1501 - Scope
This policy shall apply to all investment activities of the Oregon School Employees Association. All funds in excess of operating requirements will be invested in compliance with this policy.
1502 - Objectives
Investment objectives are safety (preservation of capital), liquidity (availability of funds), and rate of return (yield), in that order.
1504 - Prudence
The standard of prudence to be used by the investment officer in the context of managing the overall portfolio shall be the prudent 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 investment officer and staff, acting in accordance with written procedures and exercising due diligence, shall not be held personally responsible for a specific security's credit risk or market price changes, provided that these deviations are reported as soon as practical and that appropriate action is taken to control adverse developments.
1505 - Procedure
The following procedure will be used in complying with the above investment policy:
- The Director of Fiscal Operations is designated as the Investment Officer of the Oregon School Employees Association. The Investment Officer shall oversee and direct the investment of excess funds. The other designated individuals who can act as Investment Officer are as follows: Executive Director.
- U.S. Bancorp Securities (Piper Jaffray) or Prime Vest Financial Services, Inc. may be selected to execute, safe keep, and maintain custody of all investments. They will provide, as requested, a monthly summary of investments to include positions held, market values, and activity. (Revised Board Meeting, May 2001)
Permitted Investments (Board Meeting, November 1995)
- U.S. Treasury Money Market Funds
- Agencies of the Government Funds