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CPIM: FAQ

Ohio law requires various public financial officials to receive continuing training in the investment and management of public finances. This law was passed in the wake of a 1994 financial scandal involving investment losses by local governments. To prevent a repeat of those problems, new training requirements were established by the Ohio Treasury’s Center for Public Investment Management (CPIM).

FAQ For County Treasurers
County treasurers have different continuing education requirements than other subdivision treasurers. For guidance about these requirements and how they apply to you and others, please review the following "Frequently Asked Questions."

Q: I am a new county treasurer. What are the continuing education requirements?

A: Newly elected county treasurers must take initial training between December 1 and the time they take office, which ordinarily would be the first Monday of September in the year following the person’s election to county treasurer. A new treasurer must take 13 hours of education approved by the Ohio Auditor of State on governmental accounting and portfolio reporting and compliance, and 13 hours approved by the Ohio Treasurer of State on investments and cash management.

A new county treasurer that has been appointed to fill a vacancy in office or elected by a special election must take 13 hours of education approved by the State Treasurer’s Office within 4 months of receiving the appointment or following the person’s election to county treasurer.  

Q: After a year in office, what are the continuing education requirements for county treasurers?

A: County treasurers must take 24 hours of continuing education every two calendar years after the first year in office. The 24 hours of continuing education must be composed of 12 hours from the Ohio Treasurer of State (CPIM) and 12 hours from the Ohio Auditor of State.

Q: Where can county treasurers receive the required training?

A: The Ohio Treasurer of State training is available through the Center for Public Investment Management (CPIM). The Ohio Auditor of State training is available through the County Treasurers Association of Ohio.

Q. What happens if I do not complete the continuing education requirements?

A. A county treasurer that does not meet the continuing education requirements is only permitted to invest in the following:
  1. STAR Ohio;
  2. STAR Plus;
  3. No-load money market mutual funds pursuant to the Ohio Revised Code §135.35(A)(5);
  4. Time certificates of deposit pursuant to the Ohio Revised Code §135.35(A)(6); or
  5. Savings or deposits accounts pursuant to Revised Code §135.35(A)(6).
If a county treasurer fails to complete the continuing education requirements andthen invests in any other types of investments other than the four categories listed above, the county prosecutor may petition the court of common pleas to revoke the treasurer's authority to invest county funds and manage the county’s investment portfolio.

Q. Do I need training if I hire outside investment managers?

A. Yes, you are still required to meet the continuing education requirements. Also, outside investment managers must sign the county investment policy. See the Ohio Revised Code §135.35(K)(1).

FAQ For Subdivision Treasurers

Treasurers of subdivisions have different continuing education requirements than county treasurers. The foremost question asked is “Do I need training?” For guidance about this question and others, please review the following “Frequently Asked Questions.”

Q: Are you the treasurer of a subdivision?

A: A treasurer is a person whose duties include making decisions regarding the deposit or investment of moneys of a subdivision. Other positions that typically perform these functions include finance directors, fiscal officers, clerks, and clerk-treasurers. (Please note that county treasurers are subject to distinct requirements and are treated separately.)

The following entities are subdivisions:
  • municipal corporation* (except those that have adopted a charter under Article XVIII of the Ohio Constitution, and whose charter or ordinances sets forth special provisions respecting the deposit or investment of its public moneys,)
  • school district
  • educational service center
  • county school financing district
  • township
  • municipal or school district sinking fund
  • special taxing or assessment district
  • other district or local authority electing or appointing a treasurer
If your responsibilities include making decisions regarding the deposit or investment of moneys for any of the entities listed above, you must attend six hours of CPIM training each calendar year or file for an exemption.

Q: Are you exercising the functions of a treasurer for a subdivision?

A: Answer the following questions:
  • Do you have duties regarding the deposit or investment of the moneys of a subdivision?
  • Do you make decisions regarding the deposit or investment of those moneys?
  • Do you hire employees or outside managers to perform the duties regarding the deposit or investment of moneys that you would otherwise be required to perform?
If you said yes to any of these questions, you must attend six hours of training each calendar year or file for an annual exemption. In many cases, more than one person from a subdivision may be required to attend training.

Q. Our subdivision puts all of its money in STAR Ohio, which is the local government investment pool operated by the Ohio Treasurer’s office. Do I still have to attend training?

