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How can I submit an audit confirmation to NYCLASS?
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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.
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How can Participants obtain a copy of the NYCLASS investment holdings report?
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The NYCLASS investment holdings report is available to Participants online via the NYCLASS Transaction Portal.
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How can you participate in NYCLASS?
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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.
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Is NYCLASS rated?
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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.
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What transaction fees does NYCLASS charge?
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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.
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What are the business hours at NYCLASS?
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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.
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What is the minimum requirement for investing in NYCLASS?
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There is no minimum investment amount for NYCLASS.
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What are the investment objectives of NYCLASS?
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- Legality
- To invest only in investments legally permitted under New York State General Municipal Law (NYS GML)
- 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.
- Liquidity
- To manage portfolio investments in a way that ensures that cash will be available as required to finance Participants’ operations.
- Yield
- To maximize current income to the degree consistent with legality, safety, and liquidity.
- Legality
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Who oversees NYCLASS?
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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.
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Who is eligible to use NYCLASS?
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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.
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What types of securities does NYCLASS invest in?
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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.