tailieunhanh - Legislative Audit Division State of Montana Report to the Legislature December 2006 _part4

Tháng 30,2006 và 2005, đã có không có đầu tư tổ chức phát hành vượt quá 5% của danh mục đầu tư MDEP. Theo Chính sách đầu tư TFBP, với ngoại lệ của chính phủ Mỹ ủng hộ gián tiếp (cơ quan) chứng khoán, mua TFBP thêm danh mục đầu tư sẽ không được thực hiện trong tín dụng nếu các rủi ro tín dụng vượt quá 2% danh mục đầu tư tại thời điểm mua hàng ". | 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 2006 and 2005 there were no single issuer investments that exceeded 5 of the MDEP portfolio. According to the TFBP Investment Policy with the exception of . 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 2006 and 2005 the TFBP had concentration of credit risk exposure to the Federal Home Loan Mortgage Corp of and respectively. 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. The Enabling Act of 1889 granted 46 563 acres to Missoula 100 000 acres to Montana Tech and 50 000 acres to Western Montana College. Under provisions of the grants proceeds from the sale of land and land assets together with proceeds from the sale of timber oil royalties and other minerals must be reinvested and constitute along with the balance of unsold land a perpetual trust fund. The grant is administered as a trust by the State Land Board which holds title and has the authority to direct control lease exchange and sell these lands. The University as a beneficiary does not have title to the assets resulting from the grant only a right to the earnings generated. The University s share of the trust earnings was 1 452 867 and 1 739 645 for the years ended June 30 2006 and 2005 respectively. These earnings are currently pledged to the Series c 1995 Series E 1998 Series F 1999 Series G 2002 Series H 2003 Series 12004 and Series J 2005 revenue bonds. The University s land grant assets are not reflected in the consolidated financial statements but are included as a component of the State of Montana Basic Financial Statements that are prepared annually .