The Higher Education Price Index (HEPI) is an inflation index designed specifically for use by institutions of higher education. Compiled from data reported by government agencies and industry sources, HEPI measures the average relative level in the price of a fixed market basket of goods and services purchased by colleges and universities each…

The Higher Education Price Index (HEPI) is an inflation index designed specifically for use by institutions of higher education. Compiled from data reported by government agencies and industry sources, HEPI measures the average relative level in the price of a fixed market basket of goods and services purchased by colleges and universities each…

The Higher Education Price Index (HEPI) is an inflation index designed specifically for use by institutions of higher education. Compiled from data reported by government agencies and industry sources, HEPI measures the average relative level in the price of a fixed market basket of goods and services purchased by colleges and universities each…

The Higher Education Price Index (HEPI) is an inflation index designed specifically for use by institutions of higher education. Compiled from data reported by government agencies and industry sources, HEPI measures the average relative level in the price of a fixed market basket of goods and services purchased by colleges and universities each…

The Higher Education Price Index (HEPI) is an inflation index designed specifically for use by institutions of higher education. Compiled from data reported by government agencies and industry sources, HEPI measures the average relative level in the price of a fixed market basket of goods and services purchased by colleges and universities each…

The Higher Education Price Index (HEPI) is an inflation index designed specifically for use by institutions of higher education. Compiled from data reported by government agencies and industry sources, HEPI measures the average relative level in the price of a fixed market basket of goods and services purchased by colleges and universities each…

The Higher Education Price Index (HEPI) is an inflation index designed specifically for use by institutions of higher education. Compiled from data reported by government agencies and industry sources, HEPI measures the average relative level in the price of a fixed market basket of goods and services purchased by colleges and universities each…

This Study analyzes policies, practices and attitudes with respect to responsible investing among 186 U.S. private and public/community foundations. These respondents comprised 52 private/independent foundations, 49 private/family foundations, eight public foundations and 77 community foundations, together representing a total of $39.7 billion in…

A phenomenon with far-reaching effects on nonprofit investment management and governance has become a little-noticed yet powerful force in boardrooms over the past decade. Despite its wide-ranging implications, this development has largely gone undocumented. This paper seeks to draw attention to this change and its implications, and to trace a…

The Commonfund Study of Responsible Investing analyzes policies, practices and attitudes with respect to responsible investing among 200 U.S. colleges and universities, constituting 24.0 percent of the 832 institutions that participated in the 2014 National Association of College and University Business Officers (NACUBO)-Commonfund Study of…

The Higher Education Price Index (HEPI) is an inflation index designed specifically for use by institutions of higher education. Compiled from data reported by government agencies and industry sources, HEPI measures the average relative level in the price of a fixed market basket of goods and services purchased by colleges and universities each…

The nature of trusteeship has changed markedly in the new century. In addition to the mission-related and financial issues with which fiduciaries have always dealt, trustees of nonprofit organizations are now regularly required to make decisions in response to media scrutiny, challenges from regulators, demands from stakeholders and constituents,…

In the wake of the financial crisis, trustees of many endowed nonprofit institutions realized that their portfolio was riskier than they thought and their own ability to tolerate loss wasn't as strong as they imagined. What can board and investment committee members do to improve their ability to assess their--and their institution's--capacity for…

We conduct a longitudinal analysis of the NACUBO-Commonfund Study of Endowments (NCSE) results from 2006-2013 to evaluate if active management is related to higher endowment returns in U.S. equities over time. We also analyze the data to evaluate the endowment characteristics that are related to higher levels of performance over time. We find that…

For well more than a decade, the "endowment model" of investing has been synonymous with increasing allocations to alternative investment strategies, defined largely as hedge funds, private real estate, private equity and venture capital and other, generally less liquid or illiquid strategies compared to public markets. This trend…