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. Units of the university that have activities that generate unrelated business income will be charged all applicable income taxes. 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. 2iTm P8 20-Apr-2016 10:05 AM EDT , by Cornell University. I look forward to my continued work with them as we prepare Weill Cornell Medicine for what comes next, he added. Ykf@xPYfXLZwbdcIYFi9}"wi/s1?|Lm:'rvo(VzXjs*EPK .6wi@Zz20T3C|21_geikG; 0d+G{ U*:4xc6J(X=&~E||EsJ}:l:D6hau(?sRZOF_S^ endobj Under Walsh's tenure, Cornell's endowment successfully avoided many of the liquidity problems that affected those of its peers last year. The review process will begin immediately upon receipt of materials. 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. 494 0 obj <>/Filter/FlateDecode/ID[<9EECB67782F25A48B33BD3F0C1474532><53F81BFC1FDC244EBA8DD9CBE6B4AE92>]/Index[474 32]/Info 473 0 R/Length 97/Prev 276269/Root 475 0 R/Size 506/Type/XRef/W[1 3 1]>>stream R(jG=[@8} Jd?b>cD"n'Q)AYvy*)4(*6"$!8j#?i UO^ 2h. Academic and administrative units are, Cornell University organizes, coordinates, and directs available resources toward an effective response to, and recovery from, any emergency. It is an honor and privilege to contribute to the role of the endowment in supporting students, faculty research and scholarship at this world-class research institution., Many of his family members have worked in academia, he added. endobj Each operating unit is responsible for following university procedures to achieve accurate capital asset reporting and compliance with government requirements. 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 "I look forward to my continued work with them as we prepare Weill Cornell Medicine for what comes next," he added. 7qNa6z)( Funds must be invested for a minimum of five years. Cornell University acquires, records, inventories, maintains, and disposes of capital assets. This policy replaces University Policy 3.3, Travel Expenses for Concur Users and travel portions of University Policy 3.2.1,. He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. September 2021 Quarterly Report. He is the third CIO to resign in the last six years. 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. This includes possession, issuance of copies, and storage of keys and other access devices. Over the past four years the Investment Committee has come to value Kens astute analytical skills and his remarkably thoughtful contributions to our dialogues. 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 Joanne DeStefano is the Executive Vice President (EVP) and Chief Financial Officer (CFO) for Cornell University. 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. He currently serves as a member of the Food and Agriculture Organizations advisory committee on investments. All inquiries and materials will be held in confidence. 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. The University Board of Trustees is responsible for strategic management of all investable funds, and implements policy through the Investment Committee of the Board. 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. 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. Cornell Universitys central administration establishes all university accounts with banks and other financial institutions using university funds. Puccino will help evaluate the institutions real estate investments, ensuring that Weill Cornell Medicines leases for its administrative offices reflect current and future need. The Investment Office's well-established senior leadership team will manage the office in the interim until a new chief investment officer is named. (Acting) Chief Technology Officer (Apr 2022 - Jul 2022) Headed multiple departments of Corporate Strategy, Product Development, Process Improvement, Innovation and Sustainability, and Business Research + Reshaped EXIM's bank strategy towards Thailand Development Bank, focusing on investment to drive trade, competitiveness, and sustainability 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. 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. To accomplish his vision, he will work closely with colleagues in those offices, along with those from Human Resources; Information and Technology Services; and Capital Planning. <> 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. 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 Newswise ITHACA, N.Y. - Kenneth Miranda, director of the International Monetary Fund's (IMF) investment office, has been . Vice . Executive Staff Assistant. A university device must be authorized by a dean or vice president, and must be purchased and serviced under the. It had become apparent that his style of conducting business is inconsistent with Cornell's policies and expectations. He also lauded colleagues Assistant Vice Provost for Operations and Support Services Patrick Gallagher; Chief Information Officer Dr. Curtis Cole; Assistant Vice Provost for Capital Planning Dmitri Konon; and Managing Director of Business Systems and Operations Adam Garriga. . 4 0 obj Rafael Cestero, BS PAM '90 . 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. I have had the honor to work with a great group of talented and dedicated people, and I've learned a lot during my time here that I will apply to new endeavors in the U.K. Jackie Wandell serves as the Executive Assistant to the Vice President and Chief Risk Officer, Aditya Misra. =^"-g$#B#\#=K&&_4I|w|\SqR:rKWayH!oyC*YS$ww`%Z.Ds*D Accordingly . Cornell University, through its operating units, generates income as a result of sponsored projects or federal appropriations. Woq\:mx$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 He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. It is the responsibility of each operating unit to use, account for, and report such program income properly. Note: On occasion, the Office of University Investments or the Office of Trusts, Estates, and Gift. Miranda succeeds A.J. Karl Perman Joins GigNet, Inc. as Chief Security Officer (Photo: Business Wire) Mr. Perman has served critical infrastructure sectors as a senior advisor to assess and transform security and . 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. Cornell University invites applications and nominations for the position of Executive Vice President (EVP) and Chief Financial Officer (CFO). 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. Edwards has spent eight years at the $6 billion endowment, first joining as a senior investment officer. This authority is ultimately delegated to designated purchasing agents and contracting officers. The Investment Office is responsible for implementing policies establishedby the University Board of Trustees and its Investment Committee. Cornell University will form a university-related subsidiary or affiliate, or acquire a controlling interest in a separate entity, only if there is compelling legal and/or business justification. Scott is an outstanding tactician whose deep reservoir of financial and institutional knowledge will be instrumental to preserving Weill Cornell Medicines fiscal integrity, stability and resilience, said Dr. Augustine M.K. The Executive Vice President and Chief Financial Officer ("EVP" or "EVP/CFO"), reporting to the President, is the most senior non-academic officer for the university. A recent expansion of physician services across the city has yielded an almost 40 percent increase in clinical revenue in the past five years, Puccino said. The Investment Office helps support the Universitys mission of being a top research university that provides accessibility to students. l[c.2HK@)'W@]!$xB8K@! A recent . Asset Allocation October 7, 2022 Yale Endowment Gains 0.8%, Duke, Cornell Post Small Losses in 2022. 1 0 obj %PDF-1.6 % Cornell University funds may be used for ordinary, reasonable, and actual business-related expenses incurred in furtherance of the university's missions. 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. Leadership | Board of Trustees | Office of the President | Office of the Provost | Senior Administration. 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. Yale CIO sees 'challenging times ahead' due to rising interest rates, inflation, and geopolitics. This policy includes a chain of command, Cornell University requires that departments and units maintain control of all devices and systems that provide access to university facilities and vehicles. Chief Investment Officer. His high-level expertise in long-term investments means he is poised to meet Cornells unique needs, goals and risk tolerance. Cornell University requires salary confirmation for individuals paid with sponsored funds, federal appropriations, or committed cost sharing. 1300 York AvenueBox 314 <> 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. 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). About Building the new economy in Web3. Walsh has been responsible for managing the university's investments since 2006 and directing an office that grew to 25 people from 17 during his tenure. 395 Pine Tree Road, Suite 330 bR{5C=q]Vl !2Ul 0rTafZ"g\"Z;^"/=n]r=|:1.6O&ZcuThcerL..l5.&79b9PnjF/&O9+P+& ~O)ovQ3 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. Phone: (646) 962-9476, Pregnant Patients with Anxiety Have Altered Immune Systems, Differences in Animal Biology Can Affect Cancer Drug Development. The minimum investment amount for an FFE is $100,000. 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 . Accordingly, he and the university have agreed that it is in their mutual interests to end the relationship. hb``` r@(JQ(*rwA . . This policy is being revised and is unavailable at this time. The Committee establishes. 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. EVP and CFO Joanne DeStefano is the Executive Vice President (EVP) and Chief Financial Officer (CFO) for Cornell University. Cornell University Office of Investments About the Investment Office The Investment Office is responsible for implementing policies established by the University Board of Trustees and its Investment Committee. Miranda will manage Cornells $6 billion investment portfolio and lead the Office of University Investments, starting July 1. YLP`-V`af;R$6(5(- At such times, the university has a prescribed method for evaluation and communication of these changes to university staff, faculty, and students. March 18, 2011. _IyZ2qe7s~PUI k#QVZNm5eceZ)s/imFDAykT9A33vcN\4?Ei^V,;c WS;!cST}j7y17# 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. Im familiar with the culture and have always envisioned myself working in higher education.. Here are the highlights: Endowment growth 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. "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. 317 Day HallCornell UniversityIthaca, NY 14853. June 2021 Quarterly Report. 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. The Investment Office helps support the University's mission of being a top research university that provides accessibility to students. Ken Miranda received a base salary of . Formerly, he was a senior adviser on George Washington Universitys Committee on Investments. New York, NY 10065 Back Submit. AJ Edwards, Cornell University Cornell University's CIO AJ Edwards will be stepping down effective March 31, the Ivy League school announced. Comments, questions, nominations, and applications should be directed to the Search Advisory Committee at evpcfosearch@cornell.edu. Currently, senior investment officers Cody Danks Burke and Roger Vincent are serving as interim co-CIOs. Puccino was also instrumental in conceptualizing and implementing the institutions expanded scholarship program that provides debt-free education to medical students in financial need. In managing these funds, he made investments across a broad array of asset classes, themes, strategies and managers. 