6144 - INVESTMENT INCOME
The School Board authorizes the Superintendent or Treasurer to make investments of available monies from the several funds of theSchool Corporation in 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.
The Superintendent is authorized to contract with a depository for the operation of a cash management system under the following conditions:
- the contract is in writing
- the depository keeps all records concerning investment cash management
- the investments are made in accordance with State law with maturities not to exceed two (2) years
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 the transactions occurring since the last report.
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.
Revised 2/11/14
Revised 11/13/18
Revised 12/11/18
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