[Board] TEP August Treasury reports & action items

[Katie Greenleaf Martin]

Hello TEP folks -
You can find my report for this month here: https://docs.google.com/document/d/1DKW_8tbUatwotjdFqeKrZZWaaNrujbJQJ3zaOPSsjCk/edit?usp=sharing

I am requesting action on the Investment policy: UPDATED for your consideration: draft TEP investment policy jul 2024.docx<https://docs.google.com/document/d/1pse154S2Cqro6lVmqYNeh0_OPsnYGIms/edit?usp=sharing&ouid=117418998836160343673&rtpof=true&sd=true>

And the committee's selections for first investments (do not need to be approved separately from approving the investment policy framework, but the committee is happy to hear any comments/discussion/etc).
Open a money market account: First Internet Bank business money market savings
3.46% with a daily balance of $5,000,000 or below
https://www.firstib.com/business/deposits/business-savings-cds/
Purchase a Certificate of Deposit (CD) through Wells Fargo https://www.wellsfargo.com/biz/savings/rates/
My recommendation is that we do at MOST $70,000 (roughly 50% of current assets, $146,893.70) in CDs at 4.75% APY:
$70k in 4 month (3 month renewal periods, could roll a portion into a longer term one in 4 months if we want. Currently, the 4 month interest rate is better than 7.)

Thanks!
Katie


[cid:image001.png at 01DAEE63.94115DB0]Katie Greenleaf Martin (she/her), Executive Director
Pennsylvania Integrated Library System (PaILS) | SPARK
(717) 873-9461 | kgm at sparkpa.org<mailto:kgm at sparkpa.org>
support.sparkpa.org<https://support.sparkpa.org/> | support at sparkpa.org<mailto:support at sparkpa.org>

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