we consider that a success.”
By that definition, the tianeptine project has met the mark. Based
on their IRIS-funded work, Javitch’s team recently secured a grant
from the Hope for Depression
Research Foundation. A second
IRIS-funded team, led by Ira
Tabas, MD, PhD, has also
completed its initial research
into the immune system’s role
in atherosclerosis and has
submitted a funding proposal
to the NIH.
What sets the IRIS Fund
Program apart is the interdisci-
plinary nature of the projects it
funds. Javitch explains: “In our
team, one of our labs focuses on
medicinal chemistry, another
on receptor signaling mechanisms, and another on animal models of
depression. IRIS allowed us to bring these complementary skill sets
together to make the research possible.”
The Cohens fund the program through their Donor Advised Fund
(DAF) at Columbia, which is invested alongside the University’s
endowment. A simpler alternative to a family foundation, a DAF
allows donors to make gifts now and designate their charitable
intentions later. “Sherry and I have found it to be a flexible,
economically efficient, and convenient way to fulfill our wishes to
fund innovative research,” says Neil.
The Cohens’ commitment is already paying off at Columbia,
seeding research and strengthening ties among departments and
research units. Their foresight is a critical step toward uncovering
effective new treatments for depression and safer pain management
options—a step, indeed, toward a healthier world population.
Tianeptine molecule
COMMITMENT TO HEALTH
Columbia manages almost 100 percent of its endowment
assets through one commingled pool. This pool is governed
by investment policies approved by the Board of the Columbia
Investment Management Company (see “Columbia Investment
Management Company” opposite). Some 5,200 individual
Columbia endowment funds (except those required by law or
donor restriction to be maintained separately) are invested by
unit and shared in one aggregated body of funds. This enables
the University to take advantage of different investment styles
and vehicles to provide a higher total return over time while
maintaining an acceptable level of risk. In sum, pooling these
funds together spreads the benefits of asset diversification among
all appropriate endowment funds.
The income distributed for programmatic spending from an
endowment fund is determined by multiplying a lagged market
value by the annual spending rate established by the Trustees of
the University. In Fiscal Year 2016, the actual distributions from
the endowment for ongoing operations were $453.9 million,
effectively 5.1% of Fiscal Year 2016’s beginning market value.
For more information relating to the University’s
spending policies, please contact the Office of Strategic Donor
Relations and Stewardship at [email protected].
MANAGING COLUMBIA’S ENDOWMENTHOW IS IT DONE?
Unrestricted endowments allow the University flexibility to address the most pressing challenges and opportunities as they arise. Multipurpose/Other endowments include, among many other priorities, funds for University libraries, prizes, and centers.
Over the past ten years, steady investment performance has helped Columbia’s endowment continue to grow and has ensured the University is well positioned to withstand economic downturns over this turbulent period.
DISTRIBUTIONS FROM THE ENDOWMENT
FACULTY AND RESEARCH
STUDENT SUPPORT
UNRESTRICTED
25% 30%
24% 21%
MULTIPURPOSE/OTHER
COLUMBIA UNIVERSITY LONG-TERM ENDOWMENT GROWTH(MARKET VALUE AS OF JUNE 30)
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COLUMBIA INVESTMENT MANAGEMENT COMPANY (IMC)
The Columbia Investment Management Company (IMC) is a
wholly owned subsidiary of Columbia University. The IMC is
charged with managing the bulk of the University’s endowment,
known as Managed Assets. Managed Assets do not include the
University’s real estate holdings, certain charitable giving vehicles,
or a variety of other gifts that have investment restrictions.
The IMC is governed by a Board consisting of University
Trustees, non-Trustee members, the President of the University,
the Executive Vice President for Finance and Information
Technology, and the CEO of the IMC. Both Trustee and non-
Trustee members are highly distinguished professionals from a
variety of financial backgrounds, including various investment
management arenas, Wall Street, and the corporate sector. On a
day-to-day basis, the IMC is run by its management team, headed
by the IMC CEO.
