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Potsdam Public Library
Category: Cash Management and Investment Policy
Subject: Funds External and Independent of Accounts Held by
the Village of Potsdam
Effective: November 13, 2002
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Background:
The Potsdam Public Library maintains accounts external and independent
of Village collateral and accounting functions.
- The
objectives of this Policy are (in order of priority): to minimize
risk, to guarantee that cash is available when necessary, and to maximize
return of investment.
- The
Treasurer and Library Director are designed as co-signatories on the
designated accounts, upon the direction of the board, they are authorized
to invest in the following instrument: savings accounts, money markets
or certificates of deposit issued by a bank or trust company authorized
to do business in New York State; obligations of New York State; and
obligation of the United States government.
- An
annual summary of financial statements will be submitted for board
review.
- All
investments will comply with the following conditions:
- Collateral:
savings accounts, money markets and certificates of deposit shall
be fully insured by insurance of the Federal Deposit Insurance Corporation
or by obligations of New York State or the United States. Collateral
shall not be required with respect to direct purchase of obligations
of the United States or New York State.
- Written
Contracts: Written contracts are required for certificates of deposits.
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