DFA - Revenues From Investments
DFA - Revenues From Investments
MSAD #35 considers an investment program a critical ingredient of sound fiscal management. The Board authorizes an investment program for the purpose of securing a maximum yield of interest revenues to supplement other revenues for the support of the MSAD #35's educational program.
The investment program will be administered in a way that will ensure:
A. The continuous process of temporary investing of all fund balances and moneys available for investment purposes;
B. The maintenance (revised following each cash transaction) of a yearly cash flow chart that will provide data to assist proper planning and decision making regarding amount, duration and type of investments;
C. The use of an open competition system of bids and/or quotes to obtain the maximum yield possible on all investments from both local community and beyond-community financial institutions;
D. That all vendors using MSAD #35 funds provide statements to MSAD #35 of their collateral in the form of a list of the securities pledged at market value; and
E. That all MSAD #35 investments will be in compliance with the law. (The legal references are listed at the end of this policy.)
Delegation of Authority
A monthly progress report of investments will be made to the Board.
Legal Reference: 20-A MRSA § 1312
30-A MRSA, Chapter 223, Subchapter 3-A
Policy Adopted: June 17, 2009