CIC State Fund Members to Benefit from New Endowment Management Service

CIC has partnered with TIAA-CREF to provide a new benefit for its State Fund Members, a low-fee professional endowment and operational reserves management service.

“This will be a useful service, particularly for State Fund Members with smaller endowments that can’t attract professional investment management at a reasonable fee level,” commented A. Hope Williams, president of the North Carolina Independent Colleges and Universities. “This option will provide the best of both worlds—high-quality investment advice and, thanks to TIAA’s willingness to give us a group discount, low fees.”

To be administered by TIAA-CREF beginning this spring, the new program will follow a pooled-fund investment model, with each State Fund having its own account under an umbrella plan that will use a balanced asset allocation approach to investing. The plan was developed following a needs-assessment survey of CIC’s State Fund Members, many of which have endowments or cash reserve funds.

Five State Fund Members initially will participate in the service:
  • Association of Kentucky Independent Colleges and Universities;
  • Independent College Fund of New Jersey;
  • Kansas Independent College Association and Fund;
  • North Carolina Independent Colleges and Universities; and
  • Oregon Alliance of Independent Colleges and Universities.
“CIC is pleased to announce this expanded partnership with TIAA-CREF and to make an endowment and reserves management service available to its CIC State Fund Members,” said Richard Ekman, president of CIC. “With its long-term understanding of higher education finances, TIAA-CREF is an ideal partner for CIC and its regional consortia of private colleges and universities.”​​