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Compliance Reports

Internal Accounting & Audit Department

State Board of Finance Policy:

Internal Controls

The Treasurer of State will maintain internal controls to protect against the loss of public funds arising from negligence, theft, or misuse. These controls will include, but not be limited to:

  • the use of third-party custody and safekeeping;
  • the execution of all securities transactions on a delivery versus payment basis;
  • the clear and limited delegation of investment authority;
  • the separation of transaction authority from record keeping;
  • frequent reconciliation of the investment ledger with the general ledger;
  • the use of objective criteria in selecting financial institutions and dealers
  • authorized to provide investment services to the state; and,
  • the use of objective criteria in awarding investment purchases and sales to authorized financial institutions and dealers.
  • The State Board of Finance shall serve as the investment policy committee and shall review and approve revisions to this policy. The State Board of Finance shall review this policy as often as necessary, and no less than annually.


  • The Treasurer of State will prepare quarterly reports summarizing investment activity and performance.
  • Reports and records shall be adequate to ensure that transactions are authorized and executed in accordance with this policy.
  • Reports will be distributed to appropriate state officials and agencies and will be readily available upon request.
  • The reports may include performance of invested funds, composition of invested funds, performance against appropriate benchmarks, investment activity, and any other report as may be deemed necessary.

Financial Update:

Divisional Plan

  • Process: compliance with SBF policy provisions is assessed by review of investment transactions, review of ledger entries and accounting reports and review of month-end balances.  Trading activity confirmation and assessment. Discission and review of proper categories and classifications for investments and transactions.
  • Sources: The accuracy and financial reporting of financial data and compliance points is assessed through review of data from diverse sources – securities custodians, trading systems and internal documentation.

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