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. Each operating unit is responsible for following university procedures to achieve accurate capital asset reporting and compliance with government requirements. Ms. DeStefano began her tenure with the university in 1990 as the general accounting manager for the contract colleges, having held several positions with progressive responsibility within the finance division, most recently vice president for finance and CFO. 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. A recent . 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. We are immensely proud to have Ken leading our investment team. Cornell University, through its operating units, generates income as a result of sponsored projects or federal appropriations. At the same time Im very focused on managing the risk and the downside protection of the portfolio through quantitative techniques.. 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. September 2021 Quarterly Report. Cornell University may change its operating status during and surrounding periods of inclement weather. Cornell University invites applications and nominations for the position of Executive Vice President (EVP) and Chief Financial Officer (CFO). endobj Before joining the university, Ms. DeStefano worked in the corporate sector. 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 . 0 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. Cornell University expects its units to maintain accurate and complete inventories of their space, through the procedures contained herein. 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. 7qNa6z)( rPgyL:tFP/Hh>.rWE"h?`EJp7f`q;:8$qxP3Sg\.VgDw`;P. Newswise ITHACA, N.Y. - Kenneth Miranda, director of the International Monetary Fund's (IMF) investment office, has been . We have a great team, he said. Choi, the Stephen and Suzanne Weiss Dean of Weill Cornell Medicine. He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. In the unlikely event that a unit must ask the university to establish and maintain a separate account, the university requires the unit to institute, The university will accommodate those full- and part-time employees with valid business needs for mobile communication devices by issuing university-owned mobile communication devices. Currently, senior investment officers Cody Danks Burke and Roger Vincent are serving as interim co-CIOs. So far in fiscal year 2010, Cornell's endowment performance is up 10 percent, after losing more than a quarter of its value in fiscal year 2009, as was the case with many of the university's peers in the wake of the 2008 financial crisis. A key component to the institutions long-term growth centers on increasing its clinical footprint in New York. *Y1M/O[5hi%H S`nm_,FWs ?=&^Vjz*TNs`a'4 ],*s:S^,L+\cuSF{pr_SyaBsKMbe[x\RXX+dEx-aeI>nXW*TV Nationally, she is a member of the National Association of College and University Business Officers (NACUBO), and has held board of director positions with the Kuali Foundation and the Council on Governmental Relations (COGR). stream Woq\:mx$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 Yale CIO sees 'challenging times ahead' due to rising interest rates, inflation, and geopolitics. Cornell University. The Office of University Investments implements policies established by the board of trustees and its Investment Committee. 2021 Reports. Tag: Cornell University. Cornell University 's chief investment officer was paid almost $1.9 million in 2018 as he spearheaded efforts to turn around the underperforming endowment. 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. Formerly, he was a senior adviser on George Washington Universitys Committee on Investments. 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. I look forward to my continued work with them as we prepare Weill Cornell Medicine for what comes next, he added. 474 0 obj <> endobj Community Preservation Corporation . Asset Allocation October 7, 2022 Yale Endowment Gains 0.8%, Duke, Cornell Post Small Losses in 2022. 505 0 obj <>stream 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. Contacts . 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. Miranda will manage Cornells $6 billion investment portfolio and lead the Office of University Investments, starting July 1. 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. %PDF-1.7 The Investment Office helps support the Universitys mission of being a top research university that provides accessibility to students. In the year and a half since Kenneth Miranda stepped up to lead Cornell's investment office as chief investment officer, the team has reported strong endowment returns, implemented new investment strategies for 2017, and completed phase one of a move to New York City. She has over 20 years of administrative experience. He highlighted the expertise of Director of Budget and Institutional Resources Andrew Rosenau; Senior Director of Institutional Reporting and Analytics Susan Vuong; Senior Director of Administration Thomas Blair; Controller Joseph Schwartz and his longtime assistant Nadeige Fortune. 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. The positive projections for the performance of Cornell's endowment and other investments, which are exceeding expectations, will not be affected. . 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. "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. June 2021 Quarterly Report. Executive Vice President and Chief Financial Officer | Cornell University Division of Financial Affairs Home Business Tools forms CU policies training KFS Support e-SHOP Executive Vice President and Chief Financial Officer There is currently no content classified with this term. CU Foundation Funds Weill Cornell Medicine is conducting a national search for the second administrative position: executive vice provost and chief operating officer. 