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Winter/Hiver
1999
Gestion universitaire
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University One-Card
System.
Vending Student Union Library Housing Dining Service
The most comprehensive computer system,
providing one card to handle all your needs.
General Meters Corporation tm
1935 Dominion Way
Colorado Springs, CO 80918
(729)522-9222 FAX (719)522-9297
Editor
Craig Kelman
Contributors
Kevin Hill
Terry Ross
Jim E. Watson
Art Direction
Chris MCCarville
French Translation
Louise Legault
Advertising Sales
Scott Browning
Michelle Cottyn
Rochelle Pritchard
Published four times a year on behalf of
the Canadian Association of University
Business Officers (CAUBO) by
Publie quatre fois par annee pour
l'Association canadienne du personnel
administratif universitaire (ACPAU) par
CI AM I 11 MAN
& ASSOCIATES LTD.
3C - 2020 Portage Avenue
Winnipeg, Manitoba
R3J 0K4 16 The endowment survey
Tel: 204-985-9780
Fax: 204-985-9795
kelman@escape.ca • Enquete sur les fonds de dotation
Canadian Association of University
Business Officers
Association canadienne du personnel 36 Managing the managers • Gerer le gestionnaire
administratif universitaire
320 - 350 rue Albert Street
Ottawa, Ontario K1R 1B1 45 Attracting donors: the times they are a'changing
Tel./Te/.: (613) 563-1236 ext. 270
Fax/Te/ec: (613) 563-7739
info@caubo.ca / info@acpau.ca
50 Active move to passive funds pays dividends
Executive Director / Directeur general 53 Lucie Mercier-Gauthier meets financial challenges
Maurice Cohen
head-on • Lucie Mercier-Gauthier se mesure aux
Editorial Board / Comite de redaction
ChairIPresidente : Nancy Sullivan,
defis financiers
University of Guelph
Members/Membres :
Sue Bloch-Nevitte, 58 Bishop's weathers the storm
University of Toronto
Terry Falconer,
The University of Manitoba
Carole Langlois,
Universite de Sherbrooke
Bryan Mason, 4 Executive Director's Message
Dalhousie University
• Message du directeur
The views expressed in this publication are the
responsibility of the publisher and do not necessarily
reflect the views of the officers or members of the
Canadian Association of University Business Officers.
Les opinions exorimees dans cette publication sont la
8 News & Views
responsabilite de I'editeur et ne refletent pas
necessairement celles des dirigeants ou des membres
• Nouvelles et perspectives
de I'Association canadienne du personnel administratif
universitaire.
UNIVERSITY MANAGER • WINTER 1999 3
Canadian Association
of University Business Officers
Executive Director's Message du Directeur
Association canadienne du
personnel administratif universitaire
Board of Directors Managing endowments Gestion de la dotation
Conseil d administration University endowment assets have grown sig- Les fonds de dotation des universites ont pris
Nancy Sullivan
President / Presidente nificantly in the past ten years and, with tui- passablement d'ampleur au cours des dix der-
University of Guetph tion fees and student debt rising to unprec- nieres annees. Avec la montee des frais et de la
(519)824-4120, ext. 3841 edented levels, institutions are dette etudiants, les etablissements
Fax/Telec 767-1693 relying more and more on their en- comptent sur ces fonds pour aider les
sullivan@exec.admin.uoguelph dowments to provide financial sup- etudiants financierement. Cin-
port to their students. In the endow- quante-sept etablissements rappor-
Glenn Harris
Past-President / President sortant ment section of the 1997 CAUBO taient des actifs de plus de 4,6 mil-
University of Alberta University Investment Survey, 57 in- liards $ a ce titre dans le sondage de
(403) 492-5354 Fax/Telec 492-1439 stitutions reported assets of over $4.6 placements universitaires 1997 de
gharris@vm.ucs.ualberta.ca billion. Even taking relative size into ACPAU. Meme en tenant compte
account, this is nowhere near the de la taille des etablissements, cela
Trudy Pound-Curtis
$150.2 billion in endowment assets ne s'approche guere des 150,2 mil-
Vice-President / Vice-president
Memorial University of Newfoundland reported by 498 institutions in the liards $ rapportes par 498 etablisse-
(709) 737-8222 Fax/Telec 737-7909 U.S. 1997 NACUBO Endowment Maurice Cohen m e n t s d a n s 1'etude NACUBO 1997
tcurtis@morgan.ucs.mun.ca study; but we are certainly on our way. mais, nous faisons des progres.
For Canadian universities and affiliated col- Pour y parvenir, les universites canadien-
Jacques Samson leges, getting there has meant significantly nes et les colleges affilies ont du intensifier
cretary-Treasurer / Secretaire-fresorer
Universite Laval more extensive fundraising activities. The larg- leurs activites de collecte de fonds. La plus im-
(418)656-5945, ext. 3154 est ever fundraising campaign by an institu- portante campagne de collecte de fonds jamais
Fax/Telec 656-2281 tion in Canada is currently under way at the organisee dans un etablissement canadien se
:-mail: Jacques.samson@vrrh.ulaval.ca University of Toronto; it will probably exceed deroule presentement a l'Universite de Toronto
its goal of $400 million. I predict that not too et devrait depasser son objectif de 400 millions
Maurice Cohen
far into the next century the first billion dollar $. Je prevois qu'au debut du prochain siecle la
Executive Director, CAUBO
(613) 563-1236 ext. 268 capital campaign will be announced by a Ca- premiere campagne d'un milliard sera lancee
Fax/Telec 563-7739 nadian university. dans une universite canadienne.
