Kenneth Miranda, director of the International Monetary Fund's (IMF) investment office, has been selected as Cornell's chief investment officer, Provost and Acting President Michael Kotlikoff announced today. The EVP is the chief . Miranda earned a doctorate in economics from the University of Chicago in 1986 and a Bachelor of Science in foreign service from Georgetown University in 1981. <>/Metadata 1599 0 R/ViewerPreferences 1600 0 R>> 1300 York AvenueBox 314 About Building the new economy in Web3. Current-Year Long-Term Investment Pool Rates; Prior-Year Long-Term Investment Pool Rates; Investing in the Long-Term Investment Pool; Investment Glossary; Year-End. "I look forward to my continued work with them as we prepare Weill Cornell Medicine for what comes next," he added. He is a results-driven professional with dynamic strategies that will ensure our endowment grows in depth and breadth as it maintains the stability required to support our educational and engagement mission, Kotlikoff said. Michael Abbott, Cornell's chief investment officer, stepped down on Sunday, according to Vice President for University Communications Tommy Bruce.The reason for Abbott's departure remains . The university will accommodate those full- and part-time employees with valid business needs for mobile communication devices by issuing university-owned mobile communication devices. This includes understanding workload and cost implications of the cost-sharing commitment; determining when cost sharing is necessary and appropriate; and accurately recording and reporting. 20-Apr-2016 10:05 AM EDT , by Cornell University. stream <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 29 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Accordingly, he and the university have agreed that it is in their mutual interests to end the relationship. Ykf@xPYfXLZwbdcIYFi9}"wi/s1?|Lm:'rvo(VzXjs*EPK .6wi@Zz20T3C|21_geikG; 0d+G{ U*:4xc6J(X=&~E||EsJ}:l:D6hau(?sRZOF_S^ The president is the chief executive and educational officer of the university and is charged with responsibility for providing general supervision over all affairs of the university. In terms of approach, I tend to look at big changes, big themes, to identify market inefficiencies, growth bottlenecks and forced selling pressure that tend to generate the environment for outsized returns, he said. Chief Investment Officer. Prior to Cornell, Walsh spent 11 years at Hermes Investment Management in London, where he became head of strategy and alternatives, after being the firm's chief economist. It is the responsibility of each operating unit to use, account for, and report such program income properly. March 2021 Quarterly Report. Edwards, who stepped down from the post March 31. Cornell University recharge entities recover some or all of the cost of their products and services through user fees, subject to the requirements outlined in this document. 505 0 obj <>stream % EVP and CFO Joanne DeStefano is the Executive Vice President (EVP) and Chief Financial Officer (CFO) for Cornell University. The core team of professionals in the university's investment office is already working effectively with the investment committee of the Cornell Board of Trustees to implement a smooth transition and ensure that the university meets its investment targets. Asset Allocation October 7, 2022 Yale Endowment Gains 0.8%, Duke, Cornell Post Small Losses in 2022. endobj Cornell Universitys central administration establishes all university accounts with banks and other financial institutions using university funds. The review process will begin immediately upon receipt of materials. hT[o0+~TuvB 395 Pine Tree Road, Suite 330 Interim Provost for Medical Affairs; Interim Dean of Weill Cornell Medicine, Deputy Provost and Presidential Advisor for Diversity and Equity, Chair, Vice President for Facilities and Campus Services, Vice President and Chief Global Information Officer, Chief of Staff and Special Counsel to the President, Executive Vice President and Chief Financial Officer, Vice President for Student and Campus Life, Vice President and Chief Human Resources Officer, Vice President for Alumni Affairs and Development, Vice President for Research and Innovation, Joseph Silbert Dean of the College of Engineering, Dean of the Ann S. Bowers College of Computing and Information Science, Dean of the Jeb E. Brooks School of Public Policy, Dean of the Graduate School and Vice Provost for Graduate Education, Kenneth