TTC's Policies and Procedures > Financial Affairs > 6- 7-1 Funds, Investment of Surplus
6- 7-1 Funds, Investment of Surplus
TITLE NUMBER APPROVED DATE
FUNDS, INVESTMENT OF SURPLUS 6-7-1 01-04-99
 
BASED ON POLICY NUMBER AND TITLE
2-12-0 EPA 4: FINANCIAL CONDITION


PURPOSE: To establish procedures to invest all surplus funds in order to earn revenue for use as general operating funds.

The Vice President of Finance and Administration is authorized to invest local funds until the funds are needed for cash according to the guidelines within these procedures.

  1. The Vice President of Finance and Administration or the designee of the Vice President is authorized to invest in the following instruments in compliance with the Code of Laws of South Carolina:

     
    1. Obligations of the United States, its agencies and instrumentalities.  The principal and interest of these obligations is fully guaranteed by the United States.

    2. Obligations issued or unconditionally guaranteed by the international Bank for Reconstruction and Development, the African Development Bank, and the Asian Development Bank.

    3. Obligations of a corporation, state, or political subdivision denominated in the United States dollars, if the obligation bears an investment grade rating of at least two nationally recognized rating services.

    4. Certificates of deposit or repurchase agreements secured collaterally by securities described in (A) or (C) of this section and held by a third party as escrow agent or custodian.  All investments must be of market value not less than the amount of the certificates of deposit so secured or the repurchase agreement so collateralized, including interest.

    5. Guaranteed investment contracts issued by a financial institution whose long-term rating bears the two highest ratings of at least two nationally recognized rating services.

  2. Operational funds needed for normal operations will be invested in an interest bearing sweep with the bank that has the College's operational bank account. 




Updated September 18, 2003
Updated September 23, 2011

 

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