Establishment of Endowment Board of Trustees

(a) In general The University shall establish an independent Board of Trustees, to be known as the Endowment Board (referred to in this section as the Endowment Board), dedicated to overseeing the management and investment of the endowment funds of the University under section 20. (b) Appointment Members of the Endowment Board shall be appointed by the Board on an affirmative vote of 11 of the 15 members of the Board. (c) Purpose The establishment of the Endowment Board is intended to enhance the governance and accountability of endowment fund management while maintaining clear separation between the roles and responsibilities of the Endowment Board and the Board. (d) Powers The Endowment Board shall operate separately from the Board, subject to the condition that the Endowment Board shall work in conjunction with the Board to ensure alignment of investment strategies with the financial goals and overall mission of the University. (e) Responsibilities The Endowment Board shall be responsible for— (1) managing and overseeing the investment and allocation of the trust fund under section 20; (2) developing and implementing investment policies and strategies to optimize the financial performance of the trust fund under that section; and (3) reporting regularly to the Board on the performance of the trust fund under that section and making recommendations, as appropriate.