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EIU Office of Internal Auditing

#118 - Interest Income and Investment Service Fee

Approved: May 15, 2002

Nomenclature changes: December 22, 2006

Monitor: Vice President for Business Affairs

Interest Income 

Funds held in the University's local bank accounts shall be invested to the extent that those funds are not needed for current operations. 

All interest earned on tuition, laboratory fees and library fines shall be deposited into the Income Fund. 

The net income from investment of local funds shall be allocated to the account, or source of funds, generating the investable cash or shall be deposited into the Income Fund.

Investment Service Fee 

The University shall retain, from the interest earned, an Investment Service Fee equal to up to .75% of the amount invested for each account. 

No service fee shall be retained from tuition or laboratory fees and library fines. 

Funds generated by the Investment Service Fee shall be deposited into the Cash/Investment Manager Account and expended for salaries and other operational costs. The Vice President for Business Affairs, or designee, shall be the account manager for this account.

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