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EDC approves moving $700,000 to Techstar investment account to earn interest
Summary
Board voted to transfer $700,000 from the EDC bank account to a Techstar investment account, discussed sub-accounting to avoid commingling of restricted funds, and noted roughly $140,000 in pending obligations.
The EDC approved a motion to transfer $700,000 from the organization's bank account into a Techstar investment account to earn interest. The proposal included creating a separate labeled sub-account to keep dedicated funds (for example, wastewater obligations) distinct from general funds.
The chair reported an approximate bank balance of $899,000 with about $140,000 of near-term obligations; members discussed leaving funds accessible for urgent outflows. One member offered that Techstar allows multiple accounts for bookkeeping purposes and said the existing $500,000 already dedicated to a Techstar account could be separated by name to avoid commingling. After discussion, a motion to proceed with the $700,000 transfer carried on a voice vote.
