The Board realizes that funds held in trust place a high degree of accountability on those having a stewardship responsibility. The Government Accounting Standards Board (GASB) now requires full disclosure of Other Post Employment Benefits (OPEB) liabilities. It is important that the Board develop an investment plan and long range funding goals based upon current and periodically updated actuarial projections identifying and addressing those liabilities. Therefore, the Board has established a trust fund to meet its future obligation. The Board may seek professional advice from appropriately licensed or certified person or firm on a fee for services basis. The investment advisor shall be registered under 15 USC 80b-3 and have knowledge of school finance regulations. The Board may invest only in the investments specified in Wisconsin Statutes § 66.0603. The firm shall work with the Board to develop the appropriate asset mix and fully disclose the volatility or fluctuation of the various asset classes, risk exposure and level of liquidity. The Board shall be the trustees and shall not assume the role of investment advisor.
The status of the trust's investment portfolio shall he monitored on a regular basis. The investment advisor shall make periodic reports to the Board as deemed appropriate. A report shall be made at the annual meeting and shall state the amount in trust, the investment return earnings and the total disbursement made from the trust since the last annual meeting. The report shall also include the name of the investment manager if the investment authority has been delegated. All investment guidelines shall be approved by the Board. The trustee shall be held harmless from any losses that may occur due to the failure of any depository to return capital and/or accrued interest to the District should said trustee of the district follow the guidelines established in this policy or any subsequent Board directives. The Board realizes that at any point in time, the value of invested assets may fluctuate. However, the most important aspect of the investment plan shall be that of protecting the principle over the given time horizon for the specific monies invested.
The Board shall have the authority to terminate or amend the trust at any time for any reason in accordance with state and federal law, provisions in the trust, and Board policy.
First Reading: May 21, 2013
Second Reading: June 4, 2013
Approved: July 16, 2013For the Board: Tom Steiner, President; Lynn Jaeger, Vice President; Cole Marshall, Clerk; Bill Barhyte, Treasurer; Dean Troyer, Member