Florida Regulations 6A-14.0765: Investment of Funds
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The investment of funds by community colleges shall be in accordance with the classification of funds in the accounting manual incorporated in Fl. Admin. Code R. 6A-14.072
(1) Current funds, plant funds, and agency funds may be invested as authorized in Florida Statutes § 218.415
(2) Boards of trustees shall have authority to designate that funds due it be placed for investment in its account with the State Board of Administration investment pool or other authorized State investment pool account, rather than be deposited, and the board of trustees may direct those persons having money due to the board of trustees to pay such funds to the authorized State investment pool to make authorized investments for its accounts.
(3) Loan, endowment, annuity, and life income funds may be invested in securities in which the State Board of Administration is authorized to invest retirement funds pursuant to Florida Statutes § 215.47 To make such investments, the board of trustees shall adopt and adhere to an investment plan as described in Florida Statutes § 215.475 The investment plan shall be submitted to the State Board of Administration for review and comment. The college shall make all records of the entire investment operation available to the Auditor General for annual audit. Loan, endowment, annuity, and life income funds also may be invested pursuant to subsection (1) herein.
Rulemaking Authority Florida Statutes § 1001.02(1). Law Implemented 1010.01, 1010.02 FS. History-New 12-19-74, Formerly 6A-8.14, Amended 12-26-77, 5-14-85, Formerly 6A-14.765, Amended 8-29-89, 4-30-93, 8-28-95, 6-18-96, 7-20-04.
Terms Used In Florida Regulations 6A-14.0765
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(2) Boards of trustees shall have authority to designate that funds due it be placed for investment in its account with the State Board of Administration investment pool or other authorized State investment pool account, rather than be deposited, and the board of trustees may direct those persons having money due to the board of trustees to pay such funds to the authorized State investment pool to make authorized investments for its accounts.
(3) Loan, endowment, annuity, and life income funds may be invested in securities in which the State Board of Administration is authorized to invest retirement funds pursuant to Florida Statutes § 215.47 To make such investments, the board of trustees shall adopt and adhere to an investment plan as described in Florida Statutes § 215.475 The investment plan shall be submitted to the State Board of Administration for review and comment. The college shall make all records of the entire investment operation available to the Auditor General for annual audit. Loan, endowment, annuity, and life income funds also may be invested pursuant to subsection (1) herein.
Rulemaking Authority Florida Statutes § 1001.02(1). Law Implemented 1010.01, 1010.02 FS. History-New 12-19-74, Formerly 6A-8.14, Amended 12-26-77, 5-14-85, Formerly 6A-14.765, Amended 8-29-89, 4-30-93, 8-28-95, 6-18-96, 7-20-04.