Board Policy - Investment Policy

1. Scope

This investment policy applies to all monies and other financial resources available for investment in Tompkins Cortland Community College's own behalf or on the behalf of any other entity or individual for which the College may hold funds as an agent.

2. Objectives

The primary objectives of the College's investment activities are:

To conform with all applicable federal, state and other legal requirements.
To adequately safeguard assets.
To provide sufficient liquidity to meet all operating requirements.
To obtain a reasonable rate of return.

3. Delegation of Authority

The Board of Trustees' responsibility for administration of the investment policy is delegated to the Budget and Finance Director.

4. Prudence

All participants in the investment process shall seek to act responsibly as custodians of the public trust and shall avoid any transaction that might impair public confidence in Tompkins Cortland Community College.

Investments shall be made with the judgment and care, under circumstances then prevailing, which persons of prudence discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the safety of the principal as well as the income to be derived.

All participants involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions.

5. Authorized Signatures for Checking, Withdrawal or Transfer of Funds

The Treasurer of the Board of Trustees will be the primary authorized signer on all College operating, payroll, federal, grant and capital accounts. The College Budget and Finance Director will be the primary authorized signer for the emergency fund account and student loan account. Original and facsimile signatures are acceptable for all primary signers.