Revision Log. All 11/27/12 11/29/12 12/4/2012 Entire section revised to reflect current practices

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1 Overview P a g e 1 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/2012 Entire section revised to reflect current practices

2 Overview P a g e 2 OVERVIEW A. The investment activities of the District are governed by the Texas Legislature through Sections and of the Education Code and the Public Funds Investment Act (Sec et seq., Government Code). B. Administration of all investment activity of the District resides with the Executive Vice Chancellor of Business Affairs (the investment officer of the District). The Investment Analyst shall be responsible for the daily management of investable funds. These duties shall include all cash management, accounting, and analysis. C. The District and investment officer must ensure that all available funds are invested to the maximum extent possible at the highest rates obtainable at the time of investment, in conformance with the Public Funds Investment Act and Board Policy. OBJECTIVES In accordance with the Board of Trustees Policy, the District must invest funds consistent with law and with an investment strategy designed to preserve safety of principal, maintain sufficient liquidity, optimize yield, and maintain appropriate maturities, as described below. 1. Safety of Principal - Preserve capital and protect principal; secure District monies and investments; and diversify investments to avoid or minimize risks. 2. Liquidity - Maintain sufficient liquidity to meet operational needs. 3. Yield - The return on investment should be at the maximum rate obtainable at the time of investment and in accordance with the Public Funds Investment Act and Board Policy. 4. Maturity - The term of investment of any one security will not exceed six (6) years, with the condition that the average maturity of the investment portfolio will be no more than four (4) years. A reverse repurchase agreement may not exceed ninety (90) days and may not be used to purchase any investment whose final maturity date exceeds the expiration date of the reverse repurchase agreement.

3 Ethical Standards P a g e 3 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/12 Entire section revised to reflect current practices

4 Ethical Standards P a g e 4 ETHICAL STANDARDS In accordance with the Public Funds Investment Act, Sec , the following standards must be adhered to in the investment process: A. The District's investment officer must file a statement with the Texas Ethics Commission and with the Board of Trustees, disclosing all business and/or personal relationships with an entity seeking to sell an investment to the District. B. A written copy of the investment policies and procedures must be given to any person seeking to sell an authorized investment to the District. C. The registered principal of a business organization seeking to sell an authorized investment to the District shall acknowledge in writing that the District's investment policies and procedures have been received and thoroughly reviewed. The organization must also attest in writing that it has implemented reasonable procedures and controls in an effort to ensure prudent investment activities in its business transactions with the District. D. The investment officer must not buy any securities from a person who has not satisfied the requirements outlined in paragraph C above.

5 Investment Reports P a g e 5 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/12 Entire section revised to reflect current practices

6 Investment Reports P a g e 6 INVESTMENT REPORTS In accordance with the Public Funds Investment Act, a Quarterly Investment Report must be prepared by the investment officer or designee and submitted for the next meeting of the Board of Trustees for approval. The investment report must contain the signature of the investment officer and the following elements: 1. A statement of portfolio activity, outlining all investment activity undertaken on a monthly basis 2. Portfolio performance on a monthly basis 3. A summary statement of each pooled fund group that states the following: 1) beginning market value for the period; 2) additions and changes to the market value during the period; and 3) ending market value for the period 4. The book value and market value of each separately invested asset at the beginning and end of the reporting period by the type of asset and fund type invested 5. The maturity date of each separately invested asset that has a maturity date 6. The account or fund or pooled group fund for which each individual investment was acquired and a statement of compliance of the investment portfolio as it relates to Board policy and the Public Funds Investment Act

7 Investment Strategy P a g e 7 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/12 Entire section revised to reflect current practices

8 Investment Strategy P a g e 8 INVESTMENT STRATEGY A. An aggressive cash management and conservative investment strategy will be pursued by the College District to take advantage of investment interest as a viable and material source of revenue to all restricted and unrestricted funds. B. Cash management functions shall be performed daily and will include a review of the District s current cash position. Aggressive cash management; including regular cash sweeps and implementation of a programmed investment cycle corresponding to the District s cash flow cycle, ensures that the District s cash is invested appropriately on a daily basis. C. The District s conservative investment strategy is rooted in the Public Funds Investment Act s Standard of Care. Investment of funds is governed by the following investment objectives the Public Funds Investment Act and the District Investment Policy.