The goal of the IMC is to generate attractive long-term risk-
adjusted returns, subject to the risk and return objectives of the
University. The IMC’s approach is long term and not based upon
quarterly or even annual market movements. Therefore, while
the IMC actively manages and evaluates investment strategy and
performance on an ongoing basis, meaningful evaluation of its
performance and efforts can be made only on a multiyear basis.
The IMC believes that such an approach is the most reliable
manner of generating strong long-term risk-adjusted returns.
Jonathan S. Lavine, ’88CC—Vice Chair, University Trustee
Andrew Barth ’83CC, ’85BUS—University Trustee
Mark Gallogly, ’86BUS—University Trustee
Ann F. Kaplan ’72SW, ’77BUS—University Trustee
Mark E. Kingdon ’71CC—University Trustee Emeritus
Larry Lawrence ’69GS, ’71BUS
Michael B. Rothfeld ’69CC, ’71BUS, ’71JRN—University Trustee
Daniel Sullivan ’77BUS
V-Nee Yeh ’84LAW
Lee C. Bollinger ’71LAW—President of the University*
Anne Sullivan—Executive Vice President for Finance and Information Technology of the University**
Peter Holland—CEO, Columbia IMC**
CURRENT IMC BOARD
*ex officio**ex officio and nonvoting
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COMMITMENT TO OPPORTUNITY
THE ERIC H. HOLDER JR. SCHOLARSHIP FUND
George Madison ’77BUS, ’80LAW
“ LET’S MAKE THE LEGAL PROFESSION MORE JUST AND REFLECTIVE OF SOCIETY, AND LET’S START RIGHT HERE AT COLUMBIA.” —GEORGE MADISON ’77BUS, ’80LAW
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When his wife passed away, George Madison ’77BUS, ’80LAW
wanted to create a lasting tribute to her life. He established the
Donna J. Madison Memorial Scholarship Fund at Columbia Law
School in 2004, benefitting minority students who, like Donna,
have a demonstrated interest in the field of education. “I know
it has made my two daughters proud to grow up seeing others
benefit from this tribute to their mother,” says Madison.
Yet, as good as he felt about
the scholarship, Madison longed
to do more. “Less than 2 percent
of partners at major law firms
are African American,” he
says. In fact, only 12 percent
of lawyers nationally are
minorities, despite minorities
comprising a third of the
population and a fifth of law
school graduates.
George Madison comes from
a family of physicians. While
he chose law over medicine,
he held tight to his parents’
values of professionalism and
service to the poor. His grandmother, Dr. Lena F. Edwards, had
been awarded the Presidential Medal of Freedom by Lyndon B.
Johnson for building a hospital and providing medical care to
migrant Mexican workers in south Texas. After earning both a
business and a law degree from Columbia, he started his career.
“I remember my first interview at a Wall Street law firm,” he
recalls. “Here I was, this inner-city kid from Jersey City. It was
eye opening—oriental carpets, blonde wood, twenty-foot ceilings,
and not diverse.”
He eventually made partner at a global law firm and served as
general counsel and executive vice president for two financial
services companies. In 2009, he was appointed by President Obama
and unanimously confirmed by the U.S. Senate to the position
of General Counsel of the Department of the Treasury. As chief
law officer and a senior policy advisor to Timothy F. Geithner, he
helped oversee the implementation of the Dodd–Frank Wall
Street Reform and Consumer Protection Act and earned the
Alexander Hamilton Award, the Department’s highest honor.
He is now a partner at Sidley Austin LLP.
In April 2016, Madison was invited to address a reception
celebrating the leadership and accomplishments of Columbia
Law School alumni of color. As he prepared, he reflected on his
experience, the memorial
scholarship, his inspirations, and
his frustrations. He also thought
about the impressive strides
peer law schools were taking to
support minority students.
