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Lake Norman Charter board moves investments to money-market while reviewing strategy
Summary
The board authorized moving existing investments into a money-market account pending an investment committee review, citing better returns in savings and a PNC-quoted 4.25% money-market rate; the motion passed by voice vote.
Lake Norman Charter's board voted to move current investments into a money-market account while the investment committee reexamines its strategy and partners.
During new business, a board member explained that after a period of loss the school's investments had recovered and that funds could earn comparable interest in a money-market vehicle while the committee reviews longer-term options. The presenter said PNC reported a current money-market rate of 4.25 percent.
A motion to move the funds into cash/money-market pending the committee review was made, properly seconded and approved by voice vote. The chair declared the motion passed.
School leaders said the short-term move will allow the district to keep funds liquid and avoid losses while the board reevaluates investment strategy and provider relationships. No roll-call tally was recorded in the meeting minutes; the vote was recorded as a voice 'Aye' with no recorded dissent.
The investment committee will follow up with recommended strategy changes and partner evaluations and report back to the board.
