{
  "kind": "prudence-file",
  "version": 1,
  "statement": "This file organises one recorded decision against the factors and duties of the Uniform Prudent Investor Act and the Uniform Prudent Management of Institutional Funds Act as promulgated; state enactments vary. It says what the record contains and where; it does not say whether a decision was prudent. It is not a legal opinion, and not investment, tax or legal advice.",
  "family": {
    "label": "Barlow (sample)"
  },
  "decision": {
    "id": 1,
    "finding": "Operating account, Barlow Holdings LLC: $14.2M idle 61 days at 0.1%",
    "action": "act",
    "rationale": "Our decision: the balance above the reserve goes to the T-bill ladder; T+3 liquidity covers payroll and the Q4 call.",
    "amount": 560172,
    "move": null,
    "decidedBy": "J. Barlow (principal)",
    "decidedAt": "2026-09-14T16:20:00.000Z",
    "approvedBy": "M. Okafor (CFO)",
    "reviewOn": "2026-12-01",
    "status": "open",
    "lastReview": null
  },
  "answer": {
    "proofHash": "bd80cdd24904106a2f66a1b336c011062f24b2c3e47170b95ca8956f1fe2ba80",
    "question": "what is our idle cash costing us?",
    "framework": "Idle capital against the hurdle",
    "lens": "IGNITION",
    "asOf": "2026-09-11",
    "engineVersion": "sibyl@2026-09-15",
    "sealedAt": "2026-09-12T14:05:00.000Z",
    "body": {
      "judgements": [],
      "engine": "sibyl@2026-09-15",
      "question": "what is our idle cash costing us?",
      "asOf": "2026-09-11",
      "bookHash": "e24d37b483e4b6f647872fc1d193952d7e1cdffa7a48f2d11643b692bef1cfbe",
      "policy": [
        {
          "id": 101,
          "key": "hurdleRate",
          "value": 0.06,
          "effectiveFrom": "2026-06-30"
        },
        {
          "id": 102,
          "key": "operatingReserve",
          "value": 6000000,
          "effectiveFrom": "2026-03-14"
        }
      ],
      "defaulted": [],
      "framework": "Idle capital against the hurdle",
      "dataset": {
        "title": "Idle capital by account",
        "method": "positions where assetClass = cash · 5 lines · drag apportioned by balance",
        "columns": [
          {
            "key": "account",
            "label": "Account",
            "kind": "text"
          },
          {
            "key": "entity",
            "label": "Entity",
            "kind": "text"
          },
          {
            "key": "value",
            "label": "Balance",
            "kind": "usd"
          },
          {
            "key": "yieldPct",
            "label": "Yield",
            "kind": "pct"
          },
          {
            "key": "daysIdle",
            "label": "Days idle",
            "kind": "num"
          },
          {
            "key": "dragShare",
            "label": "Drag / yr",
            "kind": "usd"
          }
        ],
        "rows": [
          {
            "account": "Operating account",
            "entity": "Barlow Holdings LLC",
            "value": 14200000,
            "yieldPct": 0.1,
            "daysIdle": 61,
            "dragShare": 560172
          },
          {
            "account": "Sweep (money market)",
            "entity": "Barlow Dynasty Trust",
            "value": 8100000,
            "yieldPct": 4.1,
            "daysIdle": 133,
            "dragShare": 319535
          },
          {
            "account": "CHF deposit (Zurich)",
            "entity": "Barlow Holdings LLC",
            "value": 5600000,
            "yieldPct": 0.6,
            "daysIdle": 200,
            "dragShare": 220913
          },
          {
            "account": "Foundation checking",
            "entity": "Barlow Family Foundation",
            "value": 3300000,
            "yieldPct": 0,
            "daysIdle": 239,
            "dragShare": 130181
          },
          {
            "account": "Joint checking + savings",
            "entity": "Personal (Joint)",
            "value": 1800000,
            "yieldPct": 0.5,
            "daysIdle": 41,
            "dragShare": 71008
          }
        ],
        "total": {
          "account": "Total",
          "value": 33000000,
          "dragShare": 1301809
        }
      },
      "rows": null
    },
    "sealedBeforeDecision": true
  },
  "policyInForce": [
    {
      "id": 101,
      "key": "hurdleRate",
      "value": 0.06,
      "effectiveFrom": "2026-06-30",
      "sourceKind": "ips",
      "sourceRef": "§4.2",
      "setBy": "M. Okafor (CFO)",
      "approvedBy": "J. Barlow (principal)",
      "rationale": "Long-run expected return on deployed capital per the 2026 investment policy statement."
    },
    {
      "id": 102,
      "key": "operatingReserve",
      "value": 6000000,
      "effectiveFrom": "2026-03-14",
      "sourceKind": "minutes",
      "sourceRef": "2026-03-14 item 3",
      "setBy": "M. Okafor (CFO)",
      "approvedBy": "J. Barlow (principal)",
      "rationale": "Twelve months of office and household spending plus the Q3 capital call, held on purpose."
