2018 Treasury Institute Symposium Agenda
Savannah, GA                                               
January 28 – 31, 2018


Sunday January 28, 2018                                             

1:00 pm - 5:00 pm         Registration

Concurrent Sessions

2:00 pm – 3:00 pm        Disrupters in Higher Education:  What's Happening?

William ElderDirector of Accounting, Liberty University; Scott Hicks, Vice Provost for Graduate School, Liberty University;  and Eric Wild, Managing Director Fixed Income Division, Morgan Stanley

This session will look at a variety of disruptors to traditional higher education and the means of disruption in the traditional delivery of higher education, including online course delivery, mergers, MOOC’s, eliminating freshman year classes and much more.

2:00 pm – 3:00 pm        Exploring Fixed Income Opportunities and Strategies in a Rising Rate Environment

Donald Lukes, Treasurer, Indiana University and Peter Yi, Senior Vice President, Northern Trust Asset Management

Short term liquidity management in a rising rate environment is something we have not seen in 10 years. Many of those managing cash today could use a refresh of ideas of investment of excess short-term liquidity options.

2:00 pm – 3:00 pm        We’ve Decided to Explore a Long-Term Third Party Partnership…Now What?

Michael Papadakis, Deputy Chief Financial Officer, Treasurer and Vice President of Financial Services & Innovation, The Ohio State University; John Augustine, Managing Director, Barclays

Long-term third-party partnerships are becoming increasingly visible in the higher education sector as an opportunity to further the institutional mission while achieving a number of financial and operational benefits. At the same time, these P3 strategies introduce risk that must be carefully evaluated and significant complexity with respect to the assessment, planning and implementation processes. This session will walk through the steps required to develop the architectural framework of a long-term partnership, with particular focus on structuring the relationship to ensure strong performance and alignment of incentives over a long commitment period. Incorporating important lessons learned from The Ohio State University’s recent comprehensive energy management initiative, speakers will discuss the University’s approach to (i) evaluating third party candidates, (ii) assessing operational, counterparty and governance risks, and (iii) planning for successful implementation and ongoing oversight.

3:00 pm – 3:15 pm        Break

General Session

3:15 pm – 4:45 pm        Idea Exchange

Nancy Majerek, University of Notre Dame (moderator)

This is an open forum for participants to discuss their pressing issues and learn solutions from other schools. This is a great way to ease into the conference and reconnect or meet new higher education treasury colleagues so you can speak further with them during meals and networking breaks in addition to follow up after the conference.

5:00 pm – 5:30 pm        New Attendee Reception

5:30 pm - 6:30 pm         Welcome Reception    


Monday January 29, 2018                                            

7:30 am - 5:00 pm         Registration    

7:30 am – 8:30 am        Breakfast

General Session

8:30 am – 9:00 am        Opening Remarks

James Matteo, Board Chair, Treasury Institute of Higher Education and Treasurer, University of Virginia and Jon Speare, Executive Director, Treasury Institute of Higher Education

9:00 am – 10:15 am       Distributed Ledger Technology: Its Future in Higher Education

Robert Harpool, PhD, Principal, Campus DL Solutions

Universities conduct thousands of transactions every month internally and externally. They currently use multiple financial systems built on antiquated infrastructure. Distributed ledger technology is a nascent technology that promises to bring noteworthy efficiencies and risk controls to the business units of higher education. Sorting through a wide array of use cases and their associated impacts will be problematic for the administrators who make strategic decisions for their respective institutions. Dr. Harpool provides an overview of the origin, components, and types of DL technology in a way that is easy-to-understand and remember. Through his discussion, Dr. Harpool provides the illumination necessary for those with a fiduciary responsibility to preemptively adjust to the ever-accelerated pace of technological change on campus.

