|John Glenn School Corporation|
|Bylaws & Policies|
6144 - INVESTMENT INCOME
The School Board authorizes the Treasurer or Deputy Treasurer to make investments of available monies from the several funds of the Corporation in:
|A.||bonds, bills, or notes of the United States; obligations, the principal and interest of which are fully guaranteed by the United States; or obligations of the State;|
|B.||certificates of deposit issued by financial institutions organized and authorized to operate in this State.|
The purpose of the investments is to maximize the returns on the Corporation's excess cash balances consistent with safety of those monies and with the desired liquidity of the investments.
Investments in U.S. Treasury securities and those other securities completely guaranteed by the Treasury as to payment of principal and interest may be purchased in any dollar amount up to 100% of the available reserves.
All investments must mature or be redeemable within one (1) year of the date of purchase.
The Treasurer is authorized to contract with a depository for the operation of a cash management system under the following conditions:
|A.||the contract is in writing;|
|B.||the contract provides for the investment of funds by the depository with the written approval of the Board;|
|C.||the depository keeps all records concerning investment cash management;|
|D.||the investments are made in accordance with State law with maturities not to exceed one (1) year;|
|E.||the contract, which cannot exceed two (2) years, is awarded using the Corporation's bidding procedure.|
The Treasurer may request, no more often than four (4) times per year, that each public depository report the amount of monies deposited by him/her and the total value of the pool of securities pledged to secure the monies of this Corporation held by the depository.
The Treasurer shall include in the monthly report to the Board all cash in all accounts on deposit as well as the investment assets of the Board.
The Board also requires the Treasurer to report to the Board monthly:
|A.||the types and amounts of each investment and the interest earned on each;|
|B.||the transactions occurring since the last report.|
An obligation when received by the Treasurer, shall be deposited with the bank or trust company having the deposit of the money of the particular fund from which the obligation was purchased.
Money in the several funds of the Corporation may be commingled for the purpose of making an investment.
The Board may authorize the Board’s investing officer to invest in certificates of deposit from depositories that have been designated by the State Board of Finance as a depository for State funds under I.C. 5-13-9-5 but have not been designated by the Corporation’s Board of Finance established by Board Bylaw 0151.1. This authorization shall be in the form of a resolution approved by the Board. Such resolution must provide that the authority to invest in these certificates of deposit granted by the resolution expires on a date that is not later than two (2) years after the date of the Board’s vote adopting the resolution.
I.C. 5-13-9, 20-26-5-4
I.C. 5-13-9 –Deposit and investment of public funds
I.C. 5-13-9-5(a) – Authorization to invest in certificates of deposit
I.C. 20-26-5-4 – Specific powers
I.C. 36-1-2-10 – "Municipal corporation" defined to include "school corporation"
I.C. 36-1-2-13 – "Political subdivision" defined to include "municipal corporation"
State Board of Accounts Public Schools Manual Part 14
© Neola 2013