KALAMAZOO—During their July 25 meeting, Western Michigan University trustees approved an operating investment policy statement and signed off on charters for both the University's audit committee and its Department of Internal Audit.
The investment policy statement is a revision of an existing policy last updated in 2006. The revisions approved by trustees are intended to diversify University investments and update performance objectives and investment guidelines, based on changing market conditions. The changes are expected to enhance total return, avoid undue risk concentrations in a single class of assets and reduce variability.
The charters for the audit units are intended to formalize existing practices, clarify roles and responsibilities and assign responsibility to the committee for reviewing information received by the University through its Ethics Point contract or other disclosure tools WMU employs.