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Indian River County,Florida Notes To Financial Statements Year Ended September 30, 2012 NOTE 4 - CASH AND CASH EQUIVALENTS - Continued C. Investments - Continued Custodial Credit Risk The Board's investment policy pursuant to Section 218.415 (18), Florida Statutes requires securities to be registered and shall be held with a third party custodian "and all securities purchased by, and all collateral obtained by, the Board shall be held in the name of the Board. The securities must be held in an account separate and apart from the assets of the financial institution. As of September 30, 2012, the County's investment portfolio in U.S. Treasuries, U.S. Agencies, and money market funds, was held by The Bank of New York/Mellon. Additional investments include the following: the SunTrust NOW account, the Regions Bank Money Markets, CenterState Bank certificates of deposit, the Florida Local Government Investment Trust (held by the Bank of New York/Mellon) and the Florida Trust Day to Day Fund(held by UMB Bank). D. OPER Trust Investments Funds are held in the name of the Indian River County OPEB Trust (OPEB Trust), an irrevocable trust, { by a third party custodian, Bank of New York/Mellon. The investments are reported at fair value based 1 upon market-close price on the last business day of each month. The County approved a separate investment policy for the OPEB Trust assets on February 3, 2009 (last amended on April 6, 2010). The County adopted a broadly diversified portfolio composition consisting of equity, debt, and cash and cash equivalents. Asset allocations are divided between short-term and long- term investments. Short-term asset allocations include cash and cash equivalents with maturities l of 180 days or less. Long-term asset allocations range from 0-60% for equities, 0-60% for fixed income securities, and 0-100% for cash and cash equivalents. i I 64