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The UBC Endowment

A foundation for excellence

The Irving K Barber Learning Centres automated storage and robotic book retrieval system.

In order to face the challenges of a complex global society, knowledge and resources will be the foundation for tomorrows UBC students and researchers. In every eld of human endeavour, from science and medicine, to economics and ethics, the need for advanced teaching and scholarship will be greater than ever. By building the Endowment today, UBCs margin of excellence will be sustained in this century and beyond.

...prepare students to become exceptional global citizens, promote the values of a civil and sustainable society, and conduct outstanding research ... UBC Trek 2010

UBCs Point Grey campus looking South.

The UBC Endowment Making greatness possible

Over the last century the University of British Columbia has developed from a clearing in a forest to one of the worlds leading universities. There are over 40,000 students studying on our two campuses. UBCs faculty members research and teaching have made their mark locally, nationally and globally. Federal and Provincial governments and students have contributed generously to the building of the University but across the globe great universities need more than generous governments: they rely on the generosity and wisdom of the community in establishing an endowment. An endowment creates and sustains a margin of excellence that allows a university to introduce exciting new programs, give scholarships and bursaries to outstanding students and support researchers whose discoveries will change our lives. Inside you will meet one of many generous benefactors who have helped build UBCs Endowment, and learn how a farsighted gift of land has contributed to award-winning programs and buildings. You will meet students whose studies were made possible by donations to the Endowment for scholarships, and faculty members in research chairs made possible by alumni and friends of the University. Our generation increasingly recognizes the importance of sustainability. A strong endowment is essential to the sustainability of UBCs vision to help our students become exceptional global citizens and to produce outstanding research in service to the people of British Columbia, Canada and the world. The magic of the Endowment is that it brings benets not just for this generation but for all generations.

Stephen J Toope President and Vice Chancellor The University of British Columbia


When did it all start? A brief history of UBCs Endowment

An aerial view of campus in the early 1950s. The UBC Endowment began before the University itself existed. In 1907, the government of British Columbia passed an University Endowment Act, empowering the Lieutenant Governor to set aside land that could be sold to fund a provincial university. Land endowed in the interior of BC failed to generate signicant revenue, so this initial land grant was surrendered in 1920. Approximately 3,000 acres were then set aside for UBC on the Point Grey peninsula. Over the next 50 years, close to 1,000 acres were conveyed to the University through a series of Crown Grants, representing the Provinces rst major investment in higher education. In 1989, the provincial government transferred approximately 1,800 acres of the original endowment lands to the Greater In addition, nine decades of generous philanthropy by alumni and other benefactors, have stimulated steady growth of the Endowment, strengthened by provincial matching funds. Prudent management has ensured steady growth, and in 2007 the Endowment surpassed $1 billion. In the scal year ended March 31, 2007, distributions from the Endowment to faculty and student beneciaries totalled over $40 million, representing about 5% of the Endowments principal value. Vancouver Regional District for the creation of Pacic Spirit Regional Park. The 1,000 acres which previously had been crown-granted to UBC continue to be reserved for University use, building community and generating revenue for the Endowment, all intended to benet learning and research.


What is an Endowment? Understanding the concept of intergenerational equity

How does Capital Preservation work? Preserving the purchasing power of gifts

An endowment is a fund that generates support for UBC in perpetuity. When a benefactor donates, the goal is to invest for the long-term, generating annual distributions with equal purchasing power while preserving the principal of the investment. Some endowed gifts are designated for a specic purpose, such as student scholarships, research programmes or professorships. Other gifts are unrestricted and become part of the larger Endowment, generating funds to support a wide range of programmes and activities across the University.

The concept of capital preservation is central to managing an endowment. A prudent portion of annual investment earnings is spent to meet certain clearly dened needs of the University community. The remainder is continually added back to the capital base, protecting against ination so that the donation retains or increases its purchasing power over time, thereby ensuring annual distributions equally beneting existing and all future generations of faculty and students.

Projected Spending In Year 2007 $10,000

Projected Value of Gift in Year ($000)



$12,200 400 442 362 297 200 244













This graph demonstrates the average annual student support generated by a $200,000 gift endowed in 2007. Assuming annual distribution of 5%, income from a $200,000 endowed gift generates $10,000 a year for a students support. The remaining income is reinvested so the principal grows steadily, protecting against inationary erosion. Thus the purchasing power of annual distribution to future generations of students is preserved.

