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GFOA Best Practice — Investment Policy <br />■ Safekeeping, custody, and internal controls: Develop guidelines to <br />enhance the separation of duties and reduce the risk of fraud. <br />■ Section X of the policies define the procedures and guidelines for the Clerk to <br />comply with in regards to safekeeping and custody of securities. It requires <br />safekeeping to be by a third party custodial bank. The Clerk will execute the <br />third party custodial agreements and said agreements will include details as <br />to the responsibilities of each party, the costs to be borne by each party, <br />notification of security purchases, sales, delivery, repurchase agreements and <br />wire transfers, safekeeping and transaction costs and procedures in case of <br />unforeseen mishaps. <br />GFOA Best Practice — Investment Policy <br />■ Safekeeping, custody, and internal controls: Develop guidelines to <br />enhance the separation of duties and reduce the risk of fraud. <br />(continued) <br />■ Section XIII of the Board Policy and Section XII of the OPEB policy require the <br />Clerk to adopt a written set of internal controls and operational procedures to <br />be implemented by the Investment Officer. Said controls are designed to <br />protect the County's funds and ensure proper accounting and reporting of <br />securities transactions. These procedures are required to be reviewed <br />annually by the Investment Advisory Committee and subject to review by the <br />external auditors as part of the annual financial audit. <br />