Sample of General Questions FAQ

General Questions

How can an eligible entity Participate in FLCLASS?
Enrolling in FLCLASS is simple. Participants may join FLCLASS by one of two methods. After reading the Interlocal Cooperation Agreement and Information Statement, either approve an Authorizing Resolution or sign an Instrument of Adoption. Then complete the FLCLASS Registration Packet available in the Documet Center.

Who oversees FLCLASS?
FLCLASS is supervised by a Board of Trustees comprised of eligible Participants of the FLCLASS program. The Board of Trustees supervises FLCLASS and its affairs and acts as the liaison between the Participants, the Custodian, and the Program Administrator. The Board administers the affairs of FLCLASS and enters into contracts and agreements on behalf to the Program in order to effectuate the terms of the Interlocal Agreement. It also selects the Program Administrator, Investment Advisor, and the Custodian, subject to the terms of the Interlocal Agreement.

Who is eligible to use FLCLASS?
Participation in FLCLASS is available to all political subdivisions, instrumentalities of political subdivisions, and state agencies in the state of Florida including counties, cities, towns, villages, school districts, special districts, and other public entities.

How can I submit an audit confirmation to FLCLASS?
Please email your audit confirmation to clientservices@flclass.com and provide either a fax number or email for receipt. FLCLASS is also accessible on www.confirmation.com and will receive notification of your audit confirmation on the platform.

Audit confirmations sent via USPS may experience a significant delay, so we strongly encourage email confirmations.

Is FLCLASS rated?
FLCLASS is rated ‘AAAm’ by S&P Global Ratings Services, the highest rating assigned to principal stability government investment pools. This rating reflects the conservative nature of the pool’s investments as well as the excellent credit quality of the program. S&P Global Ratings monitors the pool on a weekly basis.

A ‘AAAm’ rating by S&P Global Ratings is obtained after S&P evaluates a number of factors including credit quality, market price exposure, and management. Ratings are subject to change and do not remove credit risk.

What types of securities does FLCLASS invest in?
FLCLASS may only invest in a manner that is permitted pursuant to the laws of the state of Florida and Florida’s Investment of Local Government Surplus Funds Act, Florida Statutes, Chapter 218.415. Furthermore, investments are made in accordance with the program’s investment policy that is structured to achieve the highest attainable rating for local government pools from a nationally recognized statistical ratings organization.

What are the business hours at FLCLASS?
The FLCLASS offices are open Monday through Friday from 8:00 a.m. until 5:00 p.m. ET. Please consult the Client Services Page for FLCLASS office closures.

Does FLCLASS have a policy against providing a copy of the daily investment holdings report?
No, FLCLASS does not have a policy against providing a copy of the daily investment holdings. If a Participant requests a copy of the investment holdings report, we will provide a copy. The investment holdings report shows the investment positions for that day.

What transaction fees does FLCLASS charge?
FLCLASS does not charge any transaction fees to its Participants. However, your receiving bank may have wiring fees and/or incoming ACH fees, therefore we recommend checking with a representative at your bank to discuss the potential costs.

What are the daily cut-off times for transactions?
Transactions (withdrawals, contributions, transfers) conducted via the portal, telephone, or fax must be submitted by 3:00 p.m. ET for same-day processing.

How do I update my contact information and notification preferences?
Once logged in to the FLCLASS Online Transaction Portal, Participants can update their contact information and notification preferences by navigating to the to the Administration menu then choosing My Info.

What is the difference between a wire and an ACH?
Wires are funds transferred via the Federal Reserve Wire System and can be processed and received by your beneficiary bank on the same day if the transaction is requested prior to the 3:00 p.m. ET cut-off. ACHs (Automated Clearing House) are processed overnight and are generally available to the beneficiary bank one business day after the transaction request has been made.

What are the fees associated with wires/ACHs?
FLCLASS does not charge any banking fees to its Participants. However, your receiving bank may have wiring fees and/or incoming ACH fees, therefore we recommend always checking with a representative at your bank to discuss the potential costs.

Are the banking instructions different for a wire or an ACH?
Many banking institutions have separate ABA/Routing Numbers depending on whether the transactions are being processed via wire or ACH. Please contact your local banking representative to ensure that you are providing FLCLASS Client Services with the appropriate account information. The instructions to send money into FLCLASS can be found in the FLCLASS Transaction Portal.

How do I add or delete authorized banks?
Please navigate to the Administration menu to make changes to your Authorized Banks. Please refer to the User Guide available in the Forms menu for further instructions.

How do I update individuals who have access to my FLCLASS account?
Please navigate to the Administration menu to make changes to your Authorized Contacts. Please refer to the User Guide available in the Forms menu for further instructions.