Policies and Procedures

B0108 Cash and Investment Management


Pursuant to §38.12(2) Wis. Stats., the Board Treasurer is the official custodian of all monies received by the District and is accountable for such funds. Although the Treasurer must maintain responsibility for these funds, he or she delegates their custody to the President of the College, who delegates these responsibilities to the Vice President of Finance and Operations.


The Vice President of Finance and Operations is responsible for the cash management and investment activities and shall maintain appropriate records and establish necessary internal controls to ensure that transactions are consistent with this policy. The Controller has delegated authority to act in accordance with this policy and engage in investment transactions of behalf of Western Technical College.


The Vice President of Finance and Operations, or his/her designee, is authorized to make investments in the designated public depositories or other permissible investments as allowed in Section 66.0603 (1m) of the Wis. Stats.


In addition, as defined in §66.0603(2), Wis Stats., Western Technical College may delegate the investment authority over any of its funds not immediately needed to a state or national bank, or trust company, which is authorized to transact business in this state. As a requirement of this statute, the following conditions are required:

  1. The institution is authorized to exercise trust powers under §221.0316 or Chapter 223.
  2. The governing board renews annually the investment agreement under which it delegates its investment authority and reviews annually the performance of the funds.
 
The Board shall designate official depositories, as it deems necessary for funds of the College. 

Responsibility for the administration of this policy rests with the District Board. Delegation of the authority for day-to-day administration of the policy to the Vice President of Finance and Operations does not relieve the District Board of its ultimate responsibility.

Revised January 15, 2019
Revised June 18, 2013
Revised November 16, 2004
Reviewed December 15, 1992
Revised July 10, 1989
Revised April 22, 1986
Adopted September 26, 1979
Wisconsin Statutes Chapter 34, 38.12(2), 66.0603, 221.0316


​Reference Procedure: B0108p Cash and Investment Management