10:15 am – 10:30 am    Break

Concurrent Sessions

10:30 am – 11:30 am     Cyberfraud/Cybersecurity: Protecting Your Institution

Richard Aks, Vice President Finance and Associate Treasurer, Rutgers, The State University of New Jersey; Karen Kearney Treasurer, Stanford University; and Kevin Dillon, Business Information Security Officer, US Bank

This session will explore the latest cyber-threat trends, how the attacks actually work, and what you can do to protect your institution. We will discuss government programs, free resources, and lessons learned from defending one of the nation’s largest banks and major research universities.

10:30 am – 11:30 am     Managing for Lower Returns

Carolyn Ainslie, Vice President for Finance and Treasurer, Princeton University; Richard Bellis, Associate Vice President for Finance, University of Notre Dame; Michael Strauss, Chief Economist and Head of Asset Allocation, Commonfund; and Christopher Cowen, Managing Director, Bank of America Merrill Lynch (Moderator)

With a number of economists  predicting low economic growth and related depressed endowment returns for the foreseeable future, this session will discuss the impact on balance sheet leverage, the economic model, and what colleges and universities are doing to their adjust their models to address these issues.

10:30 am – 11:30 am     Credit Impact of Growing Academic Medical Centers: State of the Industry

Thomas F. Richards, Treasurer and Chief Investment Officer, University of Missouri System; Dennis Gephardt, Vice President/Senior Credit Officer, Moody's Investors Service; and Robert Kanzer, Managing Director, Prager & Co, LLC (Moderator)

Healthcare revenues have grown at the fastest rate compared to other revenue sources (tuition, research, state support) for the last 15 years. What will be the impact on academic medical centers, and university credit, from expected changes in healthcare under the new administration and ACA?

11:30 am – 1:00 pm     Networking Lunch

General Session

1:00 pm – 2:00 pm        Economic Update and State of the Markets

Michael Strauss, Chief Economist and Head of Asset Allocation, Commonfund

2:00 pm – 2:15 pm        Meeting Room Transition

Concurrent Sessions

2:15 pm – 3:15 pm        Liquidity, Leases and OPEBs, Oh My!

Susan I. Krauss, Treasurer, University of Kentucky; Donald Matthewson, Treasurer, University of Southern California; David Woodall, Assurance Partner, PricewaterhouseCoopers; and Roger Goodman, Partner, The Yuba Group, LLC. (Moderator)

The session will focus on key changes coming in the near-term for FASB (to take effect FY 2019) and GASB and why Treasurers and CFO’s need to consider early what type of information and commentary will be provided in response to the new disclosures. Key changes for FASB include: disclosing qualitative and quantitative information on how the organization manages and measures liquidity; combining the temporarily and permanently restricted net asset classes; and recognizing operating leases on the balance sheet. Important changes for GASB include: key
changes for public universities - new recognition and disclosure of OPEB liabilities on the balance sheet starting next year and recognizing operating leases on the balance sheet.

2:15 pm – 3:15 pm        Current Trends in Cash Forecasting & Liquidity

Richard Bellis, Associate Vice President for Finance, University of Notre Dame and Lori Snow, Director of Cash Management and Operations, Stanford University

In this popular breakout session, you will get a bird’s eye view on how some universities create value and maximize cash flexibility for their institutions by using cash forecasting techniques to achieve the objective of active management of operating liquidity. This session will explore real life scenarios of different approaches to advanced cash forecasting and liquidity optimization, and why the varying techniques of these two institutions succeeded.

2:15 pm – 3:15 pm        The Privatization Decision: Politics, Pricing and Partnership

Patricia Filippone, Executive Director, University of Massachusetts Building Authority; Peter Keyes, Deputy Associate Treasurer, Drexel University; and Patrick Russell, Managing Director, Wells Fargo

The Panel will focus mostly on the internal decision making process. How a system can coordinate multiple institutions and building a consensus on a university campus, especially among facilities and residential life. Determining the level of involvement by the institution and which portions of the DBFOM model (Design, Build, Finance, Operate, and Maintain) are essential to a successful implementation.

