School district funds in excess of current needs shall be invested in compliance with this policy. The goals of the school district's investment portfolio in order of priority are
- To provide safety of the principal;
- To maintain the necessary liquidity to match expected liabilities; and
- To obtain an optimum rate of return.
In making investments, the school district shall exercise the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use to meet the goals of of the investment program.
School district funds are monies of the school district, including operating funds. "Operating funds" of the school district are funds which are reasonably expected to be used during a current budget year or within fifteen months of receipt. When investing operating funds, the investments must mature within three hundred and ninety-seven days or less. When investing funds other than operating funds, the investments must mature according to the need for the funds.
The Board of Directors authorizes the treasurer to invest funds in excess of current needs in the following investments.
- Interest bearing savings, money market, and checking accounts at the school district's authorized depositories;
- Iowa Schools Joint Investment Trust Program (ISJIT); and
- Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions.
- Obligations of the United States government, its agencies and instrumentalities
It shall be the responsibility of the treasurer to deliver a copy of this policy to the school district's depositories, auditor and outside persons doing business with the school district.
It shall be the responsibility of the superintendent, in conjunction with the treasurer, to develop a system of investment practices and internal controls over the investment practices. The investment practices shall be designed to prevent losses and to document the officers and employees responsible for elements of the investment process.
Legal Reference:
Iowa Code §§ 11.2, .6; 12.62; 12B.10; 12C; 22.1, .14; 28E.2; 257; 279.29; 283A; 285; 502.701; 633.123 (2013).
Approved:
August 11, 1975
Reviewed:
June 12, 2023
Revised:
June 8, 1981
November 13, 1989
November 9, 1992
November 18, 1997
August 14, 2000
November 14, 2016
March 13, 2023
