Insights for Investors
Governing Board
Client
Services
Relationship Team
Document Center
Questions
& Answers
Upcoming Events
Portfolio Characteristics
Investment Calculator

Questions & Answers

General Questions

  • What are the investment objectives of NYCLASS?

    1. Legality
      • To invest only in investments legally permitted under New York State General Municipal Law (NYS GML) 
    2. Safety
      • To minimize risk by managing portfolio investments to preserve principal and maintain a stable Net Asset Value (NAV).
      • To maintain the highest rating for NYCLASS from a nationally recognized statistical rating organization as long as such rating is required by New York state law.
    3. Liquidity
      • To manage portfolio investments in a way that ensures that cash will be available as required to finance Participants’ operations.
    4. Yield
      • To maximize current income to the degree consistent with legality, safety, and liquidity.

  • 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 you 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.

  • How can I submit an audit confirmation to NYCLASS?

  • Please email your audit confirmation to clientservices@newyorkclass.org and provide either a fax number or email for receipt. NYCLASS is also accessible on www.confirmation.com and will receive notification of your audit confirmation on the platform.

    Due to the ongoing COVID-19 pandemic, audit confirmations sent via USPS will have a significant delay, so we strongly encourage email confirmations.

  • Is NYCLASS rated?

  • NYCLASS is rated ‘AAAm’ by S&P Global Ratings Services, the highest rating assigned to principal stability government investment pools. This rating reflects the conservative nature of the pool’s investments as well as the excellent credit quality of the program. S&P Global Ratings monitors the pool on a weekly basis.

    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 market 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.

  • What is the minimum requirement for investing in NYCLASS?

  • There is no minimum investment amount for NYCLASS.

  • What are the business hours at NYCLASS?

  • The NYCLASS offices are open Monday through Friday from 8:00 a.m. until 5:00 p.m. ET. Please consult the Client Services Page for NYCLASS office closures.

  • What transaction fees does NYCLASS charge?

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

  • How can Participants obtain a copy of the NYCLASS investment holdings report?

  • The NYCLASS investment holdings report is available to Participants online via the NYCLASS Transaction Portal.

Managing My Account

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

  • Transactions (withdrawals, contributions, transfers) conducted via the portal, telephone, or fax must be submitted by 12:00 p.m. ET for same-day processing.

  • What are the deposit instructions for NYCLASS?

  • Please visit the FAQs in the Help Section of the NYCLASS Online Transaction Portal to view the deposit instructions to send funds into your NYCLASS account. Please note, you will need to send the fund from your bank.

  • 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 to the Administration menu then choosing My Info.

  • 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 received by 12:00 p.m. ET (24 hours in advance).

  • 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.

  • What are the fees associated with wires/ACHs?

  • NYCLASS does not charge any banking fees to its Participants. However, your 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.

  • 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 NYCLASS Transaction Portal.

  • What are the limits on the number of transactions?

  • NYCLASS does not limit the number of transactions Participants can do.

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

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

  • How are the NYCLASS monthly statements delivered?

  • To download your NYCLASS statements, please go to the Accounts Menu in the portal. From there, please navigate to the Documents Section. Statements are not emailed for the security of the NYCLASS Participants’ account information.

  • 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.

  • 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.

NYCLASS Online Transaction Portal

  • 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 as well as to other approved NYCLASS Participants. Users can pre-date important transactions, ensuring that they are handled reliably and avoiding unfortunate timing issues or cash access emergencies. The portal also allows for dual approval of transactions.

  • 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 investments. The portal is available 24/7, 365 days a year

  • What about reporting features?

  • 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

  • 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.

  • 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.

  • 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.