“Now remarried, I decided
to issue a challenge,” he says.
“My wife, Jules, and I would
contribute $100,000 to kick-
start a fund to finance tuition
and expenses for deserving
minority law students, but
I would need the Columbia
community to help grow it to
$1 million—and beyond.”
The Eric H. Holder Jr. Scholarship Fund was born, named in
honor of a fellow Columbia Law School alumnus and the first
African American Attorney General of the United States. “Eric
is a friend,” says Madison, “and what he has accomplished is
exemplary and makes all of us proud.”
Madison believes alumni of color can do more to support
the Law School, addressing what he calls the pipeline issue in
diversity—creating opportunities for minorities to be placed at
the major firms. His pitch to fellow alumni: “The legal profession
is still the least diverse profession. Let’s make it more just and
reflective of society, and let’s start right here at Columbia.”
“Growing this fund would be a tremendous tribute to Eric,” he
says. “It would also be a gift to future students, some of whom
may also be called to the highest levels of service.”
Eric H. Holder Jr. ’73CC, ’76LAW with members of Columbia Law School Class of 2016
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THE LEO AND SARA LANDSTEIN FUND
COMMITMENT TO FREEDOM
Leo and Sara Landstein, ca. 1954
“ MY FATHER ALWAYS SAID, THEY CAN TAKE EVERYTHING FROM YOU, BUT NOT YOUR EDUCATION.” —JUDYT MANDEL ’70SIPA
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Leo and Sara Landstein met while living at the Bergen-Belsen
displaced persons camp in Germany at the end of World War II.
In the shadow of the Holocaust, having narrowly escaped death
at Auschwitz and having lost nearly everyone they loved, the two
found each other, married, and started a family.
“They rarely spoke about their experience,” recalls their daughter
Judyt Mandel ’70SIPA, born to the couple in the camp. “They were
determined to make a new life.”
In 1950, the Landsteins
settled in Brooklyn. Young Judyt
developed a love of languages
and history. She studied Russian
in high school, a rare option
in the 1960s, and later learned
French and Italian. In college,
she spent two years abroad,
inspiring an interest in traveling
and working in other cultures.
She enrolled at Columbia’s
School of International and
Public Affairs (SIPA) and
received a much-needed
scholarship. She supplemented
the scholarship by working as an interpreter for the State
Department and, through that experience, along with her
Columbia education, focused her vision for her life’s work.
Mandel began a 28-year career as a foreign service officer that
included posts at the U.S. embassies in London and Moscow.
While in Russia, she helped establish diplomatic relations and
embassies in the countries of the former Soviet Union. She also
served for five years on the staff of the National Security Council
as director for arms control and defense programs. She then
became a business development consultant for a global firm.
“To be successful in international affairs, you need to know a
bit of everything,” she says. “Columbia gave me that grounding
in economics, history, political science, and language. It also
fostered a comfortable, rich exchange among students and
faculty that carried over into the profession.”
In May 2016, Mandel visited Auschwitz, trying to piece
together her family’s history. Standing on the tracks where her
parents, grandparents, aunts, and uncles were brought in on
cattle cars, she broke down.
“The Nazis didn’t even have the decency to record the events,”
she says. “They sent people to their death without notice. Their
names, histories, times of death—nothing is left.”
In that moment of
heartbreak, Mandel resolved
to create a memorial to her
parents—not a stone or a
building, but something
that would enable others
to advance their life goals
and contribute to the world
community. She thought
of Columbia.
“Columbia has long been
a lifeline and sanctuary to
intellectuals under pressure
from authoritarian regimes,”
she says. “In fact, when the
Institute on East Central
Europe sponsored a Polish professor facing arrest for dissident
activities in 1968, he spent his first night in the U.S. on my sofa
bed. Columbia shares my values.”
The Leo and Sara Landstein Fund supports fellowships for
SIPA students who demonstrate high academic achievement and
financial need. It honors the Landsteins, their perseverance, and
their belief in education.
