The AVMA Executive Board approved updating the Association's 5-year-old investment policy, partly to be more flexible in the allocation of assets.
The Association's funds fall into three categories—operating funds, intermediate funds, and long-term funds—based on the time frame during which the AVMA expects to call on those funds. The board approved extending the time frames in each category, among other revisions to the investment policy.
The time frames for AVMA fund categories were 12 months for operating funds, up to three years for intermediate funds, and more than three years for long-term funds. Now the time frames are three years for operating funds, three to five years for intermediate funds, and more than five years for long-term funds.