Investments leader Rich wins NACUBO awardPosted June 13, 2011
Jack Rich has led the team managing ACU's endowment fund for 20 years. In July, he will be recognized for his outstanding contributions by the National Association of College and University Business Officers with the 2011 NACUBO Rodney H. Adams Award.
"Jack is a tremendous asset to ACU," says Dr. Phil Schubert, ACU president. "Under his leadership, we have achieved unprecedented results that are playing a major role in funding the mission and vision of ACU and positioning the university as a national leader in the investment area."
As the chief investment officer for the university, Rich has seen ACU's endowment grow from $147 million to $300 million in the past decade -- a difficult investment climate. The ACU endowment return of 8.9 percent over the 10-year period ending June 30, 2010 is one of the highest among all universities, tied with Yale University.
Rich's contributions to NACUBO and its members include his participation on the planning committee for the organization's annual endowment forum; his presentations at recent NACUBO conferences; and his authorship of two articles for the organization's journal and website ("Growth Spurt" and "All Oars in the Water").
"Certainly Jack's excellent stewardship of ACU's endowment is partly behind the award," says ACU trustee and investment consultant Billy Busch. "More to the point, though, Jack's integrity, business acumen, visionary leadership, and his status as a role model among others in this profession makes him a natural for this recognition."
The Rodney H. Adams Award recognizes outstanding work by an individual in the endowment and investment management of universities. It has been presented annually since 1990 to exceptional NACUBO members. Rich will receive the award at NACUBO's July meeting in Tampa, Fla.
According to the NACUBO website, criteria for selection include:
- Applicability and significance of research to advancing state-of-the-art endowment management;
- Effectiveness of instructional ability in communicating endowment management techniques to business officers;
- Design, development and implementation of new professional development programs in endowment management;
- Frequency and relevance of articles, compositions and other written materials in endowment management; and
- Providing leadership to organizations promoting sound endowment management practices.
"I spent the first decade of my career at ACU working directly for Jack and he's been an invaluable personal mentor," says Schubert. "I'm grateful Jack is at ACU and proud of his accomplishments."