PA 11: Investment Disclosure – version 2.2
Frequently Asked Questions
How has this credit changed between STARS 2.1 to 2.2?
Minor edits were made for clarity. A comprehensive list of differences can be found in the 2.2 Summary of changes.
Is a financial summary that provides aggregated investment information sufficient for this credit?
No, the investment disclosure must provide the amount invested in each fund and/or company, and it must be updated annually. It is not sufficient to provide a financial summary that provides aggregated investment information.
Does a one-time disclosure that is not annually updated count for this credit?
No, it is not sufficient to do a one-time disclosure that is not annually updated.
Is the disclosure required to be publicly posted?
Yes, the intent of this credit is to recognize institutions that regularly make their investment holdings publicly available. The transparency ensured by public disclosure acts as an important accountability mechanism and as a learning tool for students and other stakeholders.
- California State University, Northridge – Disclosure document fully meets criteria. Good reporting example of an institution that conducts partial disclosure of its investments.
- University of California, Irvine – Documentation gives a simple list of investments, along with their base market values. Includes a proxy voting dashboard and policy.
- University of Victoria – Disclosure document is clear, provides sufficient detail, and includes original cost as well as market value.
Common Issues Identified During Review
- A credit status of “Not Applicable” is only allowed if the institution does not have an endowment, or the institution’s endowment is less than US $1 million.
- The investment disclosure must provide the amount invested in each fund and/or company on at least an annual basis. It is not sufficient to provide a financial summary that provides aggregated investment information. It is not sufficient to do a one-time disclosure that is not annually updated.