F. Kahn Dean of the School of Industrial and Labor Relations, Rebecca Q. and James C. Morgan Dean of the College of Human Ecology, Ronald P. Lynch Dean of the College of Agriculture and Life Sciences, Harold Tanner Dean of the College of Arts and Sciences and Hans A. Bethe Professor, Charles Field Knight Dean of the Cornell SC Johnson College of Business, Dean of the School of Continuing Education, Jack and Rilla Neafsey Dean and Vice Provost of Cornell Tech, Anne and Elmer Lindseth Dean of the Samuel Curtis Johnson Graduate School of Management, Dean of the Peter and Stephanie Nolan School of Hotel Administration and E. M. Statler Professor of Hotel Administration, Austin O. Hooey Dean of the College of Veterinary Medicine, Gale and Ira Drukier Dean of the College of Architecture, Art, and Planning, Dean of the Charles H. Dyson School of Applied Economics and Management, Vice Provost for Engagement and Land-Grant Affairs, Dean, Weill Cornell Medical College-Qatar, Dean, Weill Cornell Graduate School of Medical Sciences, Executive Vice Provost, Administration and Finance, Associate Vice President, Deputy General Counsel, and Secretary of the Medical College, President and CEO, Physician Organization, Senior Associate Dean, Innovation and Initiatives, Senior Associate Dean, International Affairs and Affiliations. CU Foundation Funds December 2021 Quarterly Report. The university recognizes the need for personal telephone use, but expects individuals to pay directly for personal long-distance telephone calls. The Investment Office helps support the Universitys mission of being a top research university that provides accessibility to students. He will succeed these financial responsibilities from Stephen M. Cohen, executive vice provost for administration and finance, who will retire in September and whose role is being divided into two. James Walsh, chief investment officer in Cornell's Investment Office, has announced he will be leaving the university to return to England at the end of this academic year. l[c.2HK@)'W@]!$xB8K@! Puccino has served as assistant vice provost for financial planning and institutional reporting for the past decade, and has held numerous leadership positions in budget and finance over his 30-year career at Weill Cornell Medicine. 4 0 obj _IyZ2qe7s~PUI k#QVZNm5eceZ)s/imFDAykT9A33vcN\4?Ei^V,;c WS;!cST}j7y17# Miranda, who joined the IMF in 1986, held numerous policy roles including deputy division chief for Japan and senior roles in the Asia and Pacific department and the fiscal affairs department. The EVP is the chief financial and administrative officer responsible for directing theservices in support of the academic mission. Prior to joining Cornell University in 2021, she worked at the School of Health Sciences and Human Performance at Ithaca College. Contacts . Executive Staff Assistant. KP}Gz%Xxk+0 #IR}67|JLA]zetUmJ3ZOHM' OZx /)B66J&_}M$c()1Qw[f4^+XBYm}*PIRD z.Ajx4.r7U'TJBUW|@,,8 ?IT$.d[eS5))b`AD`@[I$Lpk9h The Investment Office helps support the University's mission of being a top research university that provides accessibility to students. Edwards has spent eight years at the $6 billion endowment, first joining as a senior investment officer. rPgyL:tFP/Hh>.rWE"h?`EJp7f`q;:8$qxP3Sg\.VgDw`;P. Senior Investment Officer: Sean Graham Senior Investment Officer, Operations (Head of Operations) Mihir Meswani Senior Investment Officer: Anthony Thai, CFA Senior Investment Officer: Roger B. Vincent Jr. Senior Investment Officer: Sean Olesen, CFA, CAIA Investment Officer: Andrew Park, CFA, FRM Investment Officer hbbd```b``SA$S:X$L`x& f`!dVSf7@fU#d$;>f`bd`b``$ > Cornell University invites applications and nominations for the position of Executive Vice President (EVP) and Chief Financial Officer (CFO). Puccino was also instrumental in conceptualizing and implementing the institutions expanded scholarship program that provides debt-free education to medical students in financial need. Weill Cornell Medicine is conducting a national search for the second administrative position: executive vice provost and chief operating officer. The minimum threshold amount will be reviewed every five years; the next review is in FY 2023 (unless guidelines change). I also feel proud to be leaving a stronger and more professional investment office than the one I found when I arrived.". Cornell University is a private research university that provides an exceptional education for undergraduates and graduate and