13 These new endowments provide $50 million per year of spending to support the core academic budget. One example of that academic support is named faculty positions, such as professorships. Our school deans say it is much easier to recruit and retain top faculty with named endowed funds that support the faculty member’s compensation. The University added 190 endowed professorships during the last 20 years. This is tremendous progress in this area. One vital area where we still remain below our peers is in the number of endowed scholarships. I’m optimistic our next campaign will help address that. In your opinion, what does the public misunderstand about university endowments? Many people harbor a belief that college and university endowments are one big pot of money. That is incorrect. There is no singular endowment at any educational institution. The University of Rochester’s endowment consists of approximately 3,000 different funds, each with a purpose specified by the donor or the Board of Trustees. We can’t simply say, “We’re going to take the endowment and spend it on something new.” It’s impossible to do that without violating the law. Funds have permanent designations established by a contract. Once an endowed fund is established, its purpose cannot change without donor approval or significant undertaking. Looking back on your own professional legacy here at the University of Rochester, what are you most proud of? I think of the Investment program as an orchestra and I’m waving the baton as the conductor of that orchestra. I don’t think conductors of orchestras should take credit for the performance of the players — and there are a lot of players and stakeholders here. But I was proud to be the conductor for 25 years. I’m not saying this out of modesty—there’s actually very little I can do alone. I can’t force people to give money. I can’t change the student demand, or the number of faculty members. But I can bring those things to the attention of the right people, the Trustees, the President, and our advancement team. So I guess I am most proud of just being the conductor and being able to work with some really wonderful people who actually did the work. As you prepare to begin your next chapter, what are your hopes for the University? I like the University’s motto, “Meliora,” because it speaks to the betterment of our University. Perpetual support from endowed funds plays a role in that betterment. I hope the University will continue the growth in the perpetual support achieved over the past 25 years. I also like to say the University of Rochester consists of meliorists—people who are constantly chipping away and never give up. They make progress through the continued human effort. If you are reading this, you are likely a meliorist. My colleagues and I think about the Investment Office in that way. Just continue to work on it. Keep pushing it ahead. It’s been my honor to serve as your Chief Investment Officer for the past 25 years, a time when we have shown that progress is possible at the University and that we as humans can make it happen. What we want is steady growth in spending and generational equity. If you overspend on today’s generation, you’re shortchanging the future generation.”
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