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. There are circumstances in which it may be necessary to transfer expenditures to or from a sponsored account subsequent to the initial recording of the charge in the general ledger, Cornell University provides advances of cash or other resources in limited circumstances to meet the business needs of the institution. As the most senior non-academic officer for the university, the EVP is the chief financial and administrative officer responsible for directing the financial and administrative services in support of the academic mission. As the most senior non-academic officer for the university, the EVP is the chief financial and administrative officer responsible for directing the financial and administrative services in support of the academic mission. He has a clear understanding of todays complex and rapidly changing investment environment, said Opatrny. Cornell University is a private research university that provides an exceptional education for undergraduates and graduate and professional students. 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. 2022 Outsourced-Chief Investment Officer Survey He currently serves as a member of the Food and Agriculture Organizations advisory committee on investments. Edwards has served as senior investment officer since March 2008. Given his experience in global investing, Miranda said he expects to globalize the return streams of the endowment. hbbd```b``SA$S:X$L`x& f`!dVSf7@fU#d$;>f`bd`b``$ > %PDF-1.6 % Over the past four years the Investment Committee has come to value Kens astute analytical skills and his remarkably thoughtful contributions to our dialogues. 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. x\Yo~7G(JE v"E&n/#;693\Y(QM-,sjqY]WWZ]^J~_=VoO{|X||juL^'I *VfHH|]h{.oHR$7G$?0L8 <> Policy Number: 3.24. East Hill Office Building The review process will begin immediately upon receipt of materials. It had become apparent that his style of conducting business is inconsistent with Cornell's policies and expectations. =^"-g$#B#\#=K&&_4I|w|\SqR:rKWayH!oyC*YS$ww`%Z.Ds*D Search for Executive Vice President and Chief Financial Officer, Chief of Staff and Special Counsel to the President; Chair, Search Advisory Committee, Charles Field Knight Dean of the Cornell SC Johnson College of Business, Vice President and Chief Human Resources Officer, Senior Associate Dean for Clinical Affairs, Weill Cornell Medicine, Chief Administrative Officer, Cornell Tech. The review process will begin immediately upon receipt of materials. 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 Miranda will report to trustee Donald Opatrny 74, chair of the Investment Committee, and Joanne DeStefano, Cornells executive vice president and chief financial officer. As IMF director, Miranda coordinated a focused team that oversaw the investment of approximately $11.5 billion in assets for the IMFs Staff Retirement Plan and Retired Staff Benefits Investment Account. 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. A university device must be authorized by a dean or vice president, and must be purchased and serviced under the. The Investment Office helps support the University's mission of being a top research university that provides accessibility to students. 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. Jq3oPgK2Gs7(WUg\ 395 Pine Tree Road, Suite 330 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. Prior to joining Cornell University in 2021, she worked at the School of Health Sciences and Human Performance at Ithaca College. Accordingly . Chief Investment Officer A.J. It is the responsibility of each operating unit to use, account for, and report such program income properly. Under Walsh's tenure, Cornell's endowment successfully avoided many of the liquidity problems that affected those of its peers last year. Puccino will help evaluate the institutions real estate investments, ensuring that Weill Cornell Medicines leases for its administrative offices reflect current and future need. AJ Edwards, Cornell University Cornell University's CIO AJ Edwards will be stepping down effective March 31, the Ivy League school announced. He is a chartered financial analyst. l[c.2HK@)'W@]!$xB8K@! 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. endstream endobj startxref He was then named CIO in May 2012. _IyZ2qe7s~PUI k#QVZNm5eceZ)s/imFDAykT9A33vcN\4?Ei^V,;c WS;!cST}j7y17# Units of the university that have activities that generate unrelated business income will be charged all applicable income taxes. Cornell University requires salary confirmation for individuals paid with sponsored funds, federal appropriations, or committed cost sharing. Note: On occasion, the Office of University Investments or the Office of Trusts, Estates, and Gift. bR{5C=q]Vl !2Ul 0rTafZ"g\"Z;^"/=n]r=|:1.6O&ZcuThcerL..l5.&79b9PnjF/&O9+P+& ~O)ovQ3 . Tel: 646-973-4400 1155 Avenue of the Americas Suite 1850 New York, NY 10036 investment@investment.cornell.edu corefixed@investment.cornell.edu 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. Accordingly, he and the university have agreed that it is in their mutual interests to end the relationship. For all units that accept credit cards as a method of payment for goods or services in relation to university business/operations, Cornell University requires compliance with Payment Card Industry Data Security Standards (PCI-DSS) protocols, and with the procedures outlined in this document, Cornell University expects its faculty, staff, and students, when dealing with federal and other sponsored funds, to follow Generally Accepted Accounting Principles (GAAP); comply with all government and sponsor rules and regulations; and follow established standards for determining when it is. Cornell University provides telephone service for individuals undertaking mission-related activities. Ykf@xPYfXLZwbdcIYFi9}"wi/s1?|Lm:'rvo(VzXjs*EPK .6wi@Zz20T3C|21_geikG; 0d+G{ U*:4xc6J(X=&~E||EsJ}:l:D6hau(?sRZOF_S^ He will also capitalize on the institutions $1.5 billion Were Changing Medicine campaign for long-term growth. 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. 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.