professional students. Office of University Investments. Cornell University may change its operating status during and surrounding periods of inclement weather. He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. The university permits the use of its property and facilities for collaboration with industry or community, where such use is consistent with the universitys mission, Cornell University prohibits any form of retaliation, intimidation, harassment, or adverse employment action against any trustee, officer, employee, former employee, independent contractor, agent, or volunteer of the university for disclosing or threatening to disclose any conduct that they have a, Cost sharing must be proposed, approved, administered, and accounted for in a consistent and prudent manner. He will seek to increase Weill Cornell Medicines clinical footprint throughout New York City, invest in the institutions biomedical research activities with the goal of increasing sponsored research opportunities, and oversee the financial planning for a new student residence. Vice President for University Communications Tommy Bruce issued the following statement May 2: Michael Abbott stepped down from his position as chief investment officer at Cornell University May 1. In managing these funds, he made investments across a broad array of asset classes, themes, strategies and managers. His high-level expertise in long-term investments means he is poised to meet Cornells unique needs, goals and risk tolerance. 0 He has a clear understanding of todays complex and rapidly changing investment environment, said Opatrny. Community Preservation Corporation . =^"-g$#B#\#=K&&_4I|w|\SqR:rKWayH!oyC*YS$ww`%Z.Ds*D x\Yo~7G(JE v"E&n/#;693\Y(QM-,sjqY]WWZ]^J~_=VoO{|X||juL^'I *VfHH|]h{.oHR$7G$?0L8 Formerly, he was a senior adviser on George Washington Universitys Committee on Investments. %%EOF We are immensely proud to have Ken leading our investment team. <> Chief Financial Officer & Chief Investment Officer Celsius Apr 2019 - . Edwards has served as senior investment officer since March 2008. June 2021 Quarterly Report. All inquiries and materials will be held in confidence. A recognized leader in the community development finance industry, Rafael E. Cestero brings more than 30 years of experience in tackling the most pressing housing challenges cities across the nation are facing. This policy replaces University Policy 3.3, Travel Expenses for Concur Users and travel portions of University Policy 3.2.1,. Im familiar with the culture and have always envisioned myself working in higher education.. Leadership | Board of Trustees | Office of the President | Office of the Provost | Senior Administration. 317 Day HallCornell UniversityIthaca, NY 14853. The review process will begin immediately upon receipt of materials. Funds must be invested for a minimum of five years. 1 0 obj Scott Puccino, a distinguished financial and business strategist who has dedicated three decades of his career to Weill Cornell Medicine, has been appointed the institutions chief financial officer, effective Feb 1. He will continue to grow Weill Cornell Medicines economic relationship with its clinical partner NewYork-Presbyterian, the bond between them immeasurably stronger amid the COVID-19 pandemic. Woq\:mx$CWz wB(q30Sg`#_l Of%YeJ{ k `lX}VIIz/R{CmRtb9/|q{jK#^nbSK\eK)1Fzx$s}6#(p$ -Dwt"-c:\Z`$5WYwQp;2*i^,ZfblJw#C:I R(jG=[@8} Jd?b>cD"n'Q)AYvy*)4(*6"$!8j#?i UO^ 2h. We are fortunate to hire someone of Kens caliber. Chief Executive Officer . 2021 Reports. The minimum investment amount for an FFE is $100,000. "After three-and-a-half interesting and enjoyable years at Cornell and in Ithaca, my family and I have decided to return home to the United Kingdom," said Walsh. As chief financial officer, Puccino will direct the Finance Department and continue to lead the Office of Budget and Financial Strategy, which provides key services including institutional reporting; analyses of budgetary, business and institutional resources; and financial and risk management. At such times, the university has a prescribed method for evaluation and communication of these changes to university staff, faculty, and students. Cornell University provides telephone service for individuals undertaking mission-related activities. Over the past four years the Investment Committee has come to value Kens astute analytical skills and his remarkably thoughtful contributions to our dialogues. 