Appendix I
Non-Tax Revenue Plan
Appendix A
Financial Policy Investment Policy Policy FN14
Safekeeping and Custody 1. Authorized Financial Dealer and Institution
With respect to bank accounts maintained at financial institutions, it shall be the policy that the Park District will not maintain funds on deposit in any financial institution that is not a member of the F.D.I.C. The financial institution must also be eligible to hold Public Funds in accordance with Section 6 of the Public Funds Investment Act. Furthermore, the District shall not deposit public funds in any financial institution unwilling or unable to post the required collateral in excess of F.D.I.C. insurance limits to the extent applicable.
2. Well Capitalized Financial Institutions Depository Institutions must meet the definition of a well capitalized bank as follows:
Has a total risk-based capital ratio of 10.0 percent or greater; and Has a Tier 1 risk-based capital ratio of 6.0 percent or greater; and Has a leverage ratio of 5.0 percent or greater; and
Is not subject to any written agreement, order, capital directive, or prompt corrective action directive issued by the FDIC pursuant to section 8 of the FDI Act (12 U.S.C. 1818), the International Lending Supervision Act of 1983 (12 U.S.C. 3907), or section 38 of the FDI Act (12 U.S.C. 1831o), or any regulation thereunder, to meet and maintain a specific capital level for any capital measure 3. Internal Controls The Finance Director is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. Accordingly, the Finance Director shall establish a process for annual independent review by an external auditor to assure compliance with policies and procedures. The internal controls shall address the following points: Control of collusion Separation of transaction authority from accounting and record keeping Custodial safekeeping Avoidance of physical delivery securities Clear delegation of authority to subordinate staff members or Investment Managers
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Naperville Park District | 2023 MASTER PLAN
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