Report to the Legislature : Financial Audit for the Fiscal Year Ended June 30, ..., the University of Montana 2005

Cover Report to the Legislature : Financial Audit for the Fiscal Year Ended June 30, ..., the University of Montana 2005
Report to the Legislature : Financial Audit for the Fiscal Year Ended June 30, ..., the University of Montana 2005
Montana. Legislature. Legislative Audit Division
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The University does not have a formal policy for concentration of credit risk. Investments issued or explicitly guaranteed by the U.S. government are excluded from the concentration of credit risk requirement. MDEP investments in pooled investments, such as the BGI Equity Index and DFA Small Cap Subtrust investments, are also excluded from this requirement. As of June 30, 2005 and 2004, there were no single issuer investments that exceeded 5% of the MDEP portfolio. According to the TFBP Investm...ent Policy, "with the exception of U.S. government indirect-backed (agency) securities, additional TFBP portfolio purchases will not be made in a credit if the credit risk exceeds 2 percent of the portfolio at the time of purchase". As of June 30, 2005, the TFBP had concentration of credit risk exposure to the Federal Home Loan Mortgage Corp of 8.19%. As of June 30, 2004, there were no single issuer investments that exceeded 5% of the TFBP portfolio.
Land grant earnings In 1881, The Congress of the United States granted land to the State of Montana for the benefit of the State's universities and colleges.


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