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XIII. INTERNAL CONTROLS <br />The Clerk shall adopt a written set of internal controls and operational procedures to be <br />implemented by the Finance Director, which said controls are designed to protect the <br />County's funds and ensure proper accounting and reporting of securities transactions. <br />Such internal controls shall consist, at a minimum, of the following: <br />1. All securities purchased or sold will be transferred only under the "delivery versus <br />payment" (DVP) method to ensure that funds or securities are not released until <br />all criteria relating to the specific transaction are met; <br />2. The Clerk is authorized to accept, on behalf of and in the name of Indian River <br />County, bank trust receipts or confirmations as evidence of actual delivery of the <br />obligations or securities in return for investment of funds; and <br />3. Trust receipts or confirmations shall fully describe the various obligations or <br />securities held. The receipt or confirmation shall state that the investment is held <br />in the name of Indian River County. <br />4. The written system of internal controls and operational procedures shall be <br />approved by the Investment Advisory Committee and shall be subject to review <br />by the external auditors as part of the annual financial audit. <br />XIV. REPORTING <br />Quarterly reports will be prepared disclosing current investments, the book value of all <br />investments, earnings for the quarter, market values for all investments, purchases, sales, <br />and maturities of investments and such other information as may be requested. Quarterly <br />and annual reports concerning the investment activities, investment portfolio and <br />performance will be submitted to the Investment Advisory Committee and placed on the <br />consent agenda of the Board of County Commissioners. <br />XV. CONTINUING EDUCATION <br />Given the often complex and diverse nature of investments, and the importance of <br />balancing the safety and liquidity of investments against the desire to maximize interest <br />earnings, deputy clerks responsible for making investment decisions must annually <br />complete sufficient continuing education as required by State law in subjects or courses <br />of study related to investment practices and products. <br />0 <br />19 <br />