Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENTSECTION 4 – FINANCE &MANAGEMENTThe Board of Regents is constitutionally vested with the governance of the University. Within itsauthority is the governance of all finance and management matters, including without limitation,investment; collections; contractual authority; acquisition, development, and disposition of property;financial aid; financial emergency; and buying and selling goods and services. Specific provisionspertaining to finance and management and related matters may be set forth in the Faculty and StaffHandbooks, student handbooks such as the Student Code of Responsibilities and Conduct for the NormanCampus, University Guide to Services, and/or other official policy documents of the respective campuses.Any modification to a Board of Regents’ policy in the policy documents referred to above or elsewheremust be made through action of the Board of Regents4.1—SHORT-TERM INVESTMENT POLICYThe investment procedures described below are intended to govern the process of investing funds ofthe University under the constitutional and statutory authority of the Board of Regents.In order to maximize the return on investments, the Vice Presidents for Administrative Affairs at theHealth Sciences Center and Norman campuses, or their respective designees, shall invest all allowablefunds of the University that can be invested for and on behalf of the Board of Regents. Such funds shallinclude all monies on deposit in the Agency Special Accounts (including, but not limited to, payroll trustfunds, funds transferred to construction accounts, and travel trust funds), Treasury Funds, and AgencyRelationship accounts (including, but not limited to, funds which are advanced by granting agencies asdirected by conditions required by the terms of the contract or grant or as required or permitted by termsof a bond resolution or donor requirement) that are not required to be invested by the State Treasurer.The Vice Presidents, or their respective designees, shall establish procedures to sufficiently analyzethe cash flow requirements of the University and determine the amount of funds to be invested and thetime period of the investment(s). Said procedures shall address liquidity, diversification, safety ofprincipal, yield, maturity and quality and capability of investment management (with primary emphasison safety and liquidity), reporting and documentation of investments, selection of financial institutions,and competitive bidding. Allowable instruments shall include those permitted for investment of Statemonies, as provided by Oklahoma law. Allowable monies may be invested through the Office of theState Treasurer or, provided a higher return on the investment can be earned, with other financialinstitutions. The Vice Presidents will periodically analyze market conditions and evaluate the investmentperformance of the State Treasurer’s office.Interest income from investments made by the State Treasurer shall accrue to the University’s AgencySpecial Fund or fund from which the investment was made, in accordance with the provisions of theOklahoma statutes. The Vice Presidents shall deposit all interest income into the original accountsgenerating the principal invested, as required by the terms of the specific grants or contracts or as requiredby terms of bond resolutions, donor requirements, federal regulations, or other Board ofTHE UNIVERSITY OF OKLAHOMA 221