September  27, 2011

Photo: Keng Susumpow

UNIVERSITY  OF  WASHINGTONMOODY’S  INVESTORS  SERVICE  CREDIT  REVIEW

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Agenda

Time Topic(s) Primary Presenter(s) Location

8:30am Introductions and Welcome All Gerberding Hall Room 142

9:00am Vision, Strategy and Governance Michael Young Gerberding Hall 

9:30am Institutional Financial Overview V’Ella Warren and Paul Jenny Gerberding Hall

10:30am Health Care Enterprise Johnese Spisso Gerberding Hall

11:30am Tour of main campus and South Lake Union (SLU)

All Driving

12:30pm Working Lunch ‐ Research Enterprise

Mary Lidstrom SLU Room C123A

1:30pm State Funding and Student Trends Gary Quarfoth  SLU

2:00pm Housing Master Plan Pam Schreiber SLU

2:30pm Capital Planning, Debt and Internal Due Diligence

Doug Breckel and Chris Malins SLU

3:00pm Pro forma and Base Case Scenario Doug Breckel and Chris Malins SLU

3:30pm Travel to main campus All Driving

4:00pm Conclusions and debrief Michael Young and V’Ella Warren Gerberding Hall Room 142

5:00pm Adjourn All

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Introductions

Participants

Michael Young, President

V’Ella Warren, Senior Vice President for Finance and Facilities

Paul Jenny, Vice Provost for Planning and Budgeting

Mary Lidstrom, Vice Provost for Research

Johnese Spisso, Chief Health System Officer, UW Medicine

Doug Breckel, Associate Vice President, Treasury Office

Gary Quarfoth, Associate Vice Provost, Planning and Budgeting Office

Pam Schreiber, Director, Housing and Food Services

Chris Malins, Senior Associate Treasurer, Asset Liability Management

NOTE:  Participant biographies are in the Appendix

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Institutional Financial Overview

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20 Year View of UW Revenues

Since 1990, the University’s revenues have more than tripled from $1.3 billion to $4.6 billion.

During this time, the percentage attributable to grants and contracts has remained fairly stable. TheUniversity has diversified its other sources of revenue even while State funding has decreasedsignificantly and, on a percentage basis, contributes around a third of what it did twenty years ago.

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University Exposure to Federal Funding 2007‐2011RESEARCH

Research funding from federal sources continues to be a large part of the University’s total research dollars at 83% oftotal research revenues for 2011 (71% excluding ARRA grants).As a percentage of total research, the federal share (excluding ARRA grants) has decreased over the last five years.

PATIENT CAREMedicare and Medicaid payments represent 36% ‐ 38% of total clinical revenues. This share is higher than most privatehospitals, but typical of public teaching hospitals.The payer mix has remained stable over the last ten years as the Medical Center has generated positive margins andbuilt reserve balances.

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Peer Reliance on Government Funding

Even as UW faces pressures from declines in the outlook for government funding, peer institutions arefacing similar pressures. Of the Aaa‐rated public universities, the estimated range of reliance ongovernmental funding is 37% to 58% compared to UW’s reliance of 49%.

Because peers will likely be reacting in similar ways to adjust to the new funding outlook, UW’scompetitive position is expected to remain strong.

*Values are estimated based on Moody’s MFRA data for FY2010 and assumes the portion of each revenue source that is funded by federal government is the same across institutions and equal to UW.  “Government” includes direct state appropriations.   

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Clinical Enterprise

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Leadership and Governance

Leadership

Paul Ramsey M.D.CEO, UWMedicine and EVP for medical affairs, and Dean of the School of Medicine; joined UW in 1978.

Johnese Spisso R.N., M.P.A.Chief Health System Officer, UW Medicine and VP medical affairs; joined UW in 1992.

Ruth Mahan J.D.Chief Business Officer, UW Medicine and VP for medical affairs; joined UW in 1997.

Governance

The UW Medicine Board, subject to the authority of the Board of Regents and established Universityagreements and policies, is charged with advising the Board of Regents, the President and theCEO/EVPMA/Dean regarding the operation and governance of UWMedicine.

The Board’s advisory duties cover all aspects of UW Medicine operations including strategic aspects ofacademic and clinical programs .

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UW Medicine ‐ Entities

4 HospitalsTwo academic medical centers

− Harborview* (413 beds) ‐ designated as the State’s only Level 1 adult & pediatricTrauma & Burn Center and serves as the referral center for Washington, Wyoming,Alaska, Montana, and Idaho (WWAMI)

− UW Medical Center (450 beds) ‐ serves as the quaternary care referral center forcardiac, transplant, cancer, high risk OB/NICU for WWAMI

Two community hospitals− Northwest Hospital & Medical Center (281 beds)− Valley Medical Center (303 beds)

UW PhysiciansPractice group of over 1,800 employed UW physicians and healthcare professionals

UW Neighborhood Clinics7 neighborhood clinics in King County, expanding to 9 by March 2012Primary care, urgent care and specialty physician services

* Owned by King County, Managed by UW Medicine

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UW Medicine ‐ Entities

Airlift NorthwestProvides critical care air medical transport for patients throughout the WWAMI regionRotary‐wing helicopter and fixed wing services at 5 base locations.

School of MedicineServes as the sole public medical school for the WWAMI region– the Regional MedicalEducation Program

Shared ownership and governanceChildren’s University Medical GroupSeattle Cancer Care Alliance

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UW Medicine Selected Financial Information 2009 ‐ 2011

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UW Medicine ‐ Overview

UW Medicine is the sole academic health system in the WWAMI Region

1,447 licensed beds at 4 hospitalsOver 65,800 dischargesOver 1.5 million outpatient and emergency room visitsMore than 21,000 employeesApprox. 2,000 employed faculty within the School of MedicineMore than 4,600 faculty across the WWAMI programApprox. 4,500 students and trainees

Awards and Recognition

UW Medicine's 4 hospitals all ranked in the top 6 in US News & World ReportMetropolitan Hospital Ratings for Puget Sound RegionRanked the No. 1 primary care medical school in the country for 16 consecutive years.Department of Family Medicine ranked No. 1 for 20 consecutive yearsFaculty includes 4 Nobel Prize winners

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UW Medicine – Mitigation Strategies

Continued focus on patient safety, quality, access and service ‐ UWMedicine Patients First

Continued focus on performance improvements to reduce cost and improve value of care

Continued focus on maximizing investments in technology to improve efficiency− Electronic medical record implementation/Computerized Physician Order Entry (CPOE)− Revenue cycle management− Workforce management systems

Continued preparation for healthcare reform− Accountable Care Organization (ACO) Assessment− Strategic Plan implementation

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UW Medicine – Examples of Performance Improvement Initiatives

Revenue cycle improvements of $4 Million

Supply chain standardization and improved pricing of $3 Million

Transformation of care and improved patient access of $9 Million

Pharmaceutical Management of $2 Million

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UW Medicine – Strategic Plan Summary

1. Build Key Programs

EducationIntegration

Regional Heart Center 

Vascular Center

Neurosciences Institute

Oncology (SCCA)

Eye Institute

Organ Transplant and Care Lines

Spine/Musculoskeletal 

Behavioral HealthTrauma SystemSafety Net CareHealth Reform

Obstetrics/Neonatal

Desired

 Volum

e Growth/ 

Increased Co

mpe

tition

New

 Program

 Investmen

tPo

licy/

Advocacy

Pain Center Strategic Partnerships &Transfer Center Outreach

Ambulatory Network Primary and Secondary 

Care Evaluation

UW MedicinePatients First Pillar Goals and Metrics

Patient Safety and Quality

Workforce Development/HR

IT Advancements

ResearchIntegration

2. Build Relationships and Provider Network

3. Deliver Service Excellence

4. Deliver Quality, Safety, and Outcomes

5. Develop Organizational Capability

Coordination Teams

Diabetes & Obesity

Digestive/GI

What we plan to do

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UW Medicine

The ACO Visioning process is a three‐phased process positioned as part of the broader health system strategic planning processes

Proposed Phasing of Work

Phase 1: ACO Assessment ‐Strategy and Operations

Phase 2: Key Strategy 

Development

12 weeks 16‐20 weeks

Phase 3:Tactical &ImplementationPlanning

•Determine ACO Strategic Direction

•Assess readiness of UW Medicine to participate/sponsor an ACO

• Identify 2‐3 potential pilots

Develop strategic and operational plans to develop required 

capabilities

Begin implementation of 

plan

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UW Medicine Summary

UW Medicine is a comprehensive health care system providing primary, secondary, tertiaryand quaternary care. It is the sole academic health care system in a 5‐state region(WWAMI) that provides this complete range of clinical care services, teaching and research.

UW Medicine’s strong and established leadership team is well‐positioned to proactivelyplan and implement strategic initiatives to provide leadership for health care reform andcost containment.

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Research Enterprise

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Leadership TeamVice Provost for Research in place since 2005 (Interim Provost in FY11)Three Associate Vice Provosts in place since 2006Faculty in Public Health, Electrical Engineering, Environmental SciencesAll are award‐winning researchersExtended leadership team includes the Associate Deans for Research in the major research‐intensive academic units

Faculty 2,070 tenure‐track faculty, 3,894 total professorial faculty (FY11)6 Nobel Laureates, 136 in the National Academies, 14 MacArthur awardsTrends− 1% increase in tenure‐track, 16% increase in total professorial (last 5 years)− Fewer departures (average of 85 in the last two yrs vs. average of 104 in the previous 3 yrs)

Exposure− Top 20 principal investigators bring in 16% of research revenue− Top 50 bring in 20%− Strong retention in this category

DiversificationResearch characterized by both depth and breadth− 16 academic units comprising over 100 academic programs− Arts, Humanities, Social Sciences, Information and Library Sciences, Engineering, Physical Sciences, Biological 

Sciences, Biomedical Sciences, Clinical Sciences, Nursing, Dentistry, Pharmacy, Social Work, Law, Business, Public Affairs

35 programs across 13 of these units ranked in the top 10 by US News & World Report

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Overview of Research Enterprise

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Research Funding History

Recent trend:  decrease in % federal

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Federal Market Share Trends

Over the past 3 years, estimated federal market share has grown to almost 3%.

UW’s ARRA Market share was 2.8% in total funds received, one of the highest nationally.

Drivers

− In tight funding times, top researchers still get funded

− New research space coming online

2.20%

2.24%

2.91%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

1992 2001 2011

Federal Market Share 1992 ‐ 2011 

Red = estimated

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Strategy to Maintain Competitive Advantage

Research competiveness depends on top faculty  Create a strong environment for faculty to do research

Develop competitive recruitment and retention packages

Decrease administrative burden for carrying out research− iSTAR (improving Service to Advance Research) – customer service orientation− Research Roadmap (electronic research administration)

Invest in key facilities, prioritized and phased to keep space fully committed− Within last 7 years

• South Lake Union Campus (326,000 gsf): Medicine• Benjamin Hall Interdisciplinary Research (90,000 gsf): Engineering, Environment• Foege (365,000 gsf): Bioengineering, Genome Sciences

− Under construction• South Lake Union Campus (~180,000 gsf): Medicine 2013 occupancy• Molecular Engineering (90,000 gsf): Engineering, Chemistry, Biochemistry   2012 

occupancy− Planned

• Animal Facilities to support growth in health sciences

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Base Case Future Expectations

Predicted changes in UW research funding

FY12 ‐5% (loss of ARRA funding)

FY13 +5% (near 2011 levels)

FY14 +2%

(Based on trends in increasing market share of federal funds + increasing non‐federal funding)

Proactive strategies to increase market share

− Invest in top faculty recruitment and retention

− Invest in infrastructure for large grants

− Invest in key facilities

Result:  Past strategic investments have set the stage for increasing market share; current investments provide basis for strong performance.

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Managing a Future with Decreasing Research Funding

Planning scenario:  Against expectations, total research funding declines over next 3 years

Expense control – fixed vs. variable cost 

Facilities are primary fixed cost (10% of total)

− $100M decrease = $10M fixed costs

Faculty have experience responding to changing funding climate

− Seek funding elsewhere

− Post‐docs and students are admitted on an annual cycle, can be readjusted

Deans and department chairs manage via faculty salaries

− Non‐tenure track faculty do not have guaranteed salary

− The guaranteed salary for tenure‐track faculty paid from non‐research funds

Research space can be managed centrally

− Space can be adjusted by moving from leased to owned space

• UW has experience doing this: UW Tower

− Facilities “off‐ramps” (SLU3, Molecular Engineering) provide flexibility

− Reserves provide management tool to ramp down

Result: A strong leadership team and a history of strategic investment and planning presents a strong case for managing a downturn in federal research funding.

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State Funding and Student Trends

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Enrollment Trends – 2006 ‐ 2010The University has a history of strong student demand

Over the past five years, undergraduate enrollment and total enrollment have grown by 13%.

Freshman applications have grown 37% over this period.

