SHORT TERM INVESTMENT PROGRAM
The STIP Program objectives are preservation of capital, maintaining high liquidity and obtaining current income reflective of money market yields.
Investment Policy Statement:
The purpose of this document is to establish policies that will govern the investment activities of the Montana Board of Investments (MBOI) with regard to the management of the Short-term Investment Pool (STIP). These policies are adopted by, and can be changed only by a majority of Board members at a publicly-noticed meeting.
These policies are designed to ensure the prudent management of public funds, conformance to Montana Constitution and law, the availability of operating and capital funds when needed, and an investment return competitive with comparable funds and financial market indices. The pool shall be designed and managed in accordance with the standards of a “prudent expert” and managed as a “2a-7–like” portfolio.
The Investment Policy Statement for the Short - Term Investment Pool (STIP) was last revised and approved on November 14, 2012. The STIP Investment Policy Statement is available as a PDF document.
• As authorized by Sections 17-6-202 and 204, MCA, STIP shareholders are qualifying state agencies and Montana local governmental units, including cities, counties and school districts. State agencies must have appropriate written, statutory, grant, or contract authority to invest their funds and receive the investment earnings.
• STIP Participation Agreements, signed by shareholders, must be on file with the Board of Investments (BOI) before shareholders can invest.
STIP Transaction Form
• Beginning Monday, June 24, 2013, logging into ePass for the STIP Transaction Form will have a different look due to an upgrade. Please click the ePass Montana 2.0 Training Guide link for the training guide documentation - pages 7 and 8 are specific to the main log in page. If you have any problems logging in or accessing the STIP Transaction Form please contact Montana Interactive at 406-449-3468 or email firstname.lastname@example.org.
• Enter and submit your STIP transactions using this STIP Transaction Form.
• View the STIP Transaction Form procedures.
• The shareholder’s STIP ownership is represented by shares. Shareholders having funds to invest and owning shares are required to give one business day’s notice to buy or sell shares.
• Share prices are fixed at $1.00 per share.
• The STIP investment portfolio consists of securities with maximum maturity of 397 days or less. The portfolio is carried at amortized cost.
• Each shareholder who buys or sells STIP shares is able to confirm the transaction by close of business on the day of the transaction on the Boards' web site. The confirmation includes the number of shares bought or sold and the transaction amount. If the transaction has not been properly recorded, please notify the STIP accountant immediately.
• STIP income is distributed on the first calendar day of each month. Shareholders have the option to automatically reinvest their distribution income in additional shares.
• The STIP administrative expenses are charged daily against the STIP income.
• To buy shares, each shareholder must transmit funds to the State Treasurer. Only collected funds received by the State Treasurer will be available to buy STIP shares.
• Based on the shareholder’s instructions, the STIP Account Manager electronically transfers the necessary funds from the Treasurer’s account or Local Government’s bank account to the Board of Investments to buy STIP shares.
• To sell STIP shares, the STIP Account Manager electronically transfers or wires the sales proceeds to the shareholder’s treasury or bank account.
• To initiate a buy or sell of STIP shares, one business day’s notice is required. If instructions to initiate STIP transactions are received after 2:00 p.m., these transactions will be processed on the second business day after receipt of the instructions.
Unaudited Fiscal Year 2013 and 2012 Financial Statements
Click here to view the Unaudited Short Term Investment Pool Financial Statement of Net Asset Value June 30, 2013 and 2012 in PDF format.
Month-End Report - Shareholder Account Statement
This report details each transaction occurring during the month and the Share Balance and the Current Years’ Activity for income. This report is updated monthly. To locate your accounts in the files do the following:
PDF Format --------Enter Control F and type in the account number.
Excel Format ------ Enter Control F and type in the account number. Make sure the "value" box is checked.
Daily STIP Confirmations
Click here to view the Daily STIP Confirmations in PDF format;
or the Daily STIP Confirmations in Excel format.
This report is updated daily when the STIP report is processed by the BOI Accounting Staff.
Or the Cumulative STIP Confirmations in Excel format. This report lists all daily STIP transactions since September 1, 2011.
Previous Day Share Balance
Click here to view the STIP share balance report in PDF format. This report is updated daily when the STIP report is processed by the BOI Accounting Staff.
Daily Factor and Yield:
Click here to view the month-to-date STIP Yield and Daily Factor Calculations in Excel. This report is updated daily.
Click here to view the yield history of the STIP Yield and Daily Factor Calculations in Excel. This report is updated monthly. Select the appropriate tab for the month needed.
The average STIP yield for Fiscal Year 2013 was .248365
Download STIP Participation Form:
Montana Board of Investments
Attn: April Madden, STIP Program Manager
2401 Colonial Drive, 3rd Floor
P.O. Box 200126
Helena, MT 59620-0126
STIP Program Manager
Phone: (406) 444-0003
Fax : (406) 444-4268