Collin County Community College District Annual Financial Report: 2013-2014 Page: 50
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COLLIN COUNTY COMMUNITY COLLEGE DISTRICT
Notes to Basic Financial Statements
August 31, 2014 and 20134) Deposits and Investments
At August 31, 2014 and 2013, the net carrying amount of the District's deposits was an
overdraft of $1,776,869 and $2,763,404, respectively. Bank balances up to $250,000
are covered by the Federal Depository Insurance Corporation and the remainder was
covered by collateral pledged in the District's name. The collateral was held in the
District's name by the safekeeping department of the Federal Reserve Bank, which acts
as the pledging bank's agent and had a fair value of $767,151 as of August 31, 2014.
The District is subject to custodial credit risk in the event of the bank's nonperformance
under the collateral agreement.
Cash and cash equivalents, as reported on Exhibit 1, Statements of Net Position, consist
of the following items:Cash and Cash Equivalents
Petty cash on hand
Checking account
TexPoolAs of August 31,
2014
$ 26,750
438,000
148,695,0602013
$ 26,420
492,321
194,216,589T
exSTAR 37,336,561 37,323,332
Total cash and cash equivalents $ 186,496,371 $ 232,058,662(Exhibit 1)
(Exhibit 1)
In accordance with GASB Statement No. 31, colleges may also report money market and
other short-term, highly liquid investments at.amortized cost, provided that the fair
market value is not significantly different. This GASB Statement considers U.S. Treasury
and agency obligations with maturities of less than one year to be money market
investments. Collateral was held in the District's name by the safekeeping department
of the Federal Reserve Bank, which acts as the pledging bank's agent and had a fair
market value of $55,420,761 as of August 31, 2014.Short Term Investments
Market Value
Weighted Average as of August 31,
Maturity (Years) 2014 2013Bank of America CD's
US Agency Notes and Bonds
Total Short Term Investments0.34
0.24$
$40,000,000
24,987,597
$64,987,597
(Exhibit 1).0
0
$ 0
(Exhibit 1)Interest Rate Risk - In accordance with state law and District policy, the District does
not directly purchase any investments with maturities greater than 24 months beyond50
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Collin County Community College District. Collin County Community College District Annual Financial Report: 2013-2014, report, 2014-23~; McKinney, Texas. (https://texashistory.unt.edu/ark:/67531/metapth641404/m1/62/?q=%22Business%2C+Economics+and+Finance%22: accessed July 8, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.