Responsibility for Maintenance: Financial Services
I. Policy Statement
This Investment Policy applies to all monies and other financial resources available for deposit and investment by the Senior Vice President and Chief Financial Officer of Onondaga Community College.
II. Reason for Policy
This policy is intended to establish controls on the care and custody of the College’s funds in accordance with applicable requirements of the New York State Education Law.
The primary objectives of the College’s deposit and investment program shall be as follows:
- To comply with all applicable federal, state and other provisions of law;
- To safeguard the principal of all deposits and investments;
- To provide sufficient liquidity so as to ensure that all monies invested are available to meet expenditures as they come due; and
- To obtain the maximum rate of return that is consistent with the preceding objectives.
III. Applicability of the Policy
Members of the Board of Trustees, the President, and all Financial Services Department staff should be familiar with this policy.
The implementation and administration of the College’s deposit and investment program, including the authority to execute any security and custody agreements required by this Policy, is the responsibility of the Senior Vice President and Chief Financial Officer, as authorized by the College’s Board of Trustees.
The Senior Vice President and Chief Financial Officer shall establish procedures for the operation of the deposit and investment program consistent with this Policy. Such procedures shall provide an adequate internal control structure. The internal controls will provide a satisfactory level of accountability based on a record incorporating descriptions and amounts of deposits, investments, transaction dates, interest rates and other information necessary to manage the College’s portfolio.
IV. Related Documents
- New York State Community College Regulation 602.14
V. Contacts
| Subject | Office Name | Title or Position | Telephone Number | Email/URL |
|---|---|---|---|---|
| Questions regarding policy | Financial Services | Senior Vice President and Chief Financial Officer | (315) 498-2268 | m.r.manning@sunyocc.edu |
VI. Authorized Investments
Except as otherwise may be provided in this Policy, monies not required for immediate expenditure may be invested in any of the following:
a. Special time deposits or certificates of deposit in a bank, trust company or national banking association (a “bank”) located and authorized to do business in the State of New York;
b. Obligations of the United States of America;
c. Obligations guaranteed by agencies of the United States of America where the principal and interest are also guaranteed by the United States of America; and
d. Obligations of the State of New York;
Investments shall be payable or redeemable, at the option of the Senior Vice President and Chief Financial Officer or other person so designated, within such time as the proceeds shall be needed to meet expenditures for the purpose for which the monies were provided. However, investments shall not mature in excess of one year without prior approval of the College’s Board of Trustees.
VII. Legal Review
All security agreements, custodial agreements, letters of credit, surety bonds and repurchase agreements shall be reviewed by an attorney retained for this purpose to determine their compliance with the requirements of Section 10 and 11 of the New York General Municipal Law and this Policy.
Approved by the OCC Board of Trustees June 20, 2017