How does a school corporation authorize the direct deposit of state aid into an ISJIT Account?
The school corporation must be a participant in the Iowa Schools Joint Investment Trust (ISJIT) and authorize automatic receipt and investment of state aid. Application forms are available by calling the ISCAP Hotline, 1-800-872-0140. To authorize the automatic receipt and investment of all state aid payments from the state of Iowa directly into an ISJIT participant’s selected ISJIT cash management account, an electronic funds transfer (EFT) authorization form must be completed. The completed form is returned to the Department of Revenue and Finance at Hoover State Office Building, 3rd Floor, Des Moines, Iowa 50319. The credit to the participant’s ISJIT account will occur three working days from the date of issue by the State of Iowa.
