The Vice President of Business Affairs shall be responsible for the day-to-day management of short-term investments.  This includes: 

            *  Initiating transactions

*    Monitoring investment market values and performance

            *  Reviewing all investment activity with the Board of Directors monthly

The Vice President of Business Affairs or the President shall have the authority to sign on investment accounts.  Board approval will be required to open new investment type accounts.

The Controller will be responsible for maintaining and approving the general ledger entries for investments.  The Vice President of Business Affairs shall be responsible for maintaining detail subsidiary accounting records from those for reconciling the detailed subsidiary records to those of the general ledger.  The President shall maintain the physical custody of the securities or other documents evidencing ownership.

Short-term investments will meet the following criteria:

*          Maturity of one year or less.

*          Very low or no risk as to the principle invested insured savings or certificates of deposits.

*          Purchase agreements backed by U.S. government securities.

*           Money market funds that are not market sensitive as to the principle insured and grant backed.

*          U.S. Government securities.

The following types of securities are not intended to fall into this classification:

*                    Stocks                                      *          Mutual fund
*                    Real estate                              *          Any “risk” type security

These are College operating and reserve funds that are being invested only for the purpose of earning “interest” income while they are “excess” funds.

History:

Adopted: Policy has been in place prior to Sept. 2003
Reviewed: 9/2020
Revised: