Debt Management: Support/Oversight
The following three committees have been established by the University to provide additional support and advice to the Treasurer and Director of Debt Management regarding policy and process surrounding the issuance of debt and post-issuance compliance. The Director of Debt Management oversees the committees and sets the agendas for each.
Debt Oversight Group (DOG)
The DOG supports and advises the Treasurer and Director of Debt Management in decisions regarding policy development, capital financing strategies, and debt capacity analysis. In addition, the committee periodically reviews the debt management processes to insure compliance with University and tax requirements. Meetings are scheduled monthly.
University members in addition to the Treasurer and Director of Debt Management include the following individuals:
- Tax Director
- Chief Investment Officer
- Chief Financial Officer of the Academic Health Center
- Associate General Counsel
Debt Process Team (DPT)
The DPT acts as the University's trustee to approve the draws on unspent bond proceeds to reimburse expenditures incurred on eligible projects. In addition, the group establishes and insures that appropriate accounting and compliance procedures are in place and working properly. Meetings are scheduled monthly.
The team consists of representatives from applicable departments within the University that have a direct involvement in various aspects of debt management compliance. These departments include:
- University Services-Finance
- Treasury Accounting (within the Controller's Office)
- Treasury Operations (within the Office of Investments and Banking)
- University Tax Management
Debt Management Advisory Committee (DMAC)
The Debt Management Advisory Committee (the "Committee") advises the Finance Committee of the Board of Regents and the University's Treasurer on the issuance and ongoing management of debt. In doing so, the Committee evaluates, recommends, and monitors debt management policies, strategies, and guidelines and provides advice on their implementation so as to best serve the financial objectives of the University of Minnesota. A regent who is a member of the Finance Committee chairs the Advisory Committee. The President appoints the remaining members who consist of:
- The Treasurer of the University;
- A faculty member of the Carlson School of Management whose area of expertise is relevant to the work of the committee; and
- Up to six members of the local business community with relevant professional training and experience.