7.5 Financial Institutions and Investments

Responsible Position

Chief Financial Officer

RELATED ITEMS

Minnesota State Board Policy

• 7.5 Financial Institutions and Investments
  

Minnesota State System Procedure

• 7.5.1 Local Cash and Investments

Minnesota Statute 

• 11A.24 Authorized Investments
• 16A.275, Agency Receipts; Deposit, Report, Credit
• 118A, Deposit and Investment of Local Public Funds
• 309, Social and Charitable Organization – Management of Institutional Funds 

POLICY STATEMENT

ATCC shall maintain an effective program of cash management, including depositories and collateral requirements, in compliance with applicable state and federal law, Minnesota State board policies, Minnesota State system procedures, and ATCC policies and procedures.

Financial Institution Practices

Safekeeping of Funds 
ATCC funds must be: 

1. Deposited for safe keeping in financial institutions selected in accordance with provisions of Minnesota Statutes, effective financial administration, and effective community relationships; and
2. Invested in accordance with applicable federal and state law, Minnesota State board policy, Minnesota State system procedures, and ATCC policies and procedures. 

Official Custodian

The Minnesota State Board of Trustees designates ATCC as an official custodian to the extent necessary to meet requirements of Federal Deposit Insurance Corporation regulations.

Authorized Staff

Documentation authorizing specific staff to sign checks or initiate funds movements for all financial institution accounts, pooled investments accounts, or money market funds must be approved by the college president.

Collateral

Agreements with depository financial institutions must require the provision of adequate collateral to assure safety of these funds in accordance with Minnesota Statute 118A.03 and other applicable laws.

Earned Interest

As permitted by statutes and Minnesota State system procedures, interest received on local institutional funds may be credited to appropriate accounts.

Daily Deposits

All monies received by the college must be deposited in accordance with Minnesota Statute 16A.275.

Accountability/Reporting

The Minnesota State Board of Trustees must be updated on financial institution relationships and investment management on an exception reporting basis and advised of any recommended policy changes.

Related ATCC Documents:

• 7.5.1 Local Cash and Investments

Approved by: Leadership Council & Faculty Shared Governance Council

Effective Date: 1/18/2024

Next Review Date: January 2027

Archive: