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The Maryland Health
Information Management Association shall hold title to
all investment instruments.
Approved investment
instruments shall include:
-
Certificates of Deposit
- Cash Management Accounts (checking, savings, and money market accounts)
Management
responsibility for the investment of the Association’s
funds rests with the Treasurer, who shall have the
authority to move monies between approved instruments at
his/her discretion. Any other consideration for
investment must be reviewed by the Finance Committee and
approved by the Executive Board.
The Treasurer shall
maintain all checking and investment accounts in a
financial institution covered by FDIC or FSLIC insurance
with authorized signatures for the withdrawal of those
funds. The amount invested in any one institution shall
not exceed the $100,000 federal insurance limit. The
Treasurer shall research fees charged and interest paid
for the various types of accounts at least every two
years. Insurance bonding in the appropriate amount to
cover funds handled will be maintained. Boding coverage
must be obtained within 30 days of taking office.
The Treasurer shall have
signature authority for checks up to $500. The
signature of a second authorized offer is required for
checks written for greater than $500. An original or
faxed signature on a fax copy of a check is an
acceptable signature method for the second officer.
The Treasurer shall report on
investments on a monthly basis to the Executive Board
and a quarterly basis to the membership.
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