Responsible stewardship of your school’s investment funds resides in a clearly articulated and regularly monitored investment policy. This responsibility is the same whether you have a modest endowment or one that would rival that of a major college or university. The investment policy consists of two distinct aspects—an endowment policy and a treasury policy. The endowment policy concerns long-term investment strategies and policies. The treasury policy articulates the investment parameters for funds that you invest for only short periods of time to cover operating and capital needs. The short-term investment or treasury policy should focus on providing sufficient liquidity and safety for operating cash while maximizing yield.