Agenda - Council - 05/24/2022 - Laserfiche WebLink

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Section 4. Broker's Certification. The Board of Trustees shall comply with Minnesota Statutes 356A.06, Subd. 8b that requires the Association to provide annually to any brokers, a written statement of investment restrictions pursuant to statute or the investment policy that applies to the Special Fund. Upon receipt of the written statement of investment restrictions, each broker handling investments of the Association shall acknowledge, in writing annually the receipt of the investment restrictions. The acknowledgment shall contain a statement of the broker's agreement to handle the Association's investments pursuant to the written restrictions. This certification must be completed by January 1 of each year. ARTICLE VIII Funds ISection 1.Association Funds. All money received by the Association shall be kept in a minimum of two separate funds. The Association will establish and maintain a Special Fund and a General Fund and any other funds as deemed necessary by the membership. Disbursements from the funds shall be in accordance with Minnesota Statutes and Rules and the Bylaws of the Relief Association. Section 2. General Fund. Money received from miscellaneous sources, such as fundraising activities, dues, fines, entertainment, may be deposited into the General Fund. Funds may be disbursed by the Board for any purpose permitted by law and reasonably related to the welfare of the Association or its members, as authorized by a majority of the members present and voting at any annual, regular or special meeting of the members. All association expenses not specifically authorized by State statute to be paid out of the Special Fund must be paid out of the General Fund. The Treasurer is the custodian of the assets of the General Fund and the recipient on behalf of the General Fund of all revenues payable to it. The Treasurer will maintain adequate records documenting any transactions involving the financial activities of the General Fund. The financial records of the General Fund must be open for inspection by any member of the Association at reasonable times and places. Section 3. Special Fund. a. All public funds, such as state fire aid, municipal contributions, and supplemental benefits reimbursements, moneys or property donated, given, granted or devised, excluding fund- raiser proceeds, by any person which is specified for the use or the support of the Special Fund, any interest earned on the assets of the Special Fund, received by the Association will be deposited in the Special Fund. b. The Treasurer is the custodian of the assets of the Special Fund and the recipient on behalf of the Special Fund of all revenues payable to it. The Treasurer will maintain adequate records documenting all transactions involving the financial activities of the Special Fund. c. The financial records of the Special Fund are public. d. Any tax sources and other money which may be directly donated or transferred to said fund, shall be kept in a separate account on the books of the Treasurer known as the Special Fund and shall be disbursed for the following purposes: 10 Effective Date:{DATE}