“My father always said, ‘They can take everything from you,
but not your education,’” Mandel recalls. “I think this would
please him.”
Judyt Mandel ’70SIPA, ca. 1952 and in 2016
Scholarships, Fellowships, and InternshipsEndowments strengthen our ability to attract and retain
the most talented students, regardless of their ability to pay.
Endowed financial support enables Columbia to educate one of
the most diverse and selective student bodies among our peers.
ProfessorshipsEndowed professorships are a powerful vehicle to recognize and
invest in groundbreaking research, exemplary teaching, and faculty
leadership, as well as recruit and retain preeminent scholars.
Institutes, Centers, and ProgramsColumbia’s institutes, centers, and programs foster
environments that encourage new areas for interdisciplinary
thinking and collaboration and advance innovative research
and teaching. Endowed program funds provide ongoing support
that allows our faculty, across a range of disciplines, to combine
their unique expertise to tackle some of the world’s most
pressing challenges.
Visiting Scholars and Lectureships These endowments create opportunities for the University to
bring leading scholars and public figures to campus to foster
innovative collaboration, further cutting-edge research, enrich
the educational experience for students, and enhance the
expertise of our faculty.
Unrestricted EndowmentsEndowments designated to support the general purposes of the
University enhance our agility in addressing top priorities and
responding to emerging opportunities in curriculum, research,
global engagement, and the student experience.
TYPES OF ENDOWMENTFUNDS
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ENDOWMENT FUND PERFORMANCE FISCAL YEAR 2016 (JULY 1, 2015–JUNE 30, 2016)
Over the past ten completed fiscal years, the IMC has generated
an annualized net return of 8.1 percent (after outside manager
fees) on the managed assets component of the endowment.
This compares to a ten-year annualized return of the MSCI All
Country World Equity Index of 4.3 percent and 5.1 percent for
the Barclays Aggregate Bond Index.
For the five-year period ending June 30, 2016, the total
annualized net return (after manager fees) on the managed
assets component of the endowment was 7.4 percent. This
compares to an annualized 5.4 percent return for the MSCI
All Country World Equity Index and 3.8 percent for the
Barclays Aggregate Bond Index over the same period. For the
one-year period ending June 30, 2016, the total net return
(after manager fees) on the managed assets component of the
endowment was -0.9 percent. This compares to a -3.7 percent
return for the MSCI All Country World Equity Index and 6.0
percent for the Barclays Aggregate Bond Index during the same
period. The value of the endowment is affected by returns,
spending, and donations. As of June 30, 2016, the value of the
endowment stood at $9.0 billion.
The asset allocation as of June 30, 2016, for the managed assets
component was global equities, 22 percent; private equity, 22
percent; absolute return strategy funds, 36 percent; real assets,
18 percent; fixed income, 3 percent; and cash, -1 percent.
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Pictured from top to bottom: Carri W. Chan (Sidney Taurel Associate Professor of Business Decision, Risk, and Operations); CJ Davis, recipient of a Campbell Family Scholarship; Riggio Travel Seminar participants with Stephen Murray (Lisa and Bernard Selz Professor of Medieval Art History)
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COMMITMENT TO STUDENTS
THE PHILIP AND CHERYL MILSTEIN SCHOLARSHIP
Philip Milstein ’71CC and Cheryl Milstein ’82Barnard
“ I’M ABLE TO HELP PEOPLE TRANSFORM THEIR LIVES, BECAUSE THE MILSTEINS HELPED ME TRANSFORM MINE.” —REV. ANN KANSFIELD ’98CC, MILSTEIN SCHOLAR
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For Philip Milstein ’71CC and Cheryl Milstein ’82Barnard, what
began 30 years ago truly has been a gift that keeps on giving.
