Iowa Schools Joint Investment Trust

What Iowa Schools Joint Investment Trust does

Iowa Schools Joint Investment Trust (ISJIT) is a joint investment trust created in 1986 pursuant to Iowa Code Chapter 28E, designed specifically for Iowa public education entities including school districts, area education agencies, community colleges, and related organizations. The trust operates as a pooled investment vehicle that allows more than 325 participating school corporations to aggregate funds for professional investment management, achieving scale and competitive yields that individual districts could not obtain independently. ISJIT has reached approximately $2 billion in combined assets under management (as of May 2023) and processes more than $500 million in participant investments annually.

ISJIT's core product offering consists of three primary services: the Diversified Fund (the most popular option providing complete daily liquidity with variable interest rates), the Fixed Term Automated (FTA) Program (allowing participants to lock in fixed rates for specified periods under Iowa State Code Section 12B.10), and Electronic Funds Transfer (EFT) for direct deposit of state aid and other state revenue into ISJIT accounts. The Government Portfolio System (GPS) serves as the underlying technology platform, providing authorized participants 24/7 electronic account access for investments and withdrawals. A Cash Flow Management Program complements these offerings by providing free cash flow analysis to help districts optimize investment scheduling. The trust is supported by PTMA Financial Solutions as administrator and marketer, RBC Global Asset Management as investment advisor, and U.S. Bank as custodian.

ISJIT's business model is built on a fee structure for investment advisor, trustee, and program sponsor services that is itemized in its annual financial report, supplemented by the spread between investment returns and participant dividends. Core participation is offered at no cost to IASB member school corporations, with no fees for transfers, unlimited accounts, and complimentary cash flow analysis — a benefit-program structure rather than a traditional for-profit fee model. The trust has reinvested more than $1.2 billion back into local Iowa banks through the FTA program, creating a closed-loop ecosystem that supports local financial institutions. The GTM motion is relationship-driven, executed through PTMA's team of relationship managers, with the IASB affiliation providing top-of-funnel awareness and school board approval requirements creating a formal onboarding process.

Name

Iowa Schools Joint Investment Trust

Legal name

Iowa Schools Joint Investment Trust

Website

https://isjit.org

Company type

Private

Founded year

1986

Operating status

Operating

Short description

Iowa Schools Joint Investment Trust (ISJIT) is a pooled investment trust created in 1986 under Iowa Code Chapter 28E, serving over 325 Iowa school districts, community colleges, and area education agencies. It provides diversified and fixed-term investment funds, electronic state aid transfers, and cash flow management through the GPS online platform.

Ownership category

akta.pro rank

Product category

Public Sector Investment Management

NAICS

Open-End Investment Funds (525910), Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Money Market Funds (FSAAAEAC)

akta.pro secondary industry

Fixed Income Mutual Funds (FSAAAEAB)

Keywords

• Public funds investment
• Education investment trust
• Cash management services
• Government investment pool
• Fixed term deposits

Headquarters

HQ city

Des Moines

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Investment Management Fees: Fees for investment advisor services, trustee services and program sponsor fees are itemized in ISJIT's financial report, distributed annually. The program generates revenue through fee assessments on participant investments.
2. Interest Rate Spread: ISJIT pools participant funds and invests them to generate returns, with the spread between investment returns and participant dividends contributing to program sustainability.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

ISJIT is a pooled public joint investment trust that provides Iowa school districts, community colleges, area education agencies, and related education entities with professionally managed investment services. Its core offerings include the Diversified Fund (daily liquidity, variable rates), the Fixed Term Automated (FTA) Program (locked fixed rates with Iowa bank CD access), Electronic Funds Transfer of state aid, and a Cash Flow Management Program.

Product overview

Iowa Schools Joint Investment Trust (ISJIT) operates as a pooled investment program for Iowa education entities. The core product portfolio consists of three primary investment services: the Diversified Fund (the most popular option providing complete daily liquidity with variable rates), the Fixed Term Automated (FTA) Program (for locking in fixed rates for specific periods), and Electronic Funds Transfer (for direct state aid deposits). These are supported by a Cash Flow Management Program offered through PTMA that provides comprehensive financial analysis and competitive bidding services. The Government Portfolio System (GPS) serves as the technology platform enabling 24/7 electronic account access for transactions. The programs collectively serve over 325 school corporations, community colleges, and area education agencies.

Differentiator

Problem solved

Functional benefit

Products and services

• Diversified Fund ISJIT's most popular investment alternative offering complete daily liquidity with variable interest rates. Investments are limited to the highest quality available and tailored to Iowa's public funds statutory authorizations. Funds can be transferred in or out without cost, with unlimited account flexibility.
• Fixed Term Automated (FTA) Program Allows participants to lock in a fixed interest rate for a specific period of time with fixed maturity dates. Securities are compliant with Iowa State Code Section 12B.10, enabling access to certificate of deposit rates from Iowa banks.
• Electronic Funds Transfer (EFT) Allows school districts to electronically receive distributions of foundation aid, Phase payments, and other state revenue directly into their ISJIT account, ensuring funds are invested as quickly as possible with complete daily liquidity.
• Cash Flow Management Program Provides comprehensive cash flow analysis for public entities, enabling intelligent investment scheduling that capitalizes on yield curve benefits, extends maturity lengths, and maximizes interest income. The program analyzes financial data to map out items like payroll dates, debt schedules, and state aid payments.
• Government Portfolio System (GPS) Electronic platform allowing authorized officials to enter investments and withdrawals 24 hours a day, seven days a week. Provides direct account access for fund management without cost.

Quantifiable outcome

• $2B in assets under management as of May 2023
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and major.

• Iowa Association of School Boards (IASB)coreStrategic or Co-development Partner · 1 January 1986ISJIT operates in affiliation with the Iowa Association of School Boards (IASB). ISJIT is a benefit available to all IASB member school corporations. The IASB Cash Management Advisory Committee provides input from across the state, comprised of business managers and superintendents.
• PTMA Financial SolutionscoreStrategic or Co-development PartnerPTMA Financial Solutions serves as the Administrator for ISJIT, providing investment advisory and administrative services. PTMA has provided educational institutions across the Midwest with investments and customized financial solutions for more than a quarter of a century.
• RBC Global Asset Management (U.S.) Inc.coreTechnology or IntegrationServes as Investment Advisor for ISJIT. Located at 50 South Sixth Street, Suite 2350, Minneapolis, MN 55402. Provides institutional portfolio management expertise.
• PMA Securities, LLCcoreStrategic or Co-development PartnerPart of PTMA Financial Solutions family, serves as Marketer for ISJIT. Registered with the SEC and MSRB, member of FINRA and SIPC. Provides marketing, securities, institutional brokerage services and municipal advisory services.
• U.S. Bank Institutional Trust and CustodycoreTechnology or IntegrationServes as Custodian for ISJIT assets. Located at 800 Nicollet Mall. Provides institutional trust and custody services for fund assets.
• Iowa Financial InstitutionsmajorChannel Partner/ Reseller/ DistributorISJIT has reinvested more than $1.2 billion back into local Iowa banks on behalf of ISJIT Participants. Through ISJIT's Fixed Term Automated (FTA) Program, participants have access to Iowa banks that can provide certificate of deposit rates.

Scale indicators6 records

Recent moves7 records

Expansion highlights2 records

Emerging players

• SchoolsFirst Federal Credit Union: California-based credit union serving school employees and education organizations with deposit, lending, and investment products. Comparable focus on K-12 and education-sector financial services though as a credit union rather than pooled investment trust.

Others

• LOGIP (Local Government Investment Pool operators trade association): Industry association representing operators of U.S. local government investment pools. Not a direct competitor but the ecosystem body whose membership overlaps entirely with ISJIT's peer set and provides benchmarking/thematic context.

Direct peers

• CalTRUST: California Joint Powers Authority investment trust offering pooled, diversified portfolios to California public agencies and school districts. Directly analogous pooled public-entity investment vehicle.
• NYCLASS (New York Cooperative Liquid Assets Securities System): New York cooperative local government investment pool offering daily liquidity and conservative investment options to municipalities and school districts. Comparable operating model and target customer base to ISJIT.
• Florida PRIME: Florida local government investment pool administered by a public entity, providing pooled, daily-liquid investment services to Florida governments and school districts. Closest direct functional peer to ISJIT's pooled public-funds model.
• PMA Asset Management: Affiliate of PTMA providing public-entity investment advisory services alongside ISJIT. Same parent family, overlapping product suite and public-sector client base.
• Public Trust Advisors (PTMA affiliate): Sister SEC-registered investment adviser within the PTMA family, providing fixed-income investment management to public entities nationwide. Highly comparable in product offering, customer base, and operating infrastructure.
• TexPool: Texas local government investment pool providing pooled, daily-liquid investment services to Texas public entities, including school districts. Most direct functional analog to ISJIT at a larger scale and in a different state.

Broad incumbents

• Fidelity Institutional Government Money Market Funds: Major institutional asset manager offering government money market and ultra-short bond funds widely held by public-sector treasurers. Direct competitor for the cash-management allocation ISJIT's Diversified Fund targets.
• Allspring Government Money Market Funds: Large asset manager offering government and treasury money market funds commonly used by public entities as short-duration cash alternatives. Overlapping investor base with ISJIT's Diversified Fund and competing for similar public-fund allocations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iowa Schools Joint Investment Trust