L E A G U E O F S O U T H E A S T E R N C R E D I T U N I O N S , I N C .
o U.S. Treasuries and Agencies will be held in safekeeping by a Board approved corporate credit union or investment firm. o All investments made under the guidelines of Level 3 must be approved by the Treasurer or the Chairman of LSCU Approval of Investment Firms or Corporate Credit Unions Investment firms and/or corporate credit unions shall be approved by the Board of Directors to conduct business with LSCU. Once approved, the Board will annually review them to ensure that they continue to meet the requirements. Approval for corporate credit unions requires the following: • •
Corporate rated A1 by Standard & Poors. Should a corporate drop below the A1 rating; no new investments may be made with that corporate unless approved by LSCU
Audit Trail • Investments will usually be handled by telephone or e-mail. Corresponding confirmation and verification must be received and maintained in the LSCUoffice. • All wire transfer notices initiated by the LSCU will be subsequently reviewed and approved by the Treasurer of the LSCU • LSCU checking account will be acknowledged in writing by approved institutions as the only receiving account to which LSCUfunds shall be remitted or made payable. • LSCU checking account depository shall acknowledge in writing that only institutions identified in writing over the signatures of at least two of the following: Chairman, Treasurer, CEOand CFOshall be a recipient of outgoing wires. • All investments and holdings will be audited at year-end for accuracy and confirmation letters will be sent to all approved investment firms and corporate credit unions. Report to the Board
The management will provide the Board of Directors with a monthly report (if investments exist) listing all investment vehicles by name, yield, amount and maturity date.
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