The investment committee of the college or university governing board is charged with determining, overseeing, and assessing the policies and processes by which institutional funds are invested. The committee has fiduciary duty to ensure that the terms of investment of donors' gifts are met and to maximize investment returns within an appropriate range of risk. Committee structure is determined by how the committee will work with the institution's administrative staff (chief executive, investment management staff, and consultants) and carry out its basic responsibilities. Committee responsibilities include: setting investment policy, managing asset allocations, reviewing investment results and investment manager performance, reviewing expenses, overseeing accounting and financial reporting, and monitoring proxy voting and social issues. The committee need not meet more than 4 times a year. Special agendas may be needed for new developments, such as debt financings, disposal of large stock gifts, or decisions to change asset allocations. To be judged successful, the committee must meet its spending-rule goals and achieve investment results that compare favorably with other institutions. (MSE)