This graph demonstrates how careful investing generates income while protecting against ination and market uctuations. A $200,000 gift endowed to support student scholarships in 2002 will grow to more than $400,000 by 2040, and will generate approximately $600,000 for student scholarships over 40 years. The year-over-year purchasing power of the annual distribution will be the same for the 40 student beneciaries over the four decades in this example.


Horses graze on ranch across from UBCs Okanagan campus.

How is the Endowment allocated? Virtually all learning and research activity benefits from the Endowment

Faculty-specic Research and Learning Applied Science Arts College of Health Disciplines College for Interdisciplinary Studies Dentistry Education Forestry Graduate Studies General Peter Wall Institute Law Medicine Pharmaceutical Sciences Sauder School of Business Science Student Financial Aid Student Bursaries Need Based Student Scholarships Merit Based UBC Okanagan Barber Arts and Science Academic Infrastructure Athletics Continuing Studies General Library University Town Trek Endowments University Press Total

$M 41 59 1 77 4 12 42 1 18 11 169 11 68 25 570 91 168 259 13.0 13.0 7 1 124 16 13 4 171 1,013

% 4.0 5.9 0.1 7.7 0.4 1.2 4.1 0.1 1.8

UBC Okanagan $13 M Student Financial Aid $259 M Faculty-specic Research and Teaching $570 M Academic Infrastructure $171 M

Land & Food Systems 31 3.1 1.0 16.7 1.1 6.7 2.5 56.4 9.0 16.4 25.4 1.3 1.3 0.7 0.1 12.4 0.3 1.6 0.3 1.2 0.3 16.9 100.0

Endowment Funds by Designation, March 31, 2007 Almost one third of the Endowment is designated for student nancial aid. Over $360 million is specically endowed in support of faculty, learning and research.

Lecturers 3 Presidents Funds & Initiatives 3


How does the Endowment support the pursuit of research excellence? Endowed gifts enable UBC to attract outstanding faculty ...

Brett Finlay Recent recipient of Ofcer of the Order of Canada, Dr Brett Finlay, is one of many UBC faculty members whose leading-edge research receives support from UBCs Endowment fund. Professor of Biochemistry and Molecular Biology and Immunology, he is one of Canadas most prominent research scientists conducting life-saving research into food-borne bacteria, and heads the Canadian SARS Research Consortium. The Federal government recently licensed a cattle vaccine that he developed for a deadly strain of E-coli, which should sharply reduce the likelihood of another outbreak of contaminated water in Canada. In 2002 Dr Finlay received one of UBCs highest honours, the Peter Wall Institute Distinguished Professorship, funded through the $15 million Peter Wall Endowment. This endowed Professorship helps fund his research for ve years. The Endowment also contributes to many of UBCs advanced centres for research like the Brain Research Centre, the Earthquake Engineering Research Facility, the Peter Wall Institute for Advanced Studies, and the Aquatic Ecosystems Research Laboratory. By providing superior facilities, equipment and support, the Endowment helps advance the frontiers of human knowledge. Today UBCs faculty includes many nationally and internationally recognized scholars. The mark of a great university is the ability to attract and retain researchers and scholars who are leaders in their elds, thereby attracting outstanding students from around the world. The UBC Endowment helps make this possible by supporting state-of-the-art research facilities and funding thousands of research projects across every faculty. Endowed professorships and chairs support the appointment of leading scholars, while other endowed gifts fund specic research programmes.


... and students

Heather Stewart Endowed scholarships help thousands of students over generations and will continue to do so for as long as UBC exists. Scholarship gifts strengthen UBCs mission of excellence, attracting and supporting the best and brightest young people from across Canada and around the world. Bursaries and other donations endowed to help students in nancial need also play an invaluable role. For some students, a bursary makes the difference between being able to complete their studies or having to leave the University. The UBC Endowment helps ensure that nancial circumstances do not become a barrier to educational achievement. Endowing a student award means watching your gift multiply in countless ways. With less nancial pressure, students can invest their energy in valuable community volunteer work. Through service and studies, students gain the vital skills and knowledge to go out into the world and make a difference. Heather says earning the Hugh M Brock National Entrance Scholarship helped support her ambitious plan to move across the country to study engineering in Vancouver which she considers somewhat of a geotechnical engineering hot spot. Its no surprise that her interests now include dams and tunnels too! She says, It was all about engineering structures Roman roads and aqueducts right through to skyscrapers and modern infrastructures. She decided then she wanted to build bridges one day. Never underestimate the power of a book. As a child growing up in PEI, Heather Stewart spent hours pouring over a favourite book in her Dads collection.

