44-100
                                                                                              BOT 01-31-08

                            COLLEGE’S FINANCIAL INSTITUTION

a.	The Board of Trustees shall select a bank for the college’s financial transactions.

b.	As the College maintains large operating cash balances, the bank must have in addition to FDIC, 
        must have either or of the following protections for the college’s assets:

        1.	Maintain the College on their list of Public Depositories filed with the State of 
                South Dakota. The Bank must then provide collateral to secure their public 
                depositories or

        2.	Provide collateral in the form of pledged securities held by an outside entity to 
                protect the College in the event of a default by the bank.


c.	The President is authorized to set up Certificates of Deposit for large cash deposits that are not 
        necessary for maintaining a sufficient cash flow.

d.	If a financial shortfall in cash flow would occur, the President has the authority to make a short 
        term loan that would not exceed a 30 day duration. Loans in excess of 30 days shall have the 
        approval of the Board of Trustees.