b'FY2020 Endowment Value ($ millions)$250$200$178$150 $135$108$100$85 $76$50 $51$19Mount Union Capital Marie!a Heidelberg Deance HiramJohn Carroll Ohio Northern Wi!enberg MuskingumBaldwin WallaceHeidelberg again participated in the annual NACUBO-Commonfund Study of Endowments for the scal year ending June 2020. According to NACUBO, there were 705 U.S. Colleges and Universities that participated in the 2020 study, reecting a decline of 69 institutions or 9% from the 2019 study. Of those 705 institutions, 433 institutions are private colleges and universities. Data gathered for the study show that participating institutions endowments returned an average of 1.8% (net of fees) in 2020, compared with 5.3% return in 2019, 8.2% in 2018 and 12.2% in 2017.!e following are several charts highlighting Heidelbergs endowment performance with respect to peers and national average. John Carroll, Ohio Northern, Wittenberg and Hiram did not participate in the study.FY2020 Endowment Value per FTE Student ($ thousands)$80 $79$61Mission $60$55!e mission of this investment policy$45 $42is to establish the parameters and$40 $38$35structure of the investment program for the Heidelberg University$20Endowment Fund (the Fund.) !e program will employ professional management to maintain the real Marie!a Mount Union Heidelberg Muskingum Deance Capital HiramWi!enberg John Carroll Ohio NorthernBaldwin Wallacepurchasing power and provide prudent long-term growth of assets. 3'