New York Cooperative Liquid Assets Securities System (NYCLASS) is a short-term, highly liquid investment fund, designed specifically for the public-sector. NYCLASS provides the opportunity to invest funds on a cooperative basis in short-term investments which are carefully chosen to yield favorable returns while providing maximum safety and liquidity.
Participation is available to any municipal corporation or special-purpose district empowered under New York State statute, including counties not within The City of New York, cities, towns, villages, school districts, boards of cooperative educational services, and fire districts. Also eligible are county or town improvement districts where the respective county or town is required to pledge its faith and credit for the district’s debt service.
NYCLASS is subject to the terms of the October 20, 1999, CLASS Municipal Cooperation Agreement (the Agreement), and is structured in accordance with New York State General Municipal Law (GML), Article 3-A and Article 5-G, Sections 119-n and o, and Chapter 623 of the Laws of 1998. All NYCLASS investment and custodial policies are in accordance with GML, Sections 10 and 11 (as amended by Chapter 708 of the Laws of 1992). The Agreement, as amended March 14, 2014, is between Village of Potsdam (Lead Participant) and each district and/or municipal corporation that formed the original NYCLASS fund, or that subsequently elects to participate; all parties to the Agreement are collectively referred to as “the Participants.”
The Agreement is administered by an elected Governing Board (the Board) of fifteen members. The Governing Board is responsible for:
- Administering all aspects of the Agreement.
- Entering into appropriate contracts to assist in the management of the Agreement.
- Monitoring compliance with the investment policy, maturity limitations, and reporting and disclosure requirements established under the Agreement.
- Testing the investments made pursuant to the Agreement, at least once a month, for sensitivity to changes in interest rates.
- Disclosing to Participants any rating or change in rating from a nationally recognized statistical rating organization.
A Board member must be either a Participant’s Chief Fiscal Officer or another designated officer or employee of the Participant who has knowledge and expertise in financial matters.
The Board invests cooperative funds only in securities that are legal for public funds investment in New York. The Board limits these investments to Repurchase Agreements collateralized 102% with U.S. Treasury securities and agency securities back by the full faith and credit of the U.S. Government, U.S. Treasury bills and notes, collateralized bank deposits, and other U.S. Government guaranteed obligations, such as Small Business Administration pools.
Administrator and Investment Advisor
Public Trust Advisors
2017 Annual report with Auditor's Opinion
2016 Annual Report with Auditor's Opinon
2015 Annual Report with Auditor's Opinon
2014 Annual Report with Auditor's Opinion
2013 Annual Report with Auditor’s Opinion
Standard and Poor's Rating Services
NYCLASS S&P Fund Profile (September, 2017)