Accounting, Investment, and Maintenance of College Funds

 

Purpose

To establish parameters for the investment of college funds and related accounts.

 

Statement

Accounting

The Deputy Clerk/Budget Officer will be responsible for the proper accounting of all District funds.

Designation of Depositories

It shall be the policy of Linn-Benton Community College to deposit the College funds under established investment guidelines. The program for selecting depositories will include:

1. The option to utilize the state investment pool as a depository for available funds;
2. The authority for the College President (Clerk) or the Vice President of Finance and Operations (Deputy Clerk/Budget Officer)  to invest funds in their custody in legally issued general obligations of the United States and the agencies and instrumentalities of the United States;
3. The option to invest funds in federally insured banking instruments, such as time certificates of deposit and savings accounts;
4. The procurement of banking services, including primary depositories under college purchasing policies.
   
   

Petty Cash Funds

The business office may establish petty cash funds to be used to reimburse incidental expenses upon presentation of proper documentation. Incidental petty cash funds may be established in various operating units of the College with the approval of and under the direction and audit control of the business office.

Investment

The college shall maintain a current investment administrative rule that applies to all funds budgeted and accounted for in the college's annual financial report, except for funds held in custody by the county treasurer. The primary objectives in managing excess funds will be the preservation of principal, liquidity to meet cash requirements, and maximizing the rate of return on the financial portfolio. Safety of funds shall be the paramount goal with due regard paid to current F.D.I.C. limitations.

 

 

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