(1) Investments should be consolidated through one broker unless a specific investment is required for compliance purposes.

(2) A minimum of three competitive bids is required for a change in investment brokers.

(3) The broker accounts established must not allow checks or drafts to be written out of any of the broker accounts. Broker account transactions should be in the form of wire transfers with written approval by the Treasurer or Chairman.

(4) Broker account transaction setup is secured and restricted by bank account numbers. Samish Indian Nation authorization is required to change transaction setup.

(5) Broker agreement must be reviewed at least annually, appropriate changes made and approved by Tribal Council.

(6) Online viewing of the brokerage accounts should be limited to viewing only and limited to the General Manager or Tribal Administrator and Controller. Passwords should change every six months.

(7) The Council Chairman and the Treasurer are the only individuals that have authority to initiate broker transactions.

(8) The Controller is responsible for accounting for the monthly investment transactions and reconciliation of the broker account monthly.

(9) The General Manager or Tribal Administrator is responsible for approving the monthly investment accounting entries and reviewing the monthly brokerage statement. The review should consist of scanning the current month transactions and an assessment of the investments.

(10) The General Manager or Tribal Administrator and Controller should consult with the broker at least annually on the performance of the investments and make recommendations to the Council for changes. [Res. 2021-02-015 § 2 (Att. 1), 2021.]