Alistair Rance Im realizing my dream, says Alistair. For so long, I thought it was out of reach its not. At 32, he is the father of three and just completed his second year of Fine Arts at UBC Okanagan. Alistairs dream has always been to become an architect. In the last academic year he received a UBC Okanagan Bursary, and a UBC Trek Excellence for Continuing Students award funded by the UBC Endowment. Alistair says that topping up his student loan with these awards goes a long way towards turning his dream into a reality.


UBC mens volleyball team members Jared Krause, international student Christoph Eichbaum and coach Richard Schick (right to left) spiked their way through Asia and the US en route to the March 2007 CIS national championship tournament. UBC Varsity Athletics Programme currently receives more than $360,000 annually from $7 M of endowed principal.

How does the Endowment grow? The generosity of UBC alumni, faculty, students, parents, and friends together created UBCs Endowment

Henry Syd Skinner While every donation to UBC is gratefully appreciated, endowed gifts have a particularly enduring impact. An endowment of $30,000 will immediately generate enough income for a $1,500 annual student scholarship. A century from now, that gift will have supported more than 100 students, and as the $30,000 principal grows through investment earnings, each of these students will benet equally. Many donors choose to endow a scholarship, bursary or research programme in the name of a loved one who has passed away. The UBC Endowment creates more than a legacy. Year after year, decade after decade, the original endowed gift continues making a positive difference in peoples lives. UBC benefactor, Henry Skinner, came to Canada in 1928 as an orphan with 5 to his name. He found work in a sawmill for 25 an hour and spent harvest seasons on the prairies as a thresher long before the combine was invented. During his 40-year career as a club steward, he served with grace and skill at various ne establishments such as the Royal Vancouver Yacht Club. Mr Skinners afnity for UBC grew through residing near the campus as well as through taking night courses (including a useful investing course in 1963). Because he struggled through poverty and had to leave school at 16, he endowed a gift for needy students at UBC. The idea that all the hard work Ive done over the years will be making a difference long after Im gone thats a wonderful thought, says Henry. I bought land in 1940 and have been buying stocks since 1951, but giving to UBC is the best investment Ive ever made.


How does UBC build Endowment and community? University Town simultaneously brings new vitality to the campus and creates endowments for a variety of purposes

The land endowed to UBC by the citizens of British Columbia is an investment of immense value. It provides a spectacular natural setting, space for the Universitys growth, the opportunity to create an academic residential community, and tremendous potential for building the Endowment. In the early 1990s, UBC began planning a complete sustainable community on campus, a University Town of culturally rich neighbourhoods with a mix of housing, parks, shops and amenities. UBCs Ofcial Community Plan requires that fty per cent of all new housing be reserved for those who study or work on campus, transforming the University from a commuter campus into a vibrant, sustainable, live-work community. UBC already has Canadas largest student housing system, and many more students will be able to live on campus as University Town evolves. The freehold of UBCs land will never be sold; all transactions are for long-term prepaid leases. In strict accordance with the Board of Governors policy, net proceeds from every lease are endowed to serve the Universitys academic mission. In 1988, the University created a private company dedicated to managing UBCs real estate assets for the benet of the Endowment. UBC Properties Trusts rst major project, the Hampton Place residential neighbourhood, generated $80 million of Endowment principal. When University Town is complete, it will be a dynamic community with the character and intellectual vitality of towns like Cambridge or Ann Arbor, and the Towns growth makes an unprecedented contribution to the Endowment. Similarly, UBCs University Town generates material property tax reserves for the Provincial Government. Hawthorn Place Neighbourhood The project above won the 2005 BC Masonry Design Award as well as the Merit Award for residential low-rise. UBC Housing and Conferences Thunderbird junior and senior undergraduate student housing can be seen in the background. UBC Properties Trust has constructed many projects utilized for junior faculty and staff recruiting and community-building. Net proceeds from faculty/staff rental housing are considered an asset of the Endowment.


Who is UBC Properties Trust? A trust created for the sole benefit of the University

East Campus

Hampton Place

Wesbrook Place

Chancellor Place

University Boulevard

South Campus

North Campus

Hawthorn Place UBCs Neighbourhoods University Town

UBC Properties Trust (UBCPT) represents the best practices of managing endowed land assets. Its reputation for communitybuilding and generating endowment wealth for the benet of learning and research is widely acknowledged throughout the North American university community. The Trust is structured to ensure the following:  UBC uses the best project management talent in British Columbia.  Land leases are predicated upon commercial standards, with each leaseholder paying property taxes equivalent to those paid by residents in surrounding municipalities. The University is not in competition with the private sector. The Trust exists solely to benet the University.