474 0 obj <> endobj 2 0 obj The Investment Office's well-established senior leadership team will manage the office in the interim until a new chief investment officer is named. Individuals engaged in developing and maintaining university policies must follow the requirements outlined in this document for drafting, approving,. Ive also been fortunate to work alongside a number of really talented people at Weill Cornell Medicine, whose unwavering support have made this role possible. Cornell's colleges and schools encompass more than 100 fields of study, with locations in Ithaca, New York, New York City and Doha, Qatar. I look forward to my continued work with them as we prepare Weill Cornell Medicine for what comes next, he added. Academic and administrative units are, Cornell University organizes, coordinates, and directs available resources toward an effective response to, and recovery from, any emergency. A national search firm will lead that effort, and Mary Opperman, vice president for human resources, will coordinate the search and the transition for the university. A recent . This authority is ultimately delegated to designated purchasing agents and contracting officers. Each operating unit is responsible for following university procedures to achieve accurate capital asset reporting and compliance with government requirements. A.J. favorite_border. Cornell University 's chief investment officer was paid almost $1.9 million in 2018 as he spearheaded efforts to turn around the underperforming endowment. Rafael Cestero, BS PAM '90 . I wish him all the best in his future endeavors.". Get Cornell news delivered right to your inbox. Kelly E. Cunningham Chief of Staff and Special Counsel to the President Joanne M. DeStefano Executive Vice President and Chief Financial Officer Ryan T. Lombardi Vice President for Student and Campus Life Christine D. Lovely Vice President and Chief Human Resources Officer Joel M. Malina Vice President for University Relations Kenneth M. Miranda The University Board of Trustees is responsible for strategic management of all investable funds, and implements policy through the Investment Committee of the Board. Mr. Girish V. Reddy (Chair): Mr. Donald C. Opatrny: Mr. J. Allen Smith (Vice-Chair): President Martha E. Pollack Cornell University: Mr. Douglas Braunstein Hudson . endobj Joanne DeStefano is the Executive Vice President (EVP) and Chief Financial Officer (CFO) for Cornell University. Efforts are underway to identify opportunities for future clinical growth, which will have important implications for the institution as a whole: Clinical revenue is the economic engine of Weill Cornell Medicine and provides the financial oxygen for its esteemed research and education programs, he said. Aditya Misra. <> At the same time Im very focused on managing the risk and the downside protection of the portfolio through quantitative techniques.. The Investment Office is responsible for implementing policies establishedby the University Board of Trustees and its Investment Committee. Zh4=4GdgasVvMosT+ti @@SGc09(FeDXK] (I+'C-toYpgO9",& s -- ? 2022 Outsourced-Chief Investment Officer Survey CORNELL UNIVERSITY POLICY LIBRARY POLICY 4.6 Volume: 4, Governance/Legal Chapter: 6, Standards of Ethical Conduct Responsible Executive: President Responsible Offices: Provosts/Executive Vice President and Chief Financial Officer Originally Issued: October 1996 Last Updated: February 8, 2021 Standards of Ethical Conduct POLICY STATEMENT The Committee establishes. In his new role, Puccino will financially lead a global health care enterprise embarking on a strategic expansion that will advance the institutions tripartite mission to care, discover and teach. Tag: Cornell University. Puccino will help evaluate the institutions real estate investments, ensuring that Weill Cornell Medicines leases for its administrative offices reflect current and future need. Ms. DeStefano is a 1978 graduate of Syracuse University with a bachelor of science in accounting, and a 1997 recipient of a master of business administration in finance from the Curtis Johnson Graduate School of Management at Cornell University. The campaign, launched in June 2021, will enable Weill Cornell Medicine to invest in all three parts of its mission, which includes a precision health enterprise, updated biomedical research space and a new student residence. Under Walsh's tenure, Cornell's endowment successfully avoided many of the liquidity problems that affected those