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INVESTMENT COMMITTEE

(Board of Trustees Meeting, January 30, 1977)



At a previous meeting of the Board of Trustees, a request had

been made that an investment committee be established to work with

the President of the College and the Treasurer of the College in

making decisions with regard to the purchase and sale of securities

belonging to the College, the decisions to be consistent with broad

policies established by the Board of Trustees.



After discussion of the question, the Board of Trustees acted

+o establish an Investment Committee consisting of the Chairman of

the Board of Trustees, the President of the College, two members of

the Board of Trustees appointed by the Chairman of the Board of

Trustees, and the Treasurer of the College.



It was agreed that decisions of the College with regard to the

purchase or sale of securities belonging to the College will be the

responsibility of this committee. Actions by the President and the

Treasurer in the purchase and sale of securities will be based on

decisions of this group, with the additional provision that the

Investment Committee will report its decisions concerning the buying

and selling of securities to the Executive Committee of the Board

of Trustees and will have the concurrence of the Executive Committee

of the Board of Trustees before these decisions are finalized. It

was provided that this consultation with the members of the Executive



Committee could be by telephone.




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Guidelines To Be Followed



The following guidelines are to be adhered to by the Investment 7

Committee in carrying out its responsibilities under this proposal:



1) The Investment Committee will determine the manner in which

it wishes to have the College's securities purchased and sold.



2) The Investment Committee will determine the best means for

the retention and servicing of those securities held by the College.



3) The Investment Committee will determine if it wishes to retain

the services of an investment adviser, an investment advisory

service, or brokerage house.



4) Securities transactions will not be made through or with a

brokerage firm with which a member of the Investment Com-

mittee has a financial interest, and care will be taken by the

Committee to avoid any other possible conflict of interest

situation.



5) The Chairman of the Board of Trustees will serve as the Chair-

man of the Investment Committee.



6) The Investment Committee will maintain a written, permanent

record of its investment decisions with regard to the purchase

or sale of securities, and the Treasurer of the College will



serve as the secretary and recorder for this purpose.



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