Egads. No wonder our performance has been poor. Do they pull their own teeth, too?
One would have to read the annual amendments to the bylaws to know when the change was made. Given that the Chief Investment Officer was the highest paid employee of the college, the individual(s) who had that title presumably made some / most of the investment decisions.
In any event, the college's endowment performance for the fiscal year ending June 30, 2021 parallels the median results for all college/university endowments with a value of $500 million or more. This is a great improvement.
College endowments of at least $500 million -- of which there are about 200 -- reported a median return of 34 percent in fiscal 2021, higher than the overall average.
The endowment value is calculated by 1) the return on investment; 2.) contributions to the endowment; 3.) subtractions from the endowment as a distribution to help pay for the operations of the college The 34 percent referenced is #1, as I understand it.