UBC would like to thank the members of the Board of Directors of UBC Properties Investment Ltd, trustee to UBC Properties Trust. Chair of UBCPT Board: Bob Lee Chairman, Prospero International Realty Inc UBCPT Board members: Brad Bennett President, McIntosh Properties Sandra Cawley Burgess Cawley Sullivan & Associates Caleb Chan President, Burrard International Holdings Inc Jim Houston Retired Dennis Pavlich President, Great Northern Way Terry Sumner Vice President, Administration & Finance, UBC Stephen J Toope President & Vice Chancellor, UBC Dan Walsh  Consultant to Grosvenor Group Holding Company based in London Randy Zien President, Wesbild Holdings Ltd


How are the proceeds from prepaid long-term leases endowed? All proceeds now go to the Trek Land Endowment and the Trek Match Endowment funds

An aerial view of Hampton Place.

Board of Governors Policy prescribes that all net proceeds from prepaid long-term leases be endowed. Net in this context means proceeds net of land preparation and annuity costs. Originally individual prepaid lease sale proceeds were specically endowed. UBC Properties Trusts rst major project, Hampton Place, generated $80 M ($86 M gross) of endowment principal and all proceeds were endowed for core academic use. Among the major beneciaries were, and continue to be: Faculty of Arts ($6 M) Faculty of Science ($5 M) Peter Wall Institute for Advanced Studies ($15 M) UBCs Social Science & Humanities Fund ($15 M) Graduate Student fellowship matching ($10 M) All faculties received additional matching

Recently, all proceeds have gone to the Trek Land Endowment and the Trek Match Endowment funds. Currently the Trek Land Endowment has $72 M endowed and therefore annual Endowment spending is approximately $3 M (approximately 5%) in total. It is anticipated that annual distributions will increase to $6 M by 2010. This means the principal will be roughly $130 M at that time. To date the annual distributions from the Trek Land Endowment include the following commitments: Lee Graduate Business School ($5 M) Chan Centre ($1 M) Presidents Teaching & Learning Initiative ($3 M)


The Trek Match Endowment Fund Through the Trek Match Endowment, the University has created the matching capacity for endowed philanthropy

The Trek Match and Trek Land Endowments are equally endowed, thus both funds currently have $72 M in principal and both are projected to increase to $130 M by 2010. The Trek Match is split into two components:  Top up debt service capacity for capital projects ($25 M), including the following: Barber Learning Centre Replacement infrastructure  Presidents Match to help leverage fundraising ($47 M), including the following major commitments: $16.0 M in Chairs ($12.5 M from donors/faculties) $7.9 M in Professorships ($5.8 M) $4.1 M in Fellowships ($4.1 M) $4.3 M in Student Scholarships, Awards & Bursaries ($3.7 M)

Totems in the Great Hall at UBCs Museum of Anthropology.


UBC Investment Management Trust Inc Representing university Endowment management best practice

Investment management responsibility for the Endowment rests with UBC Investment Management Trust Incorporated (UBC IMANT). UBC IMANT was established by the University in March 2003 as a wholly owned subsidiary, formally opening in April 2004. UBC IMANTs role is to provide investment management through a manager of managers approach for the Endowment, modeled after some of North Americas most successful university endowment investment management organizations. UBC IMANT staff Investment activity is intended to ensure that the assets under administration are managed to meet both the short and long-term goals of the Endowment Fund, providing adequate annual distributions for current education and research projects while assuring that capital grows to meet the needs of the University for future generations. UBC IMANT through its Board of Directors, comprised principally of appointees from the business community, is accountable to the Universitys Board of Governors; indeed the UBC IMANT Board is considered a committee of the Board of Governors as contemplated by the University Act. As sole shareholder, the University stays informed of IMANTs activities through representation by senior UBC staff on IMANTs Board and with regular reporting to the Board of Governors. The company also works very closely on the operational level with UBC Treasury. UBC IMANT engages top tier investment management talent from around the world to invest the assets of the Endowment (see list page 17). UBC IMANT Board members: Byron Braley Associate Vice President, Treasury, UBC Nicole Byres Clark Wilson, LLP Barristers & Solicitors Philip Falls President & CEO, UBC IMANT Tracey McVicar Managing Director, CAI Capital Management Andrew Saxton Chair, King George Financial Corporation Terry Sumner Vice President, Administration & Finance, UBC Bob Wallis Vice President, CFO & Partner, Kal Tire Peter Webster President & Chair, Petwyn Investments Ltd Chair of UBC IMANT Board: Larry Bell Chair, BC Hydro & Power Authority UBC would like to thank the members of IMANTs Board of Directors. (l to r) Roger Polishak (Director, Manager Relations & Investment Operations), Susan Bibbs (Administration Manager), Philip Falls (President & CEO), and Sean Macaulay (Director, Quantitative Analysis & Strategic Research).