icohen@caubo.ca / mcohen@acpau.ca Getting there also means proper manage- Pour y parvenir, il faut aussi compter sur
ment of endowment assets, from the appropri- une saine gestion des actifs, en passant par un
Byron Braley ate spending rate, proper investment policy taux de depense et une politique de placement
The University of British Columbia
and asset allocation to the highest risk-adjusted appropries et la repartition des actifs en fonc-
(604) 822-2292 Fax/Telec 822-2417
byron@finance.ubc.ca return possible. In this regard, the activities of tion de la meilleure rentabilite ajustee au ni-
the CAUBO Treasury Committee - the invest- veau de risque. A cet effet, les activites du co-
Gary Draper ment survey, the annual seminar and the e-mail mite de tresorerie de 1'ACPAU - le sondage sur
Acadia University listserver - have been extremely useful from les placements, le seminaire annuel et le groupe
(902) 585-1627 Fax/Telec 585-1079 an educational and networking point of view. de discussion electronique - s'averent tres uti-
draper@admin.acadiau.ca
Now, another initiative of the Treasury Com- les. Une autre initiative du comite porte main-
Phyllis Heaphy mittee is bearing fruit. Commonfund Canada tenant fruit avec la creation de Commonfund
McGill University is being established as a subsidiary of the U.S. Canada, une filiale du Commonfund americain
(514) 398-6037 Fax/Telec 398-5902 Commonfund organization to provide Cana- qui offrira aux universites canadiennes des pro-
phyllish@accti.lan.mcgill.ca dian universities pooled investment products duits de placement en commun et des services
and educational and consultative services spe- de formation et de consultation. L'ACPAU con-
Neil Henry
cific to the management of their endowment sidere le Commonfund comme un partenaire
University of Prince Edward Island
(902) 566-0350 Fax/Telec 566-0742 assets. CAUBO views Commonfund as a long- strategique qui contribuera plus de 25 annees
nhenry@upei.ca term strategic partner that will bring over 25 d'expertise aux etablissements canadiens et a
years of unique endowment expertise and com- leur comite de dotation.
Michel Robillard mitment to Canadian institutions and their en- Ce numero de University Manager presente
Universite de Quebec a Montreal dowment committees. plusieurs nouveautes : thematique, il com-
(514) 987-6133 Fax/Telec 987-3095
This issue of University Manager introduces prend une entrevue avec un gestionnaire d'uni-
robillard. michel@uqam.ca
several new features: a theme for the entire is- versite, le portrait d'un etablissement et une
Duncan Watt sue, an interview with a university adminis- section de nouvelles plus substantielle. Nous
Carleton Unversity trator, a campus profile and an expanded news esperons que nos lecteurs apprecieront ces
(613) 520-2843 Fax/Telec 520-2681 and views section. We hope that they will meet changements.
duncan_watt@carleton.ca with the approval of our readers. Nous souhaitons aussi la bienvenue a Craig
We also welcome with this issue Craig Kelman & Associates en tant qu'editeurs et a
Robert White
University of Toronto Kelman & Associates as publisher, and Craig Craig Kelman lui-meme au poste de redacteur
(416) 978-7466 Fax/Telec 978-4431 Kelman himself as editor, of University Man- en chef. Meilleurs voeux de succes a Craig et
robert.white@utoronto.ca ager. Best wishes for success to Craig and his son equipe. U^
team. U^
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Sher brooke-Le n n oxvil ie
•>.. ----- - " ^ ^ S S S
JUNE 1 9 - 2 3 JUIN 1999
L'Universite,
un tresor collecflf
CI W$¥&$f£W
e University
lob a I Treasure
to preserve
The theme of this year's conference - Accommodations are available at the Le theme du congres — un tresor
The university: a global treasure to following Sherbrooke hotels, all of which are collectif a preserver — sera aborde
preserve — was created to highlight located close to one another on en se referant aux aspects humains,
discussion on people, facilities and Sherbrooke's main street — King Street financiers et immobiliers.
West. Accommodations are also available on
equipment, and financial affairs.
the two University campuses:
Les preparatifs du congres, qui se
****** *
Arrangements for the Conference, tiendra dans la region de Sherbrooke-
Le logement sera disponible dans les hotels
which will be held in the Sherbrooke- suivants, tout situes sur la principale rue de Lennoxville, sont bien enclenches.
Lennoxville area, are well under way. Sherbrooke, la rue King ouest, ainsi que sur • Le seminaire pre-congres "Gestion
• Pre-conference Seminar — Risk les deux campus universitaires: de risque" organise conjointement
Management par ACARU (Association
Delta Hotel, 2685 King Street ouest,
Co-hosted by CAURA (Canadian canadienne des administrateurs de
Sherbrooke $87.00
Association of University Research Tel: 800-268-1133 Fax: 819-822-8990 la recherche universitaire)-ACPAU
Officers)-CAUBO Samedi, 19 juin
— Saturday, June 19,1999 Hotel des Gouverneurs, 3131 King Street • Le seminaire sur la tresorerie
• Pre-conference Treasury Seminar ouest, Sherbrooke $81.00
Samedi, 19 juin et dimanche 20
Tel: 888-910-1111 Fax: 819-565-5505
— Saturday, June 19 & Sunday, juin, matin
June 20 Hotel Le President, 3535 King Street ouest, • Programme regulier
• Conference — Sunday, June 20 - Sherbrooke $59.95 Dimanche 20 juin - mardi, 22 juin
Tuesday, June 22 Tel: 819-563-2941 Fax: 819-563-5329
Les sessions plenieres et les sessions
Bishop's University, Lennoxville
Plenary and track sessions, as well as d'atelier ainsi que le seminaire
Tel: 800-567-2792, ext 2651
the CAURA-CAUBO seminar, will be Fax: 819-822-9615 ACARU-ACPAU auront lieu sur le
held on the Bishop's University • Shared bathroom (one bathroom for two campus de I'universite Bishop's, a
Campus in Lennoxville. The Treasury rooms) / Salle de bain partagee (une Lennoxville.
