Investment Report
County of Chenango Industrial Development Agency
2011 Investment Report
Explanation of Investment Guidelines
The purpose of the Investment Policy is to safeguard the principal amount of invested funds. In support of that purpose, the guidelines also aim to assist the CCIDA in maintaining proper levels of investment liquidity, realizing a reasonable rate of return on investment activities and properly diversifying investments. To do so the guidelines govern investment activities and the
monitoring, maintaining, accounting, reporting and internal controls for investment activities.
Investment Activity
From January through August 2011, the Authority’s operating and investment accounts were maintained with NBT Bank, N.A., the Board-designated depository.
Deposits up to $250,000.00 were guaranteed by the Federal Deposit Insurance Corporation (FDIC). Operating fund deposits over $250,000.00 were collateralized by U.S. Treasury obligations. The Authority’s operating fund was interest-bearing.
In September, 2011, certain of the Authority’s funds were invested in fixed income securities, as allowed by its Investment policy.
As of 12/31/2011, the asset allocation was as follows:
57% cash and equivalents = $398,419.62
43% Fixed Income = $301,431.12
Total = $699,851.12
2011 Income = $641.00
` 2011 Realized gains = $1.59
Submitted by Steven Craig, Executive Director 3/31/2011
Independent Accountant's Report