3:15 pm – 3:30 pm        Break

Concurrent Deep Dive Workshops       

3:30 pm – 5:00 pm        Global Payments and Banking: Alternatives to Meet More Complex and Developing Global Treasury Needs in Higher Education

Timothy Hesler, Assistant Treasurer, Global Banking, Cash Management and Treasury Operations, New York University; Patricia Reid, Associate Treasurer, Global Treasury Operations, Columbia University; and Carsten Hils, Global Head, Payments Division, INTL FCStone Inc.

The presentation will focus on strategies to consider to meet more complex and developing global treasury operations needs including examples from each organization and a broader discussion of best practices from other multinational corporations and large aid and development institutions. NYU will discuss a bank rationalization and selection case study for six sites in Western Europe and Columbia will discuss challenges and learnings from changing signatories on over 70 international bank accounts. Both Columbia and NYU will share examples of setting up bank accounts, mobile payments and P-Cards in developing countries. The panel will share solutions that worked including tight governance standards, minimizing bank balances, tracking petty cash, paying expenses locally or from HQ, and dealing with inflation factors for payroll. The presentation will also include examples from multinational corporations and the large aid & development institutions which include a reduction in local bank accounts, a move to send more local currency than hard currency, tighter controls in the approval process and more just in time funding as well as other topics around transparency and pricing. We will talk about the new initiatives to make payments more real time and how the SWIFT GPI initiative and Blockchain technology could improve the payment process. The panel will also provide a checklist to consider from a global banking and treasury viewpoint when evaluating payment options in a new country.

3:30 pm – 5:00 pm        Advancing the Role of a Central Bank

Allen Hah, Assistant Vice Chancellor for Finance, The University of Texas System; Chris Malins, Associate Vice President, University of Washington; Rich Yamashita, Treasurer, University of California – Los Angeles (Moderator)

Part one of the session is for beginners, and includes considerations such as what decisions need to be made when setting up a Central Bank. The remainder of the session is more advanced, and geared for those institutions who already have a central bank. Topics will include how to make loans and allocate capital to projects, credit analysis of potential projects, establishing loan rates vs. actual cost of capital, differential interest rates for different types of loans, amortization periods, and strategic considerations.

5:30 pm - 6:30 pm         Reception: “Southern Style”   


Tuesday January 30, 2018                                           

7:30 am – 8:30 am        Breakfast

General Session

8:30 am – 8:45 am        Opening Remarks

Mary Peloquin-Dodd, Associate Vice Chancellor for Finance and University Treasurer, North Carolina State University; Ron King, PCI DSS Workshop Co-chair, Treasury Institute of Higher Education; and Ruth Harpool, Managing Director, Indiana University

8:45 am – 9:45 am        What in the World! A Government Update

Terry Hartle, Senior Vice President, American Council on Education and Matt Hamill, Senior Vice President, Advocacy, Research and Communications, National Association of Colleges and University Business Officers (Moderator)

Higher Education has been greatly impacted by the recent Presidential election. Terry Hartle will share observations and update attendees on the political and economic climate as lawmakers wrestle with immigration, budget, tax and other policies.

9:45 am – 10:00 am       Break

Concurrent Sessions

10:00 am – 11:00 am     Strategic Financial Forecasting

Lisa Calise , Senior Vice President of Administration & Finance and Treasurer, University of Massachusetts; Jeff Glenzer, Vice President and Chief Operating Officer, Association for Financial Professionals and June Matte, Managing Director, PFM Financial Advisors LLC

The focus of this highly interactive panel is how to begin an enterprise-wide forecasting operation; what to include in the forecast; what assumptions to use; what tools exist; and communicating the results as part of a case study for a University that created an enterprise-wide forecasting function. The panel will also highlight the results of a recent survey that shed greater light on the particular professional and analytical skills necessary for successful forecasting.

