/Institutions/Vernon-College/json/2023-2024/Employee-Handbook-local.json

/Institutions/Vernon-College/json/2023-2024/Employee-Handbook.json

Investment Policy

The general goals and objectives of the investment policy are to keep all funds in the lowest risk instruments available while at the same time earning a reasonable investment return. Currently, the investment policy and procedures are found in the Board Policy Manual designated as CAK (LEGAL).

1. The Board reviews and approves depository bids every two years. The depository bid includes rates to be paid on time deposits of specified periods of time. The rate is established using the bid price of the treasury bill as the interest rate benchmark.
2. The Vice-President of Administrative Services’ job description designates this position as the investment officer. Maturity date decisions are made by the Vice-President of Administrative Services based on cash flow needs and fund obligations.
3. It is the prerogative of the Board to amend or make changes in the goals and objectives of the investment policy at any time. The annual independent audit includes a review of all investments and that those investments are in keeping with the depository contract approved by the Board and the Public Funds Investment Act as amended by the State Legislature.