| |
Southwestern
Community College - Policies and Procedures Manual |
| Policy
Title: |
Investment
Policy |
7.18 |
| Responsible
Division: |
Business
Services |
|
| Date
Approved: |
October
1992 |
|
| |
| 1. |
Southwestern
Community College's investment objective is
to realize the highest earnings possible on
all invested idle cash. Authority to invest
funds is provided by Community College Laws
of North Carolina Section 115D-58.6.
|
| 2. |
Idle
cash may be deposited at interest in any bank,
savings and loan association, or trust company
in this state in the form of certificates
of deposit or such other forms of time deposits
as may be approved for county governments.
Investments deposited shall be secured as
provided in G.S. 159-31(b).
|
| 3. |
Southwestern
Community College does elect to deposit at
interest all non-state funds except those
as provided in paragraph 2 above with the
State Treasurer for investment as special
trust funds pursuant to the provisions of
G.S. 147-69.3, and the interest thereon shall
accrue to the institution as local funds. |
|
|
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