A. No, you may file for an annual exemption. A person who is required to attend training may apply for an exemption if the public moneys are invested only in the following:
  • STAR Ohio; or
  • STAR Plus; or
  • No-load money market mutual funds as defined in the Ohio Revised Code Section 135.14(B)(5) of the Revised Code; or
  • Interim deposits in the eligible institutions applying for interim money of the subdivision as provided in section 135.08 of the Revised Code (in certificates of deposit, savings accounts, or deposit accounts).
Please contact your public depository if you have questions as to what types of investments your subdivision’s money is being swept.  However, if the subdivision has other investments that are not listed above, then you may not file an exemption and must take the annual training.  

Q. What if our subdivision uses sweep accounts to invest public moneys? Do I still need to attend training?

A.  If the subdivision’s money is held in an interim deposit account and is swept into any one of the following investments listed below, then you are eligible to file an exemption.  
  • STAR Ohio; or
  • STAR Plus; or 
  • No-load money market mutual funds as defined in the Ohio Revised Code Section 135.14(B)(5) of the Revised Code; or
  • Interim deposits in the eligible institutions applying for interim money of the subdivision as provided in section 135.08 of the Revised Code (in certificates of deposit, savings accounts, or deposit accounts).
If the account balance is swept into an investment that is not listed above, then you may not file an exemption and must take the annual training.  Please contact your public depository if you have questions as to what types of investments your subdivision’s money is being swept.

Q. What if I am not sure whether our investments meet the exemption requirement?

A. Attending training is a great way to learn more about investing public funds.

Q. How do I get an exemption from attending training?

A. If all investments are limited to the three categories above, a notice of exemption may be filed by the year end in which the exemption is sought.    Exemption form

Q. Is training a requirement for charter villages or municipalities?

A. All municipalities must receive training, except those that have adopted a charter under Article XVIII of the Ohio Constitution and whose charter or ordinances set forth special provisions respecting the deposit or investment of its public moneys.

Q. Where can I get training?

A. The Ohio Treasurer’s office offers training through its Center for Public Investment Management (CPIM) conferences. Information about the CPIM conferences is available on the Ohio Treasurer’s Web site. CPIM-approved continuing education hours are also available at association-sponsored conferences and training seminars such as the Ohio Government Finance Officers Association (OGFOA) annual conference and the County Treasurers Association of Ohio (CTOA) spring and fall conferences. For information about special conferences offering CPIM credit, please e-mail: cpim@tos.ohio.gov.


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Office Of Debt Mgmt

The Office of Debt Management plays an important role in the operation of state government: it oversees the borrowing of funds to assure it is completed in an efficient manner.
    

SaveNOW

SaveNOW, a program offered by the State Treasurer through our linked deposit authority, offers a 3% bonus interest on savings accounts for Ohio citizens.
    

Smart Money Choices

A free personal financial-planning conference series for all Ohioans presented by State Treasurer Josh Mandel, and supported by a variety of statewide and regional partners.
    

Top-Bottom Review 2011

Review Outlines Steps to Improve Operations, Safeguard Investments, Leverage Technology, Increase Transparency and Modernize Banking Practices
    

e-Funds Transfer

Electronic Funds Transfers makes tax payments easy. Entities that have received a notice from the Ohio Department of Taxation can register for electronic payment via the website.
    

Veteran's Preference

Veteran’s Preference provides veterans with priority to be accepted into the GrowNOW and Ag-LINK linked-deposit programs.
    

GrowNOW

A partnership between eligible banks and the Ohio Treasury, enables small business owners to receive a 3% interest rate reduction on small business loans for two years with the opportunity for renewal
    

Renew & Rebuild Ohio

Small business owners, farmers and homeowners are eligible to receive financial assistance to rebuild and recover following an emergency.
    

Ag-LINK

A program for farms to receive an interest rate reduction on new or existing loans or lines of credit up to $150,000. Applications are accepted on an annual basis from January through March.
    

CPIM

The Center for Public Investment Management (CPIM) provides continuing education to Ohio’s public funds managers and their oversight authorities.
    

CPIM Conference: Bowling

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Akron

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Dayton

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Columbus

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

ECO-Link

A partnership between the State Treasurer and participating banks that provides a 3% interest rate reduction for 5 or 7 years on bank loans when completing energy-efficient upgrades to your home.