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Investment Management

Section 6.D – Investment Management

The Vance-Granville Community College Board of Trustees maintains decision-making authority for the Investment Management Plan of the College. The restrictions and directions which must be adhered to in the cash management of the College are cited in NC General Statute 115D-58.6- Investment of Idle Cash.

The institution may invest all or part of the cash balance of any fund in an official depository of the institution. The institution shall manage investments subject to whatever restrictions and directions the Board may impose. The institution shall have the power to purchase, sell, and exchange securities on behalf of the Board. The investment program shall be so managed that investments and deposits can be converted into cash when needed.

Moneys shall be invested only in the form of investments pursuant to in NC General Statute 159-30(c) to county governments or in any form of investment established or managed by an investment advisor who is registered and in good standing with either the Securities and Exchange Commission or the North Carolina Secretary of State, Securities Division, and is a member of the Securities Investor Protection Corporation. Money in endowment funds may be invested pursuant to NC General Statute 147-69.2. Provided, however, the institution may elect to deposit at interest any local funds with the State Treasurer for investment as special trust funds pursuant to the provisions of NC General Statute 147-69.3, and the interest thereof shall accrue to the institution as local funds.

The investment securities listed in NC General Statute 159-30(c) may be bought, sold, and traded by private negotiation, and the institutions may pay all incidental costs thereof and all reasonable costs of administering the investment and deposit program from local funds. The College shall be responsible for their safekeeping and for keeping accurate investment accounts and records.

Pursuant to NC General Statute 115D-58.6(g), the Board shall appoint an Investment Committee which shall consist of a minimum of three people who have sufficient financial background to review and evaluate investment options. These individuals should have experience in institutional or retail investment management with knowledge of fixed income and public equities. The committee shall make recommendations to the Board on those investment options, as well as monitor the performance of investments once made.

The Board shall discharge their duties with respect to the management and investment of College funds as follows:

  1. Investment decisions shall be solely in the interest of the College and the students, faculty, and staff of the College.
  2. The investments shall be for the exclusive purpose of providing an adequate return to the College.
  3. Investments shall be made with the care, skill, and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose.
  4. Investment decisions shall be made impartially, taking into account the best interest of the College, with special attention to conflicts of interest or potential conflicts of interest
  5. Investments shall incur only costs that are appropriate and reasonable.

(approved July 16, 2018)