Policies & Procedures Manual

263

Policy No: 604

Policy Contact: Vice President for Business Operations

Policy Title: INVESTMENT OF FUNDS

All college reserve funds and other funds not required for use for thirty days or more shall be invested in certificates of Deposit on a bid basis in banks approved by the State of Mississippi as depositories of state funds. Bids shall be requested by the Vice President for Business Operations via email. All bids shall be reviewed by the President and the Vice President for Business Operations with bid awards being made to the bank offering the highest interest rate. The bank holding any college investment will be required to place in an approved depository securities equal to 105% of the deposited East Central Community College investment funds with the safekeeping receipts to be held in the college safe or by the financial institution. Reports of all investments will be presented to the Board of Trustees on a timely basis.

(Revised 5/17/16)