B3008 Investments


Policy Type: Board- Executive Limitations
Responsible: Vice President of Finance & College Operations
Related Policies: B2001, B2002, B2003, B3005, B3006, B3007, B3009
Linked Procedures: None
Related Laws: ILCS 805/3-20, 30 ILCS 235/
Related Standards: Government Finance Officers Association (GFOA)
HLC Criterion: 2A2A The institution establishes and follows policies and processes to ensure fair and ethical behavior on the part of its governing board, administration, faculty and staff., 5B5B The institution’s resource base supports its educational offerings and its plans for maintaining and strengthening their quality in the future.

B3008 Investments PDF

Policy Statement

The Board has a fiduciary responsibility to utilize, maintain, and protect College assets. As such, the Board directs the President to implement policies, rules, guidelines, procedures, and practices to assist the Board with this responsibility. Further, the Board directs the President to ensure the College’s investments are used in ways that support the College’s mission and achieve the Board’s Strategic Outcomes.

Finally, without limiting the scope of the above statements by the following list, the President shall not:

  1. Permit investments that are inconsistent with State law, nor to be managed in a way that is inconsistent with the primary objectives of capital preservation and reasonable growth.
  2. Permit investments to be managed without the active involvement of well qualified investment advisors with a proven track record, who are independent of any investment fund.
    1. Permit the advisor to take title to any assets.
    2. Permit the advisor to withdraw any funds from the accounts except to cover payment of previously agreed fees, or at the organization’s specific direction.
  3. Permit investments that are insufficiently liquid to meet College’s anticipated expenditures without incurring penalties.
  4. Permit the investment of cash accounts (or operating capital) in anything other than allowed by the Illinois Public Funds Investment Act (30 ILCS 235/) and Section 20 of the Illinois Community College Act (110 ILCS 805/).
  5. Fail to submit a quarterly finance and investment monitoring report that addresses factors related to investments of the College.


Change Log

Date of Change Description of Change Governance Unit
03-07-22 Initial Adoption Board of Trustees
05-18-23 Statute Changes Board of Trustees
06-15-23 Minor grammatical edits; Added monitoring expectations Board of Trustees
05-16-24 Board Reviewed, No Changes Board of Trustees