Investments and Cash Mgt



All investment or reinvestment of funds within the jurisdiction of the William Paterson University Board of Trustees shall be administered by the Director of the Division of Investment in the Department of the Treasury in accordance with the provisions of P.L.1950, c.270 (c.52:18A-79 et seq).

All investments will be made pursuant to the regulations established by the New Jersey State Investment Council within the Division of Investment.

If a determination is made that there are excess funds that can be invested for long periods of time provided the return warrants it, the funds may be invested through the Division of Investment. The Division is contacted and advised of the amount to be invested. A custodial account must be established at the bank for investment control.

The Associate Vice President and Controller will be responsible for monitoring and coordinating the University's investment activities and the University's fiscal operational requirements and disbursement of monies.

The responsible Business Services staff member will forward via a wire transfer to The Division of Investment, University monies which will not be required within a reasonable period of time to satisfy operational expenses. A log will be maintained of all wire transfers. This log will include, but not be limited to: date, account, and amount. Wire transfers require verification by the Associate Vice President and Controller or the Vice President for Administration and Finance.

The University pools funds for investment purposes.

At the end of each month, the University receives a Summary Statement from the Division of Investment. At this time, all the University's investment income is posted to the University's investment account(s). If pooled, the income will be allocated to the various accounts based on the prior month's closing balances for the accounts involved.

The responsible Business Services staff member monitors the amount of cash in the operating account and requests a Transfer of Funds either to or from the investment account whenever cash requirements are determined. All transfers of monies must be authorized by a second responsible Business Services staff member or the Associate Vice President and Controller.

Daily, the Associate Vice President and Controller or his designee reviews the balance reporting in the operations and payroll accounts to determine if the total funds in the accounts are sufficient to cover the disbursement requirements for that day. The daily balance reporting information is accessed from the bank's data base. Based on this review and analysis, funds will be transferred between the operating account, payroll account, and investment account.