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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 /> 6 <br /> 19 <br />