1. Policy No. 200
    2. Page 1 of 1
    3. FINANCE
    4. Financial Policy
    5. Procedure No. 200.1P
    6. Page 1 of 1
    7. FINANCE
    8. Financial Management
    9. Procedure No. 200.2P
    10. Page 1 of 1
    11. FINANCE
    12. Trust Fund Management
    13. Policy No. 210
    14. Page 1 of 1
    15. FINANCE
    16. Loyalty and Prudence
    17. Policy No. 220
    18. Page 1 of 2
    19. FINANCE
    20. Investment Guidelines
    21. Objectives
    22. Liquidity Needs
    23. Periodic Review
    24. Guidelines
    25. Policy No. 230
    26. Page 1 of 1
    27. FINANCE
    28. Accounting Period
    29. Procedure No. 230P
    30. Page 1 of 1
    31. FINANCE
    32. Accounting Procedure
    33. Policy No. 240
    34. Page 1 of 1
    35. FINANCE
    36. Payment For Travel Expenses


     

     


     





    Policy No. 200





    Page 1 of 1





    FINANCE

     

     





    Financial Policy

     

    The Trustees for the Everett School Employee Benefit Trust (“Trustees”) serve as the fiduciaries responsible for managing and controlling the Everett School Employee Benefit Trust (“Trust”) and administering the benefits funded directly by the Trust.

     

    The Trustees have all fiduciary responsibilities with respect to the Trust and for the benefits funded directly by the Trust, except for the following:

     
    1. The Everett School District (“District”) and the Everett Education Association (“Association”) are responsible for appointing Trustees; and


     
    2. The investment manager is responsible for those duties and responsibilities assigned to the investment manager under the terms of the Trust document, the Trust’s investment policy and the investment manager agreement.


     

    The Trustees will develop and adopt procedures for carrying out this policy.

     

     

    Reference:  200.1P  Financial Management

         Trust document

     

     

    Proposed: August, 2005

    Approved: August 29, 2005



     





    Procedure No. 200.1P





    Page 1 of 1





    FINANCE

     

     



    Financial Management
     
    1. The Trustees will adopt an investment policy, review the investment policy periodically, and update the investment policy as needed.


     
    2. The Trustees will select, appoint and monitor the Trust’s auditor. The Trustees will determine the criteria necessary for selection, appointment and monitoring of the Trust auditor.
     
    3. The Trustees will select and retain an individual to perform the bookkeeping function for the Trust, including preparing Trust financials, preparing and paying Trust bills and interfacing with the Trust’s auditors.
     
     
    Reference:
    220Investment Guidelines
     
    420  Audits
     
    Legal Reference:
    WAC 80-60-037
     
     


    Proposed: August, 2005

    Approved: August 29, 2005



     





    Procedure No. 200.2P





    Page 1 of 1





    FINANCE

     

     



    Trust Fund Management
     
    1. The Trustees will select, appoint and monitor investment advisor(s), investment manager(s) and investment consultant(s) pursuant to the Trust document.


     
    2. The Trustees will review investment performance and oversee compliance with the investment policy annually.
     
     
    References:
    200Financial Policy
     
    210  Loyalty and Prudence
     
    220  Investment Guidelines
     
    420  Audits
       
    Trust document


     

     

    Proposed: August, 2005

    Approved: August 29, 2005



     





    Policy No. 210





    Page 1 of 1





    FINANCE

     

     





    Loyalty and Prudence

     

    As fiduciaries, the Trustees shall act solely in the interest of participants and their beneficiaries and for the exclusive purpose of providing benefits to participants and their beneficiaries and of defraying reasonable expenses of administering the Trust and the benefits funded directly by the Trust. The Trustees shall act prudently, with the skill and diligence that a prudent person acting in a similar capacity and familiar with such matters would employ.

     

     

    Proposed: August, 2005

    Approved: August 29, 2005



     





    Policy No. 220





    Page 1 of 2





    FINANCE

     

     





    Investment Guidelines

     





    Objectives

     

    The investment objectives of the Trust fund shall be first the preservation of principal and second the management of investment yields consistent with the liquidity needs of the Trust fund and the constraints, if any, provided within the investment guidelines. It is expected that the management style of the Investment Manager will exceed the rate of inflation and the passbook rate of interest with the upper limits of yield expectation being determined by the marketplace.

     





    Liquidity Needs

     

    It is acknowledged that the liquidity needs of the Trust fund will vary from time to time depending upon circumstances then prevailing. Thus the administrative agent shall periodically confer with the consultant to ascertain if any portion of the assets of the Trust fund, under management by the Investment Manager, shall be required to meet the financial obligations of the Trust fund. Their determination shall be communicated to the Investment Manager, in writing, for appropriate action.

     

    Given the current and foreseeable importance of the need for liquidity of Trust fund assets, the Trustees and Investment Manager shall confer on this subject at least once annually.

     





    Periodic Review

     

    The Trustees and Investment Manager acknowledges that circumstances that bear on these Investment objectives and guidelines will change from time to time. The Trustees and Investment Manager will review the objectives and guidelines at least once annually.

     





    Guidelines

     

    The Investment Manager shall invest the available assets of the Trust fund in the following Investment vehicles:

     
    1. Money market funds selected by Investment Manager’s Trust Investment Group.
     
    2. For Federated Government Trust Funds
    a) All U.S. Treasury Issues such as issues backed by the full faith and credit of the U.S. Government.
    b) Issues of Federal Agencies including:
    Fed Farm Credit Banks
    Federal Home Loan Banks
    Federal National Mortgage Association
     
    3. For notes, bond, and debentures (maturities greater than one year).
    a) All U.S. Treasury Issues and such issues backed by the full faith and credit of the U.S. Government.
    b) All Federal Agency issues.


     

     
    Legal Reference:
    WAC 80-60-037


     

     

    Previously Adopted and Reprinted herein, August 2005



     





    Policy No. 230





    Page 1 of 1





    FINANCE

     

     





    Accounting Period

     

    The annual fiscal year for the Trust shall be the twelve month period commencing July 1 and ending June 30.

     

     

    Reference:  230P  Accounting

         Trust document Section 7.1

     
    Legal Reference:
    WAC 80-60-037


     

     

    Proposed: August, 2005

    Approved: August 29, 2005



     





    Procedure No. 230P





    Page 1 of 1





    FINANCE

     

     





    Accounting Procedure

     

    The Trustees shall render annually to the District and the Association an account of its administration of the Trust.

     

     

    Reference:  230  Accounting Period

         Trust document Section 4.4

     

     

    Proposed: August, 2005

    Approved: August 29, 2005





    Policy No. 240





    Page 1 of 1





    FINANCE

     

     





    Payment For Travel Expenses

     

    The Trust may pay travel expenses incurred by Trustees while on approved travel for meetings, seminars and conferences. The District’s travel procedure is to be followed by Trustees, except that travel requests must be approved by the Trustee and travel expenses must be submitted to the Trust for reimbursement. Payment for meals is based upon per diem rates included in the District’s travel procedure; all other allowable expenses shall not exceed the actual incurred expenses. Reimbursement of personal vehicle mileage is limited to current IRS regulations.

     

    Reference:  110.9P  Compensation

       7323  Payment for Travel Expenses (District Policy)

       7323P  Travel Authorization and Expense Reimbursement (District Procedure)

     

     

    Proposed: August, 2005

    Approved: August 29, 2005

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