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All Shaker Heights Public Library investments shall be governed by Chapter 135 – Uniform Depository Act and Section 3375.36 – Treasurer of Library funds of the Ohio Revised Code. The ultimate goal is to maximize return while preserving principal. This policy applies to all Library funds.
Authorization:
By law, the Fiscal Officer of the Shaker Heights Public Library has the investment authority for all Library funds. All investments by the Fiscal Officer are governed by the laws of the State of Ohio and the policies of the Board of Trustees. In the absence of the Fiscal Officer, the Deputy Fiscal Officer shall assume the investment duties. At no time shall an employee involved in the investment process benefit financially from any investments made on behalf of the Library.
Investment Objectives:
The objective of each investment is to achieve maximum return while maintaining the safety of the principal. The amount invested as well as the length of investment should be determined by the operational and cash needs of the Library. All investments should remain sufficiently liquid and diverse to meet Library needs.
When practical, competitive bids should be taken from eligible institutions to obtain the highest and safest yield for each investment. These bids may be submitted via telephone, fax or online and documented in the investment log.
Types of Investments:
All eligible investments are detailed in ORC Chapter 135 and summarized below:
A. T-Bills, notes, bonds or any other obligation guaranteed as to principal and interest by the United States.
B. Bonds, notes, debentures or other obligations or securities issued by any federal government agency or instrumentality.
C. No load money market accounts consisting exclusively of eligible obligations under law provided they are purchased through eligible institutions.
D. Repurchase agreements purchased through eligible institutions.
E. Bonds and other obligations of the State of Ohio.
F. State Treasury Asset Reserve (STAR) of Ohio for governmental subdivisions.
G. Interim deposits in eligible institutions applying for interim moneys.
H. Certificates of Deposit and passbook savings accounts.
Length of Investment:
Every effort should be made to match investments with anticipated cash flow requirements. The maximum maturity of each investment should not exceed five years from the date of settlement, unless it is matched to a specific obligation or debt.
Authorized Financial Institutions:
Eligible financial institutions are defined in ORC Section 135.01. A depository agreement with each financial institution must be in place before any financial transactions can occur. This agreement shall be for a period of two years. This agreement must contain a commitment by the financial institution to invest the Library’s funds only in instruments defined in ORC section 135, the Uniform Depository Act for public funds and the Library’s investment policy. The Board of Trustee approved list will be maintained by the Fiscal Officer.
Records:
The Fiscal Officer shall maintain the following investment records:
1. Investment policy and amendments;
2. List of authorized financial institutions;
3. Confirmation notice;
4. Investment Ledger
The investment ledger shall contain the following information:
1. Transaction Dates
2. Description
3. Interest Rate
4. Length of Investment
5. Principal
6. Interest Amount
7. Balance
8. Financial Institution
Reporting:
The Fiscal Officer shall include a report summarizing total investments in the monthly financial statements provided to the Board of Trustees
Approved by the Shaker Heights Public Library Board of Trustees September 9, 1996; April 13, 2010; May 11, 2011.
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