    }
  ],
  "factors": {
    "upia": [
      {
        "code": "c1",
        "source": "UPIA §2(c)(1)",
        "text": "General economic conditions",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      },
      {
        "code": "c2",
        "source": "UPIA §2(c)(2)",
        "text": "The possible effect of inflation or deflation",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      },
      {
        "code": "c3",
        "source": "UPIA §2(c)(3)",
        "text": "The expected tax consequences of investment decisions or strategies",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      },
      {
        "code": "c4",
        "source": "UPIA §2(c)(4)",
        "text": "The role that each investment or course of action plays within the overall trust portfolio",
        "status": "structured",
        "evidence": [
          "sealed answer bd80cdd24904… computed over the whole book as of 2026-09-11 (book hash e24d37b483e4…)"
        ]
      },
      {
        "code": "c5",
        "source": "UPIA §2(c)(5)",
        "text": "The expected total return from income and the appreciation of capital",
        "status": "structured",
        "evidence": [
          "policy row 101 (hurdleRate, from 2026-06-30, ips §4.2, set by M. Okafor (CFO), approved by J. Barlow (principal))"
        ]
      },
      {
        "code": "c6",
        "source": "UPIA §2(c)(6)",
        "text": "Other resources of the beneficiaries",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      },
      {
        "code": "c7",
        "source": "UPIA §2(c)(7)",
        "text": "Needs for liquidity, regularity of income, and preservation or appreciation of capital",
        "status": "structured",
        "evidence": [
          "policy row 102 (operatingReserve, from 2026-03-14, minutes 2026-03-14 item 3, set by M. Okafor (CFO), approved by J. Barlow (principal))",
          "the answer's lens is IGNITION: idle and deployed capital against the reserve"
        ]
      },
      {
        "code": "c8",
        "source": "UPIA §2(c)(8)",
        "text": "An asset's special relationship or special value, if any, to the purposes of the trust or to one of the beneficiaries",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      }
    ],
    "upmifa": [
      {
        "code": "A",
        "source": "UPMIFA §3(e)(1)(A)",
        "text": "General economic conditions",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      },
      {
        "code": "B",
        "source": "UPMIFA §3(e)(1)(B)",
        "text": "The possible effect of inflation or deflation",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      },
      {
        "code": "C",
        "source": "UPMIFA §3(e)(1)(C)",
        "text": "The expected tax consequences, if any, of investment decisions or strategies",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      },
      {
        "code": "D",
        "source": "UPMIFA §3(e)(1)(D)",
        "text": "The role that each investment or course of action plays within the overall investment portfolio of the fund",
        "status": "structured",
        "evidence": [
          "sealed answer bd80cdd24904… computed over the whole book as of 2026-09-11 (book hash e24d37b483e4…)"
        ]
      },
      {
        "code": "E",
        "source": "UPMIFA §3(e)(1)(E)",
        "text": "The expected total return from income and the appreciation of investments",
        "status": "structured",
        "evidence": [
          "policy row 101 (hurdleRate, from 2026-06-30, ips §4.2, set by M. Okafor (CFO), approved by J. Barlow (principal))"
        ]
      },
      {
        "code": "F",
        "source": "UPMIFA §3(e)(1)(F)",
        "text": "Other resources of the institution",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      },
      {
        "code": "G",
        "source": "UPMIFA §3(e)(1)(G)",
        "text": "The needs of the institution and the fund to make distributions and to preserve capital",
        "status": "structured",
        "evidence": [
          "policy row 102 (operatingReserve, from 2026-03-14, minutes 2026-03-14 item 3, set by M. Okafor (CFO), approved by J. Barlow (principal))",
          "the answer's lens is IGNITION: idle and deployed capital against the reserve"
        ]
      },
      {
        "code": "H",
        "source": "UPMIFA §3(e)(1)(H)",
        "text": "An asset's special relationship or special value, if any, to the charitable purposes of the institution",
        "status": "narrative",
        "evidence": [
          "no sealed field; read the decision's rationale"
        ]
      }
    ],
    "duties": [
      {
        "code": "verify",
        "source": "UPIA §2(d); UPMIFA §3(c)(2)",
        "text": "A reasonable effort to verify facts relevant to the investment and management of the assets",
        "status": "structured",
        "evidence": [
          "the answer was sealed 2026-09-12T14:05:00Z, before the decision was recorded 2026-09-14T16:20:00Z"
        ]
      },
      {
        "code": "whole",
        "source": "UPIA §2(b)",
        "text": "Decisions evaluated in the context of the portfolio as a whole and as part of an overall strategy with risk and return objectives",
        "status": "structured",
        "evidence": [
          "the answer was computed over the whole book, not one account"
        ]
      },
      {
        "code": "costs",
        "source": "UPIA §7; UPMIFA §3(c)(1)",
        "text": "Only costs that are appropriate and reasonable",
        "status": "absent",
        "evidence": []
      }
    ],
    "process": [
      {
        "code": "approval",
        "source": "Record",
        "text": "Approved by a second, named person",
        "status": "structured",
        "evidence": [
          "decided by J. Barlow (principal); approved by M. Okafor (CFO)"
        ]
      },
      {
        "code": "review",
        "source": "Record",
        "text": "A date set to look at it again, and what happened then",
        "status": "structured",
        "evidence": [
          "review set for 2026-12-01"
        ]
      },
      {
        "code": "mark",
        "source": "Record",
        "text": "Marked since against the path declined, with luck stated",
        "status": "absent",
        "evidence": [
          "not marked yet: decided 2026-09-14; the first statement after it has not arrived"
        ]
      }
    ]
  },
  "mark": {
    "status": "too_early",
    "reason": "decided 2026-09-14; the first statement after it has not arrived"
  },
  "calibration": null,
  "chainHead": null,
  "log": null,
  "exportId": null,
  "generatedAt": "2026-09-23T00:00:00.000Z",
  "verify": [
    "python3 verify_prudence.py this-file.json   (paretoalphasystems.com/developers/verify_prudence.py, standard library only)",
    "It recomputes the file's digest, the sealed answer's hash from its body, and the log inclusion path to the day's public root.",
    "Online: paretoalphasystems.com/verify?hash=bd80cdd24904106a2f66a1b336c011062f24b2c3e47170b95ca8956f1fe2ba80"
  ],
  "digest": "a0f6cb37326c76c44bd21220454d54e4f09b75fb8a2a9990c499de0d48cb1efa"
}