The Superintendent/President or designee shall invest all scholarship funds in a manner that will maximize earnings consistent with prudent risks.
In order to offset the loss of purchasing power due to inflation, the District will increase the corpus of the scholarship fund each year by an amount of investment earnings equivalent to the Consumer Price Index for the San Francisco Bay Area.
(CPI-U X Corpus = amount return to corpus.)
The Governing Board will receive a report annually.
Scholarships to be awarded by the District will usually be awarded in vouchers redeemable for books obtained in the College Bookstore and for College fees. The procedures are located in the Office of the Vice President of Administrative Services.
Budget and Accounting Manual, Education Code Section 70902 (b) (10); Government Code Section 53630; Title 5, California Code of Regulations, Section 59015
Appears to be derived from Governing Board Policy 6130, "Investment of Available Funds" (Adopted 11-19-68) --revised and renumbered as Governing Board Policy 2430 (Adopted 2-2-82)
Adopted: Revised and renumbered 10-1-85
Revised and Adopted: 1-5-88, 1-2-90, 11-3-92, 4-4-95, 4-6-98