Bank Accounts (Policy 6200)
University Policy 6200
Last Revision Date
Chief Financial and Operating Officer and Vice President for Finance and Operations, (208) 426-1200
Treasury Department, (208) 426-1951
Scope and Audience
This policy applies to all bank accounts used to store University funds.
1. Policy Purpose
To establish a policy regarding institutional bank accounts.
2. Policy Statement
Restrictions on bank accounts are intended to reduce the risk of theft or loss and to ensure the University is compliant with federal and state procurement and reporting requirements.
3. Department Responsibilities
Departments are required to adhere to established University and State rules for compensation, reconciliation, purchasing, and so forth.
4. Treasury Department Responsibilities
The Treasury Department is responsible for tracking all separate bank accounts on campus and ensuring departments are following the guidelines of this policy. The Treasury Department reserves the right to perform unannounced audits to confirm compliance with bank account policies.
5. Chief Financial and Operating Officer and Vice President for Finance and Operations (CFO) Responsibilities
The CFO must approve any bank account that is separate from the main University account.
A separate bank account does not eliminate the requirement for adherence to established University and State rules for money use and control. Payments to current University employees must be processed through Payroll. Payments to vendors that cannot be made with a purchasing card must be processed through Purchasing, if applicable, or Accounts Payable using the Oracle Financials Cloud system (OFC). Exceptions must be approved by the CFO.
7. Signatures on Bank Account
The Treasury Department maintains signatures cards on all bank accounts. All signatures are required to remain updated in order to reflect transfers, terminations, retirements, or resignations. Only current University employees with positions requiring the need for signature authority on the bank account are eligible. Approval of a bank account does not imply signature authority.
Interest on any bank account will be consolidated with other University interest unless otherwise approved by the CFO.
All expenses associated with the bank account, including service charges and other similar fees, are the responsibility of the department with ownership of the bank account.
October 2007; April 2019