SISC GASB 45 Trust

Simple, cost effective with a prudent investor standard

SISC GASB 45 Trust

Self-Insured Schools of California (SISC) would like the opportunity to assist you in managing the financial impact created by the Governmental Accounting Standards Board Statement No. 45 (GASB 45). SISC has developed its own GASB 45 compliance program called SISC GASB 45 TRUST. There are several competing GASB 45 programs available, but we believe the SISC Trust affords you a preferred way to address your agency’s impending financial impact. SISC has designed a program that is cost effective with minimal administrative requirements. A single Trust Agreement, Trustee, Investment Policy and investment strategy for all members eliminates incurring these costs individually. Additionally, by adopting an irrevocable trust you will greatly reduce the audit disclosures required. The SISC GASB 45 Trust program will provide quarterly statements and annual audited financial statements that meet many of the reporting requirements for our member agencies.


News

Effective September 4, 2012 Union Bank will no longer serve as the Trustee for the SISC GASB 45 Trust. U. S. Bank and Union Bank have entered into an agreement for U. S. Bank to purchase Union Bank’s Trust Services division. U. S. Bank is the nation’s fifth largest bank. U. S. Bank will retain most of Union Bank’s staff that we currently work with, so there should be no disruption of services. Additionally, there will be no interruption in the services SISC provides to it’s GASB 45 Trust clients.


Links

GASB: Governmental Accounting Standards Board
Demsey, Filliger & Associates


References

Inyo County Office of Education
Dan Munis, Deputy Superintendent
(760) 878-2428
dan_munis@inyo.k12.ca.us

Los Banos Unified School District
Don Laursen, Director of Fiscal Services
(209) 826-3801 Ext. 1017
dlaursen@losbanosusd.k12.c.us

North of River Sanitary District
LaRue Griffin, District Manager
(661) 399-6411
lgriffin@norsd.com

Our Philosophy – “Schools Helping Schools”

Our Goal is to provide the best coverage and service to our members while keeping costs affordable and stable.

SISC is a Joint Powers Authority administered by the Kern County Superintendent of Schools Office Mary C. Barlow, Superintendent

SISC

2000 K Street Bakersfield, CA 93301

661.636.4710

661.636.4156