POL 2.055 Investments

Purpose  

It is the policy of the Board of Trustees to hold and invest its funds in a manner which will  provide the highest investment return with the maximum security while meeting the daily  cash flow needs of Kirtland Community College and comply with all state statutes  governing the deposit and investment of public funds. 

Scope  

This banking and investment policy applies to all the College’s financial assets. These  assets are accounted for in the various funds of the College and include the general fund,  auxiliary funds, restricted funds, plant funds, agency funds, and any other funds  established by the College. Investment income will be allocated to the general fund under generally accepted accounting principles. 

Objectives  

The primary objectives, in priority order, of the College’s banking and investment  activities shall be: 

1. Safety – The principal’s safety is the investment program’s foremost objective.  Investments shall be undertaken in a manner that seeks to ensure the  preservation of capital in the overall portfolio. 

2. Liquidity – The investment portfolio shall remain sufficiently liquid to meet all  operating requirements that may be reasonably anticipated. 

3. Yield – Return on investments shall be maximized within funds safety and  liquidity. 

Depository Accounts 

Depository accounts shall be established to manage college funds. A list of depositories shall  be submitted to the Board of Trustees biennially at its July meeting for approval as outlined  in Article XII, Section 6 of the By-laws of the Board of Trustees of Kirtland Community  College. Requests for additional depositories after the July meeting shall be submitted to  the board of trustees for approval at their next regular meeting. 

Authorized Personnel 

The College delegates the daily management responsibility for banking and investment  program to the Vice President Business Services. All checks, drafts, notes, or orders drawn  against college funds shall be co-signed with the original or electronic signatures of the  Secretary/Treasurer of the Board of Trustees and the Vice President Business Services, or the  college President in the absence of the Vice President Business Services.

Regulatory Compliance 

All funds of the College shall be held and managed per Section 389.142 of the Michigan  Community College Act 331 of 1966 and Section 6 of 1855 PA 105, MCL 21.146. 

Monitoring 

Business Office staff shall be responsible for reconciliation of all depository and investment  accounts. 

Records Retention 

All purchasing records, including purchase orders, contracts, bids, and invoices, must  be retained in accordance with the college’s retention policy. 

Policy Review 

The Board of Trustees will review this policy biennially and update as necessary to ensure  compliance with applicable laws and regulations.

August 11, 1983
Revised December 8, 2011
Revised August 15, 2024