HIBBING PUBLIC SCHOOLS
INDEPENDENT SCHOOL DISTRICT 701


BOARD POLICY 704
SERIES: 700 Non-Instructional Operations and Business Services
SUBJECT: 704 Investments
ADOPTED:  
REVISED:  


All investments of surplus funds of the school district, regardless of the fund accounts in which they are maintained, shall be deposited or invested in accordance with this policy and Minnesota statutes.

The school district business manager shall routinely monitor existing investments and the contents of the school district’s investment portfolio, the available markets, and the relative value of competing investment instruments.

The investments of the school district shall be undertaken in a manner that seeks to ensure the safety of principal.

The business manager shall establish a system of internal controls.  These internal controls shall be annually reviewed for compliance by the school district’s independent auditors.




Legal References:
M.S. 118A.01 (Public Funds; Depositories and Investments)
M.S. 118A.02 (Authorization for Deposit and Investment)
M.S. 118A.03 (Depositories and Collateral)
M.S. 118A.04 (Investments)
M.S. 118A.05 (Contracts and Agreements)
M.S. 118A.06 (Delivery and Safekeeping)