{
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    "page": 2,
    "width_pt": 612,
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    "source_run_id": 14175,
    "item_count": 23,
    "counts_by_type": {
        "heading": 7,
        "list": 2,
        "list_item": 5,
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    "items": [
        {
            "id": "p2.1",
            "order": 1,
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            "bbox": {
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            "text": "All funds of KSU available for day-to-day operational expenses, exclusive of funds that are otherwise restricted, such as endowment funds."
        },
        {
            "id": "p2.2",
            "order": 2,
            "type": "heading",
            "bbox": {
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            "text": "Prudent Investor Standard",
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            "level": 3
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            "id": "p2.3",
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            "text": "A standard of conduct requiring a fiduciary to manage a portfolio with the judgment and care that an institutional investor of ordinary prudence, discretion, and intelligence would exercise in the management of large investments, considering both the probable safety of capital and probable income."
        },
        {
            "id": "p2.4",
            "order": 4,
            "type": "heading",
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            "text": "PROCESS:",
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            },
            "level": 3
        },
        {
            "id": "p2.5",
            "order": 5,
            "type": "heading",
            "bbox": {
                "l": 33.6,
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            },
            "text": "Management Responsibility and Authority",
            "attrs": {
                "block_label": "paragraph_title"
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            "level": 3
        },
        {
            "id": "p2.6",
            "order": 6,
            "type": "text",
            "bbox": {
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            "text": "The Board of Regents delegates the authority to invest KSU operating funds to the President. The President may further delegate the performance of these duties to the Chief Financial Officer or another qualified designee."
        },
        {
            "id": "p2.7",
            "order": 7,
            "type": "heading",
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            "text": "Standard of Prudence",
            "attrs": {
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            "id": "p2.8",
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            "type": "text",
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            "text": "All persons responsible for managing KSU's operating funds shall perform their duties in a manner consistent with the Prudent Investor Standards. Authorized personnel acting in accordance with this policy and exercising ordinary prudence will not be held personally responsible for a specific security's credit risk or market price changes, provided that deviations are reported in a timely manner and reasonable action is taken to control adverse developments."
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        {
            "id": "p2.9",
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            "type": "heading",
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            "text": "Investment Objectives",
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            "id": "p2.10",
            "order": 10,
            "type": "text",
            "bbox": {
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            "text": "The investment program shall be managed to meet the following three (3) objectives, listed in order of priority:"
        },
        {
            "id": "p2.11",
            "order": 11,
            "type": "list",
            "bbox": {
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                "b": 331.68
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            "text": "",
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            "children": [
                {
                    "id": "p2.11.1",
                    "order": 12,
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                    "bbox": {
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                    },
                    "text": "Safety of Principal: The foremost objective is the preservation of capital. Investments shall be undertaken in a manner that seeks to ensure the security and safety of the principal in the overall portfolio.",
                    "marker": "1."
                },
                {
                    "id": "p2.11.2",
                    "order": 13,
                    "type": "list_item",
                    "bbox": {
                        "l": 33.84,
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                    "text": "Maintenance of Liquidity",
                    "marker": "2.",
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                }
            ]
        },
        {
            "id": "p2.12",
            "order": 14,
            "type": "text",
            "bbox": {
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            "text": "The investment portfolio shall remain sufficiently liquid to enable KSU to meet all reasonably anticipated operating requirements, including but not limited to payroll, accounts payable, capital projects, and debt service."
        },
        {
            "id": "p2.13",
            "order": 15,
            "type": "list_item",
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            "text": "Return on Investment",
            "marker": "3.",
            "attrs": {
                "block_label": "paragraph_title"
            }
        },
        {
            "id": "p2.14",
            "order": 16,
            "type": "text",
            "bbox": {
                "l": 49.68,
                "t": 257.04,
                "r": 577.92,
                "b": 228.72
            },
            "text": "The funds shall be managed with the objective of attaining a market rate of return or higher, taking into account KSU's risk constraints and cash flow characteristics."
        },
        {
            "id": "p2.15",
            "order": 17,
            "type": "heading",
            "bbox": {
                "l": 33.84,
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                "r": 214.8,
                "b": 199.92
            },
            "text": "Investment Strategy and Guidelines",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p2.16",
            "order": 18,
            "type": "text",
            "bbox": {
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            "text": "To ensure sufficient liquidity and to guide investment decisions, the Chief Financial Officer, or a designee, shall develop and maintain a cash flow forecast. This forecast will be used to determine the amount of excess cash available for short-term (three months to one year) and long-term (one year or longer) investments."
        },
        {
            "id": "p2.17",
            "order": 19,
            "type": "heading",
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            },
            "text": "Authorized Investments",
            "attrs": {
                "block_label": "paragraph_title"
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            "level": 3
        },
        {
            "id": "p2.18",
            "order": 20,
            "type": "text",
            "bbox": {
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            "text": "This policy authorizes the investment of operating funds only in the following types of securities:"
        },
        {
            "id": "p2.19",
            "order": 21,
            "type": "list",
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                "r": 253.2,
                "b": 51.84
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            "text": "",
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            "children": [
                {
                    "id": "p2.19.1",
                    "order": 22,
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                    "bbox": {
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                    "text": "Insured and collateralized bank deposits.",
                    "marker": "•"
                },
                {
                    "id": "p2.19.2",
                    "order": 23,
                    "type": "list_item",
                    "bbox": {
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                    "text": "Money market funds"
                }
            ]
        }
    ],
    "excluded_furniture": {
        "first": [],
        "last": []
    }
}