With Peralta Community College Board of Trustees voting to transfer its funds from corporate commercial bank to credit unions, district staff are now on a fast pace to develop a process to make the policy a reality.

The Trustees last week approved the reinvestment policy unanimously, which will place the district's money into community-based financial institutions, including credit unions. The policy is in direct response to the Occupy Wall Street movement. But before any money can be moved, the Peralta administration has to develop a plan.

According to Trustee Abel Guillen - who wrote the policy - the administrative staff has to develop a report on what funds can in fact transfer from the commercial banks and how that process will take place. Peralta trustees have given the administration until Jan. 31 to issue the report.

The College District's total budget for the year is $140 million and those funds are located in different types of accounts.

"Some (funds) are in with the (Alameda County treasurer), some are in commercial banks and some of our colleges have individual bank accounts," Guillen said. "We know that it's going to be be a complicated process, and that's why we've given them a month to come up with a well thought out plan."

The decision to pull the institution's money from commercial banks, as part of the Occupy movement, appears to be unique among higher education institutions.

"I haven't heard of any community colleges or municipal agencies that have done this," Guillen said, adding he also believes this is the first time the university has taken this type of financial action.

Guillen said that the failed investment practices of America's financial institutions has weakened California's state budget and the ability of the state to fund public education.

"We've been seeing what's happening in California and around the country," he said. "There's a lot of outrage about financial accountability ... this is a concrete way to take what individuals around the country are doing, and do the same with an institution."

Guillen said that when he was writing up the policy, he thought about the South Africa Divestment Movement from the 1980s.

"A lot of energy was put towards putting pressure on corporations to do the right thing and that was very successful," he said.

The Peralta Community College District serves more than 45,000 students at four East Bay campuses and employs more than 1,500 teachers and staff.

To date, Guillen said he's received a positive response from other higher education institutions.

"We've also had other elected officials ask us how to go about doing it, so the feedback has been positive," he said.

Guillen said he believes that Peralta's administration can develop a successful plan to reinvest the college district's funds.

"I don't foresee them coming back and saying 'No we can't do it,'" he said. "The board has adopted it, and now it's up to the administration to implement it."