The Canadian Association of Research Administrators – Investment Policy

1.0  Purpose

            The Canadian Association of Research Administrators’ (CARA) accumulates reserve funds from each annual budget surplus. The policy shall govern the investment of reserve funds.

2.0 Policy Statement

2.1       CARA's reserve funds are intended to provide an internal source of funds to address one-time unbudgeted expenses, uninsured losses, sudden increases in expenses or unanticipated revenue loss. Reserves are not to be used to replace a permanent loss of funds or to address an ongoing budget gap. Reserve funds shall be invested annually to earn income to support operating expenses.

2.2       Reserve funds shall only be invested in no risk portfolios.

2.3       The fund shall be invested in a mix of cashable and non-cashable investments.

2.4      The funds shall be invested annually in late May after the association’s financial position in the new fiscal year is known.

2.5       The investments will be reviewed and adjusted in response to both internal and external changes.


In the event of inconsistency between the French and English version, the English language version shall prevail.

Approved by the CARA Executive Board: 30 April 2016