Cash Management / Investment Policy

1.  The Board of Trustees may invest not more than 75% of its cash on hand in accordance with N.J.S.A. 40A:5-15.1(a),in one or more of the following investments:
   1. Bonds or other obligations of the United States.
   2. Bonds or other obligations of the City of Northfield or school districts of which the City of Northfield is apart:
   3. Government money market mutual funds;
   4. Any federal agency or instrumentality obligation authorized by Congress that matures within 307 days from the date of purchase, and has a fixed rate of interest not dependent on nay index or external factors;
   5. Any obligations with maturities not exceeding 307 days, as permitted by the New Jersey Division of Investments;
   6. Local government investment pools, such as New Jersey CLASS and the New Jersey Arbitrage Rebate Management Program.
   7. New Jersey State Cash Management Fund
   8. Repurchase agreements (repos) of fully collateralized securities, subject to conditions, as indicated in N.J.S.A. 40A:5-15(a).
2. The Board shall use one or more of the following currently approved FDIC/GUDPA depository banks for its investments:
   1. Cape Bank.
   2. TD Bank
   3. Ocean City Home Loan Bank
3. To the extent possible, the Board shall stagger its investments, so that they do not mature simultaneously, and to take advantage of possible favorable future changes in interest rates.
4. Cash and cash equivalents include petty cash, change funds, amounts on deposit and short term investments with original maturities of 30 days or less. All investments shall be stated at market.
5. This investment plan may be amended at any time during the year to reflect ghanges in laws, depositories, funds, investments or financial conditions.

Adopted: January 12, 2006
Amended: 1/9/14