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Policy Title: BANK ACCOUNTS

Boise State University Policy #6200
Effective Date: April 2006
Revised: October 2007

Purpose:
To establish policy regarding institutional bank accounts.

Scope:
Applies to all bank accounts used to store University funds.

Responsible Party:
Treasury Management, 426-2079


Policy

  1. 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.
  2. Responsibilities
    1. Departmental: Departments are required to adhere to established
      University and state rules for compensation, reconciliation, purchasing,
      and so forth. The Vice President for Finance and Administration
      (VPFA) must approve any bank account that is separate from the main
      University account.
    2. Treasury Management: Treasury Management is responsible for
      tracking all separate bank accounts on campus and ensuring the
      departments are following the guidelines of this policy. Treasury
      Management reserves the right to perform unannounced audits to
      confirm compliance with bank account policies.
  3. Requirements
    1. Limitations: 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 routed through Payroll. Payments to vendors that cannot be
      made with a purchasing card must be routed through Purchasing, if
      applicable, or Accounts Payable. Exceptions must be approved by the
      VPFA.
    2. Signatures on Bank Account: All signatures on all bank accounts are
      subject to approval by the VPFA. All signatures are required to remain
      updated in order to reflect transfers, terminations, retirements, or
      resignations. All requests for adjustment must be routed to the VPFA
      for approval. Only current employees of BSU with positions requiring
      need for signature authority on the bank account are eligible. Approval
      of a bank account does not necessarily imply signature authority.
    3. Interest: Interest on any bank account will be consolidated with other
      University interest unless otherwise approved by the VPFA.
    4. Expenses: 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.