The Board shall designate official depositories as it deems necessary for funds of the College.
All funds received and expended on behalf of the College are transacted with the approval of the Board. The Board Treasurer is responsible for the receipt and expenditure of all public funds of the College and shall be accountable for such actions in accordance with applicable Statutes.
The Board delegates the operational procedures, relating to the fiscal operations of the College to the President and authorized administrative staff. All funds under the jurisdiction of the Board will be under the supervision of the Vice President of Finance and Operations, who serves as the chief fiscal officer of the College. The Vice President of Finance and Operations is accountable for all public funds to the President and the Board, and shall develop and maintain the necessary accounting records to document receipts and disbursements according to accounting principles generally accepted in the United States.
The Vice President of Finance and Operations, or his/her designee, is authorized to make investments in the designated public depositories, the State of Wisconsin Local Government Investment Pool or obligations of the United States Government or its agencies, bonds, or securities of any county, city drainage district, technical college district, village, town, or school district of this state, and other investments authorized by applicable Wisconsin Statutes. Investments shall be made in accordance with the investment fundamentals of safety, liquidity, and yield.
An amount not to exceed $650,000 may be invested in each designated public depository without collateralization. Appropriate operating procedures and agreements for the collateralization of public deposits beyond insured amounts shall be developed as necessary by the Vice President of Finance and Operations. Funds to be invested will be placed in institutions which provide insurance and/or collateralization to the full amount of the investment, including principal and interest. The exception shall be those funds placed directly with the Local Government Investment Pool or obligations of the United States Government or its agencies. Collateralization requires pledging of obligations of the United States Government or its agencies or bonds or securities of any county, city drainage district, technical college district, village, town, or school district of any state.