Who approves securities values?

• A. The Manager
• B. The CFO
• C. The Auditor
• D. The Board

Answer: (A)

In valuing the investment portfolio, the person responsible for approving the securities values is the Manager. The Manager oversees the investment program, applies the plan’s valuation policies, and signs off on the reported fair values of securities used in the financial records. The CFO handles the accounting entries and financial statements, but relies on the Manager’s valuation determinations and supporting documentation. The Auditor independently verifies that the valuations are properly calculated and disclosed, rather than approving them in advance. The Board governs through investment policy and oversight, but day-to-day approval of specific securities values is delegated to the Manager. So, the Manager is the best answer because this role directly endorses the reported values under the plan’s policy.