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Questions & Answers

General Questions

  • Who oversees NYCLASS?

  • The NYCLASS Municipal Cooperative Agreement is administered by an elected Governing Board (the Board) of up to fifteen members. A Board member must be either a Participant’s Chief Fiscal Officer, other designated officer, or employee of the Participant who has knowledge and expertise in financial matters. The Board retains the services of Public Trust Advisors, LLC  to serve as the Program Administrator and Investment Advisor.

  • Who is eligible to use NYCLASS?

  • Participation is available to any municipal corporation or special-purpose district empowered under New York state statute including counties not within the City of New York, cities, towns, villages, school districts, boards of cooperative educational services, and fire districts. Also eligible are county or town improvement districts where the respective county or town is required to pledge its faith and credit for the district’s debt service.

  • How can an eligible entity participate in NYCLASS?

  • Enrolling in NYCLASS is simple. Any of the entity types listed in the answer above may join NYCLASS as a Participant and take advantage of the investment program.

    In order to join, Participants must approve the NYCLASS Municipal Cooperation Agreement by a majority vote of their governing body. Once the Program Administrator has received and processed the fully executed Registration Packet and Authorizing Resolution the Lead Participant and Custodian will be notified and participation can begin.

  • What are the business hours at NYCLASS?

  • The NYCLASS Client Service Team is available Monday through Friday from 8:00 a.m. until 5:00 p.m. ET. Please consult the Client Services Page for NYCLASS office closures.

  • Is there a maximum or minimum investment requirement for the NYCLASS Fund or NYCLASS Prime?

  • No, there is no maximum or minimum investment requirement for NYCLASS or NYCLASS Prime.

  • Is there a maximum or minimum number of transactions for NYCLASS or NYCLASS Prime?

  • No, there is no limit to the number of transactions a Participant may execute with NYCLASS or NYCLASS Prime.

  • What are the fees associated with wires/ACHs?

  • NYCLASS does not charge any banking fees to its Participants. However, your sending/receiving bank may have wiring fees and/or incoming ACH fees, therefore we recommend always checking with a representative at your bank to discuss the potential costs.

  • How can I submit an audit confirmation to NYCLASS?

  • NYCLASS is accessible on www.confirmation.com – select the name “Public Trust Advisors” when entering your request. Client Services will receive notification and process your audit confirmation on the platform.

    Alternatively, you may email your audit confirmation to clientservices@newyorkclass.org and provide either a fax number or email for receipt.

    Audit confirmations sent via USPS may experience a significant delay, so we strongly encourage the first two methods.

Managing My Account

  • Does NYCLASS limit the number of subaccounts a Participant can have?

  • NYCLASS does not limit the number of subaccounts Participants can have.

  • How do I make transactions?

  • To invest in or redeem from the NYCLASS Fund and NYCLASS Prime Fund, Participants must enter their orders through the Online Transaction Portal.

  • What are the daily cut-off times for transactions?

  • Transactions (withdrawals, contributions, transfers) must be submitted by 12:00 p.m. ET for same-day processing.

  • When are wires sent from my account when I request a withdrawal?

  • Wires are sent every hour with the final distribution taking place shortly after the close of the fund at 12:00 p.m. ET; distribution times are subject to change as needed by the NYCLASS Administrator.

  • For a next-day ACH, what is the cut-off time?

  • Next-day ACH requests must be submitted by 12:00 p.m. ET.

  • What is the difference between a wire and an ACH?

  • Wires are funds transferred via the Federal Reserve Wire System and can be processed and received by your beneficiary bank on the same day if the transaction is requested prior to the 12:00 p.m. ET cut-off. ACHs (Automated Clearing House) are processed overnight and are generally available to the beneficiary bank one business day after the transaction request has been made.

  • Are the banking instructions different for a wire or an ACH?

  • Many banking institutions have separate ABA/routing numbers depending on whether the transactions are being processed via wire or ACH. Please contact your local banking representative to ensure that you are providing NYCLASS Client Services with the appropriate account information. The instructions to send money into NYCLASS can be found in the NYCLASS Transaction Portal.

  • What are the deposit instructions for the NYCLASS Fund and NYCLASS Prime?

  • Please go to the Documents Section of the NYCLASS Online Transaction Portal and click on Forms in the lefthand menu to view the Deposit Instructions. Please note, you will need to initiate the wire with your bank. NYCLASS must receive the wire by 5:00 p.m. ET.

