Q: What are the investment objectives for NYCLASS?
A: In all its investments, NYCLASS seeks to maximize safety, liquidity, convenience, and competitive rates of return. The portfolio strategy is to be fully invested each night to maximize yield.
Q: What type of securities does NYCLASS invest in?
A: The Board invests cooperative funds only in securities that are legal for public funds investment in New York State. The Board limits these investments to obligations of the United States government and 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.
Q: Who oversees NYCLASS?
A: The Agreement is administered by an elected Governing Board (the Board) of fifteen members. A Board member must be either a Participant’s Chief Fiscal Officer or another designated officer or employee of the Participant who has knowledge and expertise in financial matters. The Board enlists the services of several professionals to fulfill its administrative responsibilities: a Program Administrator, an Investment Advisor, an Independent Auditor and a Custodial Bank.
Q: Is NYCLASS rated?
A: NYCLASS is rated AAAm by Standard and Poor's Ratings Agency, the highest rating for a local government investment pool, and reflects the conservative nature of the pool's investments. S&P monitors the pool on a weekly basis. See the current S&P Fund Profile Report for more details.
Establishing a NYCLASS Account
Q: Who is eligible to use NYCLASS?
A: 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.
Q: How can an eligible entity establish an account?
A: In order to join, Participants must approve the NYCLASS Agreement by a majority vote of their governing body. Once the Lead Participant has received and, through the Program Administrator, processed the fully executed Municipal Cooperation Agreement and Authorizing Resolution, the Custodian will be notified and participation can begin.
Q: What is the minimum requirement for investing in NYCLASS?
A: There is no minimum investment amount for NYCLASS.
Q: What transaction fees does NYCLASS charge?
A: NYCLASS does not charge any transaction fees.
Q: Is there a maximum number of withdrawals allowed monthly?
A: NYCLASS does not limit the withdrawal of funds. Participants can withdrawal funds on any bank business day.
Q: Does NYCLASS limit the number of subaccounts?
A: NYCLASS does not limit the number of subaccounts.
Client Connection
Q: What is Client Connection?
A: Client Connection is a secure, internet based transaction system that allows NYCLASS Participants to self management their investments. Client Connection is available 24/7, 365 days a year. Participants can pre-date important transactions, ensuring that they are handled reliably, and avoiding unfortunate timing issues or cash access emergencies
Q: How does a Participant access Client Connection?
A: NYCLASS Participants need to contact Client Services to obtain a Personal Identification Number (PIN) and instruction on using Client Connection.
Q: What functions can Client Connection perform?
A: Client Connection allows Participants to make contributions or withdrawals, or transfer funds from subaccounts. Participants can also review all transactions: previous day, same day or pending future transactions. Additionally, Participants can access rate information (current and historic) and explanations of rates reported, plus view detailed account summaries and interest payment summaries.
