BOARD POLICY SERIES NUMBER: 5020
TITLE: ACCOUNTING, INVESTMENT, AND MAINTENANCE OF COLLEGE FUNDS
To establish parameters for the investment of college funds and related accounts.
The chief financial officer will be responsible for the proper accounting of all district funds.
DESIGNATION OF DEPOSITORIES
It shall be the policy of Linn-Benton Community College to deposit funds of the college pursuant to established investment guidelines. The program for selecting depositories will include:
- The option to utilize the state investment pool as a depository for available funds;
- The authority for the college president or chief financial officer to invest funds in their custody in legally issued general obligations of the United States and the agencies and instrumentalities of the United States;
- The option to invest funds in federally insured banking instruments, such as time certificates of deposit and saving accounts;
- The procurement of banking services, including primary depositories in accordance with college purchasing policies.
PETTY CASH FUNDS
The business office may establish petty cash funds to be used for reimbursement of incidental expenses upon presentation of a proper voucher. Incidental petty cash funds may be established in various operating units of the college with the approval of and under the direction and audit control of the business office.
The college shall maintain a current investment administrative rule that applies to all funds budgeted and accounted for in the college's annual financial report, with the exception of funds held in custody by the county treasurer.. The primary objectives in managing excess funds will be preservation of principal, liquidity to meet cash requirements, and maximizing the rate of return on the financial portfolio. Safety of funds shall be the paramount goal with due regard paid to current F.D.I.C. limitations.
DATE OF ADOPTION: 04/14/83
DATE(S) OF REVISION(S): 03/17/93, 01/19/11, 7/20/16; 10/21/2020
DATE OF LAST REVIEW: 01/19/11, 7/20/16