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

	June 30, 1997	June 30, 1996
Cash, including outstanding checks	$   (1,027)	$      (623)
Commercial paper	0	3,467
Treasury bills	3,909	1,463
Repurchase agreements	5,466	7,663
Money markets	5,622	6,355
Certificates of deposit	18,157	15,277
Total Cash and Cash Equivalents	$  32,127	$  33,602

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, 1997 was $2,021,000. Of this bank balance and the certificates of deposit balance, $470,000 and $200,000 respectively, were covered by the Federal Depository Insurance Corporation. Of the repurchase agreements, $4,253,000 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.