NACUBO Urges Preservation of Rules for Money Market Funds
October 7, 2009
In response to a request for comments issued by the Securities and Exchange Commission (SEC), NACUBO urged the preservation of special rules that allow money market funds to maintain a stable net asset value.
The SEC published a notice of proposed rulemaking (NPRM) in the July 8th Federal Register to amend the rules governing money market funds. In addition to making a number of proposed rule changes, the SEC requested comments on the possibility of eliminating the ability of money market funds to use the amortized cost method of valuation. The use of this valuation method allows money market funds to maintain a stable $1.00 net asset value (NAV). The Commission's notice acknowledged that the stable NAV has been "one of the trademark features of money market funds."
In its comments, NACUBO noted the various ways that money market funds fit into the overall financial management of colleges and universities, as well as serving as a supply of capital for investment in the debt issued by institutions of higher education. NACUBO urged the SEC to tailor any changes to the rules regarding money market funds to the specific issues of concern rather than rewriting the place they play in our financial markets.
- IRS Releases Final Report on College and University Compliance Project
- NACUBO Seeks Input on Ethics, Fraud, and Controls
- FY13 Implementation Reminder for Independent Institutions
- CAO and CBO Collaborations: Leveraging Institutional Capacity to Impact Effectiveness
August 5-6, 2013
- 2013 Planning and Budgeting Forum
September 16-17, 2013
- WEBCAST: The Higher Education Accounting Forum Online
Wednesday, May 29, 2013 10:00 AM - 5:00 PM ET
- WEBCAST: Improve Your NFP Audit and Accounting Guide IQ
Wednesday, June 26, 2013 1:00 PM ET
- ON-DEMAND: OD: The Cashless and Paperless Business Office
- ON-DEMAND: Affordable Care Act: Implementation Roadmap for Colleges and Universities
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis