VOLUME 112, ISSUE 109
UNC names investment head
King to manage University's SI.IB endowment
BY EMILY STEEL
Officials have found anew chief to take
the helm at UNC Management Company
Inc., a private organization that pilots the
University’s sl.l billion endowment.
Jonathon King, associate vice president
for investments at Dartmouth College, will
begin serving as president and chief executive
officer of the management company starting
Jan. 1,2005, officials announced late Friday.
“I was at a point that I was looking for a
new challenge,” King said. “I hold UNC in
the highest regard. It is obviously one of the
greatest state universities in the country.”
The appointment marks the first change
in command at the company since it formed
two years ago to advise officials on how to
invest the University’s endowment.
The endowment, which provides a stable
Kang to focus on
growth , funding
BY JIM WALSH
ASSISTANT ARTS & ENTERTAINMENT EDITOR
University officials named an
executive director for the arts Friday,
ending a months-long search for an
individual to oversee fund-raising
efforts and facilities operations in
the campus arts community.
Emil Kang, former president
and executive director of the
Detroit Symphony Orchestra, was
chosen for the newly created posi
tion at a time of growth and con
struction for the arts community
and its campus
begins Jan. 1.
thing I have to
do is listen and
find out all of
ers and begin a
the Office of the
led a SI2SM
campaign in his
Chancellor and Provost, Kang will
manage Memorial Hall, Playmakers
Theatre and Gerrard Hall.
He said his priorities include
spearheading an artistic vision for
the University and promoting the
arts throughout the development of
the Arts Common, UNC’s decades
long project to create a central space
for the arts on North Campus.
In addition to managing the
biggest performing arts venues on
campus, Kang said he would work
to integrate arts programs and cre
ate a seamlessness among them.
Casey Molino Dunn, chairman
of the arts advocacy committee
of student government, said the
impact of the new position hinges
on Kang’s vision. “By creating a
more unified campus arts scene, it
certainly ups the ante for everyone
involved,” he said.
Kang, a violinist with a degree
in economics, will oversee con
tinued fund-raising efforts for the
Arts Common and other construc
tion projects near the Ackland Art
Museum and Hill Hall.
As executive director for the
Detroit Symphony Orchestra, he
led a $125 million fund-raising
campaign to restore and expand
Steve Allred, executive associate
provost and member of the search
committee, said Kang was chosen
from the almost 200 applicants
for his fund-raising experience and
charisma. He will receive an annual
salary of $170,000, Allred said.
“He’s someone who combines
really appropriate experience
along with enthusiasm and infec-
SEE EDA, PAGE 5
Charlotte is worst of 15 cities for urban sprawl
Nutritionists concerned by college eating habits
For these and more stories, visit www.dthonline.com.
Serving the students and the University community since 1893
lailu oar Hppl
source of funding at UNC to support schol
arships, professorships, departments and
academic programs. In 2002, that amount
ed to $24.7 million.
Mark Yusko resigned from his post as the
chief executive officer ofthe company last June
after serving as the University’s chief invest
ment officer for six years. During his tenure he
centralized the University’s investments and
crafted one of the nation’s preeminent invest
ment models for higher education.
But a split vision for the University’s long
term investments pushed Yusko to pursue a
career in the private sector and officials to
begin the search for anew president and
CEO. Yusko wanted the University to man
age outside investments, but the investment
fund board held that the company should
only manage money within the UNC sys
HE~ H sHfifi , . RH
Byamba Serchmaa, a Mongolian contortion artist
in the Red Panda Acrobats, poses at Journey Into
Asia: East Side Story in the Great Hall of the Student
Union on Saturday night. The acrobats visited from San
Francisco to perform a finale at the cultural show, which
Samara not guilty of charges
BY EREN TATARAGASI
A jury acquitted on all charges
Friday the man accused in a hit
and-run in relation to the death of
UNC alumnus Stephen Gates.
Rabah Samara, 27, was found
not guilty of both felonious hit
and-run and misdemeanor hit
and-run in relation to the death
of Gates, who served as a reporter
for the Tar Heel Sports Network.
Gates died Oct. 4, 2003, after
being hit by a white Cadillac
Escalade near the split of inter
states 40 and 85, where he was
Pat Gates, mother of Stephen Gates, talks with reporters at the Orange
County courthouse before the start of the trial's events Friday morning.
THE ELEMENT OF STYLE
Polo Ralph Lauren to open Rugby
branch on Franklin Street PAGE 2
Officials now have found a candidate to
sign on to their investment philosophy.
“Managing outside money is no longer
an option,” said Tim Burnett, chairman of
the UNC Management Company’s Board of
Directors. “All of that was covered.... The
people at the UNC Management Company
are going to manage the assets of the UNC
When Yusko stepped down from the post,
more than 10 universities throughout the
nation also were searching for chief invest
ment officers. But Yusko left behind a list of
people whom he considered qualified enough
to manage the University’s endowment.
A nationwide search led officials to
choose King from that list.
“Dartmouth is an Ivy League school, and
Jonathon has been around the investment
business for a long time,” Yusko said. “I think
he is a good addition and will do a good job.”
Because King will report directly to the
management company’s board of directors
IT’S A STRETCH
“That was the second in my life where I
should have been awake and sober”
RABAH SAMARA, defendant
repairing a ruptured tire.
Emily Caveness, a senior at
N.C. State University, was driving
at the time of the accident.