How is the Endowment Invested? To safeguard the Endowments future, careful management by the best investment talent in the world

UBC Endowments Investment Managers UBC IMANT Directed Canadian Fixed Income Philips Hager & North (Vancouver, BC) Addenda Capital (Montreal, PQ) UBC Properties (Vancouver, BC) Cash (Vancouver, BC) Canadian Equity Philips Hager & North (Vancouver, BC) Leith Wheeler (Vancouver, BC) Acuity (Toronto, ON) Barclays Global Investors (San Francisco, CA) Foreign Equity US, International(EAFE), Global/Emerging Markets State Street Global Group (Boston, MA) TD Quantitative Capital (Toronto,ON) Quellos Group (Seattle, WA) Northwater Capital (Toronto, ON) Acadian (Boston, MA) Nicholas Applegate (San Diego, CA) Sprucegrove (Toronto, ON) NCH (New York, NY) Real Estate/Infrastructure/REITs Greiner Pacaud (Toronto, ON) Cypress (Vancouver, BC) Aetos (New York, NY) LaSalle (Chicago, IL) Starwood (Greenwich, CT) Deutsche Bank (Frankfurt, Germany) Macquarie Bank (Sydney, Australia) Roycom (Dartmouth, NS)

March 31, 2007 170 17%

Private Equity Pantheon Partners (San Francisco, CA) Lexington Capital (New York, NY) Lehman Brothers (New York, NY) TD Capital (Toronto, ON) HSBC (Vancouver, BC) GE Asset Managment (Stanford, CT)



Market Value $M



MatlinPatterson (New York, NY) Kern Energy (Calgary, AB) Hamilton Lane (Philadelphia, PA) Carlyle Partners (Washington, DC) Hedge Funds 132 13%



Quellos Group (Seattle, WA) DGAM (Toronto, ON) Arden Alternative Advisors (New York, NY) Goldman Sachs (New York, NY) Barclays Global Investors (San Francisco, CA) The Blackstone Group (New York, NY)

Sub Total IMANT Directed 69 7% Associated Foundations/Afliates UBC Properties Real Estate (Vancouver, BC)

928 85

92% 8%

UBC Foundation Canadian Equity (Vancouver, BC) Vancouver Foundation Global Balanced (Vancouver, BC) Jarislowsky Fraser Global Balanced (Montreal, PQ)

Total All Endowments




Student bursaries and scholarships comprise 26% of the Endowment distribution.


Investment Performance? A record of steady growth to meet short and long-term goals

Endowment Growth? The Endowment generates sustainable annual distributions

UBC IMANT sets long term targets for investment performance that consider the need to produce regular income against which to grow the Endowments capital. Investment results, prepared by independent third party consultants, are reviewed against benchmarks by UBC IMANTs Board of Directors. Returns over the past 20 years on the Endowments invested portfolio are 8.9% annualized. UBC is fortunate that its land endowment comprises some of Canadas most valuable real estate, and the lands contribution to the Endowment will continue to grow signicantly. The University is equally fortunate that sustained philanthropic support still comprises by far the largest component of the Endowments origin. Compound Returns Rates of return for UBC IMANTs managed assets up to March 2007: 1 yr 11.7% 5 yr 7.4% 10 yr 7.3% 15 yr 9.0% 20yr 8.9%

Over the past 20 years, the UBC Endowment has balanced the goals of revenue generation and long-term capital preservation. The Board of Governors Endowment Fund Management Policy underlies UBCs commitment to maintaining the purchasing power of endowed gifts in constant dollars. Intergenerational equity of spending is a primary objective. The expenditure rate is prudently managed to make sure this commitment is retained. Through the 1990s, strong markets allowed annual spending of up to 6% of the three-year average market value. In 2004, the spending level moved to 5% due to declining investment market returns in the early 2000s. Between investment income, philanthropy, and land-lease revenues, the Endowment is projected to more than double in size by 2020. It will continue to generate signicant annual revenue to support UBCs academic mission.

