1501 Banking Relationships

Document purpose

The Vice President for Finance and Treasurer is responsible for managing the University’s banking relationships and the associated accounts.

effective

December 1986

revised

May 2021

Reviewed

May 2021

Responsible Office

Treasurer

Approval

Treasurer

The Policy

  1. The Office of 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). The Office is also responsible for opening and closing any investment accounts associated with the University’s Temporary Investment Fund (TIF) and Intermediate Investment Fund (ITF).

  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 is responsible for sending confirmation letters to banks asking them to confirm all open bank accounts periodically.