Investments - Procedure 5.0300

Purpose:

To outline the procedures used for investment of college funds.

Procedure:

1. The State Board of Administration Depository (SBAD) or other authorized State investment pool will serve as the predominant site for long term investment of college funds.
2. Funds appropriated by the Legislature may be deposited, as they are released by the Division, into SCC's account at the SBAD or other authorized State investment pool.
3. Funds to cover college operational expenses will be transferred, as needs arise, from the SBAD to an interest-bearing account in the local depository by the President's designee.
4. Miscellaneous funds collected at the College will be promptly deposited in the local depository by the President's designee.
5. Daily balances may be invested in repurchase agreements representing the purchase and sale of United States Government securities or in vehicles that offers prime quality U. S. Government Security Money Market Funds.
6. Surplus funds may be invested pursuant to an investment plan adopted by the Board of Trustees as described in Florida Statute Section 218.415.

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