16,634 17,808

19,90621,268 22,843

11,355 11,511 12,094 12,264 12,965

5,438 5,287 5,540 5,338 5,497

0

5,000

10,000

15,000

20,000

25,000

Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010

University‐wide Freshman Admissions

Applications

Accepted

Enrolled

31,135 32,355 33,697 34,523 35,201

10,557 10,591 11,114 11,592 11,9111,802 1,803 1,842

1,907 1,934

0

10,000

20,000

30,000

40,000

50,000

60,000

Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010

University‐wide Headcount Enrollment

Professional students

Grad Students

Undergrad Students

43,49444,749

46,65348,022 49,046

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Changes in State Support and Tuition FY 2009 ‐ 2012

58%

49%

46%

31%

42%

51%

54%

69%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2009

2010

2011

2012

State Funds Tuition Revenue

Fiscal Year State Funds Tuition Revenue Total

2009 $        401,707,000  $        295,500,000  $        697,207,000 

2010 $        320,627,000  $        330,558,000  $        651,185,000 

2011 $        318,522,000  $        369,897,000  $        688,419,000 

2012 $        212,197,000  $        463,500,000  $        675,697,000 

Although State funding reductions have been significant, especially in the last few years, the University’s competitive pricing for tuition has allowed for strong offsetting growth in tuition revenues.

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YEAR PEER GROUPRESIDENT UNDERGRADUATE 

TUITION & FEES

NON‐RESIDENT UNDERGRADUATE TUITION & FEES 

2011‐12

GLOBAL CHALLENGE AND UNIVERSITY OF MICHIGAN

$12,049  $32,723

UNIVERSITY OF WASHINGTON $10,574  $28,058 

Note: To compare to peers, the total tuition & fees charged must be used. For 2011‐12  tuition is $9,746 and total tuition & fees is 10,574.

Comparison to Peer Tuition and Fee Rates

Even after large undergraduate tuition increases for the last three academic years, UW’sundergraduate tuition is still below that of peer institutions. Given the quality of its programs, UWbelieves that it still has the option of raising undergraduate tuition.

In the 2011 State legislative session, UW Regents were provided local authority to set undergraduateresident tuition (with some conditions) for the first time. UW Board of Regents has had delegatedauthority to set tuition rates for undergraduate non‐resident students and for all graduate andprofessional students since 2004.

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Housing Master Plan

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Housing Master Plan – Key Points

A residential campus community that supports students’ personal development andacademic achievement is viewed as an important if not critical component of thestudent experience and in remaining competitive in terms of peer institutions.

The Housing Master Plan (HMP) is a part of a larger institutional strategic plan and istied directly to University mission and goals. The plan was initiated under the directionof the executive leadership, which continues to provide oversight as the plan unfolds.

The HMP is supported by a strong leadership team both within Housing & FoodServices and in other departments.

The HMP is based in strong financial planning, testing, and analysis.

A critical strength of the plan is that it is backed by decade‐long high demand as wellas a future enrollment plan that includes increases in the freshman class through therecruitment of out‐of‐state and international students for which the need for on‐campus housing is high.

The plan is designed in a way that allows for flexibility, making adjustments inresponse to changing conditions. Off‐ramps are established for each project withineach phase and identify criteria that must be met to justify proceeding.

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Housing Master Plan Overview

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Housing Master Plan Schedule

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Housing Master Plan – West Campus Development

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Capital Planning, Debt and Internal Due Diligence

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The Capital Planning Process

Each capital project undergoes a rigorous strategic and financial review prior to Regental approval.

“Precinct Plans” from schools, colleges and supporting units drive institutional capital needs.

Office of Planning and Budgeting (OPB) works with units and senior administration to evaluate and prioritize short, mid, and long term capital needs.

The One Capital Plan integrates multiple ongoing strategic academic program planning created by UW’s colleges and schools. − Comprehensive plan identifying all future UW projects by fund source for the 

next 10 years.− Continuously updated and presented to the Board at least once a year.

Treasury Office uses One Capital Plan to estimate future debt requirements and present jointly to the Board with OPB.

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Projected Outstanding Debt – Projects Approved by Board of Regents 

FY 2012 (1) FY 2013 FY 2014 FY 2015 FY 2016Annual Borrowing (2) 302,000 276,000 115,000 48,000 7,000

(1) 2012 includes 2011A General Revenue Bonds issued 7/28/11. (2) Assumes all future debt is 30 year amortizing bonds at 5.5%. Structure of actual issuance will vary. Includes current NW Hospital debt,but no future NW Hospital borrowing.