Seminar will be held at the Delta Hotel, salle de bain pour 2 chambres)
• Le seminaire sur la tresorerie se
Simple/Single: $25.00 Double: $32.50
Sherbrooke. deroulera a I'hotel Delta a
• Private bathroom / Salle de bain privee
• Sunday night reception —June 20 Single/Simple: $39.00 Double: $49.00 Sherbrooke.
— Bishop's University • One or two bedroom apartments / • La reception d'ouverture se tiendra
• President's Dinner — June 21 Appartements une ou deux chambres a Bishop's.
— Delta Hotel $60.00 - $70.00 • Le diner de la presidente au Delta
• Tuesday Fun Night — June 22 — • La soiree de divertissements a
Universite de Sherbrooke Universite de Sherbrooke
I'Universite de Sherbrooke.
Tel: 819-821-8000, ext 2851
Fax:819-821-7616
www.usherb.ca/acpau www.usherb.ca/acpau
Watch the Spring University Manager
for the special CAUBO Conference/Trade Show issue.
Merrill Lynch
Merrill Lynch Canada is proud to be Affinity Partners with the following organizations:
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CPS•ECP
Laurentian SB Universite A
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4 A L U IV1 N i
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LAWRENCE K. FERRON
Vice President
;s
Computerized loan
Nouveau president a system tested in BC
New chair for Atlantic This past fall, the University of Victo-
universities ^association des ria was one of three British Columbia
sites to test a new computerized system
universites de I'Atlantique
D r. J e a n - B e r n a r d R o b i c h a u d ,
president of the Universite de
for processing student loans. The sys-
Moncton, has assumed the position
of chair of the Association of At-
L e p r e s i d e n t de l'Universite
de Moncton, M. Jean-Bernard
Robichaud, sera president de l'As-
tem passed with flying colours and will
be made available to all BC colleges and
universities during 1999. The new sys-
lantic U n i v e r s i t i e s (AAU) for a sociation des universites de I'Atlan- tem is the result of a collaborative
t w o - y e a r term. H e s u c c e e d s Dr. tique p o u r u n terme d e deux ans, project involving the Ministry of Ad-
A r t h u r May, president of Memo- succedant au president de l'Univer- vanced Education, Training and Tech-
rial University of Newfoundland. site Memorial, M. Arthur May. nology, UVic, Simon Fraser University
Established in 1964, the Asso- Creee en 1964, l'Association des and Okanagan University College.
ciation of Atlantic Universities is a universites de I'Atlantique est un In the past, students had to line up
v o l u n t a r y association of t h e uni- organisme benevole qui regroupe for long periods of time to get loan
versities a n d colleges of Atlantic des universites et colleges des pro- documents to take to their banks. Now,
Canada a n d the West Indies. To- vinces d e I'Atlantique et des Carai- the students submit their loan applica-
day, the AAU represents the col- bes. L'Association defend les inte- tions to the ministry's student services
lective interests of 18 members. rets de 18 institutions membres. branch, assessment of the application
triggers an electronic communication
with UVic's records to confirm that the
applicant is registered in a sufficient
number of courses to qualify for the
loan, and, once confirmation is made,
the ministry mails loan documents di-
People moves rectly to the student.
The new system is one of the first
In future issues of University Manager steps in a multi-year project to stream-
line the student loan process. A new
we will be announcing changes program allowing students to apply for
in the administrative positions grants and loans over the Internet will
be tested next year.
of CAUBO members.
Please send information regarding appointments, National campaign raises
retirements, etc. to the CAUBO office. $91 million for York
Scheduled to close at the end of 1999,
with a goal of $100 million, York Uni-
En mouvement versity's national fundraising cam-
paign is so far ahead of schedule that
the university believes the goal can be
Nous annoncerons dans les prochains numeros met by the end of 1998. At a celebra-
de University Manager les changements aux tion breakfast held recently for faculty,
staff and retirees, University President
fonctions administratives des membres de Lorna Marsden commended the par-
I'ACPAU. ticipation of these groups as she high-
lighted the fact that 67% of them m a d e
Veuillezfaire parvenir toute information sur les contributions to the campaign for a to-
tal of $2 million. Within the university,
nominations, les retraites, etc. au
more than $5 million has been raised.
bureau de I'ACPAU.
8 UNIVERSITY MANAGER . WINTER 1999
News & Views Nouvelles
Removing barriers at Guelph
Construction Institute launched at U of A
A new research initiative based in the engineering
faculty at the University of Alberta is set to cre-
A successful proposal to the Ontario Ministry of Edu-
cation and Training's Learning Opportunities Task
Force by the University of Guelph's Centre for Students
ate a first-time "virtual network" across the Canadian with Disabilities has resulted in a $633,800 grant which
construction industry. Called the Construction Re- will fund a five-year p r o g r a m of s u p p o r t e d integration
search Institute for Canada, the joint university-in- for students identified as having learning disabilities. Un-
dustry partnership will promote research and devel- der the pilot project, titled the Learning Opportunities
opment aimed at improving construction productivity P r o g r a m , u p to 75 such s t u d e n t s will be a d m i t t e d to
and quality. It was m a d e possible by a $5 million gift Guelph, beginning in the fall of 1999.
from an anonymous Edmonton donor w h o recognized Building on experience and p r o g r a m components cur-
a need for effective, nation-wide collaboration. rently in place, this innovative approach will feature pre-
The U of A's dean of engineering, Dr. David Lynch, registration counselling, academic advising, specially
says that, until now, construction companies have had tailored o r i e n t a t i o n p r o g r a m s , s u p p o r t e d l e a r n i n g
virtually n o w h e r e to turn for research and develop- groups, workplace skills and competencies development,
ment. A n u m b e r of similar initiatives have been tried and experiential education in the workplace. The pro-
in recent years but all have failed, largely because of g r a m includes a plan to closely involve faculty in under-
funding problems. standing the needs of students with learning disabilities
A three-member team housed in the engineering and in developing teaching m e t h o d s to work w i t h them
faculty will operate the Institute while interest on the more effectively. The university has also made a com-
$5 million donation, plus industry fees, will provide mitment to identifying and working with employers w h o
its $500,000 yearly operating budget. are prepared to learn more about learning-disabled stu-
dents and accommodate them in the workplace.
