8230

investments

8230

The administration shall establish cash management and investment procedures that stress safety and liquidity.

Procedures shall be established to collect all amounts due to the school system as soon as reasonably possible, to provide secure handling of cash coming to the school system, and to expedite the movement of these monies into interest earning accounts and investments.

Funds shall be deposited at interest at any bank, savings and loan association, or trust company in North Carolina in the form of certificates of deposit or such other forms of time deposit as the local government commission may approve. Investment deposits shall be secured as provided by law.

Interest earned on deposits and investments shall be credited to the fund whose cash is deposited or invested. Cash of several funds may be combined for deposit or investment, if not otherwise prohibited by law. When such joint deposits or investments are made, interest earned shall be prorated and credited to the various funds on the basis of the amounts invested, calculated according to an average periodic balance or some other sound accounting principle.

Legal Reference: G.S. 115C-443

Adopted: January 21, 1992