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The Internal Bank (IB) integrates the three primary functions of treasury management: (1) cash management, (2) limited term investment management (i.e., management of non‐endowment assets), and (3) debt management (both short‐ and long‐term). The IB manages about $765M in assets as of June 30, 2018 from a combination of activities involving operating cash, bond proceeds, and loan payments while utilizing external consultants to assist with the management of the investment and debt portfolio.
The internal bank distributes funds for capital projects and strategic initiatives through the Central Loan Program. Funds available for lending include the following:
The Central Loan Program can provide lending to departments or units for:
Temporary loans are used to provide funding on an as‐needed basis during project construction. Temporary loans pay monthly interest on the total balance outstanding plus any current negative balance. Internal Bank funds are advanced, up to the maximum loan amount, as the project requires. Principal payments are typically not made on temporary loans with the exception of gift funded loans where principal amounts may be paid during the construction process as gift funds are received.
Permanent loans are used for asset purchases or when a construction project is substantially complete. Debt service payments on permanent loans to amortize the project’s cost over the stated loan term are made on a semi‐annual basis.