BYLAWS OF TRUSTEES OF TUFTS COLLEGE
Amended by the Board of Trustees November 2, 2013

Article V

COMMITTEES AND BOARDS OF ADVISORS

5.3 ADMINISTRATION AND FINANCE COMMITTEE

5.3.1. The Administration and Finance Committee shall be responsible for considering and making recommendations to the Board of Trustees on matters pertaining to operating and capital budgets; tuitions, fees, and enrollments; and, upon the recommendation of the President, the appointment of the Executive Vice President. The Committee shall have the authority to approve the construction, renovation and maintenance of buildings and grounds; investment, reinvestment and management of all investment assets of the Corporation; and financing transactions.

5.3.2. BUDGETS. The Administration and Finance Committee shall be responsible for the review and oversight of University operating and capital budgets. The Committee shall annually review and consider the University operating and capital budgets submitted by the President or his designate, and make recommendations to the Board of Trustees.

5.3.3. INVESTMENT AUTHORITY. The Administration and Finance Committee, in accordance with such investment policies and regulations as may be established from time to time by the Board of Trustees and, subject to the general direction of the Board, shall oversee the operations of the Investment Subcommittee, review the Investment Subcommittee’s reports on investment results, and review (not less frequently than annually) the University’s investment and asset allocation policy. The Committee shall report any investment-related issues to the full Board of Trustees, shall periodically review the University’s investment and asset allocation policy with the full Board of Trustees and shall report the performance of the University endowment annually to the Board of Trustees. Purchases, sales, exchanges or other dispositions of bonds, stocks, and other property and investment assets and evidences of investment property and assets may be made or caused to be made by either the Administration and Finance Committee or the Investment Subcommittee.

5.3.3.1. INVESTMENT SUBCOMMITTEE. The Investment Subcommittee shall be responsible for the investment, reinvestment and management of all investment assets of the Corporation, and for the appointment of independent investment advisors or managers authorized to invest and reinvest funds of the Corporation. The Investment Subcommittee shall develop the University’s investment and asset allocation policy for approval by the Administration and Finance Committee and the Board of Trustees and shall periodically review all investment results and report such results from time to time to the Administration and Finance Committee. The Chief Investment Officer shall report to the Investment Subcommittee, and to the Executive Vice President for administrative purposes. With review by the Investment Subcommittee, the Chief Investment Officer shall select and appoint or terminate external investment managers and may take all steps necessary to effectuate such transactions, including signing contracts with investment managers and consultants on behalf of the University. The Chief Investment Officer shall also be responsible for managing the relationships with external investment managers and appointing and supervising internal investment staff.

5.3.4. BUILDINGS AND GROUNDS. The Administration and Finance Committee, in accordance with such policies and regulations as may be established from time to time by the Board of Trustees and subject to the general direction of the Board, shall oversee the operations of the Buildings and Grounds Subcommittee, consisting of two or more persons from among its members.

5.3.4.1. BUILDINGS AND GROUNDS SUBCOMMITTEE. The Buildings and Grounds Subcommittee shall be responsible for considering and advising the Administration and Finance Committee with respect to the planning, expansion or development of buildings and grounds and the maintenance of such existing facilities.

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