Is an investment-policy statement right for your board?  Like any co-op or condo board, you keep a reserve fund for capital projects and emergency repairs. In fact, the New York Cooperative Corporations Law requires that boards “periodically set aside reasonable sums for reserves,” while the Reserve Fund Law requires it of buildings converting to condominium.  Most boards, wisely, don’t gamble with the stock market but keep their reserve funds in FDIC-insured money-market accounts and certificates of deposit (CDs), as well as in iron-clad Treasury bonds. The downside is that though interest rates have begun inching up, they’re still low. If they’re below the rate of inflation, your safe investments could be money-losers.    Read the article…………..