TTU & ASU's Carr Dischord

One might expect Angelo State and Texas Tech Annual Financial Reports to be in harmony on The Carr Foundation after the two universities merged in 2007.  They start out aligned. Both show Vaughan Nelson and Fountain Capital as investment managers.  

That picture diverges in 2008 and beyond:  The timing of ASU's shift from Vaughan Nelson & Fountain Capital as investment managers to Texas Tech's Long Term Investment Fund (LTIF) is noteworthy.

Texas Tech documents show the shift nearly complete in early 2009, while Angelo State reports don't mention the move until 2011.  Note who ASU wants to take the blame for two years of investment losses.  It's not Texas Tech.

An apparent insider (critical of my series of posts) offered

The transition of the funds (to TTU's LTIF) began in 2007 and was finalized some 15 months later.

A  university audit from February 2008 indicated changes were in store:

Who was ASU's Manager of Scholarship Programs?  Were they eliminated per the audit suggestion?

For those who like to check for themselves:

ASU FY07
ASU FY08
ASU FY 09
ASU FY10
ASU FY11

TTU Managed Investments 11-07

TTU Managed Investments  2-08

 
TTU Managed Investments  5-08

TTU Managed Investments  2-09

TTU Managed Investments 2-10 & 2-11

Also, why did TTU report Carr as miniscule in early 2011?  ASU's website states the Trust has over $96 million. That's a big typo...