Cornell University's Board of Trustees has made a substantive change in its approach to short-term investments in order to increase the return on such investments. What has previously been known as the Short-term Investment Pool (STIP) was divided into the Pooled Balance Investment Fund (PBIF) and the Working Capital Fund (WCF). The PBIF has been invested in a manner that parallels the Long-term Investment Pool (LTIP), while the WCF has been invested in a manner that reflects its short-term, high-turnover nature.
In tandem with this change, the university administration has modified the payout approach of these funds. Beginning in 2004-05, PBIF/WCF payout will not be made at the individual account level. Instead, aggregate funding will be allocated to colleges and major operating units and may be distributed within organizations at the discretion of the dean of vice president as part of the planning process. Since the allocation will vary from year to year, we recommend that these funds be used to support one-time expenditures, such as equipment and computer renewal and replacement.
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