In The News:
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UNIVERSITY MANAGER • WINTER 1999 9
wo Halifax-based educational in- M a n a g e m e n t ) and ITI Information
stitutions have launched Cana- Technology Institute to meet the criti-
Course charted da's first national information-tech- cal need for IT (information technol-
for information- nology MBA degree. The MBA (IT) ogy) managers.
degree, an intensive blend of manage- The p r o g r a m starts February 1999
technology m e n t and information technology in Halifax, Moncton and Vancouver.
degree education and experience, grew from Classes will also be offered in Toronto
a p a r t n e r s h i p b e t w e e n Dalhousie and Ottawa. Other major C a n a d i a n
U n i v e r s i t y ( t h r o u g h its Faculty of centres will be added over the next
year. P r o s p e c t i v e g r a d u a t e s m u s t
have an u n d e r g r a d u a t e degree a n d
meet Dalhousie's MBA entrance re-
^V''% quirements. Students m u s t also meet
the aptitude criteria adopted by ITI.
CATALOG O F ^ The degree course also includes ex-
tensive employment a n d career plan-
ning support.
AGRICULTURAL :
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Update your library with trie latest on agricultural subjects ranging from
technologie
rarm business management to machine operation ana service, plus our de ('information
newest titles on today s hottest topics. SSPllh*. eux e t a b l i s s e m e n t s d e Halifax
New titles: ont lance le p r e m i e r MBA en
• Hitch Up a Computer for Your Farm ' technologie de l'information. Le MBA
(IT), un amalgame intensif de forma-
• The Precision-Farming Guide for Agriculturists
tion et d'experience en gestion et en
' The Internet Guide for Agriculturists technologie d e l'information, est issu
• Hydraulic System Diagnostics d ' u n e alliance entre l'Universite Dal-
• How Agricultural Policy Affects You housie et sa faculte de gestion et le In-
• Managing Price Risk in Ag Commodity Markets formation Technology Institute (ITI)
et entend r e p o n d r e aux besoins gran-
• Managing Wildlile as an Agricultural Enterprise
dissants de gestionnaires en techno-
Each textbook is packed with information . . . plus color illustrations and
logie de l'information.
easy-to-read descriptions that help simplify today's complex arming trends.
Le p r o g r a m m e d e b u t e en fevrier
These textbooks are required reading lor students in many secondary 1999 a Halifax, Moncton et Vancou-
schools and beyond. Complete teaching packages are also available. ver. Des classes seront aussi offertes
Enrich your learning resources - call or write today a Toronto et Ottawa. D'autres g r a n d s
tor your F R E E catalog. centres c a n a d i e n s s'ajouteront au
cours de l'annee. Les candidats doi-
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call 1-800-522-7448 or write: de Dalhousie et les criteres d ' a p t i t u d e
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10 UNIVERSITY MANAGER • WINTER 1999WHO UNDERSTANDS THE
TASTES OF TODAY'S STUDENTS?
At ARAMARK, we don't pretend to understand everything about kids. Just when we start to get their music,
their clothes and their slang, they're on to something else.
But what we do understand is changing times. Even our own name has changed. We used to be Versa Services.
But some things don't change. Students will always want good food in a fun environment. And you'll always
be looking for economical ways to serve them.
Which is why we offer more new and popular choices - from our own food concepts such as Itza Pizza',1'
Wraps, Allegro Pasta, and Fresh Tossed Salads to popular brands like Tim Horton'sf Mr. Sub? and Burger King?
And we offer you a range of customized food programs, marketing services and training from traditional
residence services to the latest retail concepts. All driven by our unique "Unlimited Partnership" culture.
Our innovations have increased student participation and lowered costs at more than 500 educational
facilities around the world, including dozens here in Canada.
And we help our educational partners in many other ways, too. From event catering to facilities management
to office management services. Now, how can we serve you?
ARAMARK
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ARAMARK® Managed Services for Business, Education, Healthcare, Sports & Entertainment, and Government;
Food, Refreshment, Office Management, and Facility Services. Visit us at www.aramark.caLakehead to partner > : :i; ;
with regional hospital
Lakehead University and T h u n d e r Bay Regional Hospital
U ofS and province join forces in
have come to an u n d e r s t a n d i n g that will lead to a part-
nership agreement involving the transfer of 60 acres of
veterinary diagnostic business
land, valued at approximately $3 million, for the p u r p o s e
of building and operating a new acute care hospital. The A new company to provide veterinary diagnostic
services in Saskatoon and Regina has been cre-
ated by the University of Saskatchewan and Saskatch-
land w o u l d be transferred to the hospital u n d e r terms that
w o u l d see the university retain an interest in commercial ewan Agriculture and Food (SAF). Prairie Diagnostic
d e v e l o p m e n t opportunities that may occur as a result of Services will integrate the laboratory diagnostic serv-
the hospital's presence. The u n d e r s t a n d i n g enhances the ices previously operated by SAF in Regina and by the
university's academic interests in the health sciences area, University's Western College of Veterinary Medicine.
and gives the hospital room to develop a "hospital cam- The company will be headquartered in Saskatoon
p u s " and the potential to develop a unique set of relation- and will actively seek to develop new markets and
ships with the Northern Ontario Medical Program, Fam- services such as food safety testing. The biggest im-
ily M e d i c i n e N o r t h , H e a l t h Sciences N o r t h , Lakehead mediate source of business will be the Veterinary
University and Confederation College. Teaching Hospital, but private veterinary practition-
ers will also require a considerable amount of diag-
nostic work. At the Western College of Veterinary
Phillipon is new ED of health sciences Medicine, the new company will take over the diag-
at U of A nostic labs serving departments such as pathology,
clinical pathology, microbiology, toxicology,
D r. Don Phillipon has been appointed executive direc-
tor, health sciences at the University of Alberta. This
new senior position will focus on opportunities for interdis-
endocrinology and parasitology.
