Board Approves Investment Policy, Procedure Updates
The Pennsylvania College of Technology Board of Directors on Thursday authorized policy and procedure revisions related to the investment of college funds.
The updates include revising benchmarks to reflect current investment strategies, such as limited, controlled use of higher-yielding fixed-income instruments. A more detailed description of the investment manager’s role and responsibilities was added, as was a requirement to bid investment-management services periodically.
Barry R. Stiger, vice president for institutional advancement, told the board similar revisions will be presented to the Penn College Foundation Board on Friday for its approval.
In addition, a request for proposal to solicit bids for investment-management services for the college, the foundation and the Community Arts Center will be issued on Friday, Stiger said. If a new investment adviser is chosen, the firm would begin its service on July 1.
The board also approved a resolution allowing for an electronic signature on the college’s U.S. Department of Education submission for Perkins grant funding.
President Davie Jane Gilmour told the board a sales agreement has been finalized for a property purchased at 952 First St. in Williamsport, adjacent to the Student & Administrative Services Center. The cost is $160,000, but closing will not take place until after May commencement, since the property is currently rented/occupied by students. After the sales closing, the college will petition to demolish the structure. The property will be used for additional parking.
Gilmour said dismantling of a structure situated on the previously purchased Canteen Vending property at 201 Maynard St. is progressing. It is expected that green space will be in place there by summer.
The college achieved its Spring 2014 enrollment projections, Gilmour said, adding that on-campus housing is at 93.6 percent occupancy, and more than 300 housing contracts are in place for 2014-15, both ahead of last year’s pace.
The college’s application for provisional membership in NCAA Division III has been submitted, Gilmour said, and the college should know by April if it has been accepted.
State Sen. Gene Yaw, board chairman, told the board the governor’s proposal calls for flat funding for the college, though he is hopeful the amount can be increased in the ongoing budget process in the Legislature.
“We’ll work on that and see what we can do with it,” he said.
The next board meeting is scheduled for April 10.