To: Campus Unit Finance Leads
From: Steve Agostini, AVC for Finance & Budget
The purpose of this memorandum is to communicate the plans for short-term investment income (commonly referred to as Money Market income or MMK income) for this current fiscal year, 2020-2021.
As you are aware, MMK Income distributions were suspended beginning July 2020. During the fiscal year, Finance staff has continued to track monthly distribution amounts based on the average daily cash balance in participating funds at the 90-day T-Bill rate.
This month, Finance intends to post the aggregate interest accrued for the periods July 2020-March 2021. At the end of June 2021, we will post an April 2021-June 2021 distribution to reflect the full activity for fiscal year 2020-21.
There will be more information to follow on the plans for fiscal year 2021-22 forward. The ultimate goal for MMK distributions will be to incorporate it into the annual budget process and move to an annual distribution at the major campus unit level for most fund types.
For further information or questions, contact Chandrika Rao, interim executive director of associate entities and associate controller, email@example.com.