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Board of Trustees Policy

6020 -- BANKING

Purpose: It is the policy of the Board of Trustees to invest its funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow needs of Washtenaw Community College and comply with all state statutes governing the investment of public funds.

Scope: This policy on banking and investments applies to all financial assets of the college. These assets are accounted for in the various funds of the college and include the general fund, debt service funds, building and site funds, trust and agency funds and any other funds established by the college. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.

Objectives: The primary objectives, in priority order, of the college's banking and investment activities shall be:

  • Safety - Safety of principal is the foremost objective of the investment program. Investments shall be undertaken in a manner that seeks to insure the preservation of capital in the overall portfolio.

  • Diversification - The investments will be diversified by security type, financial institution and maturity of securities in order to reduce portfolio and market risks.

  • Liquidity - The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.

  • Return on Investment - The investment portfolio shall be designed with the objective of obtaining a rate of return throughout the budgetary and business cycles, taking into account the investment risk constraints and the cash flow characteristics of the portfolio.

Delegation of Authority to Make Investments: Michigan Community College Act No. 331, as amended, provides that (1) "the Treasurer of a Community College District, if authorized by resolution of the Board of Trustees, may invest debt retirement funds, building and site funds, building and site sinking funds, or general funds of the district as provided in subsection (3).

Daily management responsibility for the investment program is delegated to the Vice President of Administration and Finance and his/her designees.

Permissible Investments:

(a) Bonds, bills, or notes of the United States, or of an agency or instrumentality of the United States, or obligations of this State.

(b) Negotiable certificates of deposit, savings accounts, or other interest-earning deposit accounts of a financial institution. As used in this subdivision, "financial institution" means a bank that is a member of the Federal Deposit Insurance Corporation, A savings and loan association that is a member of the Federal Savings and Loan Insurance Corporation, or a credit union whose deposits are insured by the national Credit Union Administration.

(c) Bankers' acceptances issued by a bank that is a member of the Federal Deposit Insurance Corporation.

(d) Commercial paper that is supported by an irrevocable letter of credit issued by a bank that is a member of the Federal Deposit Insurance Corporation.

(e) Commercial paper of corporations located in this state rated prime by at least one of the standard rating services.

(f) Mutual funds, trusts, or investment pools composed entirely of instruments that are eligible collateral.

(g) Repurchase agreements against eligible collateral, the market value of which must be maintained during the life of the agreements at levels equal to or greater than the amounts advanced. An undivided interest in the instruments pledged for these agreements must be granted to the community college…"

(2) Money in the funds of the College shall not be commingled for the purpose of making an investment authorized by this section, and all earnings on an investment shall become a part of the funds for which the investment was made.

(3) Notwithstanding subsection (1), additional funds of the College shall not be invested or deposited in a financial institution that is not eligible to be a depository of surplus funds belonging to this state under section 6 of 1855 PA 105, MCL 21.146.

(4) As used in this section, "eligible collateral" means all securities which otherwise would qualify for outright purchase under this act.


Adopted: August 9, 1966
Revised: May 26, 1970
Revised: March 26, 1974
Revised: February 27, 1979
Revised: September 23, 1980
Revised: March 14, 1985
Revised: June 24, 2003




Board of Trustees Policy Manual
    SERIES 1000, BOARD OF TRUSTEES
    • 1010 - Bylaws
    • 1020 - Citizen Participation During Board of Trustees Meetings
    • 1030 - Policy Development Guidelines
    • 1050 - Mission Statement
    • 1060 - Guidelines for Excellence
    • 1070 - Trustee Emeritus Policy
    • 1080 - Board Travel and Attendance at Conferences
    • 1090 - Compensation and Reimbursement of Trustee Local Expenses

    SERIES 2000, ADMISSIONS, TUITION/FEES ASSESSMENT
    • 2005 - Admissions Policy
    • 2030 - Residency
    • 2040 - Tuition Refund Policy
    • 2080 - Tuition Payment Plan Policy
    • 2095 - WCC Scholarships
    • 2105 - Program Offerings in Livingston County
    • 2120 - Policy on Articulation

    SERIES 3000, INSTRUCTION
    • 3010 - Assurance of Student Success
    • 3020 - Club Sports
    • 3031 - Policy on Credit for Prior Learning
    • 3033 - College Certificate Structure Policy
    • 3043 - Curriculum Purpose and Effectiveness Policy
    • 3045 - General Education Philosophy and Requirements
    • 3046 - Degree Structure Policy

    SERIES 4000, STUDENTS
    • 4052 - Learning Resource Center, Loan Privileges (LRC)
    • 4055 - New Student Assessment and Individualized Program Planning
    • 4060 - Student Orientation
    • 4067 - Student Eligibility for Extra- and Co-Curricular Activities
    • 4070 - Student Information, Release of
    • 4080 - WCC Student Newspaper
    • 4090 - Student Health Insurance
    • 4095 - Student Rights, Responsibilities, and Conduct Code

    SERIES 5000, EMPLOYEES
    • 5005 - Administrative Compensation Policy
    • 5010 - Affirmative Action
    • 5020 - Administrative Group Annual Planning & Performance Review Policy
    • 5030 - Children's Center, Staff Use of
    • 5040 - Conflict of Interest: College Administrators
    • 5042 - Diversity in College Employment
    • 5045 - Emeritus Staff Policy
    • 5050 - Employee Assistance Program
    • 5060 - Employee Recognition
    • 5065 - Organizational Chart
    • 5070 - Part-Time Faculty and Wage Rates
    • 5080 - Sexual Harassment
    • 5081 - Policy Prohibiting Discriminatory Harassment
    • 5085 - Staff Collaboration and Governance Policy
    • 5087 - Staff Success Policy
    • 5090 - Work Practices and Rules of Conduct (Faculty and Staff)
    • 5091 - Drug-Free Workplace

    SERIES 6000, BUSINESS OFFICE
    • 6010 - Accounting of Funds
    • 6020 - Banking
    • 6030 - Budget Adjustment
    • 6035 - External Use of College Facilities
    • 6036 - Conduct and Compliance: Use of Facilities
    • 6037 - Facilities Rental Fee Policy
    • 6040 - Firearms Range, Utilization Priority
    • 6041 - Firearms Range, Safety
    • 6042 - Firearms Range, User Fee
    • 6050 - Purchase of Goods and Services
    • 6060 - Travel
    • 6070 - Policy on the Monitoring of Federal Funds

    SERIES 7000, CONTINUING EDUCATION AND COMMUNITY SERVICES
    • 7010 - Continuing Education Agreements with Public School Districts
    • 7020 - Continuing Education Unit
    • 7030 - Non-Credit Offerings

    SERIES 8000, GENERAL COLLEGE POLICIES
    • 8010 - Alcoholic Beverages on College Property, Use and Possession
    • 8012 - Americans with Disabilities Act, Compliance
    • 8015 - Honorary Associate Degree Policy
    • 8016 - Campus Safety Policy
    • 8018 - Policy on Student Speech and Expressive Conduct
    • 8021 - Internet Accounts Policy
    • 8022 - Computing Resources Usage Policy
    • 8025 - Crime Awareness and Campus Security Policy
    • 8028 - Access, Success, and Equity for Diverse People
    • 8029 - Display of Flags and Banners Policy
    • 8040 - Foundation, WCC
    • 8050 - Institutional Effectiveness
    • 8060 - Long-Range Planning
    • 8063 - Memorial Tributes
    • 8065 - Naming of College Buildings and Spaces
    • 8070 - Right To Know Laws, Compliance
    • 8085 - Smoke-Free Campus Policy








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