In creating Prairie Diagnostic Services, the prov-
ince will increase its level of support and inject $1
ciplinary collaboration among the faculties involved in health
million of new money into the venture. The U of S
sciences as well as on developing linkages with other facul-
will continue to contribute $300,000 to $400,000 an-
ties to respond to emerging needs of the health system.
nually through grants and fees for service. Unique in
Dr. Phillipon brings to the position more than 25 years
Canada, the company is the first provincial veterinary
experience in senior government and health service positions.
laboratory diagnostic service to be incorporated.
He has worked in education and health for both the Saskatch-
ewan and Alberta governments. Most recently, he served as
deputy minister of health in Alberta and as vice-president
with the Capital Health Authority.
Collaboration to increase
Winnipeg program meets between Saskatchewan
needs of aboriginal students and China
The University of Winnipeg Continuing Education Di- Representatives of the University of Saskatchewan's Col-
vision, in p a r t n e r s h i p with Sanderson & Associates, lege of Medicine and the N o r m a n Bethune University of
an education and administrative services company, Medical Sciences (NBUMS) of C h a n g c h u n , Jilin, People's
has introduced a n e w 10-month, full-time Aboriginal Republic of China, h a v e formally agreed to strengthen a
Educational Assistant p r o g r a m . This d i p l o m a p r o - n u m b e r of collaborative activities that have been ongoing
gram, the only one of its kind in Manitoba, combines between the two institutions for over a decade.
the principal c o m p o n e n t s of the Educational Assist- Under the renewable accord, which initially will be in
ant D i p l o m a P r o g r a m w i t h a n aboriginal c u l t u r a l effect for five years, NBUMS will annually host one U of
component, career counselling and a school placement S medical student for two weeks of training in such areas
practicum. It is designed to p r e p a r e aboriginal peo- as acupuncture and traditional Chinese medicine, and one
ple as educational assistants in classrooms or resource U of S faculty member to strengthen scientific collabora-
centres. Participants are also taught to recognize cul- tion between the universities over a 10-day stay. Similarly,
turally u n i q u e challenges facing aboriginal children the U of S will annually host two NBUMS faculty m e m -
in the school system. bers for the same reason
12 UNIVERSITY MANAGER • WINTER 1999Trent establishes Native Studies program
T rent University in Peterborough will admit the first
group of students to Canada's inaugural doctoral pro-
g r a m in Native Studies in September 1999. In so doing,
Trent will join the University of Arizona as the only Na-
tive Studies PhD programs in North America.
Trent views the new PhD program — only its second
PhD offering after Watershed Ecosystems — as a signifi-
cant new educational initiative that will benefit aborigi-
nal and non-aboriginal persons across Canada. In addi-
tion to incorporating traditional aboriginal knowledge
Canadian Universii
with academic scholarship, the second year of the three-
year program will require students to do a practicum field
placement, working for an aboriginal organization or in
Bookstores Limite 3
an aboriginal community.
Trent introduced C a n a d a ' s first Native Studies pro-
g r a m in 1969 and was also the first Canadian university
Canada's national b o o k
to offer an honours year in Native Studies. retailer offers
its services to the
Programme d'etudes autochtones a Trent collegiate community.
'universite Trent de Peterborough accueillera le pre-
L mier g r o u p e d ' e t u d i a n t s au d o c t o r a t en e t u d e s
autochtones au Canada en septembre 1999. Seule l'Uni- Our expertise in all facets
versite d'Arizona offrait un doctorat en etudes autochto- of bookstore operations
nes en Amerique du Nord jusqu'a present.
L'Universite de Trent considere que ce nouveau pro- will improve service levels,
g r a m m e -elle offre un autre p r o g r a m m e de doctorat en product availability,
e c o s y s t e m e s h y d r o g r a p h i q u e s - beneficiera tant aux
a u t o c h t o n e s q u ' a u x C a n a d i e n s en general. En plus de and the financial return
marier les connaissances autochtones traditionnelles au
savoir academique, le p r o g r a m m e oblige les etudiants a
of your c a m p u s bookstore,
travailler aupres d ' u n organisme autochtone ou au sein as it does at the
de la c o m m u n a u t e autochtone au cours de la deuxieme
annee de ce p r o g r a m m e de trois ans.
McGill University
L'universite Trent a lance le premier p r o g r a m m e ca- Bookstore.
n a d i e n en etudes autochtones en 1969 et etait la premiere
universite canadienne a offrir une specialisation en etu-
des autochtones.
We'd be pleased to speak
with you at any time.
Pilot project to make recruiting
foreign faculty easier Chapters Canadian
Federal and provincial g o v e r n m e n t s are making it University Bookstores Limited
easier for spouses of professors hired abroad to work 90 Ronson Drive
in Quebec. A one-year pilot project launched in Octo-
Toronto, Ontario
ber is aimed at attracting highly skilled workers to
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in C a n a d a . U n d e r the n e w pilot project, once the Fax: (416) 243-0347
spouse of a professor on a visitor's visa gets a job of- e-mail: swift@chapters.ca
fer in one of n u m e r o u s professional and managerial
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A CANADIAN BOOK COMPANY
UNIVERSITY MANAGER . WINTER 1999 1 3Banner donnera aux etudiants, aux
Banner unfurled members will be able to access and sub-
professeurs et au personnel un acces
mit student information electronically.
at Dalhousie Faculties and departments will be able plus aise a de l'information plus pre-
cise et a jour. Les etudiants pourront
The first m o d u l e for a new Banner to download data from the system for
poser leur candidature, s'inscrire, choi-
system is up and running in student ad- their own use. Banner will also reduce
sir leurs cours et suivre leur progres sur
missions at Dalhousie University. Ban- the duplication of effort and cost
le Web. Les professeurs auront acces
ner is the integrated suite of adminis- involved in maintaining separate
aux donnees etudiantes a l'ordinateur
trative information systems that will, databases.
