Accepted at the Meeting of the Board of Directors, November 12, 2002
Revised August 12, 2008
All funds of the Association are held by the Board of Directors as a fiduciary. Therefore, even
the legally unrestricted funds of the Association are held by the Association as a steward for the
sake of carrying out its mission and purpose. The following investment objectives and
guidelines are to be judged and understood in light of the overall sense of stewardship.
The Board of Directors has full authority on all investment policies. The Finance Committee is
responsible for regularly reporting on investments to the full board and for making
recommendations. In carrying out its responsibilities, the Board of Directors, the Finance
Committee and its agents will act in accordance with these Investment Policies and all applicable
laws and regulations. The Board reserves to itself the exclusive right to revise these Investment
The primary investment strategy is to preserve and protect the Association’s assets. The
secondary objective is to earn a total return for each fund (Operating Fund, OPS Account, Long
Term Fund, etc.) appropriate to each fund’s liquidity needs, time horizon and risk tolerance.
Resolved, that the Association should maintain as part of its general fund balance uncommitted
liquid reserves of at least 75% of its annual expense budget. These uncommitted liquid reserves
shall be defined as cash and marketable securities.
Resolved, that the Board of Directors be authorized to invest the Operation Fund of the
Association into savings accounts, checking accounts and certificates of deposit within FDIC
insured savings and/or commercial banks, or SIPC insured accounts with brokerage firms.
Resolved, that the Board of Directors be authorized to invest the Short Term Reserve Fund, the
Long Term Reserve Fund, and the OPS Fund into savings accounts, checking accounts, and
certificate of deposit within FDIC insured savings and/or commercial banks, SIPC insured
accounts with brokerage firms, US Treasury Bills, US Treasury Notes and mutual funds
investing in bonds and equity securities.
Resolved, the maximum investment in equities across all accounts be established at 35%.
CTPA Investment Policy.pdf
|Date:||October 11, 2014|