Texas Junior Colleges
Junior Colleges Compliance - PFIA
Report Number 97-064
May 1997
Overall Conclusion
Substantial compliance with the Public Funds Investment Act (Act) was reported by the 50 Junior College Districts (Districts) subject to the Act in fiscal year 1996, the year of implementation.
Thirteen Districts reported instances of noncompliance with the Act's requirements for Investment Policies, Training, Ethics Policies, Signed Broker/Dealer Acknowledgments, and/or Quarterly Investment Reports. These Junior College Districts maintain more than $821 million in investments. Consistent reporting guidelines are needed to ensure that reported information can be accurately compiled. Recommended guidelines for reporting compliance information have been submitted to the Higher Education Coordinating Board for review and potential inclusion in its Annual Financial Reporting Requirements for Texas Public Community Colleges.
Nine Districts reported investments in derivatives in 1996. Five Districts reporting derivative investments in 1994 reported decreased concentrations of derivative investments in 1996, as identified in Figure 1. The decreased concentrations appear to be due primarily to increases in total investment portfolio balances.
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