TCSC Board of Finance

Tonight’s meeting is in two parts.  This second part is a meeting of the Board of Finance that we are required to hold annually in January.  We have four functions: 1) to elect a president and secretary, 2) to name a depository for corporation funds, 3) to receive and review the investment report, and 4) receive a report of the financial condition of TCSC.

President -  Gary Plumer
Secretary - April Overdorf
 

TCSC has been using First Farmers Bank and Trust as a depository for Corporation funds since 2018.  We currently have checking, eFunds (textbook and school lunch), sweep account (savings). It is recommended that the Board approve First Farmers Bank and Trust as the depository for corporation funds.

The investment report is made available to Board Members in the monthly Financial Report. This month’s report for December also is the report for the end of the year.  The investment earnings for 2019 was $166,443.4 compared to $130,567.09 for 2018. Tipton Community School Corporation maintains a Repurchase Agreement Account (charge card) through BMO Harris Bank.  It is recommended that the Board accepts the report as presented.

TCSC has one policy pertaining the investments - Policy 6144, Investment Income. This policy provides for the Corporation Treasurer to make investments of available monies for the purpose of maximizing the returns on the corporation's cash balances.  That policy is attached for the board's review.

During the Board of Finance Meeting, the board must receive a written report on the financial condition of the school corporation.  In reporting on the school corporation's financial conditions, the fiscal and qualitative indicators determined by the fiscal and qualitative indicator committee are used for the basis of this report.  (IC 5-13-7-8)