THE STATE EDUCATION DEPARTMENT / THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234

 

TO:

The Honorable the Members of the Board of Regents Acting in their Capacity as Trustees of The University of the State of New York

FROM:

Richard P. Mills

COMMITTEE:

Full Board

TITLE OF ITEM:

Designation of Fiscal Agent

DATE OF SUBMISSION:

February 23, 2004

PROPOSED HANDLING:

Approval

RATIONALE FOR ITEM:

Approval of a USNY Fiscal Agent

STRATEGIC GOAL:

Goal 5

 

SUMMARY:

 

By Resolution, Richard Cate, Theresa E. Savo and Michael DiVirgilio were designated investment agents for all funds and accounts of The University of the State of New York (USNY).  With the departure of Richard Cate and in accordance with Section 3.6(b) of the Rules of the Regents, on November 5, 2003, I designated Theresa E. Savo as Chief Operating Officer of the State Education Department as the Fiscal Agent authorized to sign contract and grant proposals and accept all grants that do not exceed $200,000.

 

At this time, I recommend Andrew Klippel be added as a Fiscal Agent for USNY.  Andrew Klippel, as Assistant Director of the Bureau of Budget Coordination, is involved in developing and implementing the Department's budget and formulating and implementing fiscal policies which control and monitor Department program expenditures.  Andrew is a graduate of the first Leadership Academy class. 

 

Voted, that the Board of Regents, acting in their capacity as Trustees of The University of the State of New York, designate Theresa E. Savo, Michael DiVirgilio and Andrew Klippel as investment agents for all funds and accounts of The University of the State of New York. With power in any two of them to direct, on behalf of the Board of Regents, the investments and reinvestments of the proceeds of such funds and accounts in their discretion in accordance with the provisions of Section 11-22.2 of the Estates, Powers, and Trusts Law, and all documents necessary to carry out such powers and to disperse the proceeds of such funds and accounts for the purposes for which they were established.