Penn State appoints investment council members

Lynn Russo Whylly's picture
Thursday, October 17, 2013

Penn State's endowment and similar funds increased by $174 million in fiscal year 2013, and the total market value reached a record high of $2.03 billion as of June 30, 2013, according to a report to the Board of Trustees today (Sept. 20).

John Pomeroy, the University's chief investment officer, explained that in addition to endowment and similar funds asset values, the University also reported asset values for non-endowed funds, which were commingled into the university’s long-term investment pool to strategically fund the university’s liability covering post-retirement health care benefits for Penn State retirees. The generally accepted accounting practice for liability coverage for retiree benefits is referred to by the Financial Accounting Standards Board as Financial Accounting Standards No. 106, or FAS 106.

Read more »