10:00 am – 11:00 am     Acquiring a For Profit University: Case Study of the Kaplan Acquisition

James Almond, Senior Vice President and Assistant Treasurer, Purdue University; Christopher Cowen, Managing Director, Bank of America Merrill Lynch

Recent news about Purdue's acquisition of Kaplan University was a stunning departure for a major research university. It is still relatively rare for a nonprofit university to acquire a for-profit institution given the differences in business models. A lot of press was generated about the transaction. Some called it innovative, but risky. Other universities are partnering with private companies to expand their offerings-- Arizona State University (partnered with Pearson) and USC (partnered with a company called 2U). This session will describe the general landscape and provide an overview of the University's decision-making process and a case study in the acquisition.   

10:00 am – 11:00 am     Deferred Maintenance Funding

Richard AksVice President Finance and Associate Treasurer, Rutgers, The State University; Eliot Alfi, Director of Debt Management, Stanford University; and Timothy Bennett, Senior Vice President, PNC Bank, National Association

Colleges and universities nationwide have been facing issues with decades to centuries old buildings at a time when it is more critical than ever to reinvent classrooms and research space for the needs of the future. The panel will discuss their experiences with defining the scope of the issue at their institutions, their strategies for addressing deferred maintenance backlogs, and approaches for financing and funding.

11:00 am – 11:15 am     Meeting Room Transition

General Session

11:15 am – 12:15 pm     TED-Style Talks: Sustainability in the Face of Disruption

Carolyn Ainslie, Vice President for Finance and Treasurer, Princeton University; Jeffrey Scott, Executive Vice President for Finance and Administration, University of Washington; Brett Sweet, Vice Chancellor for Finance and Chief Financial Officer, Vanderbilt University; Ritu Kalra, Vice President Head of Higher Education Finance, Goldman Sachs

During the CFO “Ted Talk,” three financial leaders will speak to the dynamics that are transforming their institutions, and how they are responding to the challenges those dynamics pose. This panel is designed to dovetail with issues raised during other symposium sessions, including the sustainability of the endowment payout model, the sustainability of higher education capital spending and the infrastructure to support it, and the frontiers of new capital required to fund sustainability initiatives.

12:15 pm – 1:30 pm      Networking Lunch

1:30 pm – 2:30 pm        Lessons Learned from a Medical MOOC:  Exploring the Boundaries of Online Learning and What it Means for Higher Education

Leonard White, PhD Associate Professor, Duke University School of Medicine

In tandem with the theme of this year’s conference, Disruptive Forces in Higher Education, the combination of brain science, educational delivery, and massive online learning is compelling. Dr. White will share his experience and lessons learned from teaching a top ranked MOOC, Medical Neuroscience, and the implication for the delivery of online courses to a generation of digital natives.

 2:30 pm – 2:45 pm        Meeting Room Transition                          

Concurrent Sessions     

2:45 pm – 3:45 pm        Transforming Treasury: Taking a Collaborative Approach to Improving Treasury Operations

Philip Chick, Assistant Vice President and Treasurer, University of Dayton and James Lock, III,  Executive Director, J.P. Morgan Chase Bank, National Association

Colleges and Universities are striving to become more efficient and identify ways to transform their treasury environment for the 21st century. This session will highlight the study the University of Dayton launched to integrate university systems, business processes, and bank capabilities to reduce costs and increase the efficiency of its treasury management processes.

2:45 pm – 3:45 pm        Rethinking Payment Strategies – From a Pure Cost to a New Source of Value

Faye McCullough, Director, Disbursements and Travel, University of California - San Diego and Paul Simons, Managing Director, Supply Chain, BNY Mellon

This panel session will begin with a summary of payment options and the on-going payment transformation with the new payment platforms. Subsequently, panel member(s) will share their success stories across the continuum of student, staff and vendor payment options and explain their strategy, tactics and benefits. This will be a hands-on session that will provide real opportunities for higher education professionals to return to campus with ideas on how to reduce risk, reduce operational expense and increase interest and rebate income.

