College Asset Transparency: Annual Reporting on Investments and Diversity in Management.
This Act mandates that U.S. higher education institutions participating in federal programs must annually report publicly on their managed assets, including who manages them. The goal is to increase financial transparency and promote diversity by disclosing the percentage of assets managed by minority- or women-owned firms. Citizens, including students and parents, will gain access to information about the size of college endowments and how they are invested.
Key points
Colleges must publicly report the total value of their assets managed by investment advisers, disaggregated by asset class.
Requirement to report the percentage of assets managed by minority- or women-owned investment advisers, disaggregated by the race and gender of the advisers.
This information will be made publicly available on the College Navigator website, enhancing transparency of educational institutions' finances.
The Minority Business Development Agency (MBDA) will analyze this data and issue biennial recommendations on how to increase the use of minority- and women-owned advisers.
Expired
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