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Pool

PooL Features

  • Stable net asset value fund 
  • Compliant with California Government Code §53601(p)
  • Short weighted average maturity
  • Accrues income daily, pays monthly
  • Same day availability*
  • Meets GASB 79 criteria
  • Complimentary arbitrage rebate services for eligible participants
  • No minimum or maximum investment
  • No limit on number of accounts
 
*For same day withdrawals (redemptions) or deposits (subscriptions), orders must be received by 12 p.m. PT. 

GASB 79 Compliance

“[Statement No. 79] establishes accounting and financial reporting standards for qualifying external investment pools that elect to measure for financial reporting purposes all of their investments at amortized cost.” – Governmental Accounting Standards Board (GASB) 

GASB has developed financial reporting standards for external investment pools that meet specific criteria, including 

  1. How the external investment pool transacts with participants; 
  2. Requirements for portfolio maturity, quality, diversification, and liquidity; and 
  3. Calculation and requirements of a shadow price. (GOVERNMENTAL ACCOUNTING STANDARDS BOARD, 2015).
 

GASB 79 allows for portfolio securities to be valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost of purchase and recording a constant amortization or accretion to maturity of any discount or premium. The market value of the securities held by the Fund are evaluated on at least a weekly basis utilizing process supplied from an independent pricing service. These values are compared to the amortized cost of the securities. Repurchase agreements are valued at original cost, which combined with accrued interest, generally approximates market value. 

Important GASB 79 Requirements

All securities must be rated in the highest category of short-term ratings. With the exception of U.S. government securities, the portfolio should hold no more than 5 percent of its total assets in investments of any one issuer of securities. Portfolio securities must have a maturity of 397 days or less. Weighted average maturity of the portfolio must be 60 days or less. The portfolio of a qualifying external investment pool should maintain a weighted average life of 120 days or less.

Click here for complete details of GASB 79. 

If you have any questions or need any additional information, please do not hesitate to contact us.

Arbitrage rebate REPORTING services

CalFIT offers Participants the opportunity to track proceeds invested with CalFIT for arbitrage rebate reporting purposes. CalFIT collaborates with Arbitrage Compliance Specialists, Inc. to prepare the arbitrage rebate computation. The compliance services may also include, among
others, the following reports:

  • A Rebate Report detailing schedules supporting the computation
  • An Exception Report if a spending exception applies
  • Completed IRS Form 8038-T with filing instructions

CalFIT offers arbitrage rebate reporting services to CalFIT Participants free of charge (certain restrictions may apply). A minimum account size may apply.