$B 2.0 1.5 1.0 0.5 0



2017 projected

Endowment Forecast The portion of UBC Endowment sourced from the University Town development (dark grey above) is expected to grow dramatically over the next ten years. The Universitys Endowment will reach in excess of $1.9 billion by 2017.


Portfolio Governance and Transparency

UBC IMANT acts as manager of managers and retains investment management rms from around the world to invest the Endowments assets. Over 30 managers are currently used for investment of the Endowment (for a complete list, see page 17). The investments for the public market asset classes (Canadian, US and international equities as well as xed income securities) are typically allocated between several managers for diversication (i.e. risk management). Investment style, market capitalization, geographic focus, and index or active management are additional criteria for differentiating amongst managers. The majority of these public market investments are made through institutional quality pooled funds in which the University holds units in the fund rather than individual securities. This approach allows more reasonable economies of scale regarding investment costs, especially given the Endowments size relative to larger institutional portfolios. With alternative assets (private equity, real estate and hedge funds), the number of managers used per asset class is even greater as smaller allocations are made to the individual managers, generally through limited partnership structures. Socially Responsible Investment Voting Rights As Endowment assets are largely invested in pooled funds, the ability to directly inuence underlying individual holdings is limited. Therefore, considerable care and attention is given to selecting and monitoring the investment managers that make investment decisions on behalf of the Endowment fund. On a comparative basis, new investment managers are interviewed to understand their approach and values in making investments on behalf of the Endowment fund. As well, managers are asked about their understanding of the social, ecological and economic consequences of their investment decisions. The Universitys investment managers believe that for a company to be nancially successful in the long term, management must engage in sustainable and sound business practices. Sustainable business practices include giving appropriate consideration and balance to environmental issues, labour practices, health and safety standards, the rule UBC IMANT and the Endowments investment managers conform to the principle of voting in favour of measures that promote good corporate governance and vote against measures that do not appear to create value for shareholders. Voting of proxies is exercised in the best interest of the Endowment beneciaries. UBC IMANT and/or the Endowments managers maintain a record of how voting rights have been exercised. UBC IMANT has responsibility for exercising voting rights associated with the Endowments investments. UBC IMANT staff may also retain an external proxy voting service or delegate this responsibility to the managers as required. Consistent with industry practice much of the Endowment is invested in pooled funds, the investment manager will retain control of voting rights of those companies shares held by the pooled fund. The Universitys policy is to have the Endowments holdings available to interested parties on a transparent and timely basis. A copy of the previous quarter end Endowment security custodians schedule detailing the manager names, and where applicable the segregated assets (securities held in the Universitys name), is available upon request from UBC Treasury or www.treasury.ubc.ca (see Investment Portfolios, and Security Custodians Quarterly Report). Transparency On occasion, the Endowment has divested itself of holdings that did not meet appropriate standards for investment. For example, in the 1980s the Endowment divested holdings of certain companies stock when those companies activities in South Africa were believed to be advancing the then apartheid regime. of law and individual and property rights. The University takes the perspective that an effective way to positively impact corporate governance and business practice is via engagement as opposed to boycott. Our investment managers, through their stewardship of large collective holdings of public companies can more effectively inuence corporate behaviour than can an individual endowment fund.


A treasured piece of UBCs cultural endowment Dogsh Poles by Native Artist, Bill Reid in front of UBCs Museum of Anthropology.

For more information about the UBC Endowment, or to download a copy of this report, please visit: UBC Treasury www.treasury.ubc.ca UBC Investment Management Trust Inc www.ubcimant.ca UBC Development Ofce www.supporting.ubc.ca UBC Properties Trust www.ubcproperties.com

The University of British Columbia, NOVEMBER 2007. No part of this publication may be used without permission.

Designed by Ping Ki Chan / UBC Public Affairs. Edited by Dianne Longson / UBC Treasury. Photography by Martin Dee except as follows: UBC Library (inside front), Russ Heinl (pages 2,14), UBC Archive (page 4), Bayne Stanley (page 9), Dianne Longson (page 12), Museum of Anthropology (page 15), Darin Dueck (page 16). Printed in Canada on 10% post-consumer recycled paper.