the Endowment such as cash flows, opening custodial accounts, and executing necessary documents on behalf of the Endowment.

Management of Endowment Assets

The Consultant will exercise discretion over the securities or assets within the specified investment guidelines. The Consultant will follow the approved asset allocation guidelines within this policy.

Responsibilities

The Board, its appointed Committees, and designated staff administration (hereafter collectively referred to as “the Board”) acknowledges their responsibility as a fiduciary to the Endowment. In this regard, the Board must act prudently and for the exclusive interest of the Endowment. Specifically, the Board's responsibilities, with guidance from the Consultant, include:

• Complying with the provisions of pertinent federal, state, and local laws and regulations.
• Establishing this Investment Policy Statement, which includes the development of the long-term strategic asset allocation of the Endowment. The Board will periodically review the policy, with guidance from the Consultant, to reflect any changes in Endowment and/or market conditions.
• Monitoring and reviewing the investment performance of the Endowment to assess ongoing achievement of goals and compliance with policy guidelines.
• Defining and maintaining a list of staff and/or Board-designees authorized to carry out Board actions.
• Defining and maintaining a list of Endowment Designated Accounts ("Designated Accounts") that the Consultant is authorized to transact in and direct asset movement. The current list of Designated Accounts is included in Appendix A.
• Initiating wire transfers.
• Executing third-party agreements on behalf of the Endowment.

The Consultant's primary role is as a discretionary advisor to the Endowment. The Consultant acknowledges their responsibilities as a fiduciary and must act in the exclusive interest of the Endowment. Specifically, the Consultant's responsibilities include:

• Guiding the Board in ongoing strategic decision-making for the Endowment.
• Guiding the Board in the development and periodic review of the Investment Policy Statement to ensure it properly reflects the Board's tolerance for risk, expected rate-of-return, and overall investment goals.
• Guiding the Board in the development and periodic review of the Endowment's long-term asset allocation policy and the allowable ranges around individual asset class targets.
• Guiding the Board in the development of performance standards and guidelines to monitor and evaluate the Endowment's results and its interim progress toward long-term goals.
• Managing discretionary investments, including decisions to buy, sell, or hold individual securities consistent with the investment guidelines in the Investment Policy Statement.
• Developing and implementing a manager structure for the Endowment consistent with the Investment Policy Statement and its long-term asset allocation policy.
• Retaining and terminating investment managers from the Endowment as necessary and consistent with the Investment Policy Statement as well as conduct ongoing due diligence for investment managers retained by the Endowment.
• Reconciling the performance data with the Endowment's investment managers.
• Determining the Endowment's capacity to add new investments and manage the cash flow/liquidity requirements of existing investments.