The Department of Investment Services manages the day-to-day investment activities for Queen's and is the university's contact with our funds' investment managers.
At September 30, 2024, total assets under management amounted to approximately $2.9 billion.
Governance and Oversight
The University, acting through its Board of Trustees, has overall fiduciary responsibility for the management of the investment funds of Queen's University. The Board of Trustees has an Investment Committee to help it accomplish this task.
Statement of Investment Policies and Procedures
Our Mandate
The Department of Investment Services is responsible for:
- Working closely with the Investment Committee on investment matters and implementing committee directives;
- Conducting ongoing due diligence on external investment managers;
- Conducting research on new investment opportunities;
- Measuring investment performance against objectives;
- Recommending changes in management structure and investment policy when appropriate; and
- Foreign exchange, derivatives, and debt management.
Queen’s Endowment
Endowment assets held in the Queen’s Endowment are permanently restricted and cannot be used to fund the University’s operations. The level of annual spending from the Pooled Endowment Fund is governed by a Board of Trustees approved Spending Policy. Annual spending provides a stable source of ongoing funding to the University in areas like student assistance, chairs, and departmental and other funds, and must align with the terms of reference established by the donor.
As at September 30, 2024: $1,718 million
Endowment DetailsSinking Fund
The University’s Sinking Fund has been established to fund the principal repayments of the University’s debt. Funds held within the Sinking Fund are not available to fund the University’s Operations.
As at September 30, 2024: $137 million
Sinking Fund DescriptionShort-Term Fund and Pooled Investment Fund
The University’s expendable funds on hand are held in the University’s bank accounts, Short-Term Fund (STF), and Pooled Investment Fund (PIF). The bank accounts and STF hold cash balances the University is expected to require within the next three years, and the PIF holds cash balances not expected to be required for more than three years. Funds in the STF and PIF are invested in accordance with the Board of Trustee approved Statement of Investment Policies and Procedures.
Cash balances held in bank accounts, the STF, and the PIF are funded by both unrestricted funds (carryforwards) and externally restricted funds (unexpended deferred revenue and contributions).
Carryforward balances held in the university’s bank account, STF and PIF include operating contingencies, unspent research funds, capital reserves, and the pension reserve, and are offset by the deficit held in internally financed capital projects. Additional details on these balances can be found in Note 15 on page 38 of the 2023 audited financial statements.
Additional details about deferred revenue and contributions and the restrictions thereon can be found in Note 10 on page 33 of the 2023 audited financial statements.
STF, as at September 30, 2024: $527 million
PIF, as at September 30, 2024: $478 million
Short-Term Fund Pooled Investment Fund