Working with HoosierFund is easy, but you still may have questions. Here are a few commonly asked questions.
What is the HoosierFund?
The HoosierFund is a Money Market fund allowed by State statute specifically for units of government. Cut-off time is 12:00 noon to receive your funds the same day. Requests received after 12:00 noon will be wired out the next business day.
What Code allows this type of Money Market Pool??
Indiana Statute 36-1-7-1 allows units of government to combine their funds in a common investment pool that is called a Local Government Investment Pool.
Who is eligible to use the HoosierFund?
Any local unit of government.
What type of investments is the HoosierFund allowed to make?
All investments are in accordance with Indiana Code 5-13.
Is there a minimum dollar amount to open an account?
No, there is no minimum investment amount required.
Is there a minimum amount of time the funds must be kept in the account?
No, there are no time constraints. The HoosierFund is a daily liquidity account.
Does the PDIF cover the bank deposits of the HoosierFund?
Yes. Per statute, the HoosierFund can only deposit funds in PDIF approved banks. Those deposits are covered by the PDIF. (An Attorney General's opinion is available on this website.)
Where are the Participants funds held?
Per statute, all funds are held by a third party Custodian.
Does the HoosierFund charge any transaction fees?
No. There are no transaction fees, no wire fees, and no monthly account fees.