The Pool is operated as a service to local governments and does not generate any profit to the State Treasurer. The monthly yield is quoted as a simple average using the actual number of days in the month and a 360 day year. Public funds transferred to the Pool begin earning interest on the day they are received in collected funds, and continue to earn interest until withdrawn by the participant. Monthly statements of account are provided to participants reflecting beginning and ending balances and all deposits and withdrawals. Interest earned and credited, weighted average balance, and the average yield for the month are also shown on the statement.
Statements are prepared and mailed on the third or fourth business day of each month.
The monthly statement should be retained as a permanent record. The State Treasurer cannot provide transaction and earning histories for specific accounts other than that provided in the monthly statements. Instead, the investment in the pool should be treated as a type of investment with a market value equal to the net realizable value of the entity's share of the pool based on the pool's valuation method. No wire charges are assessed by the State Treasurer. Deposits into Pool accounts may be made by ACH, by wire transfer, by check drawn on the participant's bank account and by direct deposit of state warrants.