Treasurer’s Office
The University is internationally recognized for the quality of its teaching and research, its distinguished faculty and its outstanding student body. Our mission is to educate future leaders and promote interdisciplinary, world-class research and teaching.
Stanford’s immense impact is evident worldwide. With an Endowment of approximately $18.7B and an operating budget of $4.5B, including sponsored research revenue of $1 billion annually, the University devotes tremendous intellectual and physical resources toward the betterment of humanity. These resources include students, professors and a staff of more than 10,000 people. As a major Silicon Valley employer, Stanford seeks individuals who are committed to excellence and to improving our world. In turn, the University is committed to supporting its employees in the development of their careers and enrichment of their lives. This passion makes Stanford an intensely creative, rewarding and challenging place to work.
The Office of the Treasurer is part of the Financial Management Services (FMS) organization led by the Senior Associate Vice President for Finance. FMS’ goal is to lead, drive and model best practices in financial management for the campus community. A significant department in the Stanford Business Affairs organization, FMS comprises the Controller’s Office, Procurement, Office of the Treasurer, Global Business Services and the Financial Management Consulting and Support team. The Treasurer is a key member of the FMS senior management team. The Treasurer oversees the management of the University’s operating liquidity, manages the University’s external and internal debt portfolios, leads offerings of public debt securities, represents the University to investors in Stanford debt securities, manages banking relationships and serves as a member of the University’s Retirement Program Investment Committee.
The mission of the Treasurer’s Office is to direct the use of appropriate financing and funding options to meet the University’s short and long-term financial goals, and enhance the University’s financial resources through effective liquidity and financial risk management. In support of this mission, the Treasurer’s Office is responsible for four primary functions: management of the external and internal debt portfolios, treasury operations, merchant services and retirement program investment oversight.
Debt Management: External and Internal Debt Portfolio
The Treasurer oversees the University’s $3 billion debt portfolio and leads the University’s public debt offerings. The Treasurer is responsible for the University’s relationships with investment banks and financial institutions, investors in the University’s debt securities, rating agencies, and the State of California Educational Facilities Authority. In this capacity the Treasurer:
• Develops the University’s debt strategy to provide competitive financing for the University.
• Delivers presentations to the senior leadership and Trustees on debt strategy, updates on debt capacity, future borrowing needs, capital markets, financing activity and debt policy compliance.
• Leads the University’s public debt offerings, manages requests for proposals from underwriters, prepares public offering documents, negotiates financial and legal terms and presents the University’s credit profile to rating agencies.
• Manages Bondholder Relations including the timely disclosure of financial information to investors in the University’s debt securities and responds to investors’ inquiries.
• Oversees various institutional forecasts to i) evaluate the University’s short and long-term financing needs, ii) conduct affordability studies, and iii) establish the University’s Budgeted Interest Rate.
• Monitors the internal debt portfolio administration and the use of funds to ensure compliance with applicable regulations, liquidity requirements and financial covenants.
• Ensures compliance with debt related covenants, including self-liquidity, continuing disclosure and State and Federal tax regulations.
• Collaborates with campus organizations [Stanford Management Company (SMC), Land, Buildings and Real Estate (LBRE), Research Financial Compliance and Services (RFCS), Information Security Office (ISO), Office of Development (OOD), University Budget Office (UBO), Office of the General Counsel (OGC), Controller’s Office, Residential and Dining Enterprises (RDE), School of Medicine (SOM), Graduate School of Business (GSB) and Public Affairs] on financial disclosures, debt capacity and liquidity management, reporting and compliance.
Treasury Operations
The Treasurer provides overall direction for and oversees the University’s treasury operation which consists of five treasury professionals in charge of day to day cash management and credit card merchant services. In this capacity the Treasurer:
• Manages the University’s banking relationships.
• Provides senior leadership with a high level view of operating liquidity.
• Develops long term cash forecasts in collaboration with Stanford Management Company to optimize short-term investing strategy.
• Manages foreign exchange hedging program.
• Identifies and evaluates financial risks; develops and implements mitigating strategies.
• Identifies opportunities for operational efficiencies (i.e., payment solutions and cash inflows).
• Supports global initiatives, as needed with banking infrastructure.
• Serves as the Executive Sponsor to implement processes, systems and policies that support the vision of the Office of the Treasurer.
• Ensures that the treasury operation maintains appropriate controls to safeguard cash and related assets and is in compliance with applicable regulations.
Merchant Services
• Provides appropriate infrastructure to support merchant services, ensuring appropriate controls and information security. The University’s merchant services’ activity generates approximately $150 million in annual revenues.
• Set the direction for supporting campus merchants with innovative and compliant payment solutions.
• Ensure that campus merchants implement payment solutions compliant with Payment Card Industry Standards (PCI DSS).
• Ensure that 3rd party vendors’ payment systems are secure and do not compromise university restricted data.
• Evaluate payment solutions for campus partners.
• Chair eTransactions Strategic Advisory Committee (ESAC); report on program goals, and compliance. Consult with the committee on strategic direction.
Retirement Program Investment Oversight
The Retirement Program Investment Committee (RPIC) has fiduciary oversight for the University’s defined contribution plans with approximately $4 billion in assets and the defined benefit plans with $400 million in assets. The Treasurer serves as a member of RPIC and develops the agenda for the Committee with the Chair, the Vice President for Human Resources. In this capacity the Treasurer:
• Provides financial expertise to the RPIC regarding investment options, asset allocation, performance monitoring, and credit assessment of investment managers.
• Oversees presentation materials developed by consultants in advance of RPIC meetings, provides direction on focus and content to ensure RPIC’s information needs are met.
• Presents strategies to evaluate/modify the plan’s investment process.
• Represents Stanford with plan and investment advisors regarding investment options, investment process, financial strategy, performance reporting and fees.
• Leads periodic review of investment managers.
• Initiates periodic reviews of the investment policy for the plans.
Required Knowledge, Skills and Abilities
• Advanced knowledge of capital markets, fixed income and corporate finance.
• Advanced knowledge of treasury municipal operations.
• Advanced quantitative, strategic and financial management skills.
• Advanced oral and written communication skills, ability to effectively present to senior leadership, trustees and external audiences.
• Strong leadership and strategic management skills.
• Experience as a senior manager with responsibility for developing and mentoring managers and senior professionals.
• Experience developing functional requirements for systems.
• Experience partnering at the senior level across an organization.
• Project management skills.
• Strong sense of service orientation, with a proven ability to balance controls and compliance, and effectively communicate decisions and educate in the process.
• A passionate commitment to the culture and mission of Stanford University.
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