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Chapter Chats�Ratification Ballot Q&A

Wednesday, April 12, 2023 – 8:00 p.m. EDT

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Welcome & Chat Overview

Curt Gomulinski, MI Epsilon 2001

Executive Director

Tau Beta Pi Headquarters

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Housekeeping Notes

  • Please rename yourself with your first name and chapter
  • This session is being recorded.
  • Please mute your microphone until the Question/Answer session.
  • Use chat function during the session for any general questions and feedback.

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Tau Beta Pi Discord

Discord Server:

discord.gg/VqpumKdRuD

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Send us your photos!

Tau Beta Pi is always looking for images of your activities for use in The Bent, The Bulletin, email campaigns, and social media. Shots of members wearing TBP apparel is even better. Email media@tbp.org.

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��Ratification Ballot Q&A

Stacey L. Forkner

WI Alpha 1996

Director of the District Program

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James W. Johnson

NC Alpha 1977

Trust Advisory Committee Chair

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Ratification Ballot Q&A Agenda

  • Ratification Ballot Process (Curt)
    • Overview
    • Q&A
  • Director of the District Program Amendment (Stacey)
    • Background
    • Q&A
  • Private Equity Amendment (Jim)
    • Background
    • Q&A
  • General Q&A (All)

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Ratification Ballot Process

Curt Gomulinski, MI Epsilon 2001

Executive Director

Tau Beta Pi Headquarters

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Ratification Ballot Process

  • Two amendments were approved by the Convention
  • Chapter members are encouraged to review the changes prior to voting
  • Chapter officers are encouraged to present the changes to members during a meeting
  • All amendments are subject to chapter ratification
    • Approval requires ¾ of chapters to vote in favor
    • Approval by a chapter requires ¾ of its active members to vote in favor
    • Chapters must report their vote by June 1, 2023
    • Chapters may conduct balloting electronically
    • Abstentions count as NO votes

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Ratification Ballot Process

  • Chapters may conduct the vote in-person or electronically
  • Ballots must be received by April 1, 2023 June 1, 2023
  • Ballots are a required graded report for chapters
  • At least ¾ of active chapter members must participate in the vote
  • Chapter approval requires a ¾ favorable vote
  • Abstentions count as no votes
  • Ratification requires a ¾ favorable vote of active chapters
  • The Executive Council may vote for chapters that do not submit ballots or submit invalid ballots

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Amendment Support

  • The proposed amendments were reviewed and supported by:
    • 2022 Tau Beta Pi Convention
    • Committee on Constitution and Bylaws or Committee on Financial Affairs
    • Trust Advisory Committee or the Director of the District Program
    • Executive Council
    • Executive Director

​

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Resources Available

  • The Constitution Amendment Google Site has many resources
    • Detailed presentation on the proposed changes
      • Ratification Process
      • Amendment Purpose
      • Amendment Context and Wording Changes
      • Presentations from Convention
      • Discussion from Convention
      • Additional reference information
    • Digital versions of the ballots
    • Information sheets
    • Frequently Asked Questions

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Questions?

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Director of the District Program�Amendment Ratification

Stacey L. Forkner

WI Alpha 1996

Director of the District Program

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What is the District Program?

  • TBP program to organize chapters into geographical districts
  • Each district has two or more District Directors (based on number of chapters) who provide guidance, support and programming to chapter officers
  • The goal of the District Program is to help chapter leaders strengthen the operation of their chapters

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Director of the District Program vs. District Directors

District Directors

  • Provide guidance, programming, and support to Chapters

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Director of the District Program

  • Provides guidance, programming, and support to District Directors
  • Ensures consistency across Districts
  • Program Enhancements
    • Pivot to virtual District Conference programming during COVID
    • Instruction of New District Director Training
    • Creation of District Director Exchange
    • Revamp of District Directors Resource website (in progress)

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TBP Organizational Structure

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Director of the District Program Role

  • The duties of this role have existed in various forms and names over the years, as both volunteer and paid roles:
    • Director of Chapter Development
    • Director of the District Program
    • Assistant Secretary-Treasurer
    • District Program Planning Committee
    • Executive Council Liaison
    • Director of the District Program (current)

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Trial vs. Permanent Role

  • DDP was brought back for a 3-year trial period in 2016
  • A second 3-year trial period was approved in 2019
  • 2022 Convention approved Constitutional Amendment to make position a permanent Program Director, equal with all other Program Directors
  • Ratification in progress

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Questions?

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Private Equity�Constitution Ratification

James W. Johnson

NC Alpha 1977

Trust Advisory Committee Chair

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Tau Beta Pi Trust Fund

  • Fellowships and scholarships
  • Student assistance
  • Petitioning society assistance
  • McDonald mentor award
  • Chapter endowment initiative
  • The Bent life subscriptions
  • Future conventions
  • Program development
  • Engineering futures
  • GIG chapter project
  • Student loans
  • K-12 mindset program
  • Other program support

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Tau Beta Pi Trust Fund

  • PRIMECAP Core 27.0% Active Large Cap Blend
  • U.S. Growth Fund 10.8% Active Large Cap Growth
  • Equity Income Fund 10.8% Active Large Cap Value
  • Explorer Fund 5.4% Active Mid-Small Cap Growth
  • Total Domestic Equity 54.0%
  • International Growth 18.0% Active Foreign Large Cap Growth
  • International Value 18.0% Active Foreign Large Cap Value
  • Total International Equity 36.0%
  • Total Equity 90.0%
  • Core Bond 10.0% Active Broad Market Bond
  • Total Fixed Income 10.0%

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Trust Fund Spending Guide

  • Annual spending shall be calculated as: a percentage times the average of the past months’ market value of endowment assets, where the percentage and time horizon are shown in the following schedule:
    • 5% of the 72-month rolling average for FY21 (2020-21);
    • 5% of the 84-month rolling average for FY22 (2021-22);
    • 4.9% of the 84-month rolling average for FY23 (2022-23);
    • 4.7% of the 84-month rolling average for FY24 (2023-24);
    • 4.5% of the 84-month rolling average for FY25 and each subsequent fiscal year (2024-).

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Diversification with potential for higher returns

Median VCMM 10-year risk and return projections

70/30 portfolio

Private equity portfolio

(30% of equity)

Difference

(with/without)

Percent change

(with/without)

Nominal return

4.52%

5.37%

+85 bps

+19%

Real return

2.88%

3.69%

+81 bps

+28%

Volatility

11.30%

10.86%

–44 bps

–4%

Sharpe ratio

0.25

0.34

—

+33%

Distribution of projected 10-year real returns

Probability of a negative return in any given year over 10 years

IMPORTANT: The projections or other information generated by the Vanguard Capital Markets Model® (VCMM) regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Distribution of return outcomes from VCMM are derived from 10,000 simulations for each modeled asset class. Results from the model may vary with each use and over time. For more information on VCMM, see the Important Information slide.

Note: Vanguard analysis based on 30-year VCMM projections that integrate certain third-party data and assumptions. Baseline 70/30 portfolio consists of: 42% U.S. equity, 28% non-U.S. equity, 23% U.S. fixed income, and 7% USD hedged

international fixed income. Private equity portfolio consists of: 29% U.S. equity, 20% non-U.S. equity, 21% private equity, 23% U.S. fixed income, and 7% USD hedged international fixed income.

■

70/30 portfolio

■

Private equity portfolio (30% of equity)

70/30 portfolio

Private equity portfolio

5.4%

7.8%

-0.3%

2.0%

3.7%

4.7%

7.3%

-1.4%

1.1%

2.9%

100% 100%

For institutional use only. Not for distribution to retail investors. 4

Slide ID # S055643

73%

16%

64%

12%

0% return or worse

–10% return or worse

–20% return or worse

Tracking #: 1623792

Expiration date: 11/02/2022

Reasons for considering private equity (PE)

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  • Investments in equity of companies not listed on public exchanges
  • Requires long-term investment of 7 to 15 years, usually through a limited partnership
  • More than half of all private investment AUM in PE (venture capital, growth equity, and buyout)

Sources: Vanguard calculations using data from Preqin as of December 31, 2019. AUM excludes uncalled commitments (“dry powder”).

Examples are of companies in that phase of PE development in the recent past, although some have since become public or a subsidiary of a public company.

Private investment AUM

Growth equity

Minority stakes in established companies requiring capital for expansion.

Examples: Kind, Ducati

Venture capital

Minority stakes in young companies. Potential for rapid growth and outsized returns with higher risk.

Examples: Facebook, Lyft, Pets.com

For institutional use only. Not for distribution to retail investors. 5

Slide ID # S055644

Buyout

Majority stakes in mature companies with potential for selling at a premium after improving

operations or governance.

Examples: Staples, Dell, Thomson Reuters

Tracking #: 1623792

Expiration date: 11/02/2022

Defining private equity

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HarbourVest model track record – MSCI ACWI

Vintage

Liquidated / Matured

Developing / Building Value

Investing

Investment Period

Net Model TV/F

‘00-02 ‘01-03 ‘02-04 ‘03-05 ‘04-06 ‘05-07 ‘06-08

​

1.7x 1.8x 2.0x 1.9x 1.8x 1.7x 1.7x

‘07-09 ‘08-10

​

1.7x 1.8x

‘09-11 ‘10-12 ‘11-13 ‘12-14 ‘13-15 ‘14-16 ‘15-17 ‘16-18 ‘17-19 ‘18-20

​

2.0x 2.1x 2.2x 2.4x 2.3x 2.2x 2.1x 2.0x 1.8x 1.7x

PME+

Net Model IRR 11.0% 13.9%

19.4%

19.4%

14.1%

8.7%

8.6%

9.8%

11.2%

16.2%

17.4%

18.3%

23.6%

23.3%

22.6%

24.0%

27.8%

29.0%

32.9%

MSCI ACWI TR 6.0% 9.0%

​

8.8%

​

7.3%

​

5.6%

​

5.2%

​

6.0%

​

7.1%

​

8.0%

​

10.6%

​

10.3%

​

10.6%

​

11.1%

​

11.0%

​

11.7%

​

14.2%

​

15.7%

​

16.9%

​

20.3%

Model 5.0% 5.0%

10.6%

12.1%

8.5%

3.5%

2.6%

2.8%

3.2%

5.6%

7.0%

7.8%

12.5%

12.3%

10.9%

9.7%

12.1%

12.2%

12.6%

11%

14%

19% 19%

14%

9%

9%

10%

11%

16%

17%

18%

24%

23%

23%

24%

28%

29%

33%

6%

9%

9%

7%

6%

5%

6%

7%

8%

11%

10%

11%

11%

11%

12%

14%

16%

17%

20%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Fund 6 Fund 7 Fund 8 Fund 9

Fund 10 Fund 11 Fund 12 Fund 13 Fund 14 Fund 15 Fund 16 Fund 17 Fund 18 Fund 19

Track Record Net IRR

MSCI ACWI TR PME+

Outperformance

Source: HarbourVest. As of June 30, 2021.

These model portfolios are intended to show the prior performance of the types of investments that will be considered by the fund. Each model (hypothetical) portfolio is based on the actual primary, secondary, and direct co-investments made by the HarbourVest team during a three year investment period (primary investments) or during a two year investment period (secondary and direct co-investments). See ‘Additional Important Information’ at the end of the presentation, including important disclosures related to Net Performance Returns, Public Market Comparison, and Model Hypothetical Performance. Also, see ‘Additional Information (HarbourVest Model Track Record)’ at the end of the presentation for important disclosures related to the model performance shown. Model performance results are inherently limited and should not be considered a reliable indicator of future results. No investor received the indicated performance of the model portfolios.

Confidential – for qualified purchaser and accredited investor use only.

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Projected private equity net asset value development

For Illustrative Purposes Only. This illustrative model shall not be shared with or disseminated to any third party, and cannot be relied upon by you in any regard. Neither Vanguard nor HarbourVest is providing you with investment advice through this illustrative model.

HarbourVest is not responsible for any advice that may be otherwise provided by Vanguard to you and shall not be responsible for updating this illustrative model. The services, information, and data made available herein are provided "as is" without warranties of any kind. Neither HarbourVest nor Vanguard makes any representations or warranties regarding the condition or functionality of this model, its suitability for use, or that it is error-free. This model and the use thereof by Vanguard is subject to the terms of any applicable framework or other agreement in place from time to time between HarbourVest and Vanguard.

​

$8

$7

$6

$5

$4

$3

$2

$1

$0

2022

2028

2031

2030

VG Fund 2027

2023

VG Fund 2022

VG Fund 2028

2024 2025

VG Fund 2023

VG Fund 2029

2026

VG Fund 2024

VG Fund 2030

2027

VG Fund 2025

VG Fund 2031

2029

VG Fund 2026 Target PE NAV

This information is provided at your request, solely as an example of the pace at which capital may be called by the fund(s). Investors and prospective investors should bear in mind that any future data presented is a hypothetical model and, as such, does not reflect actual timing or underlying fund performance and should not be construed as predicting the future. Hypothetical assumptions used in this modeling exercise are HarbourVest estimates based on prior fund experience, current market conditions, and current fund expectations. The actual pace and timing of cash flows is likely to be different and will be highly dependent on the funds’ commitment pace, the types of investments made by the funds, the investment pace of the underlying partnerships, and market conditions. Market conditions have a strong impact on investments and realizations and could materially change these projections. Neither HarbourVest nor Vanguard is under no obligation to update or revise the information presented for changes that may occur after the date of preparation. These projections should be used solely as a guide and should not be relied upon to manage your investments or make investment decisions. Past performance is not a reliable indicator of future results, and there can be no assurance that future funds will achieve comparable results. Investments in private funds involve significant risks, including loss of the entire investment. In preparation of this model, every effort has been made to offer the most current, correct, and clearly expressed information possible. HarbourVest and Vanguard hereby disclaim any and all responsibility for any errors and accuracy of the information that may be contained herein. The information and data included herein have been compiled by HarbourVest from a variety of sources, and are subject to change without notice. HarbourVest makes no warranties or representations whatsoever regarding the quality, content, completeness, suitability, adequacy, sequence, accuracy, or timeliness of such information and data. Before deciding to invest any investment, prospective investors should pay particular attention to the risk factors applicable to their situation, as well as those provided in any investment documentation.

Slide ID # S043652

Tracking #: 1615971

Expiration date: 10/4/2022

Private Equity summary

Legacy and future Vanguard PE commitments, as of January 31, 2022

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Be prepared for negative cash flow in the early years as you, the limited partner (LP), make periodic investments (capital calls)

before you see distributions or gains when companies are sold.

Life cycle of a single private equity partnership

Capital from LPs called to fund investments. Underperfoming companies can contribute further to negative return.

Investments exited or close to it. Distributions to LPs. Provisions to extend in one- or two-year increments up to a maximum of four years.

Capital calls continue. Initial investments start to mature; some exited. Cash distributions to LPs.

1

2

3

4

5

6

7

8

9

10

Investment stage (years 1–5)

Liquidation stage (years 8–10)

Development stage (years 3–8)

■

Capital calls

■

Distributions

​

Cumulative net cash flow

Tracking #: 1623792

Expiration date: 11/02/2022

Source: Vanguard.

Slide ID # S055649

For institutional use only. Not for distribution to retail investors. 9

The J-curve: Cumulative net cash flow over the life span of a single private equity partnership

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The process leveraged Vanguard’s expertise in public manager search while also assessing factors specific to private investing, such as portfolio construction, client support, and alignment with Vanguard

199 Firms

5 firms

2 firms

45 firms

11 firms

Universe screens, Barclays, Current partners/search managers

Qualitative diligence

Manager search team interviews

Site visits with senior leaders

Final negotiations and due diligence

HarbourVest Selected

Drivers for investment success

Results

​

People

  • Deep investment team
  • Succession/contingency
  • Limited turnover of key professionals
  • Tenure and experience

​

Philosophy

  • Enduring
  • Shared by investment professionals
  • Easily articulated

​

Process

  • Understandable
  • Stable/proven
  • Repeatable

​

Firm

  • Ethics
  • Stability
  • Ownership Structure
  • Account and asset trends
  • Incentives

Portfolio

  • Clear reflection of philosophy and process
  • Characteristics consistent with expectations
  • Risk profile is aligned with investment strategy

Performance

  • Long-term history of competitive results versus benchmarks and peers
  • Performance consistent with investment approach

Tracking #: 1799359

Expiration date: 11/4/2022

Slide ID # S044202

Vanguard engaged in a thorough search process to narrow our opportunity set to HarbourVest, the firm we believe will generate the best results for our clients

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This information is provided at your request, solely as an example of the pace at which capital may be called by the fund(s). Investors and prospective investors should bear in mind that any future data presented is a hypothetical model and, as such, does not reflect actual timing or underlying fund performance and should not be construed as predicting the future. Hypothetical assumptions used in this modeling exercise are HarbourVest estimates based on prior fund experience, current market conditions, and current fund expectations. The actual pace and timing of cash flows is likely to be different and will be highly dependent on the funds’ commitment pace, the types of investments made by the funds, the investment pace of the underlying partnerships, and market conditions. Market conditions have a strong impact on investments and realizations and could materially change these projections. Neither HarbourVest nor Vanguard is under no obligation to update or revise the information presented for changes that may occur after the date of preparation. These projections should be used solely as a guide and should not be relied upon to manage your investments or make investment decisions. Past performance is not a reliable indicator of future results, and there can be no assurance that future funds will achieve comparable results. Investments in private funds involve significant risks, including loss of the entire investment. In preparation of this model, every effort has been made to offer the most current, correct, and clearly expressed information possible. HarbourVest and Vanguard hereby disclaim any and all responsibility for any errors and accuracy of the information that may be contained herein. The information and data included herein have been compiled by HarbourVest from a variety of sources, and are subject to change without notice. HarbourVest makes no warranties or representations whatsoever regarding the quality, content, completeness, suitability, adequacy, sequence, accuracy, or timeliness of such information and data. Before deciding to invest any investment, prospective investors should pay particular attention to the risk factors applicable to their situation, as well as those provided in any investment documentation.

Slide ID # S043652

Tracking #: 1615971

Expiration date: 10/4/2022

For Illustrative Purposes Only. This illustrative model shall not be shared with or disseminated to any third party, and cannot be relied upon by you in any regard. Neither Vanguard nor HarbourVest is providing you with investment advice through this illustrative model.

HarbourVest is not responsible for any advice that may be otherwise provided by Vanguard to you and shall not be responsible for updating this illustrative model. The services, information, and data made available herein are provided "as is" without warranties of any kind. Neither HarbourVest nor Vanguard makes any representations or warranties regarding the condition or functionality of this model, its suitability for use, or that it is error-free. This model and the use thereof by Vanguard is subject to the terms of any applicable framework or other agreement in place from time to time between HarbourVest and Vanguard.