When Philip, principal and owner of Ogden CAP Properties
and a University Trustee Emeritus, was in his mid-30s, he
and Cheryl donated 5,000 shares of public company stock,
then worth about $100,000, to endow a single scholarship at
Columbia College—the Philip and Cheryl Milstein Scholarship.
In the three decades since,
thanks to subsequent gifts and
a well-managed University
endowment, the two have
witnessed 111 young men and
women benefit from their
generosity and receive a College
education they otherwise could
not have afforded.
The Milsteins call them
superstars. “They are very
proud of their college education
and of having the chance to go
to Columbia,” Philip says.
Dr. Leticia Tomas Bustillos
’94CC was one of those
scholarship students. “The scholarship’s impact on my life has
been profound, not just for what it did for me while at Columbia,
but for how it carries on in the choices available to my daughter,”
says Bustillos, who now serves as associate director of the
National Council of La Raza’s Education Policy Project. “In the
span of one generation, I have been able to reach heights that my
parents could have only hoped for.”
Rev. Ann Kansfield ’98CC highlights how the scholarship has
enabled graduates like her to invest in careers they are passionate
about. “I could never financially repay what I received from the
scholarship,” says Kansfield, an FDNY chaplain and minister at
Greenpoint Reformed Church in Brooklyn. “Instead, I’ve tried to
live my life in such a way that I’m of service to those around me.
I’m able to help people transform their lives, because the Milsteins
helped me transform mine.”
The Milsteins’ generosity to Columbia includes their ongoing
support of athletics as well as the establishment of two other
scholarship funds in 2002—the Seymour Milstein Scholarship
Fund in memory of Philip’s father and the 9/11 Memorial Fund
Endowed Scholarship (with other donors) honoring the memory
of eight College alumni killed in the 9/11 terror attacks. The
Milsteins also financed a major renovation in Butler Library to
create the Philip L. Milstein
Family College Library and
have provided leadership
support for the new medical
and graduate education
building, the Roy and Diana
Vagelos Education Center.
At a recent reception
celebrating Columbia College
scholarships, Philip spoke
about the fundamental
importance of supporting full
financial aid and need-blind
admissions. “As the cost of a
college education continues
to rise every year, more of us
will need to step up as alumni to continue this philanthropy and
continue this core value,” he said.
Cheryl and Philip are happy to lead the way. “We’ve always
believed you get more by giving than by taking,” says Philip.
“This is one of the great win-wins, helping to shape the lives of
young people.”
2015 Milstein Scholars
JAMES R. BARKER PROFESSORSHIP OF CONTEMPORARY CIVILIZATION
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COMMITMENT TO THE CORE
Matthew L. Jones
“ WE ARE FORTUNATE TO HAVE BOTH ADMINISTRATIVE AND ALUMNI SUPPORT FOR SMALL-CLASS LIBERAL ARTS EDUCATION AT COLUMBIA. THIS PROFESSORSHIP IS A PERFECT EXAMPLE.” —MATTHEW L. JONES, JAMES R. BARKER
PROFESSOR OF CONTEMPORARY CIVILIZATION
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One of the most coveted honors a faculty member can receive
is to be awarded a named professorship. For history professor
Matthew L. Jones, holding the James R. Barker Professorship of
Contemporary Civilization is much more than an honor; it is a
testament to something unique about Columbia.
“To have an endowed professorship at a major research
university in one of its signature undergraduate programs
is highly unusual,” says
Jones. “It enables me to
concentrate simultaneously
on undergraduate education
and novel interdisciplinary
work—two things that are not
incompatible at Columbia.”
Jones specializes in the
history and philosophy of
science and technology. From
early modern European
discoveries to computerized
information gathering, he
analyzes the changes in moral
thinking always involved in the
use of science and technology. His historical perspective provides
insight over a wide range of contemporary topics.
“We often forget that technological change has always been
bound up with social change,” says Jones. “An important role of
historians is to remind us that while social and policy changes
may be necessitated by technology, they are not predetermined
by it. I think that makes the open-ended set of choices we are
living through today more visible, more vibrant.”
