Policies & Procedures

Policy: 6003

The College will develop procedures for the receipt, deposit, and disbursement of funds coming into its control which have the goal of insuring the most positive, interest-bearing investments, and minimizing nonproductive or idle cash balances.

The Board of Trustees will designate one or more banks for the collection, disbursement, and/or investment of College funds in accordance with state statute. Any designated financial institution must have a bank branch located within Gloucester County and/or Cumberland County.

Any depository of College funds must provide proof on an annual basis that College funds are protected under the auspices of the Governmental Unit Deposit Protection Act of 1970.

Funds in excess of normal cash flow requirements may be invested in certificates of deposit (CDs) issued by Board-designated College depositories. CD procurements will be based on liquidity and the maximizing of investment income.

The Finance Committee of the Board will periodically review the investment instruments of the College and make recommendations to the Board of Trustees of any alternate investment instruments. Any alternate instrument must ensure safety, meet the College liquidity needs, and produce appropriate investment income to the College.

References:

Rowan College of South Jersey Administrative Procedure, 6003 Banking and Investing