Started in 1987, IPAIT is a common law trust established under Iowa law pursuant to Chapter 28E and sections 331.555 and 384.21 of the Iowa Code (2015), as amended, which authorize Iowa public agencies to jointly invest monies pursuant to a declaration of trust. IPAIT enables eligible Iowa public agencies to conveniently and effectively invest their available operating and reserve funds.

IPAIT provides a daily liquid portfolio, the Diversified Fund, as well as fixed rate investment options through the IPAIT Fixed Term Automated (FTA) Program.

Diversified Fund: IPAIT’s Diversified Fund provides complete daily liquidity and pays a variable rate of interest. Investments are limited to the highest quality available and are specifically tailored to Iowa’s public funds statutory authorizations. Funds may be transferred in or out of IPAIT accounts as frequently as desired without cost. In addition, each participant may open as many IPAIT accounts as necessary to complement your local bank account structures.

FTA Program: IPAIT’s FTA program provides a rate of interest for any investment period, 1 month and longer, for amounts of $250,000 and greater. IPAIT works with approximately 350 Iowa banks to assist in getting the best rate possible for Iowa public entities.

Individual Participants investing through the IPAIT FTA program are not bound by the rule contained within 12C.4*, limiting investments based on geographical location, but are governed by a common law trust established under Iowa law which allows for investing outside the geographical footprint.

*12c.4 states that, “deposits by the treasurer of state shall be in depositories located in this state; by a county officer or county public hospital officer or merged area hospital officer, in depositories located in the county or in an adjoining county within this state;… by a city treasurer or other city financial officer, in depositories located in the county in which the city is located or in an adjoining county, but if there is no depository in the county in which the city is located or in an adjoining county then in any other depository located in this state which shall be selected as a depository by the city council . . .”

Iowa public entities (cities, counties, utilities or public 28E entities). IPAIT currently serves over 500 Iowa public entities.

Please contact us to coordinate activity. You can also utilize IPASonline, a secure web-based application that enables IPAIT Participants to electronically access their IPAIT account(s). Participants can access IPASonline through IPAIT.org and have the ability to conduct transactions and monitor all aspects of their IPAIT investments 24 hours a day, 7 days a week.

IPAIT maintains three investment objectives: Safety of Principal, Liquidity and Yield.

IPAIT is sponsored by the Iowa League of Cities, the Iowa State Association of Counties (ISAC) and the Iowa Association of Municipal Utilities (IAMU).