{ "document_id": 13978, "page": 10, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 14090, "item_count": 14, "counts_by_type": { "heading": 5, "list": 1, "list_item": 2, "text": 6 }, "build_ms": 2, "items": [ { "id": "p10.1", "order": 1, "type": "text", "bbox": { "l": 32.88, "t": 754.56, "r": 577.92, "b": 725.52 }, "text": "requested, the Consultant and Investment Management firm(s) will report to the Board or its designated Committee regarding the transaction costs incurred and the brokers used on the Endowment's behalf." }, { "id": "p10.2", "order": 2, "type": "heading", "bbox": { "l": 33.36, "t": 710.88, "r": 157.2, "b": 698.16 }, "text": "Performance Evaluation", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p10.3", "order": 3, "type": "text", "bbox": { "l": 33.12, "t": 695.76, "r": 578.64, "b": 623.28 }, "text": "Endowment performance will be monitored and reviewed over short and long-term time periods, with an emphasis on longer-term periods in order to include full market cycles and reflect the Endowment's long-term investment strategy. Performance will be evaluated at two levels: total Endowment and asset class. The levels will include a market index and peer group measurement review. Performance will be reviewed on a gross and net return basis and will include risk metrics and risk-adjusted returns." }, { "id": "p10.4", "order": 4, "type": "heading", "bbox": { "l": 33.6, "t": 608.16, "r": 165.6, "b": 594.48 }, "text": "Performance Benchmarks", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p10.5", "order": 5, "type": "text", "bbox": { "l": 33.12, "t": 579.12, "r": 401.52, "b": 564.72 }, "text": "The total Endowment performance will be measured against the following:" }, { "id": "p10.6", "order": 6, "type": "list", "bbox": { "l": 34.08, "t": 549.84, "r": 577.44, "b": 448.32 }, "text": "", "attrs": { "item_count": 2 }, "children": [ { "id": "p10.6.1", "order": 7, "type": "list_item", "bbox": { "l": 34.56, "t": 549.84, "r": 577.44, "b": 491.52 }, "text": "The primary performance objective of achieving a long-term return, net of fees and expenses, of at least 7.5%. It is expected that portfolio performance will vary significantly from this benchmark over shorter periods. Therefore, performance compared to this benchmark will be evaluated only over longer periods such as five to ten years." }, { "id": "p10.6.2", "order": 8, "type": "list_item", "bbox": { "l": 34.08, "t": 476.4, "r": 577.2, "b": 448.32 }, "text": "From time to time the performance of the KSU's Endowment should be compared to a peer group of similar institutions." } ] }, { "id": "p10.7", "order": 9, "type": "heading", "bbox": { "l": 33.36, "t": 432, "r": 166.56, "b": 418.8 }, "text": "Endowment Expenditures", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p10.8", "order": 10, "type": "text", "bbox": { "l": 32.88, "t": 417.6, "r": 578.16, "b": 329.52 }, "text": "Endowed accounts after they have matured for one fiscal year, will be eligible for disbursement to fund expenditures in accordance with their signed agreement of internal agreement (agreement) for applicable accounts. If an account is underwater as defined herein, then the account will be ineligible for expenditure. The annual spending shall be determined by the December 31st value each year with the smoothing formula based on a rolling 12 quarter average of their market values. Accounts, depending on their type (Scholarship, Professorship/Chair or Departmental) shall be governed by the policy herein and the procedure below." }, { "id": "p10.9", "order": 11, "type": "heading", "bbox": { "l": 33.36, "t": 315.36, "r": 94.56, "b": 301.44 }, "text": "Scholarship", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p10.10", "order": 12, "type": "text", "bbox": { "l": 32.16, "t": 285.84, "r": 578.16, "b": 197.04 }, "text": "The campus Scholarship Director or designated employee (Director) shall oversee the selection process for the awarding of endowed scholarships. The Director will annually post the scholarships for student applications following the restrictions of the scholarships in the agreement and applications will be reviewed by a committee formed and chaired by the director. The scholarship committee shall consist of no less than three members and no more than nine members. At no time, shall one singular employee make the decision of who is awarded a scholarship nor shall the funder or family of the scholarship hold a majority vote of the committee." }, { "id": "p10.11", "order": 13, "type": "text", "bbox": { "l": 33.12, "t": 183.12, "r": 578.16, "b": 95.52 }, "text": "The scholarship will be awarded in the academic year and may be renewable per the agreement. If a student is no longer eligible, the application will automatically be reviewed by the Scholarship Committee. To receive funding from an endowed scholarship, a student must be enrolled at KSU and have an outstanding balance. The application of payment for endowed scholarships shall be made prior to institutional aid and following external sources including federal and state aid. Endowed scholarship funds are not able to produce a refund unless otherwise directed by the donor agreement." }, { "id": "p10.12", "order": 14, "type": "heading", "bbox": { "l": 33.84, "t": 80.88, "r": 142.08, "b": 66.72 }, "text": "Professorship / Chair", "attrs": { "block_label": "paragraph_title" }, "level": 3 } ], "excluded_furniture": { "first": [], "last": [] } }