Years Ending

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

​

Commitments

​

​

​

​

​

​

​

​

​

​

Vanguard HarbourVest PE Fund

$3.6

$3.6

$3.6

$1.5

$1.0

$1.0

$1.0

$1.0

$1.5

$1.5

Cumulative Commitments

$3.6

$7.2

$10.8

$12.3

$13.3

$14.3

$15.3

$16.3

$17.8

$19.3

Capital Calls

​

​

​

​

​

​

​

​

​

​

Vanguard HarbourVest PE Fund

-$0.6

-$1.4

-$1.8

-$2.0

-$1.9

-$1.8

-$1.7

-$1.5

-$1.4

-$1.4

Cumulative Calls

-$0.6

-$2.0

-$3.8

-$5.8

-$7.7

-$9.5

-$11.2

-$12.7

-$14.1

-$15.5

Distributions

​

​

​

​

​

​

​

​

​

​

Vanguard HarbourVest PE Fund

$0.0

$0.1

$0.3

$0.6

$1.6

$2.6

$3.0

$3.0

$2.7

$2.6

Cumulative Distributions

$0.0

$0.1

$0.4

$1.1

$2.7

$5.3

$8.3

$11.3

$14.0

$16.6

Net PE Cash Flows

-$0.6

-$1.3

-$1.5

-$1.3

-$0.3

$0.8

$1.4

$1.5

$1.2

$1.2

Cumulative PE Cash Flows

-$0.6

-$1.9

-$3.4

-$4.7

-$5.0

-$4.2

-$2.8

-$1.4

-$0.1

$1.1

​

Net Asset Value

​

​

​

​

​

​

​

​

​

​

Vanguard HarbourVest PE Fund

$0.6

$2.0

$3.8

$5.8

$7.1

$7.4

$7.3

$7.1

$7.1

$7.1

Total Net Asset Value

$0.6

$2.0

$3.8

$5.8

$7.1

$7.4

$7.3

$7.1

$7.1

$7.1

Assets Under Management

​

​

​

​

​

​

​

​

​

​

Total AUM

$36.0

$36.0

$36.0

$36.0

$36.0

$36.0

$36.0

$36.0

$36.0

$36.0

Target PE NAV

$7.2

$7.2

$7.2

$7.2

$7.2

$7.2

$7.2

$7.2

$7.2

$7.2

Total +/- Target PE NAV

-$6.6

-$5.2

-$3.4

-$1.4

-$0.1

$0.2

$0.1

-$0.1

-$0.1

-$0.1

Private Equity summary

Legacy and future Vanguard PE commitments, as of January 31, 2022

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Access

Consistent exposure to high-quality, oversubscribed funds

Slide ID # S044202

Performance

Strong results relative to public indices and private market peers

Scale

Substantial asset base enables robust risk modeling and deep bench of operations personnel

Capabilities

Specialized investment teams add value above simply providing capital

Relationships

Strong, broad network of long-term relationships with GPs

Tracking #: 1799359

Expiration date: 11/4/2022

HarbourVest leverages its decades of experience in private markets to drive investment success for its clients

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The product’s three-year commitment cycle provides an added layer of vintage year diversification to the fund’s

base allocations

Geography

Strategy

Stage

Tracking #: 1799359

Expiration date: 11/4/2022

Slide ID # S044202

●

North America

●

Europe

●

Asia

●

Primary

●

Secondary*

●

Co-investments*

●

Buyout

●

Venture capital

●

Debt/other

* Secondary and co-investments are primarily buyout investments.

HarbourVest’s resources and global fund construction display its ability to provide a comprehensive solution for our clients

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Questions?

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Upcoming Chapter Chats

  • Ratification Ballot Q&A
    • Thursday, April 20, 2023 – 8:30 pm
    • Curt Gomulinski, Stacey Forkner, Jim Johnson
    • Repeat of this session
  • Panel: Lessons Learned from the Year
    • Tuesday, May 2, 2023 – 8 p.m.
    • Hosted by the Chapter Development Committee
    • Learn from and share with your peers about what you have learned during your time as a chapter or officer or as you start your term of service.

Tau Beta Pi—The Engineering Honor Society

Tau Beta Pi—The Engineering Honor Society