Jones credits the Barker Professorship, which he has held
for two years, for helping him to pursue his own training as a
data scientist, developing skills that he has since incorporated
into his teaching. For instance, in 2014 he helped launch the
innovative interdisciplinary course Computing in Context.
Intended as a model for other universities, the course teaches
students of history, economics, and literary theory how to think
algorithmically, to bring algorithms to life as code, and to bring
code to bear on relevant problems in their respective fields with
a sharp sense of the limits of computation.
Meanwhile, Jones recently completed a book about the
prehistory of computing and is currently organizing a research
unit on Big Data and Science Studies as part of Columbia’s
Center for Science and Society.
“Matt is an absolute star,” says James Barker ’57CC,
who established the
professorship in 1997.
As a student in the
1950s, Barker found the
Contemporary Civilization
course to be a real eye-opener.
“It was not only stimulating
when I took it, but it also
formed a basis of a lifelong
interest in history,” he says.
“Ever since, I’ve been reading
history as if I were enrolled in
a college.”
A member of the Society of
Columbia Graduates, Barker
has served on the Board of Visitors for both Columbia College
and the Department of History and received the John Jay Award
and Alumni Medal. A staunch advocate for the Core Curriculum,
he saw establishing a named professorship as an exciting way for
him to help strengthen that experience for future students.
“Endowed professorships help Columbia better compete with
other institutions for outstanding faculty,” Barker says. “For me,
though, this was also about connecting with something I really
believe in and that has helped me throughout my life. I encourage
others to look at whatever turned them on in college and to
consider supporting a professorship to keep it going strong.”
COMMITMENT TO THE CORE
Fran
cis
Cat
ania
UNDERSTANDING COLUMBIA’S FUND REPORT
FY 201
COLUMBIA FUND NAME!
FY 2016Market Value represents both realized and unrealized gains on this endowment fund. This value changes regularly, as it is tied to the daily fluctuations of the financial markets.
For the fiscal year ending June 30, 2016, the total return on managed assets was percent (net after deduction of outside management fees), and is reported with private
e t and real assets at March 30 levels due to timing. The investment return in the rep rt above includes adjustments to reflect final private equity and real asset valuations
June 30, as well as internal management fees.
Because the value of specific endowment funds reflects returns with these adjustments, as well as spending, donations, and in some cases other additions and deductions, the change in value of this fund from 2015 to 2016 will not equal percent.!
FINANCIAL ACTIVITY REPORT July 1, 2015, through June 30, 2016!
Beginning Market Value (7/1/2015)
Gift Additions FY 2016
Total Investment Return
Income Distributed for Spending
Other Additions/(Deductions)
Ending Market Value (6/30/2016)
$0.00
$0.00
$0.00
($0.00)
$0.00
$0.00
Columbia Fund Number: 12345 !
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Fund Name The official title according to Columbia’s records.
Financial Activity Report This report summarizes activity in the fund’s principal during the fiscal year.
Beginning Market ValueThe value of the fund’s principal that is invested in the University’s endowment pool on the first day of the fiscal year (July 1).
Gift Additions The total amount of gifts received into the fund during the fiscal year.
Total Investment Return The total amount earned by the fund during the fiscal year reflecting market performance, net of fees.
Income Distributed for Spending The distribution of endowment payout from the fund that the University may use to support the fund’s purpose, in accordance with the Trustee-approved spending policy.
Other AdditionsAny other transfers to the fund’s principal account (for example, transfers from matching funds or reinvested endowment payout) that do not fall into any of the pre-ceding categories.
Other DeductionsA transfer out of the fund’s principal that does not fall into any of the preceding categories.
Ending Market ValueThe value of the fund’s principal that is invested in the University’s endowment pool on the last day of the fiscal year (June 30).
Please see page 6 for further information on the manage-ment of the endowment.
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