TCNJ

12 FY 21 ANNUAL FINANCIAL REPORT Investment Report Total cash and investments held by TCNJ and its affiliated entity (the Foundation), was $183.1 million as of June 30, 2021, a net increase of $38.1million over the prior fiscal year-end balance. Strong investment performance and growth of the endowment helped to offset operating and capital expenditures. TCNJ's investment assets are organized at the "Non-Endowment" and "Foundation" levels. TCNJ finance staff and its Business and Infrastructure Committee maintain oversight of non-endowment assets, while the TCNJ Foundation (the "Foundation") Investment Committee provides governance oversight of Foundation investments. e fiscal year-end assets are described as follows: rough regular cash flow analysis and risk management, TCNJ manages its assets across three distinct tiers, which together are designed to meet TCNJ's investment goals and objectives: (1) Working Capital: short term, liquid balances used to fund daily, weekly, and monthly operating expenses, these assets are invested with low risk aversion and a goal of safely meeting daily liquidity. (2) Contingency Cash: short term, used for prudently meeting contingency and unexpected expenses, these assets are invested with a goal of protecting principal while safely enhancing earnings over cash. (3) Core Cash: reserve funds that are not expected to be used in the near term, these funds are invested in a balanced, globally-diversified approach meant to maximize earnings and guided by TCNJ's investment policy objectives and risk tolerance. * Funds Held in Trust: e Foundation was named the beneficiary of a trust whose investments fair value approximated $8.4 million and $6.8 million as of June 30, 2021 and 2020, respectively, are not reflected in the Foundation's investment pool above.

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