About The Program
NCIP is a comingled local government investment pool established to invest idle funds in various short-term investments in accordance with North Carolina General Statute §159-30. NCIP is duly authorized under North Carolina General Statute § 159-30(c)(10), was created by an interlocal agreement established under North Carolina General Statute § 160A-461 through 464 and is administered by a statutorily compliant trust for the benefit of the local governments and governed by a board of trustees comprised of representatives of those units of local government.
NCIP was created under the trust to pool and invest funds of the participating units of government to take advantage of economies of scale to increase investment options for idle funds. It offers a portfolio designed for daily liquidity and a portfolio for fixed-rate, fixed-maturity investments.
What are your investment options?
NCIP was created by and for North Carolina public finance professionals to offer another option for investment and cash management services. The NCIP Liquid Portfolio (the Liquid Portfolio) and Term Portfolio offers daily liquidity. Participants also have access to arbitrage rebate compliance services via PFM Asset Management (PFMAM)*.
Designed for Daily Liquidity
NCIP Liquid Portfolio
Structured to prioritize safety of principal, daily liquidity, and earning a competitive yield. Participants pay zero out-of-pocket expenses and receive interest payments monthly. There is no limit on subaccounts or transactions. Account access is available 24/7 online through Connect.
- Investment Period: One day minimum
- Rate: Variable rate / Calculated daily
- Initial Deposit: No minimum
- Balance Requirements: No minimum
- Additional Deposits: No minimum
- Withdrawals: Unlimited
- Transactional Charges/Fees: None
- Accounts: Unlimited
- Interest Earnings: Calculated daily, Paid monthly
- Statements: Daily confirmation, Monthly statement
- Purchases: Executed or over the phone at 833.736.NCIP (6247)
Designed for Cash Flow Management
NCIP Term Portfolio
The NCIP Term Portfolio is designed to complement liquid investments by offering participants a fixed-rate, fixed-term option for their excess liquidity. NCIP Term investments are purchased with Liquid Portfolio funds. When they mature, the funds flow back into the participant's Liquid Portfolio account, helping ensure they remain invested.
- Investment Period: 60 days to one year
- Rate: Fixed rate
- Initial Deposit: $1,000,000
- Balance Requirements: No minimum
- Additional Deposits: $1,000,000
- Withdrawals: At maturity
- Transactional Charges/Fees: None
- Accounts: Unlimited
- Interest Earnings: Paid at maturity
- Statements: Per transaction, Monthly statement
- Purchases: By phone at 833.736.NCIP (6247)
Helping You Simplify Investing Bond Proceeds
Arbitrage Rebate Compliance
PFMAM tracks the investment of the proceeds of tax-advantaged bonds that are fully invested in the Fund at the time of the bond closing. Participants can expect to receive various reports and correspondences free of charge.
For bond proceeds invested with NCIP, PFM Asset Management*, NCIP’s program administrator, tracks the proceeds for arbitrage rebate compliance purposes**.
Participants can receive the following correspondence/reports:
- Spending exception compliance report, including notification of an upcoming expenditure benchmark date
- Yield restriction compliance notification
- Annual estimates of accrued arbitrage rebate and yield restriction liabilities
Notification of Installment Calculation Date sent 60 days in advance of the required calculation date - Retention of arbitrage related documents and investment records
- Rebate calculation reports at a nominal charge
* PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., which serves as administrator and investment advisor to NCIP.
** Available under a separate agreement with the Investment Advisor. PFMAM does not provide tax, legal, or accounting advice.
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