  • How do I ad or delete authorized banks?

  • Please navigate to the Administration menu to make changes to your Authorized Banks. Please refer to the User Guide available in the Forms menu for further instructions.

  • How do I update my contact information and notification preferences?

  • Once logged in to the NYCLASS Online Transaction Portal, Participants can update their contact information and notification preferences by navigating to the Administration menu then choosing My Info.

  • How do I update individuals who have access to my NYCLASS account?

  • Please navigate to the Administration menu to make changes to your Authorized Contacts. Please refer to the User Guide available in the Forms menu for further instructions.

    For more information on the levels of access for individuals on your account, please refer to the chart above.

NYCLASS Online Transaction Portal

  • What is the NYCLASS Online Transaction Portal?

  • The NYCLASS Online Transaction Portal is a secure, Internet-based transaction system that allows registered NYCLASS Participants to self-manage their NYCLASS accounts. The portal is available 24/7, 365 days a year.

  • What transaction functions can the NYCLASS Online Transaction Portal perform?

  • The NYCLASS Online Transaction Portal allows Participants to make contributions, withdrawals, and transfers between subaccounts; Participants may also transfer funds to other NYCLASS Participants. Users can take advantage of the ability to request transactions up to one year in advance. The portal also allows for dual approval of transactions for those who have submitted the Dual Authorization Form.

  • What reporting features does the NYCLASS Online Transaction Portal offer?

  • Reporting features available in the NYCLASS Online Transaction Portal include access to monthly statements, transaction confirmations, and details highlighting past, present, and future-dated transactions. It is also possible to run on-demand reports for custom time frames and download the monthly holdings reports.

  • How are the NYCLASS monthly statements delivered?

  • You will receive an email notification of the availability of your monthly comprehensive statement. To download your NYCLASS statement, please go to the Documents Section of the NYCLASS Online Transaction Portal and click on Statements/Transaction Confirmations.

  • How does a new NYCLASS Participant receive login credentials?

  • All Participants will receive login credentials upon the establishment of their account via email. If you do not currently have your online credentials, please reach out to Client Services at (855) 804-9980 or clientservices@newyorkclass.org.

     

  • How quickly can I expect to receive login credentials?

  • Login credentials will be distributed once a user is added to an account.

  • How does an existing NYCLASS Participant change or update their login credentials?

  • Once logged in, Participants can update their password by selecting the Administration menu then choosing My Info.

  • Can I share my online account with another person at my entity?

  • No; for your security, everyone will be required to have their own online user account that is tied to a unique email address. We do not allow multiple contacts to use the same email address.

  • How do I update the phone number used for two-factor authentication via text message?

  • Participants can update their phone number by selecting the Administration menu, then choosing My Info.

NYCLASS

  • What are the investment objectives of NYCLASS?

    1. Safety of Principal
      • Safety of principal is the foremost objective of the investment program. Investments are undertaken in a manner that prioritizes the preservation of capital.
      • To maintain the highest rating for NYCLASS and NYCLASS Prime from a nationally recognized statistical rating organization.
    2. Liquidity of Funds
      • Portfolios are managed to remain sufficiently liquid to help Participants meet cash flow needs that might be reasonably anticipated.
    3. Investment Return
      • Portfolios are designed with the goal of generating a competitive rate of return without undue compromise of the safety and liquidity objectives.
    4. Transparency
      • Portfolios are operationally enabled to allow Participants to readily obtain portfolio and account information via an easy-to-use technology platform.

  • Is NYCLASS rated?

  • NYCLASS is rated ‘AAAm’ by S&P Global Ratings Services, the highest rating assigned to principal stability government investment pools.

    A ‘AAAm’ rating by S&P Global Ratings is obtained after S&P evaluates a number of factors including credit quality, market price exposure, and management. Ratings are subject to change and do not remove credit risk.

     

  • What types of securities does NYCLASS invest in?

  • NYCLASS invests funds only in securities that are legal for public funds investment in the state of New York. As detailed by the NYCLASS Investment Policy, the portfolio is comprised primarily by obligations of the United States government, repurchase agreements collateralized at 102% by U.S. Treasury, agency securities backed by the full faith and credit of the United States government, and collateralized bank deposits.