Columbia University is an independent, privately supported, nonsectarian institution of higher education. Its official corporate name is "The Trustees of Columbia University in the City of New York." The university's first charter was granted in 1754 by King George II; however, its modern charter was first enacted in 1787 and last amended in 1810 by the New York State Legislature. The university is governed by 24 trustees, customarily including the president, who serves "ex officio". The trustees themselves are responsible for choosing their successors. Six of the 24 are nominated from a pool of candidates recommended by the Columbia Alumni Association. Another six are nominated by the board in consultation with the executive committee of the University Senate. The remaining 12, including the president, are nominated by the trustees themselves through their internal processes. The term of office for trustees is six years. Generally, they serve for no more than two consecutive terms. The trustees appoint the president and other senior administrative officers of the university, and review and confirm faculty appointments as required. They determine the university's financial and investment policies, authorize the budget, supervise the endowment, direct the management of the university's real estate and other assets, and otherwise oversee the administration and management of the university.