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Resolution of the Board of Directors of the Corporation for Public Broadcasting
May 20, 2008

CPB Investment Policy

Five in favor, two absent

WHEREAS,

CPB funds should be invested in high quality instruments that have a diversification of issuers, and that also provide sufficient liquidity to meet CPB's projected cash needs, and within those constraints, should maximize return; and

WHEREAS,

CPB management has requested and the Audit and Finance Committee recommended revisions to CPB's short-term investment policy to take into account an additional, currently available, short-term investment instrument, specifically, money market mutual funds backed by U.S. Government and Agency securities.

NOW, THEREFORE, BE IT RESOLVED,

That the Board of Directors of the Corporation for Public Broadcasting hereby authorizes the CPB Chief Financial Officer and Treasurer to invest CPB funds in money market mutual funds backed by U.S. Government and Agency securities as indicated and at the limits listed in the revised CPB Investment Policy attached.

BE IT FURTHER RESOLVED,

That the CPB Chief Financial Officer and Treasurer is authorized to open accounts to deposit CPB funds and to close such accounts, in accordance with this investment policy; and that the authority vested in the Chief Financial Officer and Treasurer by this resolution may be delegated to the Controller or in their absence, to the Accounting Manager.

BE IT FURTHER RESOLVED,

That the Board will review the Corporation's short-term investment policy on an annual basis.