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Board approves DFA policy changes; district to use state treasurer’s model investment policy until local policy is adopted
Summary
The board voted to approve policies DFA and DFA‑2, removing DFA‑2 and, per discussion, defaulting to the Missouri State Treasurer’s model investment policy until the district adopts a customized investment policy. Trustees discussed delegation of authority and annual review practices.
The Springfield R‑XII Board of Education approved policies DFA and DFA‑2 after discussion about the district’s investment procedure and who is authorized to execute investment decisions.
Board member Mahad Makani raised pointed questions about DFA‑2’s removal and said the change means the district would default to the Missouri State Treasurer’s model investment policy "unless and until the board formally adopts and directs the district to comply with a customized investment policy upon professional advice from a registered investment adviser." District staff confirmed that, under the revised language, the superintendent is authorized to delegate investment authority to an administrator and that the treasurer (Travis Shaw) remains involved in the process.
Board members discussed whether the district would later adopt its own tailored investment policy or continue to rely on the state model; staff indicated the state model would apply in the interim. The board approved the policies by unanimous vote.
