In accordance with the Investment Policy adopted by the City of Columbia
PURPOSE AND SCOPE.
RESPONSIBILITIES.
DELEGATION OF AUTHORITY.
“PRUDENT PERSON” STANDARD.
OBJECTIVES.
Investment of Public Funds continued…
GUIDELINES. The following guidelines should be used to meet the general investment objectives:
REPORTING.
INTERNAL CONTROLS.
AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS:
CONFLICTS OF INTEREST
Explanation: Philip Lensine of Kavanagh, Scully, Sudow, White and Frederick, PC developed the above Investment of Public Funds Policy at the request of the Illinois System Directors.
The Columbia Public Library makes investments as designated by the donor. Donations to the Building Funds are sent to the “Columbia Public Library Building Fund.” Donations for books are used for the purchase of books, etc.
Donations to the Memorial Endowment Fund are invested. The Columbia Public Library Board of Trustees advises the trust company of any changes in investments. Example: A request to put some funds into government bonds. The library can only use the interest from the Memorial Endowment. As instructed by the Columbia Library Board of Trustees, interest is sent to the City of Columbia for deposit in the “Columbia Public Library Building Fund.” The interest money is used for any building emergencies or repairs and for mortgage payments on any current building project. Quarterly reports are received by the Treasurer and are reviewed by the Library Board of Trustees.
Investment and Public Funds Policy – Reviewed 02/10/04