WHITE PIGEON TOWNSHIP LIBRARY
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XXII. Investment Policy 

A.  Purpose and Scope
It is the policy of the White Pigeon Township Library (WPTL) to invest its funds in a manner which complies with Michigan Act 20 PA 1943, as amended, which will provide the highest return with maximum security while meeting the daily cash flow needs of the WPTL.
 
This policy applies to all investment activities of the WPTL except for its employee deferred compensation funds and endowment fund which are organized and administered separately.
 
B.  Objectives
The primary objectives of the WPTL shall be:
  1. Safety of principal is the foremost objective of the investment program.  WPTL shall invest in a manner that seeks to insure the preservation of capital in the overall portfolio.
  2. Liquidity of investments should be sufficient to meet all operating requirements that may be reasonably anticipated.
  3. Return on investment – The investment portfolio shall be designed in a manner to attain a rate of return throughout budgetary and economic cycles consistent with the investment risk constraints and cash flow requirement.
  4. Diversification will eliminate the risk of loss resulting from over concentration in a specific maturity, individual financial institution, or a specific class of securities.
 
C.  Delegation of Authority
The Library Board Treasurer and the Library Director or designated investment officers of the WPTL and are responsible for investment decisions and activities.
 
D.  Authorized Instruments
In accordance with Michigan Public Act 20 of the Public Acts of 1943, as amended, the surplus funds of the WPTL may be invested as follows:
 
1.Bonds, securities, and other obligations of the United States or an agency or instrumentality of the United States.
2.Certificates of deposit, savings accounts, deposit accounts, or depository receipts of a financial institution, but only if the financial institution is eligible to be a depository of funds belonging to the state under a law of this state or the United States.
 
E.  Safekeeping
All securities purchased by the WPTL shall be properly designated as an asset and held in safekeeping.  No withdrawal of such securities, in whole or in part, shall be made from safekeeping except by the Library Board Treasurer or the Library Director as authorized herein, or by their respective designees.
Only federally insured financial institutions will be considered when investing Library funds.  Non-negotiable, non-collateralized Certificates of Deposit, as is the law in the State of Michigan, shall be evidenced by a safekeeping Receipt from the issuing bank.
 
F.  Prudence
The standard of prudence to be applied by the investment officer shall be the “prudent person” rule which states; “Investments shall be made with judgment and care – under circumstances then prevailing – which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation but for investment, considering the probable safety of their capital as well as the probable income to be derived.”  The prudent person rule shall be applied in the context of managing the overall portfolio.  Investment officers acting in accordance with written policies and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported to the chief executive in a timely fashion and appropriate action is taken to control adverse developments.
 
G.  Effective Date
This policy shall become effective on June 24, 2014, the day following the adoption by the WPTL Board.

​Updated 6/23/2014
 
 
 
 
 
 

© 2006-2023 White Pigeon Township Library | Privacy Policy 
  • Home
  • Online Resources
    • Downloadable Books
    • MeL- Interlibrary Loan
    • MeL - eResources
    • Our Online Catalog
    • Tutor.com
    • Consumer Reports
    • Mango Languages
  • In-Person Services
  • Programs
    • Adults
    • Kids & Teens
  • Newsletter
    • Page 1
    • Page 2
  • About the Library
    • Staff
    • Strategic Plan
    • Policies >
      • I. Library Bill of Rights and Freedom of Information
      • II. Mission and Goal Statement
      • III. Responsibilities of the Library Board
      • IV. Who May Use the Library / Special Needs Patrons
      • V. Patron Data Security
      • VI. Patron Responsibilities and Conduct
      • VII. Services of the Library
      • VIII. Personnel Policy
      • IX. Collection Development
      • X. Circulation Policy
      • XI. Reference Service Policy
      • XII. Programming Policy
      • XIII. Public Relations
      • XIV. Equipment Use Policy
      • XV. Internet Use Policy
      • XVI. Dorothy Lee Room Policy
      • XVII. Displays and Exhibits
      • XVIII. Public Notice Bulletin Board Policy
      • XIX. Friends of the Library
      • XX. Bidding Policy
      • XXI. Disasters Policy
      • XXII. Investment Policy
      • XXIII. Security Cameras
      • XXIV A,B,C. FOIA Policy Intro
      • XXIV D. FOIA Request for Public Record
      • XXIV E. FOIA Cost Itemization
      • XXIV F. FOIA Inspection of Records
      • XXV. Digital Sign Policy
      • XXVI. Revision of Library Policies
    • Library Tour
    • Library History
    • Library Board
    • Friends of the Library
    • COVID-19
  • More
    • Local History / Genealogy
    • Community Directory >
      • Table of Contents
      • p. 4-5
      • p. 6-7
      • p. 8-9
      • p. 10-11
      • p. 12-13
      • p. 14-15
      • p. 16-17
      • 18-19
    • Land Office
    • MRPI >
      • What is the MPRI?
      • Assessor's Plat
      • Original Plat
      • Eddy Paper Subdivision
      • Heath Addition
      • Laird's Addition
      • McGaffey, Chapin, & Kellogg
      • Newkirk Addition
    • WPHS Yearbooks >
      • About this section
      • The 1950s >
        • 1952
        • 1953
        • 1954
        • 1955
        • 1956
        • 1957
        • 1958
        • 1959
      • The 1960s >
        • 1960
        • 1961
        • 1962
        • 1963
        • 1964
        • 1965
        • 1967
        • 1968
        • 1969
      • The 1970s >
        • 1970
        • 1971
        • 1972
        • 1973
        • 1974
        • 1975
        • 1976
        • 1977
        • 1978
        • 1979
      • The 1980s >
        • 1980
        • 1981
        • 1982
        • 1983
        • 1984
        • 1985
        • 1986
        • 1987
        • 1988
        • 1989
      • The 1990s >
        • 1990
        • 1991
        • 1992
        • 1993
        • 1994
        • 1995
        • 1996
        • 1997
        • 1998
        • 1999
      • The 2000s >
        • 2000
        • 2001
        • 2002
        • 2003
        • 2004
        • 2005
        • 2006
        • 2007
        • 2008
        • 2009
      • The 2010s >
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        • 2012
        • 2013
        • 2014
        • 2015
        • 2016
        • 2017
  • Contact Us