{"id":24618,"date":"2022-03-28T11:29:59","date_gmt":"2022-03-28T15:29:59","guid":{"rendered":"https:\/\/www.wpcc.edu\/policy-manual\/?page_id=24618"},"modified":"2022-06-27T11:22:58","modified_gmt":"2022-06-27T15:22:58","slug":"06-02-070-official-depositories-and-investments","status":"publish","type":"page","link":"https:\/\/www.wpcc.edu\/policy-manual\/06-02-070-official-depositories-and-investments\/","title":{"rendered":"06.02.070 \tOfficial Depositories and Investments"},"content":{"rendered":"[et_pb_section fb_built=”1″ fullwidth=”on” admin_label=”section” _builder_version=”3.22″ global_colors_info=”{}”][et_pb_fullwidth_header title=”Policy” subhead=”06.02.070 \tOfficial Depositories and Investments” text_orientation=”right” content_max_width=”none” admin_label=”Fullwidth Header” _builder_version=”4.14.4″ title_font_size=”44″ subhead_font_size=”24px” background_color=”#346fab” custom_css_header_container=”margin-bottom: -140px !important;||margin-right: 20px !important;” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ saved_tabs=”all” global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”]\n

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All funds of the College, other than those required to be deposited with the State Treasurer, are deposited in board-designated official depositories and are required to be collateralized in accordance with North Carolina General Statute <\/em>115D-58.7. Official depositories may be established with any bank, savings and loan association, or trust company whose principal office is located in North Carolina. Also, the College may establish time deposit accounts, money market accounts, and certificates of deposit.<\/p>\n

\u00a0<\/strong>The North Carolina Administrative Code (20 NCAC 7) requires all depositories to collateralize public deposits in excess of federal depository insurance coverage by using one of two methods, dedicated or pooled. Under the dedicated method, a separate escrow account is established by each depository in the name of each local governmental unit and the responsibility of monitoring collateralization rests with the local unit. Under the pooling method, each depository establishes an escrow account in the name of the State Treasurer to secure all of its public deposits. This method shifts the monitoring responsibility from the local unit to the State Treasurer.<\/p>\n

Generally, funds belonging to the College may be invested in any form of investment established or managed by certain investment advisors pursuant to G.S. 115D-58.6(d1) or in the form of investments pursuant to G.S. 159-30(c), as follows: a commingled investment pool established and administered by the State Treasurer pursuant to G.S. 147-69.3 (STIF); obligations of or fully guaranteed by the United States; obligations of the State of North Carolina; bonds and notes of any North Carolina local government or public authority; obligations of certain nonguaranteed federal agencies; prime quality commercial paper bearing specified ratings; specified bills of exchange; certain savings certificates; The North Carolina Capital Management Trust, an SEC registered mutual fund; repurchase agreements; and evidences of ownership of, or fractional undivided interests in, future interest and principal payments on either direct obligations of or fully guaranteed by the United States government, which are held by a specified bank or trust company or any state in the capacity of custodian.<\/p>\n

Adopted:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 February 2022\u00a0\u00a0\u00a0\u00a0<\/strong><\/p>\n

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Legal Reference:\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N.C.G.S. \u00a7\u00a7 115D-58.6 and -58.7; 159-31(b).<\/p>\n

\u00a0<\/strong>Revised\/Updated:<\/p>\n

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        All funds of the College, other than those required to be deposited with the State Treasurer, are deposited in board-designated official depositories and are required to be collateralized in accordance with North Carolina General Statute 115D-58.7. Official depositories may be established with any bank, savings and loan association, or trust company […]<\/p>\n","protected":false},"author":29,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"footnotes":""},"class_list":["post-24618","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t