9 Sources and Uses of Investment Funds P a g e 9 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/12 Entire section revised to reflect current practices

10 Sources and Uses of Investment Funds P a g e 10 SOURCES AND USES OF INVESTMENT FUNDS During the course of daily operation of the District, cash not needed to finance daily operations is invested. Cash originates from various sources specifically: 1. The maturity of presently held investments 2. The receipt of state warrants (February through December) 3. The receipt of tax collections (October through February) 4. The receipt of tuition (August, January, June, July) The major uses of investment funds are provided below 1. Payroll 2. Building Expenditures 3. Operating Expenses 4. Debt Service 5. Miscellaneous Expenditures

11 Authorized Investments P a g e 11 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/12 Entire section revised to reflect current practices

12 Authorized Investments P a g e 12 AUTHORIZED INVESTMENTS The College District may make investments only in the following types of instruments, all other investments are prohibited: 1. Treasury bills, treasury notes, and treasury bonds of the United States and other direct obligations of the agencies and instrumentalities of the United States 2. Fully collateralized repurchase agreements and reverse repurchase agreements 3. Certificates of deposits and share certificates that are fully guaranteed or insured by the FDIC, through an authorized broker/dealer to one or more the one depository institution. 4. Public funds investment pools 5. A securities lending program 6. No-load money market mutual funds 7. A guaranteed investment contract as an investment vehicle for bond proceeds, provided it meets the criteria and eligibility requirements established by Government Code Obligations of states, agencies, counties, cities, and other political subdivisions of any state rated as to investment quality by a nationally recognized investment rating firm not less than AA or its equivalent. 9. Investments that are fully guaranteed or insured by the FDIC

13 Selection of Maturity Ranges P a g e 13 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/12 Entire section revised to reflect current practices

14 Selection of Maturity Ranges P a g e 14 SELECTION OF MATURITY RANGES A. In accordance with the Board of Trustees Policy, the term of investment of any one security will not exceed six (6) years. The average maturity of the investment portfolio will be no more than four (4) years. B. In accordance with the prescribed administrative guidelines, the selection of the maturity of an investment is determined with several criteria in mind. C. The overriding concern is to match maturities with anticipated cash flow forecast D. Once any cash shortfalls have been provided for, market strategies for selecting a maturity must be developed. E. The shortening or lengthening of maturities may override any or all of these market strategy considerations, provided such decisions are not in conflict with Board Policy

15 Bid and Selection Process P a g e 15 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/12 Entire section revised to reflect current practices

16 Bid and Selection Process P a g e 16 BID AND SELECTION PROCESS A. Three (3) bids from security dealers must be obtained for all secondary market Existing Issue Securities of over $100,000. New Issue securities purchased on the primary market do not require the three (3) bids and may be purchased at the prevailing rate. B. The bid process must be documented on an Investment Transaction Record (Form #0083) and will include details regarding the bidding process, including all dealers contacted, bids received, the winning bid, the amount of the investment, the investment type, maturity, principal, premiums/discounts, and interest purchased. C. The Investment Transaction Record (Form #0083) must be signed by the Executive Vice Chancellor of Business Affairs or his/her designee.

17 Safekeeping of Securities P a g e 17 Log Sub-Section Start End Date Posted Summary of Changes All 11/27/12 11/29/12 12/4/12 Entire section revised to reflect current practices

18 Safekeeping of Securities P a g e 18 SAFEKEEPING OF SECURITIES A. All investment transactions will be conducted on a delivery vs. payment basis, i.e., funds will not be released from the District s depository bank until either purchased securities have been delivered to the bank s safekeeping department or proceeds from sold securities have been received by the safekeeping department. B. Prior to the purchase or sale of an investment, the Investment Analyst will register the transaction with the safekeeping agent. The action is reconciled by the safekeeping agent who receives complimentary delivery (purchase) or payment (sale) instructions from the securities broker/dealer. C. When the security is received, the safekeeping agent will debit the depository account for the payment of the purchase price of the investment and place the security in the District s safekeeping account. The safekeeping agent then conducts all related activities, including collection and disbursement of interest payments (coupons) throughout the life of the investment until the investment is liquidated by sale, call, or maturity. Safekeeping activities are overseen and reported by the Investment Analyst. CONTROLS AND DOCUMENTATION A. To maintain integrity, safety, and proper authority in conducting investment transactions, control procedures have been implemented to ensure that all monies transferred to and from the District s depository are done in a proper manner. B. The purpose of investment documentation is to provide a public record of all investment activity that is accurate, auditable, and consistent with all policy and procedures of the District. Investments are filed by identification number, detailing type of investment and a chronological sequence. These documents should be included with the Transaction Record detail: 1. Dealer s Confirmation Receipt 2. Journal Entry Copy 3. Safekeeping Receipt 4. Bank Debit/Credit Advice 5. Investment Schedule 6. Swap Analysis (for Swaps only)

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