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How can I submit an audit confirmation to Michigan CLASS?
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Please email your audit confirmation to clientservices@michiganclass.org and provide either a fax number or email for receipt. Michigan CLASS is also accessible on www.confirmation.com and will receive notification of your audit confirmation on the platform.
Due to the ongoing COVID-19 pandemic, audit confirmations sent via USPS will have a significant delay, so we strongly encourage email confirmations.
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How can Participants obtain a copy of the Michigan CLASS investment holdings report?
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The Michigan CLASS investment holdings report is available to Participants online via the Michigan CLASS Transaction Portal.
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How can you participate in Michigan CLASS?
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Enrolling in Michigan CLASS is simple. Any of the entity types listed in the answer above may join Michigan CLASS as a Participant and take advantage of the investment program.
To join Michigan CLASS, please take the following steps:
- Submit your investment policy to the Program Administrator for review.
- Adopt the Michigan CLASS Participation Agreement by passing a board resolution authorizing participation in Michigan CLASS.
- Complete the Trust Registration Form.
- Submit the above documents via fax to (855) 381-0496 or email to clientservices@michiganclass.org.
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Is Michigan CLASS rated?
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Michigan CLASS is rated ‘AAAm’ by S&P Global Ratings Services, the highest rating assigned to principal stability government investment pools. This rating reflects the conservative nature of the pool’s investments as well as the excellent credit quality of the program. S&P Global Ratings monitors the pool on a weekly basis.
A ‘AAAm’ rating by S&P Global Ratings is obtained after S&P evaluates a number of factors including credit quality, market price exposure, and management. Ratings are subject to change and do not remove credit risk.
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What transaction fees does Michigan CLASS charge?
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Michigan CLASS does not charge any transaction fees to its Participants. However, your receiving bank may have wiring fees and/or incoming ACH fees, therefore we recommend checking with a representative at your bank to discuss the potential costs.
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What are the business hours at Michigan CLASS?
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The Michigan CLASS offices are open Monday through Friday from 8:00 a.m. until 5:00 p.m. ET. Please consult the Client Services Page for Michigan CLASS office closures.
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What is the minimum requirement for investing in Michigan CLASS?
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There is no minimum investment amount for Michigan CLASS.
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What are the investment objectives of Michigan CLASS?
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- Safety: minimizing risk by managing portfolio investments so as to preserve principal and maintain a stable net asset value and to maintain the highest rating for the pool from a nationally recognized statistical rating organization for so long as such rating is required by Michigan law.
- Liquidity: managing portfolio investments to ensure that cash will be available as required to finance Participants’ operations.
- Yield: maximizing current income to the degree consistent with legality, safety, and liquidity.
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Who oversees Michigan CLASS?
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The Michigan CLASS Board of Trustees (the Board) oversees the investments made on behalf of the Participants. The Board consists of thirteen active members of the pool who are elected by the Participants for staggered terms. The Board approves the program’s investment parameters which must additionally fall within the investment stipulations mandated under Michigan statute for the investment of surplus funds of the Participants. Currently, the Board retains the services of Public Trust Advisors, LLC (Public Trust) located in Denver, CO. Public Trust serves as the Administrator and Investment Advisor.
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Who is eligible to use Michigan CLASS?
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Participation in Michigan CLASS is available to any county, city, village, township, school district, authority, the state of Michigan, or any other political subdivision organized under the laws of the state of Michigan. To join, such public agencies need to execute an authorizing resolution joining the Participation Agreement and provide a certified copy of such resolution to the Administrator. Pursuant to applicable state law, Public Trust Advisors, LLC will review each entity’s investment policy and return the appropriate acknowledgment.
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What types of securities does Michigan CLASS invest in?
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Michigan CLASS invests solely in securities that are both permitted by Michigan law and adhere to the Michigan CLASS Investment Policy.
Pursuant to direction by the Board and in conformance with applicable Michigan laws governing investment options for Participants, funds of the Participants are invested in high quality, short-term, fixed-income instruments selected to provide for program safety, liquidity, and competitive rates of return. A complete list of eligible investments is available in the Michigan CLASS Investment Policy located in the Document Center.