She was initially charged with
felonious hit-and-run and misde
meanor hit-and run but pled to a
lesser charge in exchange for tes
tifying against Samara.
Caveness is now charged with a
and will not serve as a University employee,
both his contract and compensation records
are not public documents.
Yusko earned a base salary of $170,000
from the University through the manage
ment company, but according to IRS filings,
he earned $341,444 in 2002.
King has worked at Dartmouth for the
past 16 years, serving as the chief invest
ment officer of the Dartmouth College
endowment since 1999.
Dartmouth’s endowment was valued at
$2.46 billion last June, up from $593 mil
lion in 1990. Dartmouth’s five- and 10-year
endowment investment results have ranked
in the top 5 percent of college and university
return during the past decade, according to
Dartmouth’s endowment was ranked
20th and UNC-Chapel Hill’s ranked 36th
among university endowments in 2003.
SEE CIO, PAGE 5
was sponsored by the Asian Students Association. Serchmaa
has been practicing contortion for 21 years. Student groups
performed myriad Asian art forms, which included danc
ing, singing, drumming and fashion, and they often added
American elements of humor. For the full story, see page 4.
Class 2 misdemeanor for failing to
report an accident.
“I knew it was going to be a dif
ficult case,” said District Attorney
Carl Fox. “It falls through the
cracks because (Samara) wasn’t
the one driving the car at the time
of the incident.”
The felony charge against
Samara was for failing to remain
at the scene of an accident involv
ing injury or death to a person. The
misdemeanor charge was for faffing
to remain at the scene of an accident
involving property damage.
Samara testified that he was
asleep in the passenger seat when
the vehicle hit Gates.
He said a loud noise that sound
ed like a speaker had exploded
woke him up, adding that he then
tried to calm Caveness down.
Fox said Samara’s mistake was
taking control of the situation.
When he did that, he could have
put himself in a situation of leav
ing the scene of an accident.
“I would have been the first per
son to go back and save him if he
was alive,” Samara testified. “That’s
the kind of person I am. That was
the second in my life where I should
SEE SAMARA, PAGE 5
Tar Heels perservere versus Deamon Deacons,
pull to within one win of bowl bid PAGE 14
MONDAY, NOVEMBER 15, 2004
UNC looks to expand
Aims to transcend
BY STEPHANIE NEWTON
Taking a trip down Tobacco
Road offers those in the driver’s
seat a traditionally Southern view
of Chapel Hill’s long-held stereo
type as a quaint, self-contained
But once that trip meanders
around the comer of McCauley and
Pittsboro streets, anew road sign
will appear: “Welcome to Carolina,
Welcome to the
stand in this
location as the
A five-part series
to become a leading
sentation of the University’s efforts
to become the world’s leading
institution of higher education.
“Internationalization is one
of the single most defining char
acteristics of a University in the
21st century,” said Chancellor
James Moeser. “Our aspiration is
that every Carolina undergradu
ate student will have a significant
Testaments to this ambition
TODAY Sunny, H 63, L 33
TUESDAY Partly cloudy, H 66, L 38
WEDNESDAY Partly cloudy, H 63, L 38
Asks for $726M
over next 2 years
BY ERIC JOHNSON
The UNC system is set to ask the
N.C. General Assembly for more
than $786 million in additional
funding during the next two years
an increase of 38 percent.
Enrollment growth and finan
cial aid remain top priorities
for the system, and the budget
approved by the system’s Board
of Governors on Friday earmarks
$230 million to meet those needs
during the next two years.
It also includes funding for fac
ulty salary increases of 7.5 percent
during each of the next two years, at
a cost of SIOO million next year and
$214 million the following year.
System President Molly Broad
said she has no expectation that
the request can be fully funded,
but she anticipates serious con
sideration of the proposal.
“Given the priority that this state
is according to jobs and to economic
development, I think we will have
a very favorable hearing about any
aspects of our budget request.
“Based upon continuous past
behavior, I think it’s reasonable to
expect that we will see our enroll
ment growth and need-based
financial aid funded,” she said.
The BOG also requested $25
million in additional financing for
research projects at a number of
system schools and more than $24
million for expansion of economic
The proposed investment in
libraries and technology projects
totaled more than $55 million for
the next academic year.
Broad acknowledged that the
proposal likely will prove more
ambitious than the state can fund.
The state’s budget outlook, she
said, remains uncertain at best.
“It remains to be seen whether
revenue growth which looks
modestly positive at this juncture
whether that will surge for the
remainder of the year or not,” she
said. “No one seems to have a good
SEE REQUESTS, PAGE 5
abound. The University now ranks
in the top tier among national
research universities for the num
ber of students it sends to study
abroad, according to the Open
Doors annual survey of interna
tional education, which is part
of the Institute of International
But there still is a long path to
travel before the University’s final
destination is reached.
A groundbreaking ceremony
was held Friday for the Global
Education Center —a s3l mil
lion, 80,000-square-foot complex
that will further the University’s
push toward internationalization.
The center will aim to educate
world, national and University
leaders about the international
issues that face virtually every
realm of UNC’s academic agen
da: public health, medical break
throughs and arts and sciences.
“This center will be another gem
in our collection,” said Richard
“Stick” Williams, chairman of the
UNC Board ofTVustees.
But in Moeser’s mind, a greater
“The building is key, but it is
what will go on in this building
that is truly significant,” he said.
Slated for completion in two
SEE INTERNATIONAL, PAGE 5