Joseph A. Heringer

The Board of University and School Lands convened to address various key issues. They considered grants for domestic violence and sexual assault organizations, authorizing distributions to eligible cities per the 2015 Legislature HB 1176. The board reviewed investments and asset class structures, as well as royalty calculation and payment issues.

The board meeting included reports on operations, including a commissioner's report and division reports covering surface lands, minerals, unclaimed property, and financials (with audited financials to be presented later). Investment topics included an update and a recommendation for international equity. Special projects discussed mineral valuation and potential 2025 legislation. A litigation update was provided, and an executive session was held to discuss legal matters related to Continental Resources, Inc. and royalty settlements.

The board meeting covered a wide range of topics, including energy infrastructure and impact, investment management, surface management, and minerals management. Key discussions involved the analysis of spending plans for energy infrastructure grants, a review of asset allocation for permanent trusts, and the consideration of various grant recommendations for domestic violence shelters, sexual assault nurse examiner programs, and human trafficking victim services. The board also addressed the cancellation of certain grants, the reduction of a grant for the City of Killdeer, and the cancellation of flood-impacted infrastructure development grants. Other topics included land sale policies, coal lease approvals, the adoption of a continuing appropriation policy for contracted royalty audits, and reviews of investment performance and various fund updates (Strategic Investment and Improvements Fund, School Construction Assistance Loan Fund, Coal Development Trust Fund, and Capitol Building Fund). Finally, the board reviewed easement and lease reports.

The Board of University and School Lands meeting covered several key areas. The Commissioner's report included updates on oil royalty deduction settlements, a cash management study, the agency budget, and legislative session planning. A human resources update discussed leadership training and performance reviews. Financial overviews were presented for the Common Schools Trust Fund (CSTF) and the Strategic Investment & Improvement Fund (SIIF), including asset balances, distribution history, and investment income. Division reports covered surface land encumbrances, mineral production and pricing, unclaimed property claims, and investment updates. A litigation update provided summaries of ongoing legal cases, including those related to river island ownership, oil royalty deductions, Missouri riverbed ownership, and a federal/state dispute over ordinary high-water marks.

The Board of University and School Lands meeting covered various operational and financial reports, including updates on gas royalties settlements, HR, and division reports from Surface, Minerals, and Unclaimed Property. The financial statements position report (unaudited) for the period ended February 28, 2023, was reviewed. Investment updates included discussions on portfolio rebalancing, asset allocation, international exposures (particularly China), and a recommendation to shift assets from Northern Trust to State Street. A No Net Loss Land Sale application was denied. A litigation update covered several ongoing cases. An executive session was held to discuss royalty settlement offers, followed by a motion to proceed with the settlement of the Newfield case.