{
    "document_id": 15103,
    "page": 3,
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    "source_run_id": 15213,
    "item_count": 13,
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        "heading": 1,
        "text": 12
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        {
            "id": "p3.1",
            "order": 1,
            "type": "text",
            "bbox": {
                "l": 122.64,
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            "text": "that efforts to obtain that information from the Foundation have not been successful, and characterized the Foundation’s response to requests from the University as reactionary rather than proactive."
        },
        {
            "id": "p3.2",
            "order": 2,
            "type": "text",
            "bbox": {
                "l": 122.88,
                "t": 671.52,
                "r": 541.2,
                "b": 644.4
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            "text": "Regent Dukes sought clarification regarding the dollar amount of scholarship assistance that Dr. Dixie had recently requested from the Foundation versus what was provided."
        },
        {
            "id": "p3.3",
            "order": 3,
            "type": "text",
            "bbox": {
                "l": 123.12,
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            "text": "Regent Walston asked whether information is ever received from the Foundation to indicate the scholarships [and dollar amounts] being awarding to students. Mr. DeCourcy replied that the Foundation’s policy is to apply scholarship funds directly to student accounts through the Bursar’s office rather than sending funds directly to students. He further stated that if the policy is being followed, KSU should be able to track the Foundation’s payments through the Bursar’s office."
        },
        {
            "id": "p3.4",
            "order": 4,
            "type": "heading",
            "bbox": {
                "l": 123.12,
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            "text": "B. Discussion of Cerity Partners' Performance, Policies, Fees and Relationship with Kentucky State University",
            "attrs": {
                "block_label": "paragraph_title"
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            "level": 3
        },
        {
            "id": "p3.5",
            "order": 5,
            "type": "text",
            "bbox": {
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            "text": "Mr. DeCourcy and Mr. Chuck McCurdy, CFA, a Principal of Cerity Partners, presented this agenda item regarding the management of the University's investment funds held in the University's endowment."
        },
        {
            "id": "p3.6",
            "order": 6,
            "type": "text",
            "bbox": {
                "l": 122.88,
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            "text": "Mr. DeCourcy and Mr. McCurdy began by discussing KSU’s new investment policy that was put into action in June and the positive impact it has had on investing the University’s assets. Continuing ahead, Mr. McCurdy introduced the Cerity team, then explained the relationship history between Cerity and KSU, Cerity’s financial administration, and the IPS strategic portfolio [portfolio management strategies]. He also provided a performance recap. Mr. McCurdy also clarified that ARGI is now Cerity Partners due to a merger between the two companies."
        },
        {
            "id": "p3.7",
            "order": 7,
            "type": "text",
            "bbox": {
                "l": 122.64,
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                "r": 542.16,
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            "text": "Regent Hatchett requested additional historical context as to the relationship between ARGI Louisville and Cerity Partners and further inquired whether KSU receives an automatic notification whenever the portfolio is rebalanced."
        },
        {
            "id": "p3.8",
            "order": 8,
            "type": "text",
            "bbox": {
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            "text": "Next, Mr. McCurdy provided a performance recap for the entire portfolio from inception through December 31, 2022."
        },
        {
            "id": "p3.9",
            "order": 9,
            "type": "text",
            "bbox": {
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            "text": "Chair Moyer asked whether Mr. McCurdy could break out the equity piece of the entire portfolio in terms of performance and also provide a benchmark of the S&P 500 for comparison purposes. Mr. McCurdy responded affirmatively and stated that it would be discussed later in the presentation. Chair Moyer further inquired into the nature of the Black Swan hedge portfolio."
        },
        {
            "id": "p3.10",
            "order": 10,
            "type": "text",
            "bbox": {
                "l": 123.36,
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                "b": 201.36
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            "text": "Regent Hatchett requested Mr. McCurdy to explain the alternative asset allocation."
        },
        {
            "id": "p3.11",
            "order": 11,
            "type": "text",
            "bbox": {
                "l": 122.88,
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                "b": 160.8
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            "text": "Chair Moyer queried whether Mr. McCurdy could provide returns by each key portfolio component."
        },
        {
            "id": "p3.12",
            "order": 12,
            "type": "text",
            "bbox": {
                "l": 123.36,
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                "b": 134.4
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            "text": "Regent Hatchett asked to see the performance percentages again for the full account."
        },
        {
            "id": "p3.13",
            "order": 13,
            "type": "text",
            "bbox": {
                "l": 122.88,
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                "b": 81.6
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            "text": "As to the discussion of account performance from inception through December 31, 2022, Chair Moyer inquired whether the returns reflected additions made to the portfolio during that time period."
        }
    ],
    "excluded_furniture": {
        "first": [],
        "last": []
    }
}