et pourront eux aussi afficher de Tin-
over the next few years, replace the formation. Les facultes et departements
university's existing stand-alone com- Dalhousie adopte Banner pourront telecharger du systeme les
puter systems for student, financial, L'Universite Dalhousie a lance le pre- donnees dont ils auront besoin. Banner
h u m a n resources and alumni and de- mier module du systeme Banner au reduira aussi le dedoublement et les
velopment information. service d'admissions de l'etablisse- couts relies au maintien de banques de
With the Student Admissions Mod- ment. II s'agit d'une suite integree de donnees separees.
ule, applications for the spring and fall systemes de gestion informatisee qui
of 1999 will no longer be processed in prendra le relais au cours des prochai-
the old s t u d e n t information system nes annees des systemes informatiques
which is not able to handle dates be- independants utilises pour les dossiers SFU helps fight
yond 1999. Banner will also mean a des etudiants, les finances, les ressour-
changeover for the student accounts ces humaines, les anciens et les levees greenhouse gas
receivable system, Tapestry (which
handles existing financial information),
de fonds. emissions
Avec ce premier module, les deman-
the personnel/payroll information sys-
tem, and the alumni development in-
des d'inscription pour le printemps et
l'automne 1999 ne seront plus traitees
A c o m p u t e r model developed
at Simon Fraser University
for evaluating policies will play a
formation system. par l'ancien systeme qui n'etait pas
Banner will ultimately give students, key role in helping the country re-
compatible avec l'an 2000. Banner rem-
faculty and staff better access to infor- d u c e its g r e e n h o u s e gas emis-
placera le systeme de comptes clients
mation that is m o r e accurate and sions. The federal government is
etudiants, Tapestry (qui traite r e f o r -
timely. Students will be able to apply, using the model called ISTUM, or
mation financiere), le systeme de paie
register, select classes and check their intra-sectoral t e c h n o l o g y use
et de personnel et le systeme des an-
academic progress via the Web. Faculty model, to estimate the costs asso-
ciens et des levees de fonds.
ciated w i t h r e d u c i n g C a n a d a ' s
g r e e n h o u s e gas e m i s s i o n s a n d
develop policies that will help the
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14 UNIVERSITY MANAGER . WINTER 1999W e get you around the globe.
Knowing local customs is impera- express companies. You benefit from you develop new markets. Would you
tive. Especially when important ship- our combined expertise in shipping like to find out what TNT can do for
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Survey
..at sinking feeling
'causes of theTitanic's unfortunate
ision and forever-plunge into the
;y deep were a gigantic ice cube and
**•»? owner's determination to seek re-
1 with insufficient regard to risk,
evidently, moving full-steam ahead
1 different m e a n i n g and conse-
rves for the masters of the Titanic
iuii it did for that other famous tar.
Noah. Notwithstanding their different
fates, getting the passengers safely to
their d e s t i n a t i o n is p a r a m o u n t to
every good captain. Identifying and
weighing the costs of not doing so are
in the domai
gods, and e n d o w m e n t fund fiduciar-
ies, for w h o m no periscope has suffi-
cient magnification to view a port that
rizon. Thus, for the people who man-
age e n d o w m e n t s , the kev is navigat-
ing the route.
The route has been exciting, if not
alarming, d u r i n g 1998. Major market
corrections, a liquidity crisis, t h e
l o o m i n g threat of deflation, antici-
p a t e d c o r p o r a t e e a r n i n g s declines,
ongoing uncertainty about interna-
tional economies, the out-of-control
c o m m u n i c a t i o n technologies e x p l o -
sion, millennium angst, and generally
(Continued on page 18)ALLOCATION
ALLOCATION
ALLOCATION
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Visit our web site at www.cclgroup.comset allocation and targeting positive
inflation-adjusted r e t u r n s that are
Asset Allocation Highlights synchronized with the fund's spend-
Asset mix tends to be the critical element in fund performance, and ing objective. Managers of e n d o w e d
historically equities have proved to be the highest returning, although assets must focus on the long term
more volatile, asset class. At December 3 1 , 1997, asset class exposure and embrace a disciplined investment
varied significantly among reporting institutions. strategy while minimizing the admin-
• Highest Canadian equities exposure: St. Francis Xavier held 67%, istrative costs. They need to resist the
followed by Carleton with 56%. pressure to spend more than is eco-
• Highest US equities exposure: Trinity Western held 57%, followed nomically viable over the long run -
by Alberta with 45%. current research points to a spending
• Highest non-North-American equities exposure: Calgary held 38%, rate of 4% to 5% of a multi-year roll-
followed by Concordia with 29%. ing average market value. Most of all,
• Highest non-Canadian equities exposure: Trinity Western held 57%, they must avoid market timing, just
followed by McGill with 52%. like a tanker, by reacting slowly to the
• Highest total equities exposure: Trinity Western with 89% and doomsayer's advice to change course,
Calgary with 68%. McGill and Toronto followed neck-and-neck with and not toss those tempestuous equi-
67% apiece. ties overboard because it is their na-
• Highest fixed income exposure: Five schools held between 80% ture to be volatile.
and 100%, while 25 schools held from 50% to 80%. That was at the Educational institutions are in a
end of a year of strong equity returns, which would tend to leave logical p o s i t i o n to use well-re-
the fixed income underweighted. searched a p p r o a c h e s to i n v e s t m e n t
• Highest short-term exposure: Eight institutions had cash weightings management, and leave the knee-jerk
greater than 10%. reactions w h e r e they belong ... on the
• Most unconventional (and author's favourite) asset mix: Trinity sell side of the street. Universities are
Western held 11% in bonds, 32% in Canadian equities and 57% in US home to the academics w h o p r o d u c e
equities. some of the best thinking and most co-
herent management advice. It is like
The one-year total rates of return at December 31, 1997 for the major having beacons in our waters.
