Cash and cash equivalents, in thousands of dollars, are comprised of the following:
 

	June 30, 1998	June 30, 1997
Cash, including outstanding checks	$  (1,278)	$  (1,027)
Treasury bills	2,788	3,909
Repurchase agreements	9,058	5,466
Certificates of deposit	0	5,622
Money markets	13,735	18,157
Total Cash and Cash Equivalents	$  24,303	$  32,127

 The University's short-term investment policy requires that bank-related investments, including certificates of deposit (generally these certificates exceed federal insurance levels), meet certain bank deposit, bank capital and bank rating limits.  In addition, commercial paper investments must meet certain rating requirements.

 The balance of cash at the bank at June 30, 1998 was $976,000.  Of this bank balance $355,000 was covered by the Federal Depository Insurance Corporation.  Of the repurchase agreements, $5,830,000 were collateralized at 100% of face value by U.S. Government securities held in segregated accounts for the University.  The remainder of cash and equivalents is uninsured and uncollateralized.