§ 21-16-718 — Investment and management of funds; audit

Wyoming § 21-16-718

• Jurisdiction: Wyoming
• Title 21: Education
• Ch. 16: HIGHER EDUCATION GENERALLY
• Art. 7: WYOMING HIGHER EDUCATION ASSISTANCE AUTHORITY

Text

(a) In investing and managing its funds, the authority
shall exercise the judgment and care which persons of prudence,
discretion and intelligence would exercise under similar
circumstances in managing the permanent disposition of their
funds, considering the probable income and the probable safety
of their capital, and may:
(i) Invest funds in securities in which state funds
may be invested as provided by law or in savings certificates of
savings and loan associations and certificates of deposit of
financial institutions to the extent they are fully insured by a
federal agency or are fully secured by a pledge of assets as
provided by law;
(ii) Sell securities it has purchased; and
(iii) Deposit funds in any financial institution if
secured by obligations authorized as permissible security for
state investments.
(b) Notwithstanding this section, the authority may
contract with the holders of any of its obligations for the
custody, collection, securing, investment and payment of any
monies of the authority, of any monies held in trust or
otherwise for the payment of obligations and may carry out the
contract. Monies held in trust or otherwise for the payment of
obligations or in any way to secure obligations and deposits of
monies may be secured in the same manner as monies of the
authority and all financial institutions and trust companies are
authorized to give security for these deposits.
(c) Subject to agreements with holders of its obligations,
the authority shall prescribe a system of accounts in accordance
with generally accepted accounting principles.
(d) The authority shall employ a certified public
accountant to examine the books and accounts of the authority
including its receipts, disbursements, contracts, reserve funds,
sinking funds, investments and any other matters relating to its
financial standing. The examination shall be conducted at least
once each year and copies of the examination report shall be
filed with the secretary of state, the director of the state
department of audit and the legislative service office.