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 review process will begin immediately upon receipt of materials. 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. Its been an absolute blessing to work for Steve Cohen; hes been an outstanding leader and an incredible mentor to me.. As the most senior non-academic officer for the university, the EVP and CFO is the chief financial and administrative officer responsible for directing the financial and administrative services in support of the academic mission. 505 0 obj <>stream It had become apparent that his style of conducting business is inconsistent with Cornell's policies and expectations. He has a clear understanding of todays complex and rapidly changing investment environment, said Opatrny. The positive projections for the performance of Cornell's endowment and other investments, which are exceeding expectations, will not be affected. 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 policy does not apply to any advance payment required by a vendor. 2 0 obj For more information see our quarterly endowment reports. He will also capitalize on the institutions $1.5 billion Were Changing Medicine campaign for long-term growth. Edwards to step down. This is an amazing trajectorywere firing on all cylindersand we want to keep up the momentum so that we dont plateau, he said. Miranda will report to trustee Donald Opatrny 74, chair of the Investment Committee, and Joanne DeStefano, Cornells executive vice president and chief financial officer. 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. 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. Individuals engaged in developing and maintaining university policies must follow the requirements outlined in this document for drafting, approving,. Further, the university expects all members of the university community who are accountable for financial, Cornell University uses its property and facilities, primarily, to further its mission of learning, discovery, and engagement. 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. x\Yo~7G(JE v"E&n/#;693\Y(QM-,sjqY]WWZ]^J~_=VoO{|X||juL^'I *VfHH|]h{.oHR$7G$?0L8 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. The university does not discuss personnel matters and will have no further comment. We have a great team, he said. 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. Zh4=4GdgasVvMosT+ti @@SGc09(FeDXK] (I+'C-toYpgO9",& s -- ? The EVP is the chief financial and administrative officer responsible for directing theservices in support of the academic mission. 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. 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. Miranda will manage Cornell's $6 billion investment portfolio and lead the Office of University Investments, starting July 1. 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. East Hill Office Building 474 0 obj <> endobj March 2021 Quarterly Report. Edwards has served as senior investment officer since March 2008. Tag: Cornell University. 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. This policy establishes these circumstances and the procedures for making such advances. I also feel proud to be leaving a stronger and more professional investment office than the one I found when I arrived.". 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. 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. Cornell University 's chief investment officer was paid almost $1.9 million in 2018 as he spearheaded efforts to turn around the underperforming endowment. 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. At the same time Im very focused on managing the risk and the downside protection of the portfolio through quantitative techniques.. As the most senior non-academic officer for the university, the EVP and CFO is the chief financial and administrative officer responsible for directing the financial and administrative services in support of the academic mission. Before joining the university, Ms. DeStefano worked in the corporate sector. % Cornell University funds may be used for ordinary, reasonable, and necessary business-related travel expenses incurred in furtherance of the university's missions. ", Skorton added, "Working with the Investment Committee, James helped the university weather the downturn and begin to regain much needed equilibrium in its investment performance. The university recognizes the need for personal telephone use, but expects individuals to pay directly for personal long-distance telephone calls. Cornell University provides telephone service for individuals undertaking mission-related activities. 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. 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. Edwards, who stepped down from the post March 31. He was then named CIO in May 2012. A key component to the institutions long-term growth centers on increasing its clinical footprint in New York. 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. Office of University Investments. 0 We are fortunate to hire someone of Kens caliber. A.J. She has over 20 years of administrative experience. 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. Weill Cornell Medicine is conducting a national search for the second administrative position: executive vice provost and chief operating officer.