www.ipait.org 800.872.4024 iowa public agency investment trust program overview

www.IPAIT.org

800.872.4024

Iowa Public Agency Investment TrustIowa Public Agency Investment Trust

Program OverviewProgram Overview

www.IPAIT.org A Cash Management Program Exclusively for IowaA Cash Management Program Exclusively for Iowa’’s Public s Public

InstitutionsInstitutions

PresenterPresenter

Dan Zomermaand

Public Fund Services, Market Consultant

515-224-2723

[email protected]

Anita Tracy

Senior Fund Services Administrator

515-224-2725

[email protected]



IPAIT Overview

IPAIT was established in 1987 to provide a soundly managed,

pooled investment vehicle for Iowa’s public entities, designed to

accrue benefits through aggregation of funds and follow the

framework and safeguards established for local governments of

Iowa.

IPAIT Currently has two investment options

Diversified Fund

FTA Program

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IPAIT Overview (cont’d.)

IPAIT is governed by an independent board made up of

representatives from Iowa cities, counties, and municipal utilities.

The board hires third party vendors to carry out the management

and administration of the fund, currently including the following:

Service Providers:

Investment Advisor Miles Capital, Inc.

Program Administrator Miles Capital, Inc.

Program Marketer Miles Capital, Inc.

Custodian Wells Fargo Bank, N.A.

Legal Counsel Ahlers & Cooney, P.C.

Auditor KPMG, LLP

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IPAIT – Legal Considerations / Sponsorships

Investments within IPAIT adhere to Iowa Code Section 12B.10

The Diversified Fund has been registered with the Securities and

Exchange Commission since 1993

IPAIT has legal counsel and a chief compliance officer that monitor

the program.

Sponsored by:

Iowa State Association of Counties (ISAC)

Iowa League of Cities (ILC)

Iowa Association of Municipal Utilities (IAMU)

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IPAIT Goals

Safety of Principal, Maintenance of Liquidity, Provision of Yield

Safety of Principal Sound investment framework

Professional management

Legal framework and Chief Compliance Officer

Account-level security and professional administration

Maintenance of Liquidity Active cash flow monitoring

Maintain portion in overnight investments, collateralized at 102%

Yield Designed to maximize yield opportunities within Permitted

Investments and liquidity constraints

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IPAIT Investment Vehicle Options

IPAIT Diversified Fund

Daily liquidity

Pooled investment

Designed for the investment of Operating Funds

IPAIT FTA Program

Longer-term maturities

Individual direct investment

Potentially offers more advantageous yield

Investments include CD’s or Gov’t Securities

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IPAIT’s Team

Dan, Anita, Ryan, Amy, Laurie, Gwen or a combination are ready to

assist in multiple ways, such as:

To present to your governing boards or councils

To answer questions regarding permissible investment practices of your

entity

To assist in initiating transactions online or over the phone

To understand investment options presented to your entity

To develop or evaluate your entity’s Investment Policy Statement

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IPAIT Administration

Working with your IPAIT Accounts

Unlimited sub-accounts

Unlimited authorized users

No minimum balance required

No minimum or maximum dollar amount of transaction

No minimum or maximum number of transactions per month

Tenured team to answer inquiries and assist with transactions

Direct deposits from the state or your county into your account(s)

Interest accrues daily and posts monthly

See your daily interest and month-to-date interest total

Monthly reinvest into your account

Or, monthly receive a cash payment

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Initiating Transactions

Call an IPAIT administrator on the 800# or login to IPASonline

For same business day settlement, initiate the transaction before 10:00

a.m.► Same day transactions require a wire money movement

► There are no charges from IPAIT for a wire, but there may be a charge from your local bank

to send or receive a wire

► If sending a wire to IPAIT, you must initiate the wire with your local bank

For next business day settlement, initiate the transaction before 3:00

p.m. Next day transactions normally utilize the ACH money movement method

There are no charges on ACH transactions

The IPAIT administrator will initiate the ACH to move money to and from your local bank

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Transaction Security and Documentation

Each entity provides IPAIT with authorized users with the authority to

initiate transactions via phone or online The IPAIT administrator verifies the caller by requesting their unique userid

The IPASonline system verifies the user by their unique userid and password

Passwords are required to be changed every 90 days

Audit Trail All transactions initiated by phone are recorded

All transactions initiated online are logged with the authorized official logged in and remain

associated with the transaction

All supporting documentation for each transaction is maintained, i.e. instructions via email

Bank Account Redemptions from IPAIT can only be directed to pre-authorized bank accounts

Bank account changes require two authorized officials signatures

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IPASonline – IPAIT’s Participant Recordkeeping System

24/7 access

Daily rate informationEnter / view / modify transactions, current and future date up to 30 days outView balances, historical transactions, daily and month-to-date interest accruals and monthly postings

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IPASonline – IPAIT’s Participant Recordkeeping System

Daily transaction confirmations and monthly transaction statements in PDF formatExport data for easy use in your accounting systemVendor Pay

► Pay vendors directly from your IPAIT account

► Vendors receive an email with the details of the ACH payment

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www.IPAIT.org

Portal for IPASonlineDaily and 7-Day RatesNewslettersContact InformationForms & Reports

► Financial Reports

► Information Statement

► Additional Sub-accounts Form

► Bank Account Change

► Authorized User form

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Question / Answer

Any questions we can answer?

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Disclosures

An investment in the Fund is not insured or guaranteed by the FDIC or any other govern ment agency. Although the Fund seeks to preserve the value of your investment at $1.00/share, it is possible to lose money by investing in the Fund.

An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s Information Statement. To obtain a copy of the Information Statement, please call 800-872-4024or visit www.IPAIT.org. Please read the Information Statement carefully before investing.

IPAIT’s unique, internet-based proprietary reporting system offers real-time account inquiry, and transaction

capabilities via the internet. Participants may invest, withdraw funds, check balances and transaction history,

and make vendor payments with this service. There is also toll-free phone access to experienced administrators

who can personally assist you with any IPAIT-related inquiry.

There is no limit on the number of individual accounts, no minimum balance requirement, and no limits on the

number of transactions per month. Please contact us today to learn more about the additional benefits IPAIT has

to offer you.

This document is provided by IPAIT. Accordingly, the presentation may not be produced in whole or part, and

may not be delivered to any other persons without the consent of IPAIT. This Presentation is not a solicitation of

an offer to buy or sell any security or other financial instrument or to participate in any trading strategy.

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www.ipait.org 800.872.4024 iowa public agency investment trust program overview

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