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Board selects Ampersand for depository management; asks for one-year LGIP performance review
Summary
The Middleton-Cross Plains board awarded depository management services to Ampersand, citing a networked deposit model and promised value-added services, and required a one-year performance comparison against the state Local Government Investment Pool (LGIP).
The Middleton-Cross Plains Area School District Board of Education on Feb. 10 approved the administration's recommendation to engage Ampersand for depository and deposit-management services and directed that Ampersand provide a performance report after one year comparing net returns (after fees) to the Wisconsin Local Government Investment Pool (LGIP).
Why it matters: The district seeks to maximize return on temporarily idle funds while preserving liquidity and deposit protections. The board emphasized the desire for a collaborative relationship with a vendor that provides monthly or quarterly health reports and staff education in addition to deposit placement.
What the board approved: Erin Wheeler, the district's Director of Finance and Operations, told the board the RFP sought a partner for investing excess cash (distinct from daily operating accounts at Lakeridge Bank). Ampersand representatives described a banking network that places funds across multiple FDIC‑insured institutions or employs state-approved collateral and returns a single reconciled statement to the district. Ampersand representatives said their program is governed by SEC/ Municipal Securities Rulemaking Board rules and offered to include contractual language for the promised services.
Key details: Ampersand said its program typically does not charge ongoing account maintenance fees; certificates of deposit placed via the firm carry an annualized placement fee (in the RFP materials described as 17 basis points). Ampersand told the board it delivered roughly 12 basis points above LGIP in January for comparable clients and described a previous, successful relationship with the district on a 2018 capital project.
Board conditions: Board members requested accountability measures. Bartlett Durand asked for a five-year term with a one-year performance check and a written report comparing net returns (after fees) to LGIP; the board included that comparison as a condition of approval. Jessica (Ampersand) confirmed promised services would be written into the contract.
Action taken: The board voted to award depository management to Ampersand, retain Lakeridge Bank for daily operating needs, and require a one-year performance review against LGIP and reporting after fees.
Ending: The board signaled that relationship and performance monitoring — not only headline yield — shaped its approval; administration will return with contract language and a performance schedule to be included in the services agreement.
