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Elk River <br /> Municipal Utilities COMMISSION POLICY <br /> Section: Category: <br /> Governance Delegation to Management Policies <br /> Policy Reference: Policy Title: <br /> G.41 Protection of Assets <br /> PURPOSE: <br /> With this policy,the Commission sets forth its expectations for the General Manager concerning <br /> the protection of ERMU's assets. <br /> POLICY: <br /> The General Manager shall not allow ERMU's assets to be unprotected, inappropriately used or <br /> disposed of, inadequately maintained, or placed at undue risk. <br /> Consistent with this general statement,the General Manager shall: <br /> 1. Maintain comprehensive security program,property insurance program and loss prevention <br /> program which adequately protect ERMU from significant damage or loss to its corporate <br /> assets including, but not limited to,physical assets,real property, rights-of-way, corporate <br /> image or credibility, intellectual property, and information. <br /> 2. Not allow any investment of ERMU funds that violates State of Minnesota law, any <br /> provision of ERMU's bond indentures (as adopted and amended), or the provisions of any <br /> present or future Commission-approved investment policy(See Investments Policy). <br /> 3. Implement and maintain management policies and procedures that establish effective and <br /> sufficient controls with appropriate checks and balances, including separation of duties, <br /> which are regularly tested for adequacy and compliance. Functions that require such <br /> management policies and procedures include, but are not limited to designation of banking <br /> signatories and transactions, cash management, accounting, and procurement of goods and <br /> services. <br /> 4. Maintain a comprehensive physical asset inspection and proactive maintenance program <br /> consistent with accepted utility industry practice. <br /> Page 1 of 2 <br /> 50 <br />