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<p class="MsoNormal">Hello TEP board & friends – <o:p></o:p></p>
<p class="MsoNormal">We are in the fortunate position of having more assets than we need to have on hand at any given moment, so I would like the board to consider adopting a (very simple) investment policy to allow us to do a few things:
<o:p></o:p></p>
<ol style="margin-top:0in" start="1" type="1">
<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">Select and open a business money market account to allow us to earn interest on funds that we don’t need to have in our operating account (but that we could still get to within a few
business days)<o:p></o:p></li><li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">Consider and potentially purchase one or more short term Certificates of Deposit, with provisions for liquidity as follows:
<o:p></o:p></li><ol style="margin-top:0in" start="1" type="a">
<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level2 lfo1">No than 50% of assets should be available within a few business days (so that can go in money market accounts)<o:p></o:p></li><li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level2 lfo1">No assets should be tied up for more than a year; with no more than 25% over 6 months (allowing some investment in short-term CDs)<o:p></o:p></li></ol>
<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">Ensure that the selections made for investment of TEP assets are in concert with a very cautious investment strategy (such as avoiding non-insured investment types)<o:p></o:p></li></ol>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The following policy is submitted for your consideration and we will plan to discuss at our 7/18 meeting:
<o:p></o:p></p>
<p class="MsoNormal"><a href="https://docs.google.com/document/d/1pse154S2Cqro6lVmqYNeh0_OPsnYGIms/edit?usp=sharing&ouid=117418998836160343673&rtpof=true&sd=true">https://docs.google.com/document/d/1pse154S2Cqro6lVmqYNeh0_OPsnYGIms/edit?usp=sharing&ouid=117418998836160343673&rtpof=true&sd=true</a><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I am also “recruiting” for a TEP finance committee (which does not need to be made up entirely of current board members, so past board members/other interested parties welcome) which will be continuing to plan for the fiscal management
of the organization. <o:p></o:p></p>
<p class="MsoNormal">Thanks! <o:p></o:p></p>
<p class="MsoNormal">Katie<o:p></o:p></p>
<p class="MsoNormal">TEP Treasurer <o:p></o:p></p>
<p class="MsoNormal" style="vertical-align:baseline"><span style="font-size:9.0pt;font-family:"Segoe UI",sans-serif;mso-ligatures:none"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-left:1.0in;vertical-align:baseline"><span style="font-family:"Calibri",sans-serif"><img border="0" width="83" height="83" style="width:.8645in;height:.8645in" id="Picture_x0020_1" src="cid:image001.png@01DAD3A9.45ACFEB0"></span><b><span style="font-family:"Calibri",sans-serif;mso-ligatures:none">Katie
Greenleaf Martin </span></b><span style="font-family:"Calibri",sans-serif;mso-ligatures:none">(she/her),
<b><i>Executive Director</i></b></span><span style="font-size:12.0pt;font-family:"Calibri",sans-serif;color:#16697A;mso-ligatures:none"> </span><span style="font-size:9.0pt;font-family:"Segoe UI",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:1.0in;vertical-align:baseline"><b><span style="font-size:12.0pt;font-family:"Calibri",sans-serif;color:#3366CC;mso-ligatures:none">Pennsylvania Integrated Library System (PaILS) | SPARK</span></b><span style="font-size:12.0pt;font-family:"Calibri",sans-serif;color:#3366CC;mso-ligatures:none"> </span><span style="font-size:9.0pt;font-family:"Segoe UI",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:1.0in;vertical-align:baseline"><span style="font-family:"Calibri",sans-serif;color:#3366CC;mso-ligatures:none">(717</span><span style="font-family:"Calibri",sans-serif;color:#0070C0;mso-ligatures:none">) 873-9461</span><span style="font-family:"Calibri",sans-serif;mso-ligatures:none">
| </span><span style="font-size:9.0pt;font-family:"Segoe UI",sans-serif;mso-ligatures:none"><a href="mailto:kgm@sparkpa.org" target="_blank"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#0563C1">kgm@sparkpa.org</span></a></span><span style="font-family:"Calibri",sans-serif;mso-ligatures:none"> <br>
<a href="https://support.sparkpa.org/" target="_blank"><span style="color:#0563C1">support.sparkpa.org</span></a><span style="color:#3366CC"> |
</span></span><span style="font-size:9.0pt;font-family:"Segoe UI",sans-serif;mso-ligatures:none"><a href="mailto:support@sparkpa.org" target="_blank"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#0563C1">support@sparkpa.org</span></a></span><span style="font-family:"Calibri",sans-serif;color:#3366CC;mso-ligatures:none"> </span><span style="font-size:9.0pt;font-family:"Segoe UI",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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