TAILIEUCHUNG - Statement of Position Volunteer Fire Relief Association Investment Authority

Capital derives from accumulated labour. The product of labour becomes capital when it is acquired by another producer. ―Capital and labour merge into one another.‖ Thus, worked land becomes capital. Over time, the accumulation of capital concentrates itself in the hands of the capitalist or owners’ class. Lending (leasing, rent, tenant farming, granting exploitation rights, investment companies, etc) is the process by which capital passes from the hands of the capitalist or owners’ class to those of the labourer or industrialist. The investment company with shares is the extreme example of this transfer; the public company does not really change. | REBECCA OTTO STATE AUDITOR State of Minnesota Office of the State Auditor suite 500 525 PARK street saint PAUL MN 55103-2139 651 296-2551 Voice 651 296-4755 Fax E-mail 1-800-627-3529 Relay Service Statement of Position Volunteer Fire Relief Association Investment Authority Investment authority for volunteer fire relief associations varies depending on the relief association s asset size and the extent to which it uses an investment advisor or invests through the State Board of Investment SBI . This Statement of Position provides a summary of the investment authority for relief associations. Relief associations should review the applicable statutory language and if necessary consult with an attorney and certified financial planner broker or investment advisor with questions regarding their specific investments. Relief associations that meet at least one of four statutory conditions based on their Special Fund assets may invest under an expanded list of authorized investment securities. The four conditions are Having Special Fund assets with a market value in excess of 1 000 000 Using the services of an investment advisor for the investment of at least 60 percent of the relief association s Special Fund assets calculated on market value Using the services of the SBI for the investment of at least 60 percent of the relief association s Special Fund assets calculated on market value or Using a combination of the services of an investment advisor and the services of the SBI for the investment of at least 75 percent of the relief association s Special Fund assets calculated on market Relief associations that do not meet any of the four conditions above are restricted to a limited list of authorized investment securities. See Attachment A. Relief associations bound by the limited list of authorized investment securities are restricted to mostly fixed-income investments. These investments include certificates of deposit savings .

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