CIRA Annual Report 2007-2008

2007–2008 CIRA Annual Report47During the 2008 fiscal year, the organization’scash was grouped into a consolidated bankingsystem. The group is comprised of threeseparate bank accounts.The deferred revenue cash account is equal tothe deferred revenue for registrations of .cadomain names as calculated at the end of the2007 fiscal year.The organization’s investment policy is as follows:CIRA will invest funds in excess of normal dailyoperating requirements to provide maximumyields while ensuring that assets are not exposedto undue risk. The Board of Directors mustapprove the selection and appointment ofinvestment managers, approve the investmentobjectives and guidelines and evaluate the resultsof investment activities.The restricted net assets cash account is equalto the amount required to fund one year ofoperating expenses as calculated at the end ofthe 2007 fiscal year.The organization’s investment guidelines providefor investments in “A” rated Governmentsecurities, bank securities and “A” ratedcorporate securities.The operating cash account is unrestricted and isfor the operations of the organization.Transfers will be made in the 2009 fiscal periodfrom the operating cash account to the deferredrevenue cash account and the restricted netassets cash account to equalize the balances inthe cash accounts to the March 31, 2008 deferredrevenue as at March 31, 2008 and the operatingexpense balances for the year endedMarch 31, 2008 respectively.As at March 31, 2008 the organization hasinvested its funds in the three separate bankaccounts as noted above. The bank accountsprovide an interest rate of prime-1.75%. Eachbank account is insured under the regulations ofthe Canadian Deposit Insurance Corporation.