2:45 pm – 3:45 pm        Three Faces of Liquidity

Jay Calhoun, Interim Vice President for Finance and Chief Financial Officer, Brown University; Alexander Banker, Director of Investments, Yale University; Susan Fitzgerald, Associate Managing Director, Moody's Investors Service; Linda Fan, Managing Partner and Founder, The Yuba Group, LLC (Moderator);

The panel will consider liquidity from three different perspectives. Alex Banker will discuss Yale’s unusual structure in which the Investment Office is responsible for endowment management, operating cash and debt activities of the university. Jay Calhoun will describe Brown’s approach to cash forecasting, the impact of recent SEC money market reform on cash management and the role of institutional liquidity on debt and bank line decisions. Susan Fitzgerald will provide Moody’s perspective on liquidity quality and composition as well as how they assess the strength of finance and treasury management.

3:45 pm – 4:00 pm        Break

Concurrent Sessions

4:00 pm – 5:00 pm        Idea Exchange: Management/Institutional Strategy    

Program Committee Moderator

We will continue to discuss pressing issues and possible solutions with our peers.

4:00 pm – 5:00 pm        Idea Exchange: Cash/Operations Strategy                                     

Program Committee Moderator

We will continue to discuss pressing issues and possible solutions with our peers.


Wednesday January 31, 2018                                       

7:30 am – 8:30 am        Breakfast

Concurrent Deep Dive Workshops

8:30 am – 10:00 am       Balancing on the Bleeding Edge:  Emerging Payment Acceptance Ecosystems and FinTech

Thomas (Jim) Pierce, Senior Director, Bursar and Treasury Services, Georgia Institute of Technology; Stephen Kuhl, Managing Director Strategic Partnerships, Western Union Business Solutions; and Michael Wilson, Director, Transaction Services Sales, TouchNet Information Systems, Inc.

College campuses are ecosystems that manage and support dozens of merchants accepting payments for everything from online tuition to stadium concessions. How do you manage the endless combinations of payment methods and types – online vs. in person, card vs. ACH, credit vs. debit, open-loop vs. closed-loop, counterbased vs. mobile? Each choice impacts your risk profile, transaction costs, and compliance efforts. Learn the key strategies that can help you create a more cohesive environment for your payment “ecosystem”.

8:30 am – 10:00 am       Disruption in Higher Education: What Does It Mean for Credit Ratings?

Mary Peloquin-Dodd, Associate Vice Chancellor for Finance and University Treasurer, North Carolina State University; Susan Fitzgerald, Associate Managing Director, Moody's Investors Service and Jessica Matsumori, Senior Director with Public Finance Ratings, S&P Global Ratings

The first part of this panel will touch on a credit update from the rating agencies; what is new at the rating agencies, what trends are they seeing, and what are their outlooks and why? The second part of the panel will specifically address the disruptive forces we are seeing in higher education and what do the analysts foresee will be the impact on credit ratings in the future. How will the credit landscape change as a result?

10:00 am – 10:30 am     Break

10:30 am – 12:00 pm     Debt Workshop/Toolkit: Current Conditions, Challenges, and Opportunities

Mark DeLorenzo, Associate Vice President and Treasurer, Emory University; William Starkey, Senior Associate Treasurer, University of Washington and James Costello, Managing Director, J.P. Morgan Chase Bank, National Association

This interactive workshop aims to facilitate a discussion about the tools available for debt portfolio management and the impact of tax reform on a university’s debt toolkit. A summary of topics include: How did your institution react to tax reform?; How has the way you view taxable debt changed?; How does your institution view variable rate debt?; What tax-exempt debt structuring alternatives are you considering given the changed tax landscape?; Where is the tax-exempt market headed without advance refundings?; What are the opportunities and risks with
derivatives in today’s market?; For what types of projects is your institution issuing debt?

12:00 pm                      Symposium Concludes