44-000-1 BOT 01-31-08 INVESTMENT PROCEDURES/INVESTMENT DISBURSEMENTS (PROCEDURE) 1. The Investment Firm/Firms have custodial responsibility of the investments. 2. The President is delegated by the Board of Trustees to authorize investments with the investment officer/officers. For large equity investments, the President may utilize an internal investment committee with no fewer than three members that shall include the President and Vice-President for Business, and a third member agreed to by the President and Vice-President for Business. 3. Written notices of purchases and sales are mailed by the Investment Firm/Firms to the college and opened by the Vice-President for Business. They are filed and matched to the statements at year end when the Vice-President completes a review of the investment summary reports. 4. Monthly Investment statements are received by the President and given to the Business office who updated the excel work paper that tracks all investment activity. The Business Office will prepare a monthly spreadsheet of investment activity and adjustments of investment activity are posted to the records at that time. 5. The President directs the Investment Firm/Firms to make disbursement from the Endowment funds to support faculty salaries, maintenance, and scholarships. Disbursements from the endowments by check are sent to the College President and then turned over to the Business Office for deposit into the college’s checking account. Wire transfers by Investment Firms are deposited in the college’s checking accounts.
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