tailieunhanh - Statements of Financial Position As of June 30 or December 31, 2009 and 2008_part4

Thuyết minh báo cáo tài chính hợp nhất (tiếp theo) Chương trình Dự bị Đại Hồ bơi hồ bơi này bao gồm quỹ cung cấp vốn được tổ chức trong một hồ bơi đầu tư chung được quản lý bởi trường Đại học Montana và Montana Tech Foundations. | A 26 Notes to the Consolidated Financial Statements continued The University Foundation Pools This pool consists of endowment funds held in a common investment pool administered by the University of Montana and Montana Tech Foundations. The Foundations portfolio includes cash equivalents fixed income and equity securities. Certificates of deposit Certificates of deposit serve as collateral for loans made to students with disabilities for the purchase of specialized equipment necessary to complete their education. The certificate of deposit including interest earned is reinvested upon maturity. Securities lending transactions Under the provisions of state statutes the Board of Investments via a Securities Lending Authorization Agreement has authorized the custodial bank State Street Bank and Trust to lend the Board of Investment s securities to broker-dealers and other entities with a simultaneous agreement to return the collateral for the same securities in the future. During the period the securities are on loan the Board of Investments receives a fee and the custodial bank must initially receive collateral equal to 102 percent of the market value of the loaned securities and maintain collateral equal to not less than 100 percent of the market value of the loaned security. The Board of Investments retains all rights and risks of ownership during the loan period. During the years ending June 30 2009 and 2008 the Board of Investments and the borrowers maintained the right to terminate all securities lending transactions on demand. The cash collateral received on each loan was invested together with the cash collateral of other qualified-plan lenders in a collective investment pool the Securities Lending Quality Trust. The relationship between the average maturities of the investment pool and the Board of Investment s loans was affected by the maturities of the loans made by other plan entities that invested cash collateral in the collective investment pool which the