asset categories were: Canadian equity (TSE 300), 15.0%; US equity Demographics in Canada indicate
(S&P 500), 39.1%; Non-North-American equity (MSCI EAFE), 6.1%; Ca- that we are coming to an important
nadian bonds (SCM Universe), 9.6%; and Cash (91-day Canada T-BHis), time for development: a large segment
3.2%. of the population will contemplate the
succession of its assets in the near fu-
Some institutions are restricted in their asset allocation due to provin- ture. Earlier this year, a discussion pa-
cial legislation, as in British Columbia. Many are subject to legal re- per released by the Broadbent Panel on
quirements imposed by the terms of endowed gifts that prescribe the Accountability and Governance in the
investments to be held. Without discretion over the asset mix, endow- Voluntary Sector proposed a new Ca-
ment fund fiduciaries may be constrained to less equity and foreign nadian charities commission to replace
investments than desired and therefore to less diversification and lower Revenue Canada's Charities Division.
returns It would, besides basic monitoring, as-
sist charitable organizations in setting
operating standards and ensure public
(Con tinned from page 16) u p a g a i n s t a rocky shore this past
access to information. Growing the
year. Hedge funds, commodity plays,
mixed messages in the investment en- public's trust should help direct chari-
arbitrage strategies and plain vanilla
v i r o n m e n t have not m a d e for s m o o t h table giving to areas most beneficial to
o v e r w e i g h t e d equities did not pro-
sailing. Canadians and, it is hoped, narrow the
v i d e shelter d u r i n g the turbulence.
Given the proliferation of invest- gap between Canadian and American
The last year has been a s u p e r b ex-
ment products and present-day per capita donation statistics. If the dis-
a m p l e of the " w h e n things can go
means for sophisticated portfolio con- cussion paper is a sign of the times, it
w r o n g , they d o " principle.
struction, generating positive risk-ad- is good news for Canadian institutions
justed r e t u r n s can be a d a u n t i n g task of higher learning whose ability to fund
w h e n no single p r o d u c t or combina- Oh, buoy! academic objectives is increasingly de-
tion of investment styles can weather For an e n d o w m e n t fund, full steam pendent on raising and caring for en-
all storms. Some of the strategies most ahead entails sticking unrelentingly dowment funds.
t o u t e d for their ability to h e i g h t e n to a sound long-term course. Strate-
portfolio diversification have washed gically, this means maintaining its as- (Continued on page 20)
18 UNIVERSITY MANAGER • WINTER 1999Save energy with
Dollars to Sense
The key to energy efficiency is knowing where the
savings are. Because the more you know, the more you
save. That's why the Office of Energy Efficiency (OEE)
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Voluntary Challenge and Registry Program contributes to Canada's greenhouse gas
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Energy Efficiency Workshops, or for
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Workshop 2 and locations, please call
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• collect relevant data Office of Energy Efficiency
• create an energy consumption baseline Natural Resources Canada
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• evaluate the performance of energy efficiency projects Fax:(613)947-4121
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Natural Resources Ressources naturelles g^\ 11*1
1*1 Canada Canada
Canada
Office of Office de
Energy Efficiency I'efficacite energetique(Continued from page 18)
Ship building Total Rates of Return —
In the complicated business of building and managing en- the Asset Mix Connection
dowment funds, even keeping the basics in order can be a
logistics-defying challenge. This could hardly be more the case One-year top performer: St. Francis Xavier, 28.1%
for university and college administrators for w h o m the phrase total rate of return (December 1997 snapshot of win-
"doing more with less" brings back warm and fuzzy memo- ning asset mix: 23% fixed income, 67% Canadian equi-
ries of gentler times. Being stretched to the max is the order ties, 10% US equities)
of the day, unfortunately. • Runner-up: Trinity Western, 25.8%
Continual and disciplined revisiting of the fundamentals • Median one-year rate of return: 1 3 . 7 % / 5 0 of 57
will, however, help harness the chaos. Modern portfolio respondents
theory has given us a resilient quantitative model of the ben-
efits of diversification in which no leaks worth speaking of Two-year top performer: St. Francis Xavier, 26.3%
have sprung. Investors can minimize risk in their capital mar- annualized total rate of return (December 1997 snap-
kets exposure through broad diversification. Long-term his- shot of winning asset mix: [see above])
torical returns of asset classes, being as they are the only pos- • Runner-up: Alberta, 22.4%
sible, and not-unreasonable, proxy of future returns, allow • Median two-year rate of return: 15.0% / 39 of 57
for the charting of an asset allocation appropriate to a per- respondents
petual time horizon. Between a 50% and 90% weighting in
equities, depending on a school's risk preferences, will carry Four-year top performer: Alberta, 17.8% annualized
the cargo to the desired destiny. A long-term asset mix tar- total rate of return (December 1997 snapshot of win-
get, with an occasional tweak depending on capital markets ning asset mix: 39% fixed income, 14% Canadian equi-
forecasts, will do much to keep fund performance sailing ties, 45% US equities)
along. • Runner-up: Acadia, 16.4%
The cloud on the horizon is market psychology - or psy- • Median four-year rate of return: 11.9% / 31 of 57
chosis depending on your viewpoint. When the seas get rough respondents
with political and economic fallout, it is time to tighten the
ropes not fold up the sails. Ten-year top performer: Alberta, 15.5% annualized
total rate of return (December 1997 snapshot of win-
Highlights of the 1997 survey ning asset mix: [see above])
The objective of the annual CAUBO survey of endowment • Runner-up: Montreal, 14.4%
fund assets is initially to compile the ocean of investment data • Median ten-year rate of return: 12.4% / 13 of 57
provided by universities and colleges into a book format that respondents
is distributed to the participants. In turn, the raw material of
the survey data is the basis for the analysis and statistics re- Caveat: The winning mix, stated as at the end of 1997,
ported in this article. The survey presents a snapshot of the does not necessarily represent a constant allocation over
endowment assets at the end of the calendar year; comparing any performance interval; however, it is an indicator of
the data from one year to the next offers a gauge of recent the long-run strategy adopted by that institution.
developments and gives an indication of the progress of Ca-
nadian university endowment funds. (Continued on page 22)
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20 UNIVERSITY MANAGER . WINTER 1999Du gros bon Sens,
des economies
Le secret de l'efficacite energetique, c'est de savoir ou
economiser; et plus vous en savez sur le sujet, plus
vous economisez. L'Office de l'efficacite energetique a
concu les ateliers Le gros bon $ens dans cette optique,
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vers l'efficacite energetique, a la maison, au travail et
sur la route.
