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GEF Investment Policy Statement for Granite Education Foundation

This Investment Policy Statement outlines the guidelines for managing operational and endowment funds of Granite Education Foundation in compliance with Utah state statutes. The statement includes asset allocation and performance summary.

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GEF Investment Policy Statement for Granite Education Foundation

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  1. September 2013 “Nine tenths of education is encouragement.” -Anatole France

  2. Granite Education FoundationInvestment Policy GEF Investment Policy Statement (2009) is designed to comply with the following State of Utah statues: • Uniform Prudent Management of Institutional Funds Act (UPMIFA) (adopted by State of Utah in 2007) • Utah State Money Management Act • Rule 2: Investment of Funds of Public Education Foundations established under Section 53A-4-205 or funds acquired by gift, devise or bequest. June 2008

  3. Granite Education FoundationInvestment Policy GEF distinguishes between operational funds and endowment funds as defined by UPMIFA. Operational funds:funds that may be used within the current year and are invested in short term assets at the following financial institutions: • Zions Bank • Granite Credit Union Endowment funds: funds “not wholly expendable by the institution on a current basis”, (UPMIFA 2007) Endowment funds are being managed as if they continue into perpetuity and are invested in long term assets by an outside Investment Advisor that is registered with the Securities and Exchange Commission and certified by the State of Utah Money Management Council. • Sanford C. Bernstein & Co, LLC

  4. Granite Education FoundationEndowment Asset Allocation as of June 30, 2013 IPS Maximum Allocation Cash: 50% Fixed Income: 80% Equities: 70% The account’s current equity exposure is near the high end of the range. (61% actual versus a maximum allocation of 70%). Asset Allocation is in line with Money Management Act Rule 2 guidelines.

  5. Granite Education Foundation Endowment Performance Summary Operational funds have generated returns similar to Treasury Bills As of December 31, 2010 the GEF portfolio is being solely managed by Sanford C. Bernstein & Co LLC Benchmark is defined as: 34.6% S&P 500 / 4.0% Russell 2500 / 15.2% MSCI EAFE Index / 6.2% MSCI Emerging Markets / 16.4% Lipper Investment Grade Debt / 10.1% FTSE Developed REIT Index / 6.6% Barclays Capital Global Aggregate / 7.0% Lipper US Government TIP Index

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