The Yakima County Treasurer currently operates the Treasurer's Investment Pool ("TIP"), with oversight by the County Finance Committee. The TIP was established April 1, 2005, to create a locally managed diversified investment option that would take advantage of economies of scale, simplify administration and achieve a potentially higher yield than other investment options. The participants' shares in the Pool are purchased and redeemed at face value. The aggregate value of all participants' investments equal the total face value of TIP at all times. The distribution of earnings is based on an amortized cost method. Monthly income is distributed to participants based on their average daily balance during the period. Income is based on: (1) realized investment gains and losses, if applicable, calculated on an amortized cost basis; (2) interest income on an accrual basis; and (3) the amortization of discounts and premiums on a straight-line basis. Income is then reduced by an administrative fee of 5 basis points (0.05%), as allowed by RCW 36.29.024. All participants manage their own cash flow needs and direct the Treasurer by written request to deposit or withdraw monies from its funds for investment purposes.