Atelier 1
Le gros bon Sens : Un plan d'action energetique
Tout ce que vous devez savoir pour elaborer et mettre en oeuvre un
plan complet d'efficacite energetique. Vous apprendrez comment:
• constituer une equipe de gestion de l'energie
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• profiter de possibilities de financement et d'assurance Inscrivez vous aux deux ateliers pour
• trouver de nouvelles solutions economiques de gestion de l'energie seulement 5 0 0 $, TPS en sus. Les
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Atelier 2 telephoner au :
Le gros bon Sens : Gerance energetique (suivi et
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• etablir une annee de reference Ressources naturelles Canada
• analyser la consommation energetique et detecter les anomalies 580, rue Booth, 18 etage
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Ressources naturelles Natural Resources
1*1 Canada Canada
Canada
Office de Office of
l'efficacite energetique Energy EfficiencyGrowth in Endowment Funds 1993 - 97
Canadian Universities and Colleges
As at December 31 1993 1994 1995 1996 1997
Assets ($ Billion) 2.54 2.59 3.14 3.74 4.60
Number of Schools 49 48 52 52 57
(Continued from page 20)
Total funds
Total funds reported increased by an impressive 23% in jostling in the ranks took place d u r i n g 1997 and signifi-
one year. Assets totaled $4.6 billion at the end of 1997, cant gains in assets were reported by Queen's (up by 43%),
u p $858 million from $3.7 billion at the end of 1996. En- York (up 46%), Victoria University (UT) (up 41%), Bish-
d o w m e n t assets reported in the survey grew by 81% over op's (up 64%), Lakehead (up 55%), Laurentian (up 45%),
the five years e n d e d December 31, 1997 and the n u m b e r Nipissing (up 83%), and Saint-Paul (up many-fold). This
of r e p o r t i n g institutions rose from 49 to 57. Welcomed growth is net of s p e n d i n g and fees, and is attributable to
first-time r e s p o n d e n t s were HEC (Quebec), Trinity West- investment performance, fund additions and newly re-
ern (BC), King's University College (Alberta) and Algoma ported amounts.
(Ontario). Bravo!
University of Toronto easily held onto its top ranking Concentration
w i t h assets of $799 million ($931 million including the It is not coincidence that the greatest g r o w t h was experi-
e n d o w m e n t assests of U of T's federated universities), up enced by institutions in Ontario where approximately $200
3 1 % from the previous year. UBC clung to its n u m b e r two million was injected as a result of the Ontario Student O p -
rank followed by McGill, with $554 and $549 million re- portunity Trust Fund program. Total e n d o w m e n t s held
spectively, both u p more than 13% in one year. Lots of by 23 Ontario institutions represented 40% of total re-
ported assets, up from 36% at the end of 1996. Four uni-
versities in British Columbia held 16% of total assets,
Manager Highlights d o w n from 17% last year. Six Quebec universities held
Managers ranked by number of university
14% of total assets, McGill accounting for 80% of the Que-
endowment clients mandates: (1)
bec total. Alberta's four institutions held 13% of e n d o w e d
Jarislowsky Fraser with nine, (2) Phillips
assets. The 21 institutions in the six remaining provinces
Hager fit North with eight, (3) Sceptre with
held in aggregate 17% of Canadian e n d o w m e n t assets.
seven (4) Seamark, TAL, and Templeton
tied with four each. Of 57 e n d o w m e n t funds, the 10 largest funds - each
Managers with most endowment dollars un- with more than $100 million - held 72% of total e n d o w -
der management: (1) Phillips, Hager & ment assets, compared to 73% last year. A m o n g them, the
North, (2) Jarislowsky Fraser, (3) Barclays top four held 50% of the total reported C a n a d i a n e n d o w -
Global and (4) TD Asset Management. ments, versus 5 1 % in 1996. The middle 22 funds, ranging
New managers on the endowment circuit: from $20 to $100 million, together accounted for 24% of
Addenda Capital, Bissett fit Associates, all assets. Small is also beautiful: the 25 smaller funds,
BonaVista, Brandes Partners, Burgundy, with assets valued between $0.4 and $20 million, repre-
Frank Russell, Global Asset Management sented 4% of Canadian e n d o w m e n t s .
(hired by two universities), Nicholas
Applegate, and Putnam.
Managers already on circuit that added ad-
Mandates and managers
ditional university clients: Barclays Glo- In 1997, universities and colleges hired nine new m a n a g -
bal (hired by two universities), Jarislowsky ers and a staggering 32 new m a n d a t e s were assigned. This
Fraser (hired by four), Montrusco (by one), is unprecedented activity and reflects the w o r k u n d e r -
Phillips, Hager fit North (two), Sceptre taken to invest the 23% increase in assets. Part two of the
(one), Seamark (one), TAL (one), TD Asset story is that several universities restructured their funds.
(two), Templeton (three). This type of activity is unlikely to be repeated on such a
scale in the near future and, u n d o u b t e d l y , 1998 will seem
22 UNIVERSITY MANAGER . WINTER 1999You can also read
