44-000-1
BOT 01-31-08
INVESTMENT PROCEDURES/INVESTMENT DISBURSEMENTS (PROCEDURE)
1. The Investment Firm/Firms have custodial responsibility of the investments.
2. The President is delegated by the Board of Trustees to authorize investments with
the investment officer/officers. For large equity investments, the President may
utilize an internal investment committee with no fewer than three members that
shall include the President and Vice-President for Business, and a third member
agreed to by the President and Vice-President for Business.
3. Written notices of purchases and sales are mailed by the Investment Firm/Firms to
the college and opened by the Vice-President for Business. They are filed and
matched to the statements at year end when the Vice-President completes a
review of the investment summary reports.
4. Monthly Investment statements are received by the President and given to the
Business office who updated the excel work paper that tracks all investment
activity. The Business Office will prepare a monthly spreadsheet of investment
activity and adjustments of investment activity are posted to the records at that
time.
5. The President directs the Investment Firm/Firms to make disbursement from the
Endowment funds to support faculty salaries, maintenance, and scholarships.
Disbursements from the endowments by check are sent to the College President
and then turned over to the Business Office for deposit into the college’s
checking account. Wire transfers by Investment Firms are deposited in the
college’s checking accounts.
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