1,795,000 

2,017,000  2,062,000  2,045,000  1,986,000 

‐

500,000 

1,000,000 

1,500,000 

2,000,000 

2,500,000 

FY2012 FY2013 FY2014 FY2015 FY2016

Projected Outstanding Debt (in $ thousands)

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Internal Due Diligence for Capital Projects Funded from Borrowing 

The State’s ability to continue to fund capital will be very limited in the future, causing the need to identify the infrastructure needs most critical to UW’s success

Funding alternatives include:−Targeted philanthropy−Enhancement of the Metropolitan Tract contributions to UW Seattle capital asset development−Issuing General Revenue Bonds subject to internal due diligence

Most, but not all, projects generate incremental revenue sufficient to pay debt service with at least1.25 coverage

Standard due diligence process:1. Identify and rank key risks:

•Along with key campus constituents, develop set of key risks to project•Rank key risks according to “likelihood” and “impact”

2. Develop base case pro forma3. Stress test the pro forma with key risks4. Test simultaneous risks (“perfect storm”)5. Mitigation strategies

Ongoing covenants and disclosure after loan has been approved:1. Debt service coverage2. Minimum reserve levels3. Audited financial statements for all large borrowers

Early warning system for senior management and regents

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Pro forma and Base Case Scenario

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Pro forma Financial Statements  FY 2011 – 2017

Selected Pro forma Revenues and Key Ratios 2011 ‐ 2017

Lower federal revenues will reduce growth in net assets, but reserves should still increase

The University’s capital plan has a greater impact on debt ratios than the decrease in revenues

Incremental revenues from new facilities have a positive effect on future reserves and ratios

The University has identified mitigation plans to address stresses to major revenue lines

The University’s leading role in the region for health care and national strength in research position it well in a future with lower federal support

* Excluding ARRA grants, base case growth in Grants and Contracts is 2.84%

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Selected Pro forma Assumptions

Note: Percentage changes in federal research, Pell grants, and Medicare / Medicaid are based on the August 2011 CBO Budget and Economic Outlook Update. The cuts include assumed action by the Joint Select Committee on Deficit Reduction. 

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Summary

The University understands the market and drivers for its three business lines: education,research and service.

The University manages within and across business lines by systematically assessing andmanaging expenses and focusing on revenue opportunities.

The University is positioned to mitigate declines in governmental funding through:

− greater tuition pricing flexibility− research diversification and a commitment to recruit and retain faculty− history of positive margins and growing reserves at the Medical Center and a

demonstrated ability to control costs

The University has an integrated capital and debt planning system to approve and reviewspace needs, along with opportunities to re‐assess capital and borrowing plans with seniormanagement and Regents.

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Appendix

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Presenter BiographiesMichael K. Young became President of the University of Washington on July 1, 2011. Also a tenured Professor of Law, President Young has adistinguished record as an academic leader with broad experience in public service and diplomacy. Prior to the appointment at the UW, he servedas President and Distinguished Professor of Law at the University of Utah. Before assuming the presidency at Utah, he was Dean and LobingierProfessor of Comparative Law and Jurisprudence at the George Washington University Law School. He was also a professor at Columbia Universityfor more than 20 years and prior to joining the Columbia University faculty he served as a law clerk to the late Chief (then Associate) Justice W.H.Rehnquist of the United States Supreme Court. President Young is a graduate of Brigham Young University and Harvard Law School.

V’Ella Warren is a Senior Vice President and Board of Regents Treasurer. She is responsible for an endowment of $2 billion and total investments of $3billion. Ms. Warren also leads the University’s financial management, capital projects, facilities and strategy management organizations with nearly1,600 employees. Ms. Warren has been at the UW since 1987. Prior to moving to higher education she worked in commercial banking andmanufacturing. Ms. Warren was the Vice President of the Asset Liability Planning for Seafirst Bank and People’s Bank. Ms. Warren has advanceddegrees from the UW: an M.A. in Asian Studies and MBA in Finance with honors. Her undergraduate degree is from Willamette University in Oregon,where she graduated cum laude in Political Science and Chinese. Ms. Warren is a frequent national speaker and panelist on investment and leadershiptopics.

Paul Jenny is a Vice Provost for the Office of Planning and Budgeting. Mr. Jenny is responsible for the development and management of resourceallocation plans for the University and oversees the preparation of the University’s operating and capital budgets. Areas reporting to Mr. Jenny includeOperating Resource Planning, Capital Resource Planning Office, Institutional Studies and Data Management and University Architect and CampusPlanning. Mr. Jenny has an extensive experience in academic resource management. Mr. Jenny’s education includes an MBA with honors from LoyolaUniversity and BA in Economics from the University of Washington. Mr. Jenny serves in a leadership role as a board member of the WesternAssociation of College and University Business Officers (WACUBO), Board of Trustees of the Denali Education Center and is a member of the GoverningBoard of KEXP public radio and on line station.

Mary Lidstrom is the Vice Provost for Research, a Professor in Chemical Engineering and Microbiology and holds the Frank Jungers Chair ofEngineering at the University of Washington. She received a B.S. in Microbiology from Oregon State University, and a M.Sc. and Ph.D. inBacteriology from the University of Wisconsin. Professor Lidstrom has a long history of carrying out interdisciplinary education and research atthe engineering/biology interface, and has been honored by the national Science Foundation, Howard Hughes Medical Institute, the AmericanAssociation for the Advancement of Science, the American Academy of Microbiology and the American Society for Microbiology for heroutstanding achievements. She also oversees the UW Genomics Outreach to Minorities program and sits on the scientific advisory boards atPacific Northwest National Laboratory and Caltech.

Johnese Spisso is a UW Vice President for Medical Affairs and Chief Health System Officer for UW Medicine Health System which includes HarborviewMedical Center, UW Medical Center, Northwest Hospital & Medical Center, Valley Medical Center and UW Neighborhood Clinics, UW Physicians andAirlift Northwest. Johnese has over 25 years of experience in health care leadership positions. She graduated from St. Francis School of Nursing, has aBachelors Degree in Health Sciences from Chapman College and a Master’s Degree in Public Administration from the University of San Francisco.Johnese currently serves as Chair of the King County Health Care Coalition, on the Governing Board of the University HealthCare Consortium, theNational Association of Public Hospitals, First Choice Health Plan, and Villa Academy.

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Presenter Biographies (continued)

Gary Quarfoth has been the Associate Vice Provost for the Office of Planning and Budgeting since 1998. In that position he oversees the OperatingResource Planning group at the UW, he is the Provost’s Office representative on the oversight committees for a variety of information technologyinitiatives, and he works on a variety of special projects in both the operating budget and capital budget realms. Prior to working for the UW he workedfor the City of Seattle for twenty years in a variety of budget/financial positions. He has a Bachelor’s degree in Child Psychology from the University ofMinnesota and Ph.D. in Developmental Psychology from the University of Washington.

Pam Schreiber currently serves as Director of Housing & Food Services at the University of Washington, the most recent step in a 25‐year career thathas almost entirely been in housing and student affairs. She began in student housing as a resident adviser while attending the University ofWisconsin‐Whitewater for her bachelor of arts degree in social welfare, and then went on to earn a master of arts degree in college student personnelfrom Bowling Green State University (BGSU) and a doctorate in adult education from the University of Georgia. She has held professional positionswith increasing responsibilities at BGSU, the University of Florida, the University of Georgia, Hodges University, Florida Gulf Coast University and now atthe University of Washington. She has contributed to the housing profession by serving on the ACUHO‐I Executive Board, various committees, and as apresenter and facilitator at various conferences and institutes.

Chris Malins is Senior Associate Treasurer for Asset Liability Management at the University of Washington Treasury Office. He is responsible forthe University’s debt portfolio, which stands at just over $1.6 billion. Mr. Malins leads a team of professionals that perform due diligence ondebt financed projects, issue bonds and other credit instruments to fund the University’s capital needs, and pay and account for outstandingdebt. In addition, Mr. Malins is responsible for managing the University’s Internal Lending Program, which provides loans to campus borrowersat a stable and predictable rate by using debt portfolio management techniques. Mr. Malins has been at the University since 1994, and heldprevious positions in grant accounting before coming to the Treasury Office in 1999. He holds a degree in Finance from the University ofWashington with an additional concentration in accounting.

Doug Breckel is the Associate Vice President of the Treasury Office for the University of Washington. He oversees Asset Liability Management,Financial Services and Analysis, Treasury Operations and Risk Management Offices. Mr. Breckel has been with a University since 1993. He is aMath and Finance graduate from University of Puget Sound and also a graduate of Pacific Coast Banking School.

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