of its peers last year. Cornell University. The EVP is the chief financial and administrative officer responsible for directing the services in support of the academic mission. Cornell University funds may be used for ordinary, reasonable, and necessary business-related travel expenses incurred in furtherance of the university's missions. Kenneth Miranda, director of the International Monetary Funds (IMF) investment office, has been selected as Cornells chief investment officer, Provost and Acting President Michael Kotlikoff announced today. Account Reversion; KFS Payment Processing E-docs (DV, PREQ, PCDO) Cash Deposits at Year-End; Revenue and Expense Year-End Accruals; Deadlines; Business Service Centers. Its been an absolute blessing to work for Steve Cohen; hes been an outstanding leader and an incredible mentor to me.. Our institution is uniquely positioned for further transformation, and we have an amazing dean at the helm. He is the third CIO to resign in the last six years. . Cornell University expects costs to be charged to the appropriate sponsored project account when first incurred. A university device must be authorized by a dean or vice president, and must be purchased and serviced under the, Cornell Universitys Board of Trustees delegates significant procurement authority for the acquisition of goods and services from external sources on the universitys behalf. Get Cornell news delivered right to your inbox. Vice President for University Communications Tommy Bruce issued the following statement May 2: Michael Abbott stepped down from his position as chief investment officer at Cornell University May 1. Currently, senior investment officers Cody Danks Burke and Roger Vincent are serving as interim co-CIOs. The chief investment officer manages day-to-day operations of Cornells long-term investments and appoints investment managers, monitors the overall investment program and manages the office. Ithaca, NY 14850, Cornell University requires all operating units to develop their own unit-specific financial internal control plans using guidelines provided by the Office of the University Controller. The Executive Vice President and Chief Financial Officer ("EVP" or "EVP/CFO"), reporting to the President, is the most senior non-academic officer for the university. %PDF-1.6 % Walsh reports jointly to President David Skorton and Board of Trustees Investment Committee Chair Paul Gould, who said, "James has managed our endowment office professionally during a very difficult economic period, and we have appreciated his leadership. A recent expansion of physician services across the city has yielded an almost 40 percent increase in clinical revenue in the past five years, Puccino said. Miranda succeeds A.J. March 18, 2011. He currently serves as a member of the Food and Agriculture Organizations advisory committee on investments. Here are the highlights: Endowment growth If you have a disability and are having trouble accessing information on this website or need materials in an alternate format, contactweb-accessibility@cornell.edufor assistance. This policy is being revised and is unavailable at this time. Policy Number: 4.11. James Walsh, chief investment officer in Cornell's Investment Office, has announced he will be leaving the university to return to England at the end of this academic year. This includes possession, issuance of copies, and storage of keys and other access devices. The effectiveness of this effort is dependent on the development of periodic review of comprehensive plans. Cornell University2023University PrivacyWeb Accessibility Assistance. He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. Back Submit. Edwards will assume Abbott's responsibilities on an interim basis until the university has identified a suitable replacement. Locally, Ms. DeStefano serves as a member on the Cayuga Medical Center (CMC) board of directors and executive committees and previously served as the chair of CMCs patient and quality safety committee and as the chair for the Cornell 2008 United Way campaign. Cornell University requires anyone handling cash, checks, or securities on its behalf to safeguard these assets by applying appropriate internal controls, and that securities be managed in compliance with the bylaws of the Board of Trustees. He was then named CIO in May 2012. The president is elected by the Board of Trustees and, once elected, sits as an ex officio member of the board and of all its standing committees except the Audit Committee. Policy Number: 3.24. Cornell University will form a university-related subsidiary or affiliate, or acquire a controlling interest in a separate entity, only if there is compelling legal and/or business justification. AJ Edwards, Cornell University Cornell University's CIO AJ Edwards will be stepping down effective March 31, the Ivy League school announced. I am looking forward to collaborating with the solid staff in the Office of University Investments who have a valuable, proven skill set, Miranda said. Visionary leadership from our dean and from the Board of Fellows have led us to this moment, and will be critical to us reaching the next level., Weill Cornell MedicineOffice of External Affairs Presidential Advisor for Diversity and Equity, Ann S. Bowers College of Computing and Information Science, Samuel Curtis Johnson Graduate School of Management, Peter and Stephanie Nolan School of Hotel Administration, College of Architecture, Art, and Planning, Charles H. Dyson School of Applied Economics and Management, Weill Cornell Graduate School of Medical Sciences. This policy establishes these circumstances and the procedures for making such advances. In addition, device holders are required to, Executive Vice President and Chief Financial Officer, Personal and Private Activity Using University Property and Facilities, Accepting Credit Cards to Conduct University Business, Charging Directly to Sponsored Projects Costs that are Normally Considered Indirect, Advances (Including Petty Cash and Accounts Receivable), Safekeeping of Financial Assets, Including Cash, Checks, and Securities, Establishing and Maintaining Accounts at Banks and Financial Institutions, Formulation and Issuance of University Policies, Responsible Use of Video Surveillance Systems, Management of Keys and Other Access Control Systems. hb``` r@(JQ(*rwA His prior roles include serving as president of the Bank-Fund Staff Federal Credit Union, one of the 50 largest credit unions in the country by assets, where he also had several other leadership positions. A key component to the institution's long-term growth centers on increasing its clinical footprint in New York. endobj Im thrilled hes joining my senior leadership team and look forward to continuing to work closely with him as we realize our vision for Weill Cornell Medicines long-term growth and success., Im honored to serve Weill Cornell Medicine as its chief financial officer, Puccino said. Executive Vice President and Chief Financial Officer | Cornell University Division of Financial Affairs About Us Business Tools Our Policies Contact forms CU policies training KFS Support e-SHOP Executive Vice President and Chief Financial Officer There is currently no content classified with this term. . Miranda will report to trustee Donald Opatrny 74, chair of the Investment Committee, and Joanne DeStefano, Cornells executive vice president and chief financial officer. So far in fiscal year 2010, Cornell's endowment performance is up 10 percent, after losing more than a quarter of its value in fiscal year 2009, as was the case with many of the university's peers in the wake of the 2008 financial crisis. Miranda will manage Cornell's $6 billion investment portfolio and lead the Office of University Investments, starting July 1. It had become apparent that his style of conducting business is inconsistent with Cornell's policies and expectations. endstream endobj startxref Note: On occasion, the Office of University Investments or the Office of Trusts, Estates, and Gift. The positive projections for the performance of Cornell's endowment and other investments, which are exceeding expectations, will not be affected. Vice . %PDF-1.7 The Chief Investment Officer is responsible for the day-to-day oversight of the Investment Office, and is supported by a dedicated team of investment professionals. East Hill Office Building Jackie Wandell serves as the Executive Assistant to the Vice President and Chief Risk Officer, Aditya Misra. Similarly, research support from the National Institutes of Health has surged 75 percent in the past five years, and the number of investigators who are funded by the NIH has increased by 50 percent, Puccino said. endstream endobj 475 0 obj <>/Metadata 33 0 R/Outlines 54 0 R/PageLayout/OneColumn/Pages 472 0 R/StructTreeRoot 69 0 R/Type/Catalog>> endobj 476 0 obj <>/Font<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 477 0 obj <>stream