Nc State Investment Fund Inc

“Subject to article viii of the bylaws, the investment policy statement (described in article viii, section 1) and resolutions duly adopted by the members board and continuing in effect, the investment committee shall have the authority and responsibility to determine, on behalf of the fund, asset allocation policies, asset classes and their ranges and investment targets within such ranges; approve investment manager selections; monitor adherence to the investment policy statement and report on such adherence to the members board; and recommend to the members board changes in the investment policy statement. The authority of the investment committee is derived from and is no broader than the authority expressly delegated thereto by these bylaws and the members board.”

“The organization updated its bylaws as of 10-31-2024 to change the terminology used for its governing body and its members. Specifically, all references to the "board of directors" were changed to "investment committee, and all references to "director" were changed to "committee member."”

“The members board shall comprise the following (and each individual appointed to or serving in an ex officio capacity on the members board shall herein be referred to as a "member"): a. Ex officio members (each, an "ex officio member"): - five (5) individuals holding the following offices at north carolina state university (the "university"): chancellor, vice chancellor for finance and administration, vice chancellor for university advancement, assistant treasurer, and secretary, or such othertitle hereafter given by the university to the office constituting substantially the same duties and responsibilities, respectively (collectively, the "university members"); - two (2) individuals elected by the board of trustees of the university from the membership of the board of trustees of the endowment fund of the university (together, the "endowment board members"); - one (1) individual elected by the board of trustees of the university from the membership of the board of trustees of the university (the "board of trustees member"); and - two (2) individuals appointed by the chancellor of the university at his/her discretion (together, the "chancellor members"). B. Each associated entity of the university that participates in the nc state investment fund, inc. (the "fund") via execution of a participant agreement in form satisfactory to the corporation (a "participant") shall appoint a representative to serve on the members board (each, a "participant member").”

“The draft form 990 is distributed to board members for their review prior to filing.”

“The board requires each board member, officer and agents acting on behalf of the investment fund (1) to review the fund's bylaws and policies including the policy with regard to conflict of interest; (2) to disclose on an ongoing basis throughout their tenure any possible personal, familial or business relationships that could give rise to a conflict of interest involving the fund; and (3) to acknowledge by their signature that they are in full accord and will abide by both the letter and spirit of the policy.”

“The board of directors and officers of nc state investment fund, inc. That do receive compensation are compensated by nc state university, a 115(1) organization related to nc state investment fund, inc. Nc state university sets the compensation of these employees by acquiring comparability data which is reviewed and approved by independent persons with contemporaneous substantiation of the decision.”

“The form 990 is available on the website: https://investments.ofa.ncsu.edu/funds-overview/long-term-investment-pool/. The form 1023 (which was filed prior to july 15,1987) is not publicly available.”

“The audited financial statements are available on the website: https://investments.ofa.ncsu.edu/funds-overview/long-term-investment-pool/. Other governing documents are made available upon request.”