1501 Banking Relationships

Document purpose

The Vice President for Finance and Treasurer is responsible for the efficient operations of the University’s banking relationships.

effective

December 1986

revised

April 2020

Reviewed

April 2020

Responsible Office

Treasurer

Approval

Treasurer

The Policy

  1. The Vice President for Finance and Treasurer of the University is responsible for opening and closing all bank accounts for all parts of the corporation, including the Hospital of the University of Pennsylvania. This includes any bank accounts, merchant accounts, external financing arrangements (loans, letters of credit), safekeeping agreements (securities, safe deposit boxes) and receipt processing arrangements (lockboxes).

  2. All bank accounts and similar arrangements with banks must be reported annually by the Office of the Treasurer to the Budget and Finance Committee of the Board of Trustees for their review.

  3. To ensure that unauthorized accounts do not exist at banking institutions, the Treasury Department sends confirmation letters to banks asking them to confirm all open bank accounts periodically.