safe and sound manner. The funds available for investment are the monetary assets of IGA that are not required for on-going operations or currently identifiable projects. This comprises the reserve and operating revenue accumulated from previous years’ surpluses, revenue from fundraising activities, and restricted funds that are scheduled to be expended during a stipulated period of time. The following shall make Investment decisions and oversight: • Day-to-day Investment: The Executive Director and Deputy Executive Director shall be responsible for the day-to-day management of the investment portfolio. These employees in consultation with the Treasurer are authorized to enter into investment transactions with approved brokers. The accounting consultantt will record the necessary investment transactions into the accounting software. • Oversight: The Finance Subcommittee of the Executive Committee shall oversee compliance with IGA’s Investment Policy. . The IGA Treasurer shall receive periodic reports concerning investments and at least annually the Finance Subcommittee shall review the appropriateness of its investment strategies, policies, procedures and limits. The Finance Subcommittee should annually ratify the use of specific depository institutions, investment banks, and/or brokerage firms and keep a copy on hand. Such evaluation should consider safety and soundness, services’ responsiveness, types of investments offered, quality of investment advice, service and transaction charges and any other relevant issues. Investment actions should be recorded and presented to the Executive Committee at an official business meeting. IGA should invest available funds to maximize earnings and minimize risk during the period of availability of funds. Investment decisions should consider the needed liquidity of investments, acceptable risk (low) and expected returns. Investment vehicles should include the following: • Checking Account – funds needed for current operations are to be placed in an interest- bearing checking account with a bank insured by the FDIC; • Cash and Cash Equivalents – funds needed for current and intermediate operations are to be placed in an interest-bearing account with high liquidity with a bank insured by the FDIC; • Money Market Accounts – current and intermediate funds can be placed in low-risk overnight or term money market accounts with an approved correspondent; • Timed Certificates of Deposit – funds available for intermediate and long-term investment may be placed in Certificates of Deposits with an approved correspondent and FDIC insured; • US Government Obligations – funds available for long-term investment may be placed in US Government Obligations such as treasury notes and bills. The Executive Director and/or the Deputy Director in consultation with the Treasurer should properly authorize purchases and sales of investment vehicles. Purchases should be made by check or bank transfer. Check request or requisition or bank transfer request should be prepared.
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Deleted: Accountant
Deleted: N Deleted: The Subcommittee shall consist of three members, one of which shall be the Treasurer of NIGA… Deleted: N
Deleted: N
Deleted